In December 2010, I decided to survey individuals who had completed the estate planning process. Here are some of the comments people made about the challenges of planning an estate and leaving a legacy to the next generation:
- The process is too complicated to understand.
- Changes in state and federal laws are confusing.
- My advisor left the area and is no longer available. No one from his office has been in contact for years.
- Sometimes it felt like my advisors were in cahoots and weren't necessarily thinking about what was in my best interest
- There hasn't always been a high trust factor with lawyers, accountants, and banks
- When you own your own business, you're dealing with a lot of lawyers and accountants. I don't necessarily like to do this but you have to work with them in order to run a successful business
.... to be continued in tomorrow's post!
It sounds like a major hurdle is one of perception. If one views these advisors as adversaries, they're doomed. Surrounding yourself with good people should be job 1, yes?
ReplyDeleteYes, for sure! There are many good people out there in any community who have their clients' best interest at heart. It's a good idea to talk with friends and family to see who they have good relationships with and who they've heard good things about. Even then, it's good to talk with several people and see who you feel the most comfortable with and understands your particular situation. Thanks for the input!
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