Estate Planning, Probate & Elder Law Attorneys

» Conflicts of Interest and Referrals

Probably the two biggest areas for potential conflicts of interest in estate planning are:

1. Where the estate planner represents husband and wife (I discussed this here); and

2. Where the estate planner represents multiple generations of the same family (I discussed this here).

A third area of potential conflict involves referrals. Let's say that I as an attorney receive a fair amount of business from a financial planner with Firm X. Firm X refers me a new client. To whom do I owe a duty: the client, or Firm X?

The answer should be simple -- I owe the duty to the client. I spell this out clearly in my engagement letter to the client; I also talk to the financial planner about it, to make sure he or she understands who I represent.

In most cases, there's absolutely no problem, but a problem can arise if the financial planner wants me to benefit Firm X in some way, particularly if the financial planner wants Firm X to act as a fiduciary. In that case, I discuss the issue with the client, and present the client with the pros and cons of having a corporate fiduciary (and of having Firm X in particular). The client makes the final call, of course.

What happens if Firm X wants me to do a "hard sell," and convince the client that Firm X needs to be the fiduciary. At that point, I tell the client what Firm X is trying to do, and try to make it clear yet again to whom I owe my duty. If that means no more referrals from the financial planner, so be it. This MUST be the approach that an ethical estate planning attorney takes.

» Bill Murray's Prenup -- with Extra Top 5 List!

Bill Murray and his wife are getting divorced.

Bill Murray and his wife signed a prenup before their 1997.

If you are familiar with prenups, you know what comes next: Bill Murray's wife is challenging the validity of the prenup.

Here are the details, with a copy of said prenup.

Five Bill Murray films I like a lot (note that I haven't seen movies like Caddyshack and Stripes):

1. Rushmore

2. Tootsie

3. Ed Wood

4. Wild Things

5. Charlie's Angels

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Earlier this year, Jamie Ferrel-Epps, 31, a client manager with a major financial services firm, had an "Aha! moment" after hearing a colleague speak of a financial planner certificate program he had just ...

» Manager pays $2.1M to lunch with Buffett

»  Trade In Your Social Security Check
Here's a ploy that lets seniors raise their long-term standards of living by paying the Social Security Administration tens of thousands of dollars.