Q: What considerations must I keep in mind when hiring an Estate Planning legal team?
We are married; both my wife and I work, we have three children both from different relationships. I have two daughters, 21 and 19, she has a son who resides in our household, age 14. The girls live in two different states. We are not wealthy. We have a mortgage and we both have vehicles. Everything, with the exception of this house, will be paid off in seven years. I have about a million in life insurance coverage to replace my income. I have a quarter of a million in coverage to replace her income (in the event of an untimely death). I have a retirement account and two brokerage accounts. She has a retirement account. We have household assets. We're in the 28% tax bracket. We need a wholesome review of our assets and liabilities. I know we are covered, but I don't have insurance that pays off the house if I pass. She'd have to sell the house. Ultimately, I believe we seriously need estate planning advice. I've been studying videos and I see there's a lot. How do I not get taken?
A: Reputation matters as do experience and expertise. Get suggestions from friends that can describe a good experience with their lawyer. It is also a good idea to talk to several and get a feel for what they would want to do for you and a ballpark for fees and costs. You don't need an elaborate plan, but having a blended family adds a wrinkle that must be allowed for in planning. After speaking with two or three, go with the one you like best. Good luck.
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