Do you have a "family" attorney?

[Baz]

I don't but have a LOT of good friends who are attorneys and I have received help from many of them over the years.

Not even sure what a "family" attorney is.

Would it be the one who helps you manage your financials? Or would it be the one who helps you manage your estate? Or both?

Having an attorney who is knowledgeable in both areas would really be helpful, but it seems nowadays it all about specialization.

So you would have a financial advisor who might also work with your attorney who manages your estate, right?

Opinions welcome!

[wilnj]

Not sure if this is what you’re asking about and this is certainly above my pay scale but a friend used to work in a family office. As I understand it, it’s for families where management of their net worth and personal affairs is a business unto itself.

I believe the family office handled financial management, accounting, legal affairs, property maintenance, automotive maintenance, travel, household help, etc.

I’ve seen ads for multi-family offices, I think these are targeted at families with a sub $100M net worth.


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[cantdrv55]

I have a fiduciary financial advisor and an attorney who drafted our irrevocable living trust. Two different people and they do not know the other exists.

[herr_oberst]

I know a fellow who used to be an attorney who quit that job to hang up a shingle as a financial adviser. I couldn't imagine doing both full time.

Also, when dad had the stroke and Mom had to figure out the Medicaid hurdles, we hired a specialist attorney who saved mom untold amounts of grief and headache because he knew things. Expensive, and worth it, and most of his advice was geared toward making sure she was able to hang onto her house and the lions share of her savings. So in a way, he was a lawyer who took care of some of her finances.

She also had a financial adviser that both of my sisters still use and are really happy with.

[craigster59]

Why pay for an attorney when you have PPOT?

I can accomplish my estate planning, unclog my kitchen drain and fix that breaker that keeps tripping just by posting a few threads!

[wilnj]

Originally Posted by craigster59

Why pay for an attorney when you have PPOT?

I can accomplish my estate planning, unclog my kitchen drain and fix that breaker that keeps tripping just by posting a few threads!

Sometimes, all from the same poster.


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[KFC911]

Originally Posted by craigster59

Why pay for an attorney when you have PPOT?

LOL .... free and worth every penny too!

[Bill Douglas]

I have three.

One for when I'm really in trouble.

One for real estate stuff.

And a cheaper one for little things.

A lot can be found out online. I don't know about your country but everything is online here so I know my rights when someone is giving me grief. Fairly recently defended myself in court against the police over some driving charges. All good fun. And got the arresting officer into some major trpouble.

[oldE]

For wills and general questions, we turn to John, an attorney who we have known for decades. When my daughter needed a divorce, he recommended someone else. When it came to family law and shared custody of our granddaughter, he recommended another specialist.
He has only ever billed us for the work on the wills. He is likely going to retire one of these days.

Best
Les

[jcommin]

When I hear the phrase family attorney, I think of divorce attorney. I did have one about 15 yrs ago and that wasn't fun.

I do have an attorney who did my estate planning - will, POAs for finance and health. I like her allot.

[flatbutt]

Originally Posted by cantdrv55

I have a fiduciary financial advisor and an attorney who drafted our irrevocable living trust. Two different people and they do not know the other exists.

Same here.

[matthewb0051]

Originally Posted by craigster59

Why pay for an attorney when you have PPOT?

I can accomplish my estate planning, unclog my kitchen drain and fix that breaker that keeps tripping just by posting a few threads!

You all have me!

Just kidding, you don't want to have me as it would mean you are charged with a crime.

No joke, I literally told a client this week that he needs to keep his hands to himself. Not doing so had already cost him 33 days in the county jail.


My FIL and some of the family 'think' they have attorney contacts. Usually when something comes up they say, "you need to call attorney Bob" or whomever. Problem is the person or persons they reference have one practice area, like wills/estates, and the current problem is criminal or something totally outside of that attorney's lane.

[stomachmonkey]

Yes.

Unfortunately my long time favorite I no longer have access to as she can't practice where I live now but she was / is an animal.

Two now, one who handles estate **** for me and the kids trusts and the other who is a friend that I get to "bounce things off of".

Two money guys, different firms.

Tax accountant who is getting up there in years so not sure what I'm going to do when he goes. Almost lost him to COVID 2 years back.

The estate attorney and the local money guy along with my daughter are the conservators of my sons (he's on the spectrum) trust should anything happen to me and the missus.

[GH85Carrera]

One of my friends was a one man office attorney. He did typical will and estate stuff, and minor crimes and tickets for his clients. He had some funny stories of a stripper coming to his office and paying him with soggy one dollar bills she pulled from her bra for a drug possession charge.

We had him do our wills, and I used him for my dad's estate when I was going through that.

He got tired of fighting the long hours and unsteady income. He went to work for a small city as the city attorney. Now he gets a steady salary, and retirement and medical insurance. He told me he can't do any work for me now.