There are a number of potential scams about which you be mindful when performing estate planning. In addition to things like large fees and trust mills, estate planning scams can also include advisors who offer inaccurate legal advice. The purpose of this article to review some of the most tips that you should follow to decrease your chances of following victim to an estate planning scam.
# 1 Do Not Wait to Create an Estate Planning
Most people have some wish or desire that they want to reflect in an estate plan. This can include the creation of a special needs trust or assets that a person would like to pass to loved ones. Even though it is true that estate planning documents help to avoid the uncertainty about how a person’s estate should be handled, a large number of people wait to create an effective estate plan. This increases a person’s chances of ending up victim of an estate plan because elderly individuals are the group most susceptible to estate planning scams. This is because a large number of elderly individuals suffer from reduced capacity and more likely than others to end up making poor decisions about how their estate should be handled.
# 2 – Use Only Trusted Lawyers
A large number of financial professionals have experience in estate planning. Despite this, only lawyers are able to create wills, trusts, and other estate planning documents for a person. There are also numerous stories of lawyers and financial experts who have offered to perform services that were not necessary. This is because some parties that offer financial services are actually doing so to just make a profit. To avoid scams of this matter, it is a wise idea to rely on only an experience estate planning lawyer to help create the estate planning documents that you need. It is also often a wise idea to tell your loved one about what your estate planning goals are.
# 3 – Remain Aware of Trust Mills
One of the most common types of estate planning scams about which a person should be aware are trust mills. Many of the people that offer these trusts take advantage of the fera that people have that all of their assets will be stolen by the government instead of being passed onto their loved ones. Both the Federal Trade Commission and AARP have warned about the dangers of this type of estate planning scam. In addition to being aware of the risk of trust mills, it is also a good idea to be cautious of estate planning experts who mention the words “constitutional”, “pure”, or “pure equity”.
Speak with an Experienced Estate Planning Lawyer
In addition to avoiding estate planning scams, it is also a wise idea to avoid any shortcuts or promises to achieve results without investing an adequate amount of time or energy. If you are harmed by an estate planning scam, you should not hesitate to speak with an experienced estate planning lawyer. Contact Ettinger Estate Planning today to schedule a free initial consultation. Our law firm has helped numerous people perform estate planning and knows what it takes to make sure that your estate planning goals are fully realized.