| Author |
Message |
John Do'h (Combover)
Junior Member
Username: Combover
Post Number: 70
Registered: 8-2003
| | Posted on Monday, September 08, 2003 - 11:04 pm: | |
Thanks for the info. The demographic issue had crossed my mind, coupled with the fact I liked T&E in school. Not too worried about having to woo clients since I have to kiss ins. co. a$$ all the time.
And yes, insurance defense sucks on almost all fronts. |
Dale W Spradling (Drtax)
Member
Username: Drtax
Post Number: 352
Registered: 4-2003
| | Posted on Monday, September 08, 2003 - 10:27 am: | |
Dan, FLPs are the status quo today, even though we have had some setbacks in Tax Court regarding valuations. Bottom line, though, is that a FLP is almost always better than a trust. Having said that, this is a complicated area and not the best place for a DIY type. Costs have come down quite a bit, but you still should hire a competent professional to guide you through the minefield.
Dale |
DanPic (Danp)
New member
Username: Danp
Post Number: 38
Registered: 2-2002
| | Posted on Monday, September 08, 2003 - 9:32 am: | |
Anyone want to comment on these "Family Limited Partnerships's" I am hearing about more and more? (Instead of Living Trusts/Wills)
???
-Dan (very Un-Informed |
Drstranglove (Drstranglove)
Member
Username: Drstranglove
Post Number: 860
Registered: 4-2003
| | Posted on Sunday, September 07, 2003 - 10:13 pm: | |
If you are young enough. One thing we recommend a good life insurance policy owned by a child or a spouse so as to not go through the estate.
A little more .02
DrS |
Dale W Spradling (Drtax)
Member
Username: Drtax
Post Number: 343
Registered: 4-2003
| | Posted on Sunday, September 07, 2003 - 9:52 pm: | |
John, I do estate planning work, but only reluctantly. The basic problem is that I think death taxes are communistic. If I had my way (and it pisses me off that I don't), I would pass a death tax reparation act and refund all estate taxes ever paid to any remaining heirs.
Beyond that, there are several problems with working in this area. Number one is most clients don't believe that they are going to die. Number two is that most clients don't believe that their country would ever just take their money. Number three is that most clients believe that, whatever happens, it will not be their problem. Number four is that most clients with money are tightwads who don't believe in spending their money, which, of course, is probably why they have money in the first place.
Finally, estate taxes, for the informed are voluntary. Most planners, for example, are still stunned at what old Sam Walton (i.e., Walmart) did in his estate planning. Neat stuff.
Compared to helping insurance companies, though, estate planning should be a piece of cake. Any business whose basic business plan is to screw your customers has got to be very depressing to work with.
So, jump on in. If nothing else the demographics are in your favor.
Just my 2 cents and some change. |
Drstranglove (Drstranglove)
Member
Username: Drstranglove
Post Number: 859
Registered: 4-2003
| | Posted on Sunday, September 07, 2003 - 9:38 pm: | |
You should ask my brother. He and I are hip deep in 3 multi-million $ estates right now. I think it sucks but he seems to enjoy it. And you really learn to hate attorneys when you see the crap they pull.
(Side Note: If you think you hate attorneys, go to law school- then you will REALLY hate attorneys.)
For example, a lot of estate planning we have seen serves make the attorney a lifetime income rather than serve the needs of the family.
DrS |
John Do'h (Combover)
Junior Member
Username: Combover
Post Number: 69
Registered: 8-2003
| | Posted on Sunday, September 07, 2003 - 7:17 pm: | |
I'm currently doing insurance defense, but really getting tired of it and thinking of switching to something else. Some of the areas I'm thinking about are: estate planning, real estate, bankruptcy or something with secured transactions. I don't have any experience with any of the above, other than liking those classes in law school. Any thoughts from you JD's out there??
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