A word or two about ethics

Perhaps one of the least talked about aspects of working with a lawyer
is the fear some of us have of exposing our personal lives to a total
stranger. That reluctance takes a back seat in criminal law, where the
process you are thrust into isn't voluntary. But when considering the
larger decisions in life, opening the books on a lifetime of financial
acquisitions, debts, and concerns to a total stranger can lead some
people to avoid involving a lawyer when making long term plans.

Like most fears, the emotional reaction we have can be profoundly
counter-productive. Sadly, it isn't all that unusual for costly,
irreparable mistakes to be the result of our attempts to keep prying
eyes out of our business.

The key is to be selective. When you plan for the future, you don't
necessarily want to show the records of your financial holdings to your
hairdresser, or the guy who mows your lawn. But it would be a good idea
to come clean with the IRS on an annual basis. And although it may seem
counter-intuitive, the best way to maintain control of your wealth and
property over the long haul is to have an open, honest discussion of
your plans with a legal professional who has your best interest at
heart. Whether you are buying a home, building a business, filing for
bankruptcy protection, or planning for the handling of your estate, you
want to be the person in control - and you want the decisions you make
to be based on solid legal grounds, not a gut feeling that may or may
not stand up when you need it to.

Keep in mind that you are the customer, and the law is in a very real
sense, a service industry.

So rest easy when you think about laying open your books, and your plans
to a lawyer. The Bar Association holds lawyers to a very high ethical
standard. Like your doctor, your lawyer is required by law to keep your
confidence. A responsibility that we take very seriously, and one that I
find comforting whenever I sit with a client who indicates the slightest
concern for the security of their personal information.

First String or Second String..They should all be good

Being a member of the Wealth Counsel organization gives me access to the first string across the country, and recently one of these colleagues addressed what is a concern for many of my clients.  So I’m passing along his thoughts. I think you will find them, as I did, to be very relevant and helpful.

“Typically a client builds a team of advisors to pull all the planning and implementation pieces together.  We all know that selecting this first team of advisors is very important. Many people are extra thorough in their approach.  Getting referrals, researching others experiences, and hopefully assembling a trusted group of advisors in the process. And in most cases, once they pick their advisors they typically stick with the team. Most people don’t like change, so a well chosen team avoids future stress and churn in the team’s makeup.  

One the First Team has been built.  Then comes the next most important task – choosing the Second String.  This is a critical next step, but often people don’t take this “second string” step. What do we mean by “second string”? Just as in sports, these are the “subs” or the ones that come into the game when something happens to the “first string” or starters. These are the ones waiting in the wings to take their place without a loss of momentum. 

The same situation occurs in working with your advisors for some of the most important aspects of your life – your wealth, your wills, your trusts, etc. We can all agree that no one is going to live forever. But few people take the next step to minimize their estate risks by picking “successors” to back-up each member of the first team. 

When it comes to managing personal risks, a succession plan should be implemented, especially for estate planning. It does take a bit of time, and it is a nominal investment.  But it is wise to have that second string in place sharing the “playbook” for your estate. It just helps lower your risks, lowers your stress and allows you to sleep better at night.”