In Charles Dickens' Bleak House, the Jarndyce family seem to wait forever to inherit the assets from the settlement of their ancestor's estate...in a dispute that remains in court for so long that the legal costs consume the family fortune. Presumably this fictional case of Jarndyce and Jarndyce is Dickens' fancy...and not representative of the reality for trusts and estates lawyers today.
Trust and estate (T&E) practice is not for everyone. Many of the young attorneys today are more attracted to the "sexier" fields of corporate practice, intellectual property, etc. Also, there is the money thing. Relative to other attorneys in the larger firms, T&E lawyers do not have the billable hours...and therefore don't make the big bucks. On the other side of the coin, a T&E lawyer today is on the cusp of the generational shift of trillions of dollars in assets. With relatively few young people drawn to this practice, there will be a stream of business over the next decade or so.
Trends in T&E law:
- Complexity. T&E law has gotten more complicated, with a continually growing tax content.
- Foreign exposure. Many wealthy foreign individuals want to have a home, and significant assets, in the U.S. International estate practice is growing accordingly.
- Litigiousness. High divorce rates. Second and third marriages. Kids and step-moms and step-dads. A lot of will contests.
- Elder care. With many persons living into their 90's, power of attorney, living wills, and health proxies are a lot of what T&E work is these days.
- Repeal of the estate tax. Although this is not likely, if it does occur less estate-tax business will be offset by increases in tax-related issues.
T&E law is an intellectually demanding practice. Most T&E attorneys have a very close relationship with their clients,as they tend to discuss many critical and sensitive issues together. Although it is pretty much a recession-proof line of work, there is always a continual scramble for new clients. Moreover, few T&E lawyers have clients who are on the Forbes 400 list. Their clients are upper middle class...with a house or two, some stocks, and a pension.
One of the ways that a T&E lawyer is expected to cultivate new clients is to build networks with financial planners, accountants, insurance salesmen, trust officers, and stockbrokers. At the same time, the field is much more competitive...with accountants and financial service firms all fighting for a piece of the estate-planning business.
For financial advisors, building networks with good T&E lawyers makes complete sense. Yet, it is not a given that all sides will benefit in equal fashion. Savvy financial advisors should find ways to build win-win reciprocal relationships.
“He’s got a high level of contact courage,” Harbaugh said of Grant.
The 49ers can afford to rest Willis to ensure he is full strength for the playoffs next month, but Harbaugh insists the fact they already won the West would have no bearing on playing time for guys like Willis or running back Frank Gore(notes).
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