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Home » Estate Planning Articles » How to Avoid an Estate Planning Scam

How to Avoid an Estate Planning Scam

April 15, 2015

Compliments of Our Law Firm,
Written By: The American Academy of Estate Planning Attorneys

Every time you turn on the news, it seems like there is a new scam making headlines.

By now, we’re all familiar with Bernie Madoff and his infamous Ponzi scheme. Many people have also heard about the “grandparent scam.” In this swindle, the scammer calls posing as the victim’s grandchild, claiming to be traveling in a foreign country and in distress. The scammer convinces the victim to wire them money. The “grandchild” hangs up, and the funds are gone forever.

One surprising area in which scams are becoming more common is estate planning. Each year, more people fall victim to unscrupulous and unqualified sellers of ineffective estate planning documents. Often, these scammers are door-to-door salesmen or telemarketers.

Would you recognize an estate planning scam if you saw one? Here’s how to make sure your or loved ones are never victims:

  1. Work with a qualified estate planning attorney. Be careful of websites that offer DIY wills. Estate planning is a complex area of law, and the rules vary from state to state. Only a licensed, experienced estate planning attorney is qualified to prepare an estate plan for you. Before you work with any estate planning professional, make sure he or she is licensed to practice law in your state. This is as simple as checking your state’s Bar (http://www.americanbar.org/groups/bar_services/resources/state_local_bar_associations.html) to ensure the person you want to work with is listed as an active member in good standing.
  2. Take your time. Legitimate estate planning attorneys understand when you need additional information about their services. This is especially true if you attend an estate planning seminar. Never feel pressured to buy products or services “on the spot” – and never, ever purchase a pre-printed Living Trust “kit.”
  3. Ask lots of questions. A qualified estate planning attorney has years of legal training and experience. He or she should be able to explain all of your planning options, as well as the potential outcomes for each option. What’s more, your attorney should be able to explain these things in language you can understand. Here’s a good rule of thumb: if you don’t understand what you’re signing, don’t sign it.

Finally, it pays to remember the old adage if it sounds too good to be true, it probably is. Someone who is unlicensed or unqualified might offer you a bargain-basement price, but what value are you really receiving? Too often, it is an estate plan that turns out to be ineffective or even counter to your wishes. What’s worse, your family might not even realize there is a problem until after your death, when it is too late to correct the mistake. By then, your life savings could have passed to unintended recipients, your estate could be on the hook for unnecessary taxes and fees, and your loved ones could find themselves in the midst of unnecessary confusion and conflict.

Mrs. Grant, a Maryland resident, established a Living Trust. When she died, most of her assets, including her home, were included in the Trust. These assets, with a total value of approximately $866,000, avoided probate. Mrs. Grant also left assets totaling $11,253 that were not included in her Trust. These assets were subject to probate.

A qualified estate planning attorney will work with you to put a plan in place that will carry out your wishes and meet your family’s needs, without any nasty last-minute surprises.

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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

Phillip G.
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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

Bob L.
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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
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Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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