Anyone hear do estate planning but learned it on their own? My specialty is commercial real estate but I want to dabble in estate planning. Not sure if it’s something I can teach myself. Thoughts?

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Don’t dabble! If you want to learn it, buckle up and dig in. Otherwise, it’s malpractice.

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I wouldn’t say dabble is the right word. I am in the process of learning estate planning but I disagree with the other posts. 1) insurance is higher but not outrageous (you can call insurance companies and find out for self) 2) you can take precautions. Such as having them fill out forms and sign them and contracts that’s say you don’t provide tax advice 3) you can find counsel to split fees with to double check your work. 4) most people don’t have large estates. If you stick to middle class families who care more about kids not being placed in the system I think it’s a good group who need help and don’t have a lot assists to worry about. Still most own a home and 401k but overall your not looking at multimillion dollar malpractice claim.

Also, checkout wealthcounsel and new law business model.

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Malpractice is based on years practicing and % of type of cases. Your best beer is to call a malpractice broker and determine what is right for you. Network with estate planners in your state but don’t live in your area. That might give you a better idea if this some you want to do. You can also fee split in the beginning. That’s the arrangement I have right now. I think it’s a great way not to mess up and learn.

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The conventional wisdom is that estate planning is a high risk area for dabbling

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A1 is correct. I have to pay extra for malpractice insurance because I handle estate planning, which insurance carriers consider high risk.

There are duties to the clients and duties to the heirs (this may vary by jurisdiction) and often the statute of limitations arguably doesn’t start until the client dies, which could be forty or more years after the work is completed.

It encompasses probate, guardianship, tax, long-term care planning, real estate, business law, and other areas.

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Basic estate planning is extremely simple and easy to learn.

The learning curve gets considerably steeper if you want to do anything beyond basic drafting.

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Dabbling is not a good idea. This is something you need to do full time. Get wealth counsel

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A2: I have been practicing for 15 years and 8 of that has been in estate planning and elder law. So, I have quite a bit of experience to lean on.

I am getting wealthier client referrals and have been sending most of those out to a firm that refers Medicaid planning to me.
I also partner with a few firms for the business work.

But, more and more elders have business interests when they need long-term care planning focused on Medicaid utilization. It would be great to handle that all in-house. Most of my elder clients with businesses have businesses worth very little, but there are still things we need to work through and passionate there is a family member willing to take the business over.

I just started estate planning! I second wealth counsel as previously mentioned above.

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