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Tractor Talk Discussion Forum

Re: OT Rant.

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John T

07-25-2013 04:46:23

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As an attorney who practices some in estate planning and settlement, I also get a kick out of the reverse mortgage advertisements. Of course, thay arent pitched for the simple product they are, the customer is taking out a loan paid to them in monthly installments secured by mortgaging their home, which in most cases, they worked all their life to just finally get paid off. In my opinion, when people are at or beyond retirement age that is NOT the time to be taking on debt. Of course, tragedies or financial hardship would be an exception, for example if my family actually needed help and I had to give up all I owned thats prefectly understandable SO THERE ARE CASES WHERE A MORTGAGE MIGHT BE IN ORDER. But it DOES NOT have to come from a TV pitched Reverse Mortgage provider!!!!!! Sorry Fred Thompson and the Fonz lol

Another thing that raises my eyebrow is when "salesmen" come into town and offer a free lunch at the Holiday Inn to provide free information regarding establishment and all the wonderful benefits of a Living Trust to "avoid costly probate" and if one is sold they receive a nice "free" leather binder. I tell my clients If they want a trust I will prepare one for them at a much lower cost BUT THEY DONT GET THE FREE LUNCH AND LEATHER BINDER LOL

I have prepered estate plans AND NO TWO HAVE BEEN THE SAME. Whats perfect for Billy Bob may be JUST THE OPPOSITE for Bubba. There are other methods to avoid probate other then the trust route, and all in all "probate" is not all that expensive or cumbersome (and in many cases NONE is even needed at all) if the client has done as I advise them. LIKEWISE there are cases where a trust is justified IT DEPENDS ON THE CIRCUMSTANCES, no two are alike, and again whats perfect for one client isnt so for another. But if a person wants one cuz their brother in law said so or someone here tells them to, THATS THEOR OWN BUSINESS AND FREE CHOICE there are plenty of providers out there glad to be of "service" (But Id demand that free lunch and leather binder lol)

Sooooooooo when it comes ro reverse mortgage and etstates my advice is to seel local trained competent professional advice NOT DO WHAT THE UNTRAINED BUT KNOW IT ALL BILLY BOBS OF THE WORLD MIGHT SUGGEST ...........

Nuff said, if a person wants a Reverse Mortgage thats their business and their choice and NOT for anyone else to decide or judge as far as Im concerned.....

John T

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LOU from Wi.

07-25-2013 10:36:47

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 Re: OT Rant. in reply to John T, 07-25-2013 04:46:23  
Good post and good point. Regards LOU.

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John Fulton

07-25-2013 05:06:55

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 Re: OT Rant. in reply to John T, 07-25-2013 04:46:23  
John T.:
I respect the free legal advise that you occasionaly give here, I really do. You seem to be one of the few in the legal profession that are honorable. However, several years ago I consulted with a new lawyer in town to draw up a will, living will and trust. He put an even younger legal aide on the task whose only talent it seems was to expose 75% of her brests. She required $300 up front, but promised to have the document completed by a certain date. I returned on date specified, and she had made no progress. (I should have requested my funds returned). She again promised another suspence date. I returned again and she had a semblence of a document. However, with just a very quick proofreading, I found glaring errors such as spelling, punctuation, and she even got my wife's name wrong.Had my wife not been with me to keep me civil, I would have demanded my $300+. But after the 4th visit, she produced an adaquate document. I know now that I should have used an internet program.

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Scott in SF

07-25-2013 11:34:50

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 Re: OT Rant. in reply to John Fulton, 07-25-2013 05:06:55  
If 75% exposure cost $300 "up front" as you stated it, what does the other 25% cost ? I am sure John and Mike are excellent lawyers, but if I have to sit and discuss legal matters reguardng what happens after I am dead I want the young legal aid with the plunging neckline sitting across the table. I mean no disrespect to John and Mike. I think they will understand.

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John T

07-25-2013 12:01:24

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 Re: OT Rant. in reply to Scott in SF, 07-25-2013 11:34:50  
Geeeeeeeeee, you would rather look at her then Mike or myself LOL LOL hey I WONT HOLD THAT AGAINST YOU ONE BIT......... Speakin ONLY for myself now, NOT Co Counsel Mike......

"Lifes not really all that short, its just that youre dead for such a long time"

John T

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John T

07-25-2013 08:40:23

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 Re: OT Rant. in reply to John Fulton, 07-25-2013 05:06:55  
Thanks, yep there are plenty of BAD APPLES in the business. Fortunately, I first had a "real life" as an Electrical Engineer, Farmer and small business owner before I got into this semi retirement lawman gig, so I'm not forced to do it for a living....I do a fair amount of small estate work (the 7 or so months were home) because the high dollar big shot firms in town dont want to do a lot of paper work for whats chicken feed and petty cash money for them, but a good honest wage for me.

When people ask me about do it yourself forms I tell them theres a good chance they will be correct but its their money and their risk.

A client once came to me with a whole ton of forms and a mess and hodgepodge he got from the Courthouse to settle his moms estate and asked what I would charge to help him fill them out, hoping to save some money. I took a look at all the mess and the wrong forms he had attempted to fill out and the pile of "crap" and told him Id charge $3,000 to help him with the mess he started or $2,000 if he threw it all way and just let me do it right lol........

John T

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