Lawyers make great referral sources for planners. But dealing with them as clients is anything but simple. Estate planning for lawyers, for those planners brave enough to attempt it, presents a number of challenges, not least of which is dealing with oversize egos. For lawyers used to giving advice, taking it from a planner can prove a difficult role reversal.
Don't be discouraged, though: Lawyers need planners as much as anyone. While the lawyer-client might be expert at drafting legal documents, the time demands of his or her practice, along with a natural reluctance to seek help in an area in which the lawyer believes he or she is skilled, will often lead to many planning loose ends. An advisor can step in and - tactfully - point out the gaps. As planners well know, the objectivity an outsider can provide is invaluable to the planning process.
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