(bizjournals.com) It’s National Estate Planning Awareness Week.
The National Association of Estate Planners & Councils, a group of professionals who work in the sector, marks the week to raise awareness of what estate planning is and why it is such a vital component of financial wellness, according to the website.
The Law Journal checked in with Courtney Donahue Tasner, senior associate at Lippes Mathias Wexler Friedman LLP, to find out more.
What’s a point you want to drive home during Awareness Week and what have you learned so far in your career? As a young attorney who focuses my practice on estate planning and related work, I have learned that estate planning touches everyone. Each client and case is unique to the intent and facts presented by the client. We are not selling a product but learning what goals our clients wish to fulfill.
Estate planning and related work is not just for elderly clients or business owners. Legal service is about meeting the needs of all clients, whether it is helping a young, newly married couple on their first estate plan or counseling an adult child caring for an elderly parent.
Being able to be dynamic and adapt to the needs of your client is so important and what makes this practice area very rewarding.
What’s most commonly overlooked by the public? In short, everyone should have an estate plan. Some clients believe that you must be of a certain age or be in a certain financial phase in your life to need an estate plan; that is not true. My favorite part about my job is learning about my clients and their individual goals for their family, life and assets, and then being able to craft a plan that meets their needs regardless of age, health, wealth or other factors.
Additionally, I believe most clients overlook the positive impact of bringing their team of professionals together. Being able to collaborate with a client’s financial adviser and accountant allows for not only efficiency in the plan but being able to share our strengths to find the best options and results for the client.
How should long-term strategies be factored in, both for individuals and businesses? The best approach is to explore the what-ifs of the client’s world. No one can predict the future and oftentimes these scenarios may not be the most pleasant. However, by having these conversations, we can help provide the client peace of mind in their plan. Educating clients that their estate plan should be appropriate for today, tomorrow or years to come is important.
They should also understand that their estate plan is ever evolving and may need to be revisited in future years or as a result of future life events. For example, business succession planning is not just to “gift” a family business to the next generation but to make sure there is a management and ownership transition plan that includes the tools for the business to last through future generations.
How did you settle on this practice area as your focus and what do you enjoy about it? During my first year of law school, I was introduced to all areas of law including estate planning. After my first year, I was fortunate to accept an internship position with the former Erie County Public Administrator, now Erie County Surrogate’s Court Judge Acea Mosey. I worked closely with her in her private practice, which included a great deal of estate planning. The day-to-day experiences with clients and the passion I observed in the practice confirmed that estate planning was an area of law I wanted to continue to explore.
The more I grew in my career and began to see the impact I was having on clients, families and members of the community, I decided to focus my practice on estate planning and related areas. My practice continues to be very rewarding due to the interaction with clients when developing their estate plan.
What should people know about the state Mental Hygiene Law, another focus of yours? Mental Hygiene Law is a very unique and sensitive area of law. This area allows family members, often caretakers, to step in and assist an individual suffering from cognitive impairment to ensure that a narrowly tailored guardianship can be obtained.
The history behind the law is equally as important to the current statute. Understanding the impact the law can have on a family and individual suffering from cognitive impairment takes many shapes and forms. Spending time understanding the law before making any filings will help practitioners better educate their clients on the impact the law can have on the individual needing the guardianship.
