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LegalGround >> Any Trusts/Estates lawyers here?


4/11/08 10:52 AM
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Mencken
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Edited: Apr 11 2008 12:00A
Member Since: 8/14/02
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 Is this something that a lawyer can specialize in?  Or rather, is this something that a lawyer can support himself with, or is this more a side practice for general practicing lawyers?  Also, how enjoyable is this, as the practice of law goes?

I'm feeling rather disillusioned with the idea of practicing law (almost done 2nd year) and am trying to weigh my options.  Any input is greatly appreciated...thanks.

4/11/08 12:00 PM
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Steve72
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Edited: Apr 11 2008 12:00A
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I know a lot of people who make a very good living doing solely trusts and estates work.

Of course, there is the ever present hazard that Congress will eliminate the estate tax, which could render such expertise obsolete.
4/14/08 12:15 PM
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seg
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Edited: Apr 14 2008 12:00A
Member Since: 3/28/05
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Steve72 is subtly trying to trick you into pursuing an ERISA career.

Even if the estate tax is repealed (unlikely) or the exemption amount is set at $3.5 million per person (likely), people are still going to die and leave assets to their spouse, children, charity, etc.  Thus, there will always be a demand for trusts/estates lawyers.  For example, the issues of how to deal with spendthrift wives, children, etc., and how to protect family businesses from divorce will always be there regardless of the tax code.

However, such a law repeal or change would drastically curtail a lot of the more sophisticated estate tax planning techniques that high-priced lawyers have made a niche business out of.  So, if you were planning on being a lawyer at a relatively small firm, trusts and estates knowledge is something that will always be in demand.

On the other hand, if you want to do the huge law firm thing, those firms will likely see a reduction in demand for the high-end services.

 

4/14/08 12:17 PM
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Mencken
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Edited: Apr 14 2008 12:00A
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 Hm, thanks for the replies...I'm definitely not thinking big firm.  I want a life outside of law, lol, and I don't think a big firm is conducive for that...


4/14/08 12:23 PM
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Steve72
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Edited: Apr 14 2008 12:00A
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I didn't think I was being subtle at all.
4/15/08 3:28 PM
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StephenL
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Edited: Apr 15 2008 12:00A
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"Of course, there is the ever present hazard that Congress will eliminate the estate tax, which could render such expertise obsolete."

Shows you how much you know. States and Counties have estate taxes too.
4/16/08 1:23 PM
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Mencken
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Edited: Apr 16 2008 12:00A
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 lol, dammit....I figured Corporate Tax lawyers would be the nerdiest/most arrogant...


4/16/08 8:48 PM
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Steve72
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Edited: Apr 16 2008 12:00A
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True.
4/19/08 5:07 AM
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Fake Pie
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Edited: Apr 19 2008 12:00A
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I think my firm has one T&E guy in one of the branches. Probably a left over from a pre merger or something.
4/19/08 4:18 PM
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seg
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Edited: Apr 19 2008 12:00A
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 A lot of the real big firms have been cutting back on their T&E practices because it is almost impossible for that area of practice to ring up the big dollar amounts that are available in M&A and commercial litigation where you can throw 20 associates at a case and have them research everything under the sun.  That's tough to do with an individual's estate plan.

 


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