I am the sole family caregiver of 91 year old dad with steady decline in October for spinal stenosis. I did not hire elder attorney for his legal paper works because they charge 400/ hour or 2000 dollars for POA. I downloaded legal POA forms and health directives and had it all notarized in currency exchange for 5 dollars. The pro bono elderly legal office here never answer their calls or emails. I am on family medical leave with no pay to take care of my father. Its never easy being a 24/7 care giver. Thanks for listening
1. I'm guessing that you didn't go to a law firm, but went to a solo practitioner? If so, he/she has more burden of costs and potentially higher rates because (a) there are no senior partners to oversee rate structures (b) some solo practitioners do all the work themselves and don't rely on paralegal help. There are other reasons, some arising from the standard costs of running a business.
2. How many law firms did you interview before the one you cited? Some of these solo practitioners gouge as much as they can.
3. Law firms with paralegals can operate much more efficiently. An attorney interviews the client, provides details to a paralegal, who prepares the documents for an attorney's review. Well organized law firms also standardize portions of the documents. This trend began back in the mid 1990s, after computers allowed mass storage of data.
4. The attorney's higher rate applies to limited, but critical time, while the paralegal does the document creation and assembly. This allows the firm to charge a lower rate to the client.
5. I'd be interested in knowing how many attorneys you contacted and/or interviewed, and how many were individual practitioners vs. those in law firms with multiple practice areas.
6. Larger firms also have their own standards for continuing ed. Firms I worked for had either lunchtime CE sessions for staff, or paid for staff to take continuing ed programs.
Sometimes I went to other continuing ed programs of interest to my area and paid for them myself. That wasn't unusual though; sometimes attorneys attended CE programs, then held an update session for other staff. Handouts were copied and circulated to those in the affected practice area.
When a large firm is involved, it's critical to ensure that their staff is current on all regulations, statutes and cases. That's mandatory. With a smaller firm, one never knows if these standards are being met.
7. The continuing education requirements allow attorneys and paralegals to ensure that their work is in fact consistent with case law, statutes and more. I used to get monthly e-mail updates from one of the firms for which I worked. Updates included links to articles, statutes, case law, etc. as well as changes that were critical to and needed to be addressed in estate planning and/or trust documentation.
Not being an attorney, a person has no idea whatsoever whether or not the documents might include a new aspect that affects either proxy performance or estate and trust planning.
There are times when a valid POA cannot be done if the elderly individual is not compliant. Lawyers can possibly get a POA if all the issues are explained and accepted. This was a situation with good friends of ours after the husband suffered a stroke. I hope you do not encounter difficulties. A durable POA is much more important than a springing one and often a number of copies might be necessary. Lawyers are helpful in these instances.
For a POA otherwise, a simple one, you are likely looking at about two hours of time and at least 1,000.00 minimally. Or, as you said, you can do your own with notarizing and witnessing. You may have problems with certain entities going forward questioning your documentation because it is done, as you said, by YOU. So who knows, say they are a stock market rep, if the elder REALLY did agree with your taking over. Some entities are really picky.
If you are dealing with only a few things, then you are likely safe, but I would always recommend the attorney. If there are assets worth protecting then it is worth protecting them as well as you are able,and it is worth learning how to do that, and what exactly all your duties as POA or Trustee of Trust actually ARE.
You will find attorneys are expensive if you are divorcing, also. If you are accused of a crime. They are just expensive. Period. Their education represents many years of education and they are liable under the law to do things well. Same goes for Doctors.
It sure is never easy to be a caregiver. Not in any way no matter what duties you are fulfilling. There are others here who have done their own documents, or done documents with the help and advice of people other than attorneys. Hope they will chime in and tell you how it went for them. And wishing you the very best of luck going forward.
If you live in a metropolitan center you may have access to a lot of good advice and help. In mother brother's area of Palm Springs there was a center that had periodic seminars where you could speak with a lawyer, a tax person, and etc. Check with any Council for the Aging in the area also for some advice.
He knows the weird laws and stuff that we (his dad and I) had no clue we needed to do. In fact, we're buying a new home and didn't happen to mention it to him. He had about 10 really great ways to work around paying the incredible taxes we're paying to roll out our 401K so we wouldn't have a house payment at all. Sadly, everything was already in the works and we were unable to make any changes this late in the game.
He will always do a 1/2 hr free consult before he takes somebody on as a client. Since he works for himself, he can do what he 'wants'.
Until we had out estate put together and made 'legal' I was kind of a mess, mentally. That was the BEST $1500 I ever spent. It's time, once we move to the new house, to revamp the will.
Yes, you can do a LOT on the internet, but for me, I like to talk to and LOOK at my attorney. (And, no, our son is not our attorney, nor is he our executor.)
BTW--his education cost well over $100,000. He's debt free NOW, but as his wife was a med student while he was in law school---yesh, I don't feel bad about what he charges clients.
If your dad has substantial property and investments, it's worth it to pay an attorney to set up a trust, and that's usually a flat price for a package that includes a financial POA, advance medical directive (medical POA), trust, and a will. No one charges $2,000 just for a POA -- that's the cost of a package.
If Dad is still competent and mobile, I suggest you go with him to his bank and any investment institutions he might use to fill out a POA there, too, because a lot of financial institutions won't accept your POA.
Elder law has become a hustle for struggling attorneys and you have to due your due diligence or get screwed over by an unscrupulous attorney.
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This is the attorneys way to make a living.
Whenever I hear or read of someone criticizing the high costs of legal fees, I wonder how much they spend on things that aren't as necessary....expensive cars, big cars, vacations, clothes, or tech devices. Monster tv screens fall into those categories.
A few men I know got $50k pickup trucks. Knowing what their professions are, they could easily have gotten something smaller to accommodate their needs; but they had to get the big trucks. Women could also make their own clothes; we did. But they'll buy expensive stuff and the "money effect" applies to making them feel "richer".
The OP of this thread probably isn't in that position; she's shared her own financial situation, but when I see and read of some of the things people buy, and think of what they could be doing and creating on their own, I wonder how much they spend on that kind of stuff vs. on something useful like legal (and medical advice).