Caspersen, accompanied by his attorney, pleaded guilty in a Manhattan federal courtroom to one charge of wire fraud and one charge of securities fraud, each of which carries a maximum penalty of 20 years in prison. Caspersen’s attorney argued that his gambling addiction and mental illness caused him to commit the fraud.

Caspersen raised money from friends, family members and other investors and used it to trade one-week put options, betting against the Standard & Poor’s index and often instructing his broker to trade all the cash in his account each week. According to news reports, that account held $112.8 million as recently as February 1, which would have been more than enough to pay back Caspersen’s investors. However, he continued to make all-in bets against the market.

In court, Caspersen read from a statement saying that he had harmed people he cared for and was sorry and ashamed. In a plea agreement, Caspersen and federal prosecutors agreed to a sentencing range of up to 16 years in prison, as well as possible restitution and fines. However, it was unclear whether Judge Jed S. Rakoff would view Caspersen’s mental health as a mitigating circumstance and use leniency in the sentencing. Judge Rakoff has criticized federal sentencing guidelines, calling them “irrational” and too harsh.

That last part is the most important thing.  I don’t pretend to know or dismiss things I don’t know enough about, I either learn them or accept that I don’t know.  That’s how I got into elder law in the first place. I was a pure estate planning attorney, focusing on what happens when you pass away.  But I was being bombarded with questions revolving around “what happens if I don’t pass away and continue to age, then what?”  I didn’t have the answer, didn’t pretend to have the answer, so I dove deep into the laws and strategies to become an expert on that answer.  Going on to become the second youngest attorney at the time to pass the Certified Elder Law Attorney exam in the nation and become the 15 CELA in the state of Michigan.  Then going on to write a book on the subject and then teach Elder Law at WMU Cooley Law School.

Who Do You Trust for Heart Surgery?  Heart Surgeon or Family Doctor?

If you are going in for heart surgery would you want the experienced heart surgeon or would you trust your family doctor when it comes to performing the surgery?

Likewise, I’m surprised when families get a second opinion from a financial planner or family lawyer when it comes to our recommendations.  We then end up having to educate the family lawyer or financial planner on Medicaid, Medicare, Tax Law, Veterans Benefits, Asset Protection rules, Trust rules, beneficiary designations, etc…

I’m happy to do it, but I just feel for the families who are often mislead when it comes to asset protection by lawyers and financial planners who know enough to be dangerous…and often are.

When it comes to planning to protect you legally from the devastating cost of long-term care are you going to have more faith in a Certified Elder Law Attorney (CELA), who teaches elder law to law students as an adjunct professor, written a book on the subject, teaches continued education to lawyers and financial planners on the topic or an annuity salesman or basic estate planning attorney?  I welcome the opportunity to educate the professional on the planning strategies–they often turn into wonderful referral sources.

Price Shop Your Heart Surgeon?  Documents versus Planning.

Would you price shop your surgeon?  Do you want the cheapest heart surgeon you can afford?  Probably not.  The difficult thing to understand with good legal estate planning is that not all documents are created equal.  If you call up 10 attorneys and ask how much a trust costs, you’ll get varying answers.  You can have a trust done online for probably $40 or you can have an estate plan done for free through UAW Legal Plan, if you’re a member.  But the age old lesson applies….you get what you pay for.  That applies to legal planning as well.

Having a trust or power of attorney isn’t enough.  It’s what that document says.  Better than that is how those tools are used.  If I asked you to get me a paint brush, would you know what type of brush to get me?  It’s all about the planning.

Their Ego Versus What’s Best For You

Sometimes, not all the time, there are financial planners or other attorneys who feel like that if they are not familiar with a strategy or haven’t heard of a certain type of trust, that it a) doesn’t work or b) isn’t right for you.  This is just their ego getting in the way of what is best for you.  You look up to them as a trusted advisor and they may feel that by having a new strategy (asset protection isn’t new, by the way…), it challenges their authority and the respect you may have for them.

This is very closed minded of the advisor and can be detrimental to your planning.

I love working with open minded lawyers and advisors.  In fact, just last week I was having coffee with an advisor at one of the Wall Street type financial planning firms and he said to me “Chris, this is amazing, can you come present to my group?”  Of course.  This is the point, share ideas for what’s best with your clients.  Not all planning is right for all clients, but at least know the options out there.

Sure, you can do a basic trust that avoids probate (if funded properly) and controls assets upon death.  But you can also build an asset protection trust that does all that PLUS protects you.  Get educated.  Know your options.  Choose a plan that works for you.

The post What Your Financial Planner or Family Lawyer Doesn’t Know, Hurts You! appeared first on Michigan Estate Planning.

The very real issue is that Corpus Christi has a higher rate of adults and juveniles in drug and alcohol treatment programs, and a higher death rate than the state as a whole.

According to Dr. Phillip Rhoades, head of the Safe Communities Safe Driver Campaign, based at Texas A&M University-Corpus Christi, in 2015 almost 50 percent of the area’s fatalities were a result of drunk driving accidents.

What is the underlying problem that causes so many to drink so much? Apparently, it is the community culture in Corpus Christi to drink excessively, and it is not related to ethnicity or age. As such, the behavior poses the difficult problem of how to change it — how to save lives, and how to change people’s perceptions that drinking excessively and drinking and driving are acceptable.

While the release of the report and the city’s designation as drunkest city in Texas have brought to light a serious problem, the next step is determining how to change the cultural milieu in Corpus Christi. In the meantime, drinking and driving appears to be a way of life in this city.

For anyone who has been involved in a car accident where the other driver was driving under the influence, reach out and connect with an experienced personal injury attorney to obtain compensation for your injuries.

Lee, Gober and Reyna – If you need a personal injury lawyer or help with an auto accident, motorcycle accident, wrongful death, or burn injury case, contact Lee, Gober and Reyna by visiting http://www.lgrlawfirm.com or calling 512.800.8000