Some attorneys decide to practice estate planning right after graduating from law school. Others practice in other areas, only to become curious about transitioning fully or partially into estate planning. Most attorneys who make this transition feel great satisfaction and little or no regret about making this career shift. There are many reasons why estate planning is such a rewarding practice area and many additional reasons why now could be the ideal time to make the switch.
Any Time Is a Good Time to Be an Estate Planning Attorney
Estate planning is known to some as “happy law,” as it is a stark contrast to other, more contentious practice areas like civil litigation and family law. Attorneys who have already chosen to include estate planning in their practice have cited the following reasons as to why they could not be happier with their decision.
1. It Is Low-Conflict
Unlike litigation or family law, estate planning, by its very nature, is not adversarial; it does not involve multiple parties playing a zero-sum game. With estate planning, you may occasionally have to discern conflict of interest issues between married clients or deal with your clients’ meddling family members. But overall, estate planning practice is low in conflict, and your clients may actually thank you for your help.
Further, in litigation or family law matters, clients are usually thrust into the legal process against their will, for example, if they are sued or need to fight a custody battle. When this is the case, clients may take their frustrations out on everyone and everything, including their attorney. With estate planning, clients are actively opting in to engage your services. They want the solutions you provide. They are in your office intentionally. This radically changes the way that clients interact with you.
2. It Allows for a Personal Connection with Clients
Estate planners work closely with clients and get to know them and their families personally. They can support people through life’s most significant milestones, such as births, deaths, marriages, and divorces. Further, this practice area allows you to know your clients over many years, often meeting and working with subsequent generations as well. Many practitioners find such relationships very rewarding and enjoyable.
3. It Offers Flexibility and Work-Life Balance
Working as an estate planning attorney allows great flexibility regarding work environment (they can work at a big firm or run a solo practice). There is also flexibility in terms of time management and scheduling. This allows estate planners to design a work life that suits them—and serves their clients—in the best possible way.
Practitioners may limit their hours to certain times of the day or certain days of the week. Some attorneys prefer to work evenings, which also works well for clients who work during the day. Attorneys can block off time in their schedule for doctor’s appointments or build their work schedule around family obligations. Because estate planners rarely, if ever, go to court, their schedule is not at the mercy of a judge.
Now Is a Particularly Good Time to Be an Estate Planning Attorney
The perks of being an estate planner explain why estate planning is such an enjoyable practice area. But there are many other reasons why now may be a perfect time to put your hat in the estate planning ring.
4. The Greatest Wealth Transfer in History Is Underway
As you may have heard, the United States is undergoing one of the greatest generational shifts this country has ever seen. Called the “Silver Tsunami” by some, this shift refers to the significant and rapid increase in the general age of the population. The WHO predicts that the number of people aged 60 and older worldwide will increase from 1 billion in 2020 to 1.4 billion by 2030 and 2.1 billion by 2050. As a result of this population shift, it is estimated that $84 trillion (that’s trillion, with a “t”) will change hands over the next 20 years in the United States alone. This transfer of wealth will primarily originate from the Baby Boomer generation (people born between 1946 and 1964) and will largely benefit Generation X (people born between 1965 and 1980), Millennials (people born between 1981 and 1996), and Gen Z (people born between 1997 and 2012).
Estate planning attorneys have an incredible opportunity to help facilitate this transition. Baby Boomer clients will need comprehensive estate plans to ensure their desired loved ones inherit their assets and that inheritances pass according to their wishes. Estate planners also stand to assist the recipients of this transfer of wealth. It is well known that the generations following the Baby Boomers—particularly Millennials—have delayed major life milestones such as marriage, starting a family, homeownership, and saving for retirement because of various economic and social factors. Until now, these generations may have seen little value in preparing an estate plan. Once they receive inheritances, however, estate planning may, and arguably should, become a top priority. Estate planning attorneys have the opportunity to educate potential clients about their options and the value of a comprehensive estate plan and could help protect this inherited wealth for future generations.
5. Americans Need Help Understanding New Complexities in Retirement Planning
For many Americans, retirement assets make up most of their wealth. Therefore, it is important for most people to understand the implications of passing these assets to loved ones. While some people create estate plans via online services such as LegalZoom and Rocket Lawyer, an experienced estate planning attorney can provide guidance, expertise, and options that will bring incredible value to a client
With the advent of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023), the retirement planning landscape has significantly changed. The rules and regulations surrounding how people inherit certain types of retirement accounts are even more complicated and nuanced than before. Estate planning attorneys who take the time to understand the SECURE and SECURE 2.0 Acts can offer the significant legal knowledge and experience necessary to plan for these very important assets.
6. Potential Changes in Rules Offer Additional Planning Opportunities for Estate Planners
There are often changes made, or proposed, to the rules that impact estate planning decisions, at both the state and federal levels. Such changes may relate to the federal lifetime gift and estate tax exemption amounts, state estate taxation thresholds, or the assessment of capital gains taxes to name a few examples.
This is where an estate planning attorney can step in and provide significant value. With tools such as irrevocable trusts, irrevocable life insurance trusts, gifting strategies, and charitable planning, attorneys can assist clients in achieving their goals (such as eliminating or reducing estate tax liability or passing the greatest possible value on to loved ones) in the most effective ways. As with planning for retirement assets, the average American is not aware of these strategies, let alone able to make them function in the intended way all on their own.
Estate planning attorneys are uniquely qualified to counsel individuals on their options and tailor an estate plan that not only addresses estate tax concerns but also takes care of the client’s overarching desire to provide for their loved ones and pass on their legacy on their own terms.
What You Can Do to Get in the Game
Any new endeavor can be daunting, and shifting to a completely different area of law is no exception. Luckily, WealthCounsel has a program that will teach you the fundamentals of estate planning law and provide practical guidance on building your estate planning practice.
Estate Planning Bootcamp is a virtual, three-day workshop that will equip attorneys with the strong legal foundation and practice-building skills needed to confidently serve estate planning clients. Click here to learn more and see all upcoming Bootcamps.
