Mike Hackard is the sole shareholder of Hackard Law and an attorney with over four decades of experience, specializing in estate litigation.

He joins Jared Siegel to discuss the pillars of great estate planning, the predictable traps that people often forget to avoid, and ways to protect aging loved ones from legal challenges as they experience diminished capacity.

Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:

Here are a few highlights from Jared's conversation with Mike Hackard:

• Jared says an estate litigation attorney is like a paramedic or EMT: He is a first responder to bad or failed planning.
• Even if you have a good plan, Mike warns, it can be rendered null if the beneficiaries are not made aware of every detail.
• Oftentimes grantors are not specific enough with their instructions, and people can easily misinterpret what they mean.
• Gaining clarity as a planner of why the money matters is important because it enables you to make the most suitable plans for your client. Jared sees asset protection as loss aversion; after you spend a lifetime creating wealth, there is a fear of losing it through litigation. Mike discusses the role asset protection plays in estate planning.
• In estate planning there are only three options: you can leave your assets to your heirs, the government, or charity.
• Your reputation is important for credibility, but having a character that backs up your reputation is more important, Mike says.