Andrew J. Cobin Interview with WPTF’s Rick and Donna Martinez July 17, 2020

Interview with Rick and Donna 7-17-2020:

Rick: We have in studio Andrew Cobin of Brady Cobin Law Group and the reason he is here is because one of the firm's commercials, thank you for joining us.

Andrew Cobin: Thanks for having me.

Rick: And I'm gonna paraphrase your commercial cause it's a lot better than what I'm gonna say here right now, but it's like "Hey folks, so you may wanna take a look of your will because you thought you had it all nice but you know what that guy with your daughter Marie is actually a looser and maybe you don't want the most of your estate going to that clown." But specifically, do people really get as to how often they should review their will, their trust and their estate?

Andrew Cobin: Do they get it? I think a lot of people maybe no at the back of their head but it's one of those things that is easy to put on the backshelf.

Rick: And you shouldn't put it on the backshelf cause things change.

Andrew Cobin: Well, things change and if you're not keeping things up to date on your estate plan, then when it's called upon it's not gonna reflect what your wishes really are at that time.

Rick: Yeah, I think that is really the important thing is this is your deal but you may not be aware of the laws when it comes to divorce and some other things. Am I getting that right?

Andrew Cobin: I think it's easy to work with someone and just get basics in place. And basics are better than having nothing. But if you really wanted to reflect what your wishes are, a lot of times when we're meeting with clients we're educating them about the issues they should be concerned about. You see a lot of these "Aha" moments. And one of those things, a big "aha" moment for a lot of clients is that "Hey there is a way you can leave things to your kids" Still don't allow them to have control over it but protect it from things like a divorcing spouse or bankruptcy or any number of things.

Donna: I think the other thing that comes up when people start thinking about serious stuff like this is the uncomfortable questions that you have to kind of face and particularly if you're married couple to talk about "Okay, who we really want to leave any assets to if hopefully we end up having assets and stuff like that?". You talk through with clients about "Look, I know this is kind of stuff, maybe you don't want to talk about it a whole lot". But you have to.

Andrew Cobin: It's certainly important to be able to have a frank conversation. You know, we do this everyday, so for us it is natural. But you see it kind of across the board. Some people are just uncomfortable at first, other people approach it with a great deal of humor. But yeah, you need to have a frank discussion. I mean it's a serious thing, a serious business, so if you can't be honest about it, it's not gonna work the way you want it to.

Donna: Give us the sense of a couple of things that you consider to be the basics but for the rest of us who maybe don't think about this a whole lot or I know we've got some folks who maybe haven't ever produced a will, ever created one or maybe thinking this is the time to update. What they should think about?

Andrew Cobin: Great question Donna. I think this is the way I approach things. You wanna do planning in consideration of three phases in life. First is while you're alive and well, so whatever we do in this planning business should impact the way you control your assets today, but you may intentionally do so right? We may give up some control if it weren't should for long term care planning that thing for that nature. The second aspect is having a plan for disability and this is a huge one. I mean most people call and they say I need a will but the truth is that matter is once you reach the age of 65 there's a greater likelihood or not that you'll experience some form of disability during your lifetime. So we need to have a plan and play still allows people to do ah... carry on the way you would have done it. Then obviously the last one is what most people think about is transferring the assets through the heirs. Ah.. and i think there's a lot of ways you can do that to make it efficient, to make it timely and to make it advantageous for the heirs. And one of these examples that we've already discussed is making advantages in terms of protecting things from divorce.

Brady | Cobin Law Group, PLLC
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