The law practice of the SacTownGuy runs a wide range. On the one end is doing estate planning for sophisticated people with millions of dollars and on the other end is doing probate work, after death, for families of modest means. In simple numbers the more modest the means the more emails and phone calls I get from them!
Let's take a case that ended last week for example. It is a probate case with about 15 beneficairies. I do not know the means of these people but based on where they live, what I know of their jobs (or lack thereof), and some other factors I would be inclined to think they are a little lower on the economic chain. Several of them took out probate inheritance advances (very high interest loans) so they could get their money early. For the most part these people were receiving about $20,000 to $30,000 each. Of course I would be happy to receive such a sum but it's not going to change my life.
Reminds me a client a few years ago who insisted on coming in to pick up his check at the end of his dad's probate. I recall it to be for about $35,000. He was a security guard and I am sure that $35,000 was more than he makes in a year. He was a nice guy and I was happy for him. I will never forget what he said when he left that day. In all sincerity, as if he had just hit the lotto, and with a look of concern, "family are coming out of the wood work asking me for loans." I always chuckle at that. The SacTownGuy might make that in one paycheck and thank god family isn't coming around me asking for a loan!
Oh ya, so back to my case I am dealing with this week. Last Friday I sent out most of the checks. One check had to be re-drafted by my client as he spelled the person's name wrong as she has one of those one of a kind name spellings; like I am sure the hospital just messed up when they wrote it down! Anyway, knowing her siblings received their checks on Saturday she called Monday morning between 8:00 and 8:30, before our receiptionist was here and left FOUR voice mails asking (politiely but concerned) where her check was. Luckily for me I had my assistant call her back as they are now talking almost hourly it seems to see where the check is. Last I heard it was in transit from my client's office to me and I will then be mailing that out to this woman this week... ya right! You think she will take her chances on the mail? She will be picking that check up.
This morning I was greeted by an email from another family member asking where her sister and her brother's check were and asked specifically if there was a problem. My client had put down the wrong amounts, on a couple of checks, so I had him fix the checks I told her. Why isn't she getting a check? She spent her entire $30,000 or so by probate advances. You know how much she got? About $20,000. Yup, if she had waited 8 months she could have $30,000 but she couldn't wait so she got $20,000. [Note to self: when I retire from being an attorney get into probate advance business.]
When I hear all this stuff about Bush's plan to stimulate the economy I understand that all to well. Because of all the $20,000 and $30,000 checks I have sent out in the last week I know that most of them are busy stimulating right now!
peace out.
Wednesday, February 6, 2008
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