financial advice

Q&A: How to find an estate planning attorney

May 18, 2026 By Liz Weston Leave a Comment

Dear Liz: Is there a specific website to research estate planning attorneys in Southern California? Our attorney has retired and I elected not to have my file transferred to her successor attorney. Our trust documents are only six years old and there have been no material changes to our financial situation or beneficiaries.

Answer: The internet is overloaded with lawyer directories of limited value. Either the sites themselves are questionable or they return so many options that choosing feels like an impossible task.

So the best way to find a good estate planning attorney is the old school way: word of mouth. If you have a CPA or other financial professional, ask who they recommend. Know any lawyers? Check with them. Friends, relatives and neighbors also may be able to offer referrals.

Once you have a few names, the internet becomes a bit more helpful. The state bar of California offers an attorney search function that allows you to confirm the attorney’s license status, education and any disciplinary history. The attorney’s website can also provide information about their background, experience and approach.

Since estate planning is a complex area, you’ll want an attorney who specializes rather than dabbles. Ideally, estate planning is their sole or primary focus, not an add-on to other areas of practice. For more complex needs, you can consider seeking out an attorney who is certified by the California State Bar as an estate planning, trust and probate law specialist. If you need help with issues around aging, such as Medicaid planning, long-term care or protection against exploitation, consider seeking the help of an elder law attorney. You can get referrals from the National Academy of Elder Law Attorneys at www.naela.org.

Q&A: Is it better to have a fee-only financial advisor?

April 27, 2026 By Liz Weston

Dear Liz: As a certified financial planner for the past 31 years who has never run afoul of any regulatory body, I cringe every time I hear you recommend people seek out only fee-only financial planners!

While we certainly do fee-based work where appropriate, sometimes it is simply better for the consumer if their advisor receives a commission not a fee. As an example, assuming all other factors being equal, if a client were to maintain an account for 10 years with a fee-only advisor charging 1% per year, wouldn’t the client pay considerably more in fees than if they placed their portfolio in a commission-based account where the advisor were to receive a one-time 5% fee?

I certainly understand conflicts can arise, but don’t they do so in most aspects in life? And isn’t this really just a matter of ethics? Can’t a fee-only advisor lack ethics just like an advisor who receives commissions?

Answer: The most important differential among advisors is whether they’re fiduciaries and therefore obliged to put their clients’ best interests first. As a certified financial planner, you’re held to a fiduciary standard and must disclose any potential conflicts of interest to your clients.

Most advisors are held to a lower “suitability” standard. That means the advisor can recommend investments that pay higher commissions, even if those investments aren’t the best option for their clients.

Fee-only financial planners typically are fiduciaries and have opted for a compensation arrangement that avoids the conflicts of interest inherent with commission-based recommendations. These planners are paid only by the fees they charge their clients, which can be hourly rates, project fees, retainers or a percentage of assets under management.

Q&A: Beware the Blurred Line Between Fee-Only and Commission-Based Advice

April 20, 2026 By Liz Weston

Dear Liz: I am very overwhelmed with life so I’ll try to stick to where I need your help. My 68-year-old husband has been diagnosed with dementia. I thought we were responsible, having a nice nest egg of over $2 million, a house that is paid off and no debts. However, finding out long-term care costs, I am now terrified that it will all be depleted. Per your advice, I found a fee-only financial planner. I wanted his opinion about long-term care insurance for myself (my husband no longer qualifies). Turns out the planner will be the one to get the policy for me, should I decide to go forward. He’s recommending a hybrid policy with a death benefit, which means if I end up not using the long-term care coverage, the value will go to our children. I’m uncomfortable with the fact that this planner has an obvious stake with this long-term care policy and therefore might be biased with his advice.

Answer: If your advisor has an “obvious stake” in the policy you buy, implying that he will be paid a commission, then by definition he is not a fee-only financial planner. Fee-only financial planners are compensated solely by the fees they charge their clients.

What you may have encountered is a fee-based advisor, who collects fees from clients but also accepts commissions.

You want to be able to trust that the advice you get is in your best interests. That means you need a fiduciary advisor: someone who is obligated to put your interests ahead of their own and who is willing to put that promise in writing. If your advisor isn’t a fiduciary, you can find one who is through one of several organizations that represent true fee-only advisors, such as the National Assn. of Personal Financial Advisors, the Garrett Planning Network, the XY Planning Network or the Alliance of Comprehensive Planners.

The advisor also should be able to refer you to an elder law attorney who can discuss ways to protect your finances from being devastated by long-term care costs, or you can seek referrals directly from the National Academy of Elder Law Attorneys.

Q&A: Where can I get advice on saving money?

December 15, 2025 By Liz Weston

Dear Liz: Could you possibly recommend a financial advisor I could sit down with who could counsel me on ways to save money? I work a full-time clerical job, but worry all the time about being homeless someday.

Answer: Talking with a financial expert can help you formulate a sound plan for your future, which in turn can help allay your fears.

Start with your employer. Some companies offer financial wellness programs that may include one-on-one counseling. Others offer financial advice through their 401(k) or other retirement plan providers.

Another option is an accredited financial counselor. These professionals provide advice on budgeting, debt, credit, retirement savings and other money topics. They’re fiduciaries, meaning they’re required to put your best interests first. Some are employed by credit unions or the military, and others offer a sliding scale. You can start your search at findanafc.org.

The National Foundation for Credit Counseling at www.nfcc.org primarily helps people pay off credit card debt, but its member agencies also offer budget counseling. You can find its budgeting tool at www.nfcc.org/resources/monthly-expense-tool/.

Q&A: A husband handles the investing. What happens when he’s gone?

December 16, 2024 By Liz Weston

Dear Liz: My husband has always handled our investments. He doesn’t think it makes sense to pay someone 1% to do what he can do on his own. As we’re getting older, I’m starting to worry about what I would do if he dies first. We also have a friend who got scammed, and it’s made me wonder whether that could happen to us. I would like to talk to a fee-only advisor like you always recommend, but I’m not sure how to get him on board.

Answer: Start with your concerns about having to take over the finances should he die or become incapacitated. Having someone trustworthy to help you through this process can be incredibly valuable, and it doesn’t need to be someone who charges 1% to manage your investments.

You can get referrals to fiduciary, fee-only planners who charge by the hour at Garrett Planning Network. The XY Planning Network and the Alliance for Comprehensive Planners represent fiduciary, fee-only planners who charge retainer fees. (Fiduciary means the planner is committed to putting your best interests first. Most advisors are held to a lower suitability standard, which means they don’t have to put your interests ahead of their own.)

Researchers have found that our financial decision-making abilities peak at age 53. Unfortunately, our confidence in our financial acumen remains high even as our cognition declines. The growing gap between our self-regard and reality can leave us vulnerable to bad investments, bad decisions and bad people.

An advisor could take a look at your portfolio and recommend ways to make it easier to manage as you age. The advisor also could discuss strategies and safeguards to protect you from mistakes and predators. Once you have established the relationship, you should be able to get more help down the road if you need it. (Consider the advisor’s age and status, though; a younger advisor or one who’s part of a large practice might be a better idea in this scenario than a solo practitioner who is approaching retirement age.)

Q&A: Beware the insurance salesperson in financial planner’s clothing

September 2, 2024 By Liz Weston

Dear Liz: Do you have any general advice for choosing a tax preparer? My financial advisor has recommended switching my 403(b) contributions over to Roth 403(b) with the same investment plan. I am worried that this could put us at risk for a higher tax bracket currently.