Offshore Banking and Asset Protection, Offshore Trading

December 23rd, 2014, 01:55 PM

I just had a very productive call and got all my remaining questions answered with an attorney that specializes in "this". He is also an expat himself. My next step is to consult with my local Ecuadorian attorney about some of the proposals to ensure we are on the same page, and then my CPA, and with luck I will be able to begin the process not long after of restructuring.

Mike

December 23rd, 2014, 02:00 PM

artemiso

You're probably already aware of this but just sharing for the rest of the readers: My experience has been that when an established/reputable attorney quotes an absurd fee or retainer for their services, it is an attempt to pre-qualify you if they think that you're not a serious client and you're not going to end up paying/engaging their services after all the free, pre-engagement consultation and advice. They won't phrase it that way but it's the only logical reason why they would need a retainer. Still, avoid attorneys who require such a deal because it's a sign that you're not a priority for them. The only exception is if the attorney appears to be capable of churning out paperwork very fast despite an expensive retainer, and that time is an important variable for you.

Regardless of why, I told that attorney that I didn't get to where I was today by not pursuing a good value. Sure, I need expert advice, but I also need to pay a fair fee for that advice. And that wasn't $80k. Keep in mind this attorney was going to have me fill out a 50 page questionnaire detailing all assets, then they would just pick a structure they've picked a hundred times before for other clients, and populate some names on a PDF form. Then call me a dozen times for no more than 30 minutes per call. That is not good value in my eyes.

My best guess is a fair cost is more in the neighborhood of $15k. And I am including post-creation support and hand holding in that figure. I'll find out soon if I am right or wrong.

Mike

December 23rd, 2014, 02:12 PM

artemiso

You're probably already aware of this but just sharing for the rest of the readers: My experience has been that when an established/reputable attorney quotes an absurd fee or retainer for their services, it is an attempt to pre-qualify you if they think that you're not a serious client

Come to think of it, she did ask me several times if I owned any boats or planes. By the third time I said no, she did seem quite disappointed.

Mike

December 23rd, 2014, 02:27 PM

Mike are ocra no use to you there such a large organization of be surprised they did not have a lot of what u need excluding insurance..

December 23rd, 2014, 02:34 PM

Big Mike

Come to think of it, she did ask me several times if I owned any boats or planes. By the third time I said no, she did seem quite disappointed.

Mike

That's amusing.

December 23rd, 2014, 02:42 PM

leinster

Mike are ocra no use to you there such a large organization of be surprised they did not have a lot of what u need excluding insurance..

Perhaps, but I generally try to avoid large corporations.

Mike

December 23rd, 2014, 02:47 PM

artemiso

You're probably already aware of this but just sharing for the rest of the readers: My experience has been that when an established/reputable attorney quotes an absurd fee or retainer for their services, it is an attempt to pre-qualify you if they think that you're not a serious client and you're not going to end up paying/engaging their services after all the free, pre-engagement consultation and advice. They won't phrase it that way but it's the only logical reason why they would need a retainer. Still, avoid attorneys who require such a deal because it's a sign that you're not a priority for them. The only exception is if the attorney appears to be capable of churning out paperwork very fast despite an expensive retainer, and that time is an important variable for you.

Big Mike

Come to think of it, she did ask me several times if I owned any boats or planes. By the third time I said no, she did seem quite disappointed.

Mike

Having provided marketing for a few attorneys this seems to be the norm. We would use high fee quotes to weed through inquires looking for those with the most potential/ability to pay.

December 23rd, 2014, 02:50 PM

tturner86

Having provided marketing for a few attorneys this seems to be the norm. We would use high fee quotes to weed through inquires looking for those with the most potential/ability to pay.

I am ready to pay. Just not ready to be ripped off. In this case, if that was their tactic then they lost my business. If I could add a zero to the end of my net worth then it would matter less, and I guess that is part of the problem. Most of the paperwork they are doing would be identical regardless if your net worth is 5M or 50M. So they choose to target the upper end of that echelon, and of course at that point their fee seems more reasonable to some.

Mike

December 23rd, 2014, 03:03 PM

Big Mike

I am ready to pay. Just not ready to be ripped off. In this case, if that was their tactic then they lost my business. If I could add a zero to the end of my net worth then it would matter less, and I guess that is part of the problem. Most of the paperwork they are doing would be identical regardless if your net worth is 5M or 50M. So they choose to target the upper end of that echelon, and of course at that point their fee seems more reasonable to some.

Mike

I'm sure you are correct. Also the attorneys I worked for were criminal defense attorneys. So I am sure there is some difference there. (They are not dealing with the most trust worthy people.)

I no longer provide services to attorneys. There is a reason why. That is all I will say.

December 23rd, 2014, 04:08 PM

Big Mike

Perhaps, but I generally try to avoid large corporations.

Mike

I do understand that however I'd be inclined to believe the bigger corporations would get it setup right in terms of keeping there reputation intact. I cannot see it costing too far north of 10 to setup even with big corporations.

Offshore Banking and Asset Protection, Offshore Trading

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Offshore Banking and Asset Protection, Offshore Trading