Partnering with Elderlaw Attorney

[Rollem]

I have been researching ways to partner with Elderlaw Attorneys on Medicaid Issues.
I have not focused on this angle, but have had a few meetings w/ lawdogs in the last year. What I have found is that either they agree to refer- but do not(at least it hasn't happened yet) or they give the old : "I usually just utilize my clients existing financial guy" - Which regarding Estate Planning, I can see, but I know its a load of crap when it comes to Medicaid planning. My thought is that many of the Elderlaw attorneys have been in the business for years. They are either writing policies/annuities in house or giving them to a friend. Does anyone here have suggestions here?

 

[Newby]

I have been researching ways to partner with Elderlaw Attorneys on Medicaid Issues.
I have not focused on this angle, but have had a few meetings w/ lawdogs in the last year. What I have found is that either they agree to refer- but do not(at least it hasn't happened yet) or they give the old : "I usually just utilize my clients existing financial guy" - Which regarding Estate Planning, I can see, but I know its a load of crap when it comes to Medicaid planning. My thought is that many of the Elderlaw attorneys have been in the business for years. They are either writing policies/annuities in house or giving them to a friend. Does anyone here have suggestions here?

I know from my work with funeral homes the Elder Law Attorneys refer a lot of Medicaid clients to funeral home agents. When I say a lot, a given funeral home will probably get 10-cases a year sent to them by an attorney.

I know some of the Funeral Trust Marketers with NGL and FDLIC are trying to pick off some of that business but I don't think on a per agent basis they are doing it all that successfully. I think the FMO is making a killing by signing up a million agents who all make make one or two sales. I've heard of very few agents outside of funeral homes who can make much payback for their effort with this.

I don't think it would be easy to get an attorney to refer them to an outside agent rather than an actual funeral home agent unless you have the attorney in your back pocket.

 

[HarryRenard]

I have an elder law attorney I work with, he does NOT refer business to me on a regular basis as he does not really have a lot of clients coming his way most are referrals.

I will typically bring him 1-3 clients a week, and the pay off is huge for me, I am bringing real value to the table and its getting backed up by an ethical attorney who would NEVER recommend a product he will however answer their questions on a concept and tell them the pros and cons.

He will usually know what direction I am going and would never purposely kill a deal for me unless it goes against his plan, but I guess you do run that risk when you bring someone else in.

There can be great value to working with attorneys but its not gonna be through referrals.
I have been working with this attorney for almost 9 years and I would estimate I make an extra 30k a year off cases I would not have written if he weren't involved.

You have a good idea you just need to refine the direction of it.