By Edwin P. Morrow, III, J.D., LL.M., MBA, CFP®, CM&AA® Thanks to the generosity of Leimberg Information Services, we are pleased to provide you this recently published article on LISI. EXECUTIVE SUMMARY Section 327 of the SECURE Act 2.0, effective in 2024, will provide over $1.1 billion in new tax benefits for those in the know, but traps for the unwary. The downside is that the changes may actually be quite harmful in certain situations for surviving spouses inheriting retirement plans, causing an earlier required beginning date and higher required minimum distributions (“RMDs”) than under current law, if the new…
Is Workplace Stress Killing You? We Can Help.
By Kristina Schneider, Practice Success Coach If you’re running your own estate planning practice, chances are, you’re stressed. Running your own law practice is no easy thing to do. Meeting with clients. Dealing with difficult cases and situations. Getting documents out the door. On top of the actual lawyering stuff, dealing with the normal day-to-day business activities. Hiring the right people. Making sure they’re working efficiently. Making sure that your employees are getting along and managing any conflicts that may arise. Dealing with toxic employees. Figuring out how to get new clients through the door. Making sure you meet payroll….
Why Do Nevada and Delaware Get Most of the ING Trust Business?
By Steven J. Oshins, Esq., AEP (Distinguished) We keep hearing about NING Trusts (Nevada) and DING Trusts (Delaware). Occasionally, but much less often, we hear about WING Trusts (Wyoming) too. Nevada and Delaware clearly get the vast majority of the ING Trust business. Wyoming seems to be the next jurisdiction to take a reasonably good chunk of the pie. Is this because these jurisdictions actually have the best laws? Or is it simply a function of good marketing? The words “NING”, “DING” and “WING” just roll off the tip of your tongue, eh? Let’s take a close look at ING…
Should You Be “Tweaking”?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Most estate planning professionals would love to make more money, while reducing their work time and stress. Unfortunately, many believe that in order to achieve these lofty goals, you have to do a complete “makeover” of your practice – – and that degree of change is scary! However, this is more myth than truth. In fact, there’s a universal business principle sometimes called “the law of incremental change”, which I call “the law of tweaking” (shame on you if…
Effectively Managing Your Boss’ Busy Calendar
By Kristina Schneider, Practice Success Coach Whether your boss is an estate planning attorney, CPA, financial advisor or life insurance agent, chances are, he or she has an overwhelmingly busy calendar. From client meetings, phone calls, seminar presentations, conferences and CE programs to numerous projects to be completed, goals to be reached, and endless obligations to be met. How do you organize, prioritize and manage it all while getting everything scheduled and done? Ask for Assistance with Prioritizing First, ask for assistance in prioritizing your tasks (and your boss’ tasks). Thankfully, most executives acknowledge that their assistants are juggling several…
Use a Flat-Fee Trust Company in a Top-Tier Trust Jurisdiction as Jurisdictional Trustee to Gain an Advantage
By Steven J. Oshins, Esq., AEP (Distinguished) Shhhhhhhhhhhhhh…I have a secret! This isn’t a secret to some estate planners who take advantage of this opportunity all the time. But if you’re not one of them, then they’re playing checkers while you’re playing chess…as the saying goes. It’s time to put yourself on the same level as the top estate planners who maximize their clients’ tax and creditor protection opportunities day in and day out. Otherwise, they will continue to take your clients from you and to get larger and larger net worth clients while you play in the minor leagues….
Fair Compensation for Support Staff and Associate Attorneys?
By Kristina Schneider, Practice Success Coach Over the past few years, particularly following the pandemic, we have seen a lot of changes in the employee market and computing both a fair and competitive wage. Regardless of where you are located, inflation and increased competition for competent employees have come to the forefront. Whether you are thinking about your current employees or are thinking about hiring, you may be curious about what exactly is reasonable or fair compensation for either support staff or associate attorneys. Here are a few tips that we use to determine fair compensation. LOOK AT SOME INDUSTRY…
Poll Results: Which Is the Best Trust Jurisdiction?
By Steven J. Oshins, Esq., AEP (Distinguished) In a one-week LinkedIn poll conducted in March of 2023, I asked thousands of people primarily made up of estate planners and financial planners: “Which is the best trust jurisdiction?” Among 5,104 “impressions” (number of times users see the poll question), there were 123 total votes. The permitted responses were limited to Nevada and South Dakota simply because these are so clearly the two best trust jurisdictions and therefore there was no reason to dilute the votes by including additional options. Results The results were as follows: *Nevada …
Are You Spending Too Much Time (and Money!) to Bring In New Clients?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law I recently conducted not one, not two, but three different coaching consultations in a single week with fellow colleagues who all expressed to me the same major challenge in their practice. If three firms, in such a short period of time, happened to share this same issue with me, then I thought there must be others out there who must be grappling with it too! Hence, this article. All of these firms complained about spending far too much time…
9th Annual Non-Grantor Trust State Income Tax Chart Released!
By Steven J. Oshins, Esq., AEP (Distinguished) Different states have different rules as to what creates a “resident trust” that is subject to taxation in that state. States may tax a trust based on the residency of the settlor or testator, based on whether there is a resident trustee or beneficiary or whether there is administration in that state, or for a combination of these factors and/or other similar factors. So it isn’t as easy as simply situsing a trust in a state with no state income tax. You have to look at the state taxing statutes that may apply….