By David Giuliano, Business Coach For over 40 years I have worked in the business world and I’ve learned many lessons. One of the most important aspects of business success is a work environment where people feel safe, can communicate honestly, and grow as a whole. Having an unsafe environment causes the most damage to the owner of the business. This might seem like a no-brainer, but the truth is in this day and age, it’s extremely hard to maintain a healthy work environment, but very necessary to do so. My work has shown me that if we can address…
Reduce Your Number of No-Shows and Cancellations with a Proper Confirmation Process
By Kristina Schneider, Practice Success Coach Having worked with numerous estate planning professionals over the years, one of the issues that a lot of people have struggled with are appointment and seminar no-shows and cancellations. One of my first questions is always, “What does your confirmation process look like?” For some, they don’t have any process in place at all. For others, they have a mixture of an e-mail that is sent or a phone call the day before. While something is better than nothing, there is always room for improvement to help reduce the number of no-shows and cancellations….
A Funny Thing Happened on the Way To… (Some of My Craziest Seminar Stories from Over the Years)
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law If you have ever attended one of my presentations, you already know that one of my favorite things in life and throughout my career has been presenting educational seminars on estate planning. What you may not know, however, are some of the unusual stories and occurrences I have experienced in doing over 3,000 seminars over the past 35 plus years. I’ve had so many funny, odd and not-so-funny events happen on the way to, during and after seminars that…
When the Prospective Client Says, “How Much Does It Cost?”
By Steven J. Oshins, Esq., AEP (Distinguished) The cost of the legal work will at some point become part of the up-front discussion with a prospective client. Many such prospective clients hear how much the legal fees are and roll their eyes as though they are being suckered. I’ve had many conversations go something like this: Prospective Client: How much does it cost? Attorney: We charge $30,000. Prospective Client: That much? I was quoted $5,000 by another attorney. Attorney: That was to prepare a Revocable Trust. I’m trying to do advanced estate planning for you which should save your family…
Update on Washington State 7% Capital Gains Tax
By Steven J. Oshins, Esq., AEP (Distinguished) One of the most anticipated tax cases in some time has begun its way through the courts. On January 26, 2023, the Washington Supreme Court heard arguments in Chris Quinn v. State of Washington which is a case examining the constitutionality of the Washington State 7% capital gains tax. The Washington capital gains tax was passed by the Democrats and signed into law in 2021. There’s a $250,000 exemption for individuals and married couples, so only the capital gains in excess of $250,000 are subject to the tax. Capital gains taxes would not…
Paid Time Off vs. Paid Sick and Vacation Leave: Which is Better for Your Practice?
By Kristina Schneider, Practice Success Coach Add this to the list of items that law school doesn’t teach budding lawyers about when it comes to setting up their own practice. What kind of benefits should you offer employees, particularly with respect to paid time off? In recent years, many employers have moved more to a model of straight paid time off hours (otherwise known as “PTO”). This would be a specific number of hours off per year given to employees, sometimes varied depending on full-time or part-time status and many times tiered depending on tenure at the firm. One attorney…
Heckerling 2023 Reports from the ABA
The Phillip E. Heckerling Institute on Estate Planning is the nation’s premier conference for estate planning professionals, offering unparalleled educational and professional development opportunities for all members of the estate planning team. The 2023 Heckerling Institute was held in-person in Orlando on January 9-13 and marked the conference’s 57th year. Over the course of the conference’s five days, numerous timely topics of interest to estate planners of all designations—including, but not limited to, attorneys, trust officers, accountants, charitable giving professionals, elder law specialists, wealth management professionals, and nonprofit advisors. As they have done for many years, the American Bar Association…
The 10 Biggest Mistakes Estate Planning Attorneys Make – – Running Their Business!
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Over the past 40+ years, I have been blessed with a successful and fulfilling estate planning law practice. But, it was not always successful and it was not always fulfilling. It was through my own set of expensive, costly and stressful sets of trial and error that I was able to see what worked and what does not. Based on my real-world experience, I have compiled what I believe to be the 10 most common mistakes that I’ve seen most…
Generate More Revenue This Year with More Referrals from Clients
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law If you’ve read any of my previous newsletter articles or purchased any of my presentations (or attended our Ultimate Level event), you know that I am a huge systems nut. Systems for EVERYTHING – – from marketing to receptionist scripts, to conducting initial client meetings, to generating trust documents, to signing meetings, and regular client follow-ups. Utilizing time-tested systems for everything involved in operating an estate planning practice is how you develop a successful practice. Yet, even those who…
The HUGE Problem with DAPT Jurisdictions that Require Affidavits of Solvency
By Steven J. Oshins, Esq., AEP (Distinguished) At the time of this writing, there are twenty states that have enacted Domestic Asset Protection Trust (“DAPT”) statutes. However, not all of these states have superior laws. This article describes just one of many differences among the various states’ DAPT statutes. Specifically, it explains the Affidavit of Solvency differences among these states. What is an Affidavit of Solvency? An Affidavit of Solvency is a sworn statement that indicates that the transfer of assets an individual is about to make will not render that individual or entity bankrupt or insolvent. Attorneys generally have…