By David Giuliano, Business Coach I think we can all agree that failure is not a beloved or relished part of life. It gets a bad rap but truthfully there’s no better teacher. It’s been said you don’t know where you’re vulnerable until you fail. Very true. When making any major change, failure happens all the time. I have to address this issue because so many of my clients – a majority of who are lawyers and other business professionals – have very little tolerance for mistakes or failure. They punish themselves, twist others into knots, judge too harshly and…
Basis Bump Planning: Using Grandma to Get a Stepped-Up Income Tax Basis
By Steven J. Oshins, Esq., AEP (Distinguished) The federal estate and gift tax exemption is at an all-time high. In fact, it’s so high that very few people would owe any federal estate tax if they were to die today. Therefore, almost everybody dies leaving unused estate tax exemption on the table. Estate Tax Exemption as Currency Dollar, Euro, Yen, Pound, Franc, Peso, Estate Tax Exemption! Yes, Estate Tax Exemption! Estate Tax Exemption is a form of currency. However, unlike the other currencies, if you don’t use it during your lifetime you can’t pass it to your heirs (other than…
What to Do When an Associate Attorney Leaves Your Firm
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law If you run your own law practice and have ever had to hire an associate attorney, one of the biggest concerns and risks you take is that one day that associate attorney may decide to leave your firm. Unfortunately, this is a business where a trained employee can easily set up his or her own shop and there is little you can do to restrict it from happening. It can be one of the most disruptive and chaotic things…