Estate Planning Attorney, Philip Kavesh, and President of The Ultimate Estate Planner, Inc. recently interviewed nationally-known estate planning and asset protection attorney, Steve Oshins. The interview consisted of a number of questions related to estate planning for large estates. Following are some of the highlights of the interview. Phil Kavesh: What do you consider a large estate? Steve Oshins: I would define “large” as $30 million or more. Roughly half of my clients are over that number and half are under that number. Phil Kavesh: What does the $30 million-plus client think about? Steve Oshins: These clients generally know that they…
How Do You Properly Compensate (and Incentivize) Associate Attorneys?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law One of the biggest mistakes I see attorneys that own their own practices make is failing to properly incentivize associate attorneys. The primary way I have done this successfully for many years is through monthly bonuses. Whereas attorney bonuses are usually purely discretionary and undefined in advance as to their amount and frequency, the bonus system that I have developed is based on a clearly defined formula. By utilizing monthly bonuses, you will not only make your associate attorneys…
Failure: The Great Teacher
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…
Conduct a Successful 2022 “Kick-Off” Meeting with Your Firm
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law I’ve found that the best way to ensure a successful new year is to start off with a big stride in the right direction, by holding a firm “kick-off” meeting. The purpose of this meeting is to establish clearly defined goals for the year, outline the implementation process and get everyone on board, excited and motivated! It also provides an action checklist that you and your firm can periodically refer back to during the year, so you stay on…
6 Signs You (or Your Staff) Are Burning Out – – And How to Fix It!
By Kristina Schneider, Practice Success Coach Burnout is real and it’s affecting businesses all over the world. Whether you’re an estate planning professional who owns your own practice or not or perhaps you’re a support staff (employee), it is important that you are aware of the signs of burnout and do what you can right now to make necessary corrections to resolve the issue. If you don’t, your own physical and mental health will be dramatically affected and possibly your business (or employment), which will then impact your personal life as well. What Is Burnout? Before I get into the…
Steve Oshins’ 2021 Estate Planning Naughty List
By Steven J. Oshins, Esq., AEP (Distinguished) Were you naughty or have you been nice in 2021? This article is directed towards Congress, all estate planners, including attorneys, accountants, trust officers, life insurance agents and financial planners. This will help you decide whether you’ve been naughty or you’ve been nice. 1. [Now Apparently Defunct] Build Back Better Act’s Potential 8% Surtax on Trusts: The language in the [now apparently defunct] proposed legislation applies a 5% surtax to taxable income (technically Modified Adjustable Gross Income) above $200,000 and an 8% surtax to taxable income above $500,000 in a non-grantor trust regardless…
The Success of Your Business Starts with a Happy Work Environment
By Kristina Schneider, Practice-Building & Marketing Specialist “Businesses often forget about the culture and ultimately suffer for it because you can’t deliver good service from unhappy employees.” – Tony Hsieh, CEO of Zappos An often overlooked aspect of developing a successful business is really taking the time to look at the employees, the work environment and the company culture. The fact is, if you have a disorderly, stressful, and hostile work environment, chances are that you have unhappy employees who don’t like coming into work every day. And the bold truth of it is that your business will suffer…
Will the Build Back Better Act Apply an 8% Surtax on Taxable Income in Trusts for Children?
By Steven J. Oshins, Esq., AEP (Distinguished) At the time of the writing of this article, the proposed Build Back Better Act includes an income tax surtax of 5% on taxable income (actually Modified Adjustable Gross Income) above $10 million and an 8% surtax on taxable income above $25 million. However, the current language applies the same 5% surtax to taxable income above $200,000 of taxable income and the same 8% surtax to taxable income above $500,000 in a non-grantor trust regardless of the wealth or taxable income of its beneficiaries. This includes a simple trust for the benefit of…