By Edwin P. Morrow, III, J.D., LL.M., MBA, CFP®, CM&AA® and Nancy H. Welber, J.D., ACTEC Thanks to the generosity of Leimberg Information Services, we are pleased to provide you this recently published article on LISI. EXECUTIVE SUMMARY Section 307 of the SECURE 2.0 Act, effective beginning in 2023, provides an expansion of the qualified charitable distribution (QCD) provisions to adjust for inflation and include limited distributions to fund charitable gift annuities and charitable remainder trusts. There are several limitations that severely restrict the usefulness of this new provision, however, particularly for QCDs to charitable remainder trusts. FACTS Congress recently…
Don’t Let an Outdated Website Drag Down Your Estate Planning Practice
By Foster Web Marketing The problem with websites is that they aren’t a one-and-done-thing. You have to add content. You have to keep up on the maintenance. And, over time, you have to be able to recognize when it’s time for an upgrade. Technical standards for websites change every few years. People’s expectations for websites change, as well. The website that looked and worked great three years ago probably doesn’t look or work so well today. And that’s why, every few years or so, you need to redesign your website and bring it up to speed with today’s standards. If…
The Outstanding Success of an Estate Planning Attorney’s First Year in Practice
Interview of Attorney Leigh Cowden by Kristina Schneider, Practice Success Coach I had the opportunity to meet Leigh Cowden virtually through a Facebook group she formed called Lawyers Doing Seminars. I followed a lot of her success and she gave me the opportunity to share some of our own seminar marketing tips with the group on one of their monthly Zoom sessions. From there, she began to inquire with me about what we do and attended our Ultimate Level event in Dallas in May. I have followed her progress over the past few months and she then shared with the…
Advisors Who Don’t Use Out-of-State Trusts: What Their Clients Get
By Steven J. Oshins, Esq., AEP (Distinguished) Most advisors stick to using their own home state’s trust laws and fail to take advantage of other states’ more favorable laws. This would be like forming business entities in your home state rather than going to traditional best states such as Nevada or Delaware. This analogy should put in perspective how much is lost for the client by failing to maximize the use of more favorable trust laws. What This Means for the Clients The clients of advisors who fail to use out-of-state trusts often can’t modify preexisting irrevocable trusts without going…
5 Tips for Building Your Estate Planning Referral Network
By Foster Web Marketing Many estate planning firms rely heavily on referrals—and, more often than not, those referred clients tend to be “perfect clients” for the firm. From the start, they’re already more inclined to hire you because they’ve been sent to you by their family or friends. They’ve already heard wonderful things about you and your staff, and they know that you’ve already helped people in situations similar to theirs. It should be absolutely no surprise that these are the types of leads that are most likely to convert into real clients and cases for your firm! A significant…
The Top 8 Mistakes Estate Planning Attorneys Make When Buying or Selling a Practice
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law If you’re an estate planning attorney, like it or not, you will exit the practice of law someday. And I’m sure if you’ve already built a good practice, you would like to see a smooth, professional transition of your clients when the time comes, as well as maximize the financial return for all of your many years of hard work. If you’re an estate planning attorney who is still building your practice, you are probably looking for the cheapest…
The Art of Confirming an Appointment
By Kristina Schneider, Practice Success Coach Knowing the steps of how to properly confirm an appointment – – any kind of appointment, including a phone appointment, client meeting, lunch meeting, etc. – – is extremely valuable to any office looking to continue to operate efficiently and effectively. However, I have found that a lot of people don’t do this (or don’t do it properly) and this can result in a lot of disruption in the office. Whether or not you are the one responsible for confirming appointments, if you know that your office could benefit from a makeover in your…
Are You Fitting Jobs to People?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Hiring, training, and managing employees have certainly not been easy things to learn when it comes to owning my own law practice. I say it time and time again, but these are the things that we never learned in law school, but yet seemingly take up a great deal of time (and expense) if not done well. One common mistake that I am guilty of making in the past, but that I’ve seen come up quite a bit lately…
How Law Firms Are Harnessing the Power of AI in Marketing
By Foster Web Marketing With the rapid advancements in 2023, law firms are increasingly recognizing the transformative potential of artificial intelligence (AI) and applying it to their marketing and lead-generation strategies. These innovative strategies may be new, but they’re powerful. And the firms that embrace them have been able to quickly gain a competitive edge, streamline their processes, and drive more profitable growth with fewer resources. Below, let’s take a look at some of the ways law firms are harnessing the power of AI in marketing and putting themselves on the cutting edge of this emerging trend. Understanding AI in…
Three-Year-Old Tiffany Oshins Interviews Daddy About Domestic Asset Protection Trusts
By Tiffany A. Oshins and Steven J. Oshins, Esq., AEP (Distinguished) Three-year-old student Tiffany A. Oshins (“Tiffany”) recently sat down with her father, estate planning attorney Steve Oshins (“Daddy”). Tiffany interviewed Daddy about asset protection planning and Domestic Asset Protection Trusts. Below are highlights from the interview. [Daddy helped Tiffany with a lot of her spelling.] Tiffany: I overhear you talking about asset protection planning all the time. How do you start this conversation with prospective clients? Daddy: Many of them come to me specifically for asset protection planning. So the conversation is simple with them because they already have that…