The Quarterly Counselor has come a long way since WealthCounsel launched it. This newsletter—the first issue that is conveniently available online—is filled with resources to help WealthCounsel members grow their practices. From legal and technical articles to practice management strategies and member updates, this issue provides relevant information for estate planners at all levels of experience who are looking to increase their technical knowledge and expand their practices.
You will notice that many of the articles in this newsletter are written by WealthCounsel members. WealthCounsel’s listservs and educational events have fostered a collegial environment where experienced attorneys share their successful strategies, help colleagues improve their knowledge, and keep one another apprised of legislative updates. The Quarterly Counselor has further encouraged this collaborative exchange of information among members by soliciting articles written by, and for the benefit of, our own members. WealthCounsel has just concluded the 11th Annual Estate Planning Conference in San Antonio, and everyone who attended it had a great time, learned a lot, and enjoyed the scenic downtown area of San Antonio’s Riverwalk, as shown in the pictures below. This issue of The Quarterly Counselor covers some of the sessions and events at the conference, as well.
Legal/Technical Articles:
“How the DRA has Affected the Use of Personal Care Contracts”
Howard S. Krooks, J.D., C.E.L.A., ElderCounsel Principal.
Howard Krooks discusses the ramifications of the Deficit Reduction Act and how it has restricted the circumstances where a personal care contract can be used, paying attention to his experiences in New York and Florida after the DRA’s adoption in each state.
“The Economic Stimulus Act’s ‘Bonus Depreciation Tease’”
William Conway Esq. and Randy Gardner, J.D., LL.M., M.B.A., C.P.A., C.F.P.
This article, written by William Conway (a WealthCounsel principal) and Randy Gardner (our Director of Education), shows some of the downsides to making purchase plans based upon changes in tax law. In this case, they tackle some side effects of the Economic Stimulus Act passed on February 13, 2008.
“Mediation: The Hottest New Specialty in Trusts & Estates”
Irina Shea, Esq.
Irina Shea lists 10 ways that mediation can benefit your law practice and your clients. Being able to provide mediation services for your clients is a crucial tool for your practice to have, and one that will help you increase your revenue as well.
“How to Protect Qualified Accounts from Creditors, Predators, Youth, and Inexperience”
Larry Hartley, Esq. C.E.L.A.
Part of an estate planner’s responsibility is to protect a client—even if he or she doesn’t always appreciate that protection. Larry Hartley’s article covers ways to protect assets as they are passed on to family members and then protect the assets so they are there for the long haul for the family members as well.
“Grantor-Retained Annuity Trust Planning”
Marianne Coulton, Esq. and Ryland Mahathey, MBA, LL.M., Esq.
Properly constructed GRATs help avoid taxes on property that is passing on to a grantor’s beneficiaries. This article, jointly written by Marianne Coulton and Ryland Mahathey, helps explain how to make a GRAT that will protect your clients’ assets.
“The Elder-Centered Law Practice”
Miles Hurley, Esq. and Dianne O’Donnell, Esq.
Elder Law is about more than just wills, trusts, and powers-of-attorneys. It is, as Miles Hurley and Dianne O’Donnell write, about forging a relationship with the elderly client and the client’s family as well. This separates good elder law attorneys from great ones, and the article offers some in that regard.
“Tax Efficient Transfers of Qualified Accounts”
Nathan R. Olansen, LL.M, CPA
If an estate’s account is not properly prepared before it is passed on, it can leave the beneficiaries with as little as 25% of the full value of the account as the rest is distributed to pay out taxes incurred. Nathan Olansen, in this article, details one solution to minimize the tax burden for an asset that the client intends to pass on to his or her beneficiaries.
“ESOPs – Unlocking the Wealth of Privately-Held Businesses”
Brian Eagle, J.D.
Employee Stock Ownership Plans (ESOPs) can help reduce or eliminate a company’s income taxes, diversify the company’s owner’s investments, in increase the wealth of a company’s managers and employees. Brian Eagle’s article covers the benefits of ESOPs and how they are commonly used.
“Investment Advisory Fees & the Supreme Court’s Decision in Knight”
William Conway Esq. and Randy Gardner, J.D., LL.M., M.B.A., C.P.A., C.F.P.
In their second article in this issue, William Conway and Randy Gardner discuss the ramifications of recent the Supreme Court decision the Knight case (formerly known as Rudkin Testamentary Trust case), and what types of trusts are most likely to be affected by this ruling.
Practice Management:
“Rainmaking: Word of Mouth Marketing”
Mark Powers and Shawn McNalis
Mark Powers and Shawn McNalis from Atticus Marketing write an article that introduces one of the principals of the Rainmakers marketing classes that WealthCounsel offers our members: how to evaluate your clients and determine your opportunities to build a word of mouth marketing network among your best clients.
Member Updates
The following articles are included in the newsletter. Download the full newsletter to read these member updates!
“A Letter to WealthCounsel’s Members”
Laura Wilson, Executive Director
Laura maps out some recent and upcoming initiatives WealthCounsel has been working on in our continuing efforts to provide our members with the best tools, education, and service to manage and grow their practices.
“Upcoming Events”
The calendar of the events that WealthCounsel will be hosting or attending as exhibitors in the next quarter. Go to our Events Calendar or our Educational Calendar for more information on any of these events.
“Highlights of the 11th Annual Estate Planning Conference”
On overview of just a few of the fantastic events and educational opportunities that WealthCounsel offered at the 11th Annual Estate Planning Conference in San Antonio, Texas this past June.
“WealthDocs 7 Development”
Blair Janis, Director of Software & Technology
WealthCounsel is hard at work with the newest version of WealthDocs, WealthDocs 7, and expects to release it in late fall. Blar Janis writes about the new features, UI, and improved interviews in his write-up of the development process of WealthDocs 7.
“An Update to Our Members”
Robbie Trudeau, Director of Recruitment & Retention
WealthCounsel is about to launch a program that helps transition attorneys from another practice (or law school!) to a thriving, successful estate planning practice. Robbie talks about this program—called “Practice Essentials: A Foundation in Client-Centered Estate Planning”, our upcoming Learn & Earn events in Florida, which are all taught by WealthCounsel members, and also mentions the winners of the Member Referral Drawing at the 11th Annual Estate Planning Conference.
“An Education Update”
Randy Gardner, J.D., LL.M., M.B.A., C.P.A., C.F.P., Director of Education
This bulletin updates members on the newest educational initiatives that Randy Gardner and Lori Berry are working on: The Professional News Updates, WealthCounsel’s Certified Estate Planning Assistant (CEPA) program, WealthCounsel’s member-written estate planning strategies book, and the availability of audio downloads of courses taught at the 11th Annual Estate Planning Conference, with video courses pending.
“WealthCounsel Announces Editorial Oversight Board”
Matt McClintock, Director of Continuous Improvement & Member Collaboration
As part of Matt McClintock's drive to improve the quality of the documents that WealthDocs generates, he has formed an Editorial Oversight Board, which is busy updating and improving our document templates. This short article discusses the improvements and names the members of the EOB.
“WealthCounsel Estate Planning Strategies Book Discussed in San Antonio”
Lori Berry, M.B.A., Senior Education Specialist
WealthCounsel is working together with members to write and publish a book that discusses winning estate planning strategies. This book will not only give the attorneys who participate credentials as a published author, but will also serve as a great educational tool to give to new clients to help them understand what it is that a skilled estate planner can do for them. Lori Berry’s article covers the meeting on this which was held at the 11th Annual Estate Planning Conference, as well as information on plans for the book and contact information for interested attorneys.
“Welcome Our New Team Members”
WealthCounsel is happy to welcome Trevor Longino (Communications Specialist) and Kim Johnston (Member Services) to the company. Read about them and their duties here.
“Relationship with Wealth Management Business Provides Members Subscription Discounts & Publishing Opportunities”
WealthCounsel has a partnership with Wealth Management Business magazines that has discounted the cover price of the magazine 55% for members. Wealth Management Business magazines is also looking for articles for publication, either on legal/Technical issues or profiles of successful estate planners. Read more for specifics and contact information.