The October issue of The Quarterly Counselor features a variety of member-written articles on legal technical topics as well as practice management tips that readers will find helpful. We have also included an article on what’s coming up in education, along with a calendar of education events scheduled through the remainder of this year for WealthCounsel and its sister companies, the Advisors Forum and ElderCounsel.
In addition to Mark Powers’ and Shawn McNalis’ article on Rainmaking 101 that members will find helpful in prioritizing their client intake process, this issue includes articles contributed by key members of the WealthCounsel staff and a special section dedicated to discussing resources available to enhance the membership experience. We encourage our members to take full advantage of these resources which are unique to membership in WealthCounsel.
We want to thank the many WealthCounsel members who have taken the time to share their expertise with fellow members by contributing articles for publication in the The Quarterly Counselor. This newsletter is truly an important tool through which WealthCounsel members can demonstrate their legal competence and their commitment to professional collaboration.
Legal/Technical Articles:
The New Crisis Planning Strategy: How to Draft and Use DRA Compliant Promissory Notes
Michael J. Amoruso, Esq., ElderCounsel Principal
Michael Amoruso, an ElderCounsel principal, has written an article that educates readers on how to use DRA compliant promissory notes as a short term planning tool to contribute towards the cost of long-term Medicaid care.
The Importance of Treating Your LLC as a Business
Cecil Smith, JD & Carol Gonnella, JD
Cecil Smith and Carol Gonnella’s article outlines some of the reasons that the IRS uses to attack LLCs and then goes on to provide a number of protective measures that an estate planner can take to make sure that the assets placed in the LLC remain protected.
Grantor Trusts Revisited
Daniel Capobianco, Esq.
Revenue Ruling 2008-22 clarified how to create a “defective” grantor trust without causing the trust to be included in the grantor’s estate. Daniel Capobianco’s article discusses the ramifications and utility of this ruling.
Take Your Pick: The Importance of Selecting a Fiscal Year for an Estate
Arthur F. Dicker, Esq., LL.M, CFP®
A decedant’s estate can choose a fiscal year for the estate besides the calendar year. Arthur F. Dicker’s article educates readers as to why this is an important decision.
Estate Planning Strategies in a Low Interest Rate Environment
Randy Gardner, JD, LLM, MBA, CPA, CFP®, Director of Education & Leslie Daff, JD, MBA
As long as the Fed keeps cutting interest rates, a number of estate planning strategies lose their effectiveness. WealthCounsel’s Director of Education Randy Gardner, along with Leslie Daff, write an article that demonstrates some effective low interest rate strategies as well as some things to avoid.
Decoupling Dilemma: Planning Pitfalls and Solutions for Decoupled State Planning
Gary B. Garland, Esq.
20 states currently have decoupled from the federal government in regards to estate taxes, which means that clients may have an exposure well below the federal exemption. Gary B. Garland’s article discusses the necessity of taking this into account when planning estates, and mentions some strategies for avoiding this exposure as well.
Navigating the Health Care System: Nursing Home & Hospital Care Advocacy
Sanford J. Mall, J.D., CELA
Sanford J. Mall writes about an opportunity for elder law attorneys to advocate for elder clients when they need it most: when they are under the care of the often confusing health care system. His article discusses some ways to advocate for proper care for Medicare and Medicaid patients.
Charitable Remainder Trusts Can Be Divided Upon Divorce Without Risks of Self-Dealing or a Termination Tax
Brad Dewan, Esq.
Divorces are frequently contentious events and if both spouses have rights to payments from a charitable remainder unitrust it can get even more complicated. Brad Dewan’s article presents some solutions for how to divide a CRAT or a CRUT upon divorce while reducing penalties.
What’s the Biggest Loophole in Tax Law Today?
W. Bailey Smith, Esq.
W. Bailey Smith’s article enumerates some of the powerful reasons why an estate planner should have family legacy trusts (or dynasty trusts) in his or her box of legal tools.
Practice Management
The Alchemy of Cash Flow: Turning Time into Money
Mary Merrell Bailey, JD, CPA, MBA, MST, MSA
Merrell Bailey’s article gives insight into how to use a time-tracking program such as her preferred Timeslips™ to track and manage productivity—and profitability!—in the office.
Success Requires More Than Hard Work, it Requires Systems
Ted Gudorf, JD
Ted Gudorf’s practice management piece discusses the necessity to develop a system that will help foster practice growth and provide leverage where less effort can produce more work, making for a more enjoyable practice.
Rainmaking 101: Client Types
Mark Powers & Shawn McNalis
In a continuation from the July 2008 article Mark Powers and Shawn McNalis write an article that covers the four types of clients, what they represent for your practice, and how to make sure that you’re accepting business that provides you with few headaches and plenty of earning power.
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
Matt McClintock and Jonathan Mintz, Co-Executive Directors
Matt McClintock and Jonathan Mintz discuss the recent changes in WealthCounsel: the departure of Executive Director Laura Wilson, the postponement of WealthDocs 7 until spring of 2009, the substantial updates in WealthDocs 6.2, and the upcoming conference in Chicago in 2009.
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.
Resources To Enhance Your Membership Experience
Members with busy practice schedules may not always find time during the day to explore the full range of resources available with their membership. Therefore, we have chosen the October issue of The Quarterly Counselor to highlight a number of ways to enhance the value of your membership.
A Welcome Message Member to New Members of WealthCounsel
WealthCounsel is a growing organization of dedicated professionals; this letter addresses some of our newest members, but the discussion of our Five-Star Practice Solution™ can help anyone get the most of their membership with WealthCounsel.
WealthCounsel Welcomes New Resource Partner to Our Website MarketPlace
WealthCounsel has teamed up with with Amicus Creative to provide members with a discount to their professionally built and designed websites. Read about it here.
What’s to Come in WealthCounsel Education
Lori Berry, MBA
Lori Berry writes about some of the exciting educational opportunities and events that WealthCounsel is going to roll out for members in 2009.
WealthCounsel Welcomes New State Forums
Jenny Ellingson, Director of Project Management & Employee Relations
WealthCounsel’s “Member Forum Support Program” has grown from 9 forums to 14 since June 2009, and Jenny Ellingson’s bulletin updates the membership on these new forums.