SuitWEB

Congratulations to Antoinette Middleton, LWP Member Of The Month

by with One Comment Estate Planning Drafting SoftwareSystems & Processes

What is the greatest success you’ve had since joining LWP?

The greatest success I’ve had since joining LWP is having learned the philosophy of working on the law firm, instead of in it.  In addition to having a juris doctor degree and legal expertise in estate planning, a private practice attorney must also know how to successfully run a business. Thanks to LWP, I now have business systems and processes to run such a practice and deliver quality services to our clients.

SuitWEBWhat is your favorite LWP tool?

My favorite tool is the weekly legal technical webinars, which are recorded and can be viewed at my leisure. I’m not always able to participate in live weekly sessions, so having access to national estate planning experts answering questions on complex areas such as Medicaid (Medi-Cal in California), and asset protection for business owners and families is an invaluable resource.

How has being part of LWP impacted your team and your practice?

Until recently, my team consisted of one attorney, two paralegals and one administrative assistant. By joining LWP we were able to utilize their models to develop various departments with functional job descriptions and duties. This helped team members become more accountable, which has led to greater accomplishments and a sense of pride.  Everyone now knows that his or her contribution is important to the ultimate goal of running a successful law practice with lots of satisfied clients.

 

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So You Didn’t Make It To Phoenix? Check Out What’s Been Uploaded…

by with No Comment Estate Planning Drafting SoftwareLegal MarketingSystems & ProcessesTeam Building

There is absolutely no substitute for sitting in a large conference room with people who do the same thing you do, day-after-day.  They “get” your challenges because they face similar ones.

Bigstock-Upload-sign-icon-Upload-butto-56363555And you missed out on brain storming and sharing ideas out on the patio or in the bar after meeting hours.  You didn’t get a chance to sit down with your CC&I coach or your attorney mentor coach face-to-face to discuss what’s holding your team back or to celebrate your victories.

Last, but certainly not least, you and your team missed out on the nine break-out sessions that covered subjects ranging from “Business Succession Planning” to “Busting Financial Advisory Myths.”  Even if you DID make it to Phoenix, you’re only one person, right?  Maybe you had to make hard choices about which break-out sessions you could attend and heard great things about the ones you missed.

Great news!

So far, three of the nine break-out sessions have been added to the member website, with another three scheduled to be uploaded later this week. 

Posted …

Community Presentations & Relations, Presented by Jennifer Rozelle

A how-to guide to securing and presenting Community presentations; how to get them; topic ideas; how to organize and plan them; and how to use them to feed your workshops.  Learn the distinctions among Public Workshops, Private Workshops, Professional Presentations and Community Presentations

 

Post-Death Trust Administration, Presented by Liz Evans

What to do when the 1st spouse dies; what to do after the surviving spouse dies.  A practical look at post-death administration issues.

 

How to Generate Facility Revenue:  Getting & Staying in the Door with Nursing Homes, Presented by Roslyn Drotar & Meredith Glendenning

Walk away with a comprehensive nursing home/facility process, which you can go back and implement into your practice, immediately.  Learn only what works (we’re saving you from the disastrous efforts) to not only get in the door to nursing homes, not only begin generating revenue, but quadrupling revenue & how to keep it going!

 

Coming later this week …

Busting Financial Advisor Myths, Presented by Jeff Bellomo & Lou Leyes

Respond with confidence to common myths surrounding asset protection, irrevocable trusts, qualified funds, etc.  Get the advisor off of their “default” setting and into strategic, client-centered planning.   

 

You’ve Defined Roles … Now What? Presented by Roslyn Drotar

It is important to provide clear definition and understanding of roles.  You’ve defined roles, now what?  Learn how to take the role definition to the next level.  Learn the skills needed to go beyond just making certain nothing falls through the cracks.  Learn different approaches, regardless of the circumstances to create accountability AND work together at your team best!

 

Business Succession Planning Presented by Dave Zumpano

An advanced level legal-technical session – what to do when the business planning client already has a corporation structure (LLCs, S-Corps, C-Corps) – creating a business succession plan.

   

10 Key Features of the Trust Drafting Software That You Need to Know, Presented by Aaron Miller

Learn the 10 key features of the LWP-CCS Trust Drafting software and how to make them a multiplier to distinguish you in your Estate Planning community.  

 

Coming in December

What’s Happening in the Conference Room? – The Signing and Funding Meetings, Presented by Susan Hunter

The third of the “Conference Room” series – designed to give the team a look at what, exactly, occurs for the client during the key meetings.  Team members will be better equipped to assist clients while they navigate the process, and can set expectations or answer questions directly.  Attorneys who attend will learn how to delegate these meetings to their team.

 

Communication Skills, Presented by Susan Hunter

Take the next step in developing your communication skills; sharpen your saw with practical applications of MIFy™ and Power-in-Partnership™ including client meetings and team conversations. 

While you’re at it, take a look around the member website.  We’ve been making changes to follow LWP processes more closely in the web layout.  This should make it much easier for members to find tools and materials to support their practices.

If you have comments or suggestions about the website layout, I’d love to hear them.  Write me at ncatale@lawyerswithpurpose.com.

Nedra Catale – Coaching, Consulting & Implementation, Lawyers With Purpose

 

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When You Wake Up Monday Morning

by with No Comment Coaching & ImplementationEstate Planning Drafting SoftwareLegal Marketing

Real quick, I’m not certain if you saw my two other previous blog posts and I wanted to make sure I kept you in the loop. I KNOW how Monday mornings feel with the email barrage…especially after being away from the computer all weekend (hopefully).

Member_brochure32I wanted to make sure you were aware LWP announced it has made a few changes to our membership levels specifically designed to serve solo and small sized firms based on their customized needs.

WHAT is changing you ask? Here are a few of the CHANGES in the membership levels. 

  1. LWP Silver Membership: This level of membership is currently $897/month which INCLUDES our 3 Day Technical/Legal training as well as the 3 hour VA accreditation program. Effective tomorrow this LIVE educational training program is no longer included in this level of membership. The tuition to attend this program will be an additional fee of $1,497 (A $1,497 SAVINGS if you enroll TODAY).
  2. LWP Gold Membership: This level of membership is currently $1,497/month which INCLUDES everything that the SILVER Level of membership offers PLUS the hands on customized, personalized Coaching, Consulting & Implementation program for your entire Law Firm. Effective tomorrow the Coaching, Consulting and Implementation is no longer included in this level of membership. (A $997/a month SAVINGS if you enroll TODAY).
  3. LWP PLATINUM Membership: NEW Additional LEVEL. This level of membership was never previously offered. It is $2,397/month which INCLUDES everything that the GOLD Level of membership offers PLUS a personal Attorney Mentor Coach. What this means is that you will have a successful LWP member that was sitting in the exact spot as you are now…nervous to commit to the monthly fee with an absolute need that this must work out. You will have a dedicated LWP attorney member, in addition to the CC & I program, to support you every step of the way on your journey to creating a salable, scalable business.

NOW really is the best time for you to take the leap of faith and join the LWP Community. Simply go to www.joinlwp.com to sign up TODAY.

Molly L. Hall, Co-Founder, Lawyers with Purpose, LLC, and author of Don’t Be a Yes Chick: How to Stop Babysitting Your Boss, Transform Your Job and Work with a Dream Team Without Losing Your Sanity or Your Spirit in the Process.

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How To Calculate The Minimum Months To Qualify & Assets At Risk To Break Even

by with No Comment Estate Planning Drafting SoftwareLegal Technical

What do they really mean? 

If you're an Lawyers With Purpose member, you know the minimum months to qualify is a term we use in to determine how many months that it will take to get a client’s excess assets down to zero by gifting money and paying for nursing home costs.  It is then used to calculate the breakeven point (60 – minimum months to qualify = breakeven point).

Bigstock-colorful-numbers-background---44896171Before a client can be eligible for Medicaid, their excess assets much be zero.  We know that we want to protect as much money as possible and that to do that we have to give the excess assets away (we have already performed our spend down analysis at this point).  If the penalty divisor for the state is $5000 / month, then we know that if we give away $5,000, then we must pay for one month of nursing home cost.  At the point, we have already done the analysis to figure out the monthly deficit – that is, how much money will the client have to pay from their resources after their current living expenses, allowable Medicaid exemptions, and nursing home costs are taken into account.  Let’s say that is $10,000.  So we know that if we give away $5,000, we pay for one month of nursing home cost.  If we have to pay for one month of nursing home cost we have to pay $10,000.  If our excess assets equals $100,000, then to get through month one, we give $5,000 away, we pay $10,000, and that reduces our excess assets by $15,000 and leaves excess assets at $85,000.  The next month, we do it again.  We give away $5,000, we incur one month of penalty, and we pay $10,000 to the nursing home.  That leaves us with $70,000 in countable assets.  The next month we do it again.  We give away $5000, we pay $10,000 to the nursing home, and our countable assets drop to $55,000.  (Longtime members may remember this as the “MPS Dance.”)  This continues until our countable assets drop to zero, then we add up how many times we had to do the dance, and that becomes our minimum months to qualify.  A short cut is to take the total excess assets and divide by the amount needed each month, in this case $15,000.  In our example, that will give us 6.67 months.  In other words, we have to give away $15,000 for 6.67 times in order to get the excess assets down to zero. 

This number is then used to calculate the amount of money we can protect – the penalty divisor times the minimum months to qualify.  Here that would be $5000 x 6.67, which would equal $33,350.  Because we give away $33,350, we know we will have to private pay for 6.67 months (the penalty).  That money is protected because it will not need to be spent on the nursing home.  Then we calculate the amount of money that is at risk until breakeven – that is, if the client or spouse goes into a nursing home prior to the breakeven point, then this is the amount that they will have to pay before Medicaid will begin to pay for their care.  We know that we have to pay for 6.67 months of nursing home care in this scenario, so we multiply the cost of the care each month, $10,000, by the number of months we will need to pay for the care, 6.67, which gives us the total cost that is at risk to having to pay the nursing home as $66,700.  So, worst case, they will have to pay that $66,700 to the nursing home in order to protect the $33,350.  Not great numbers in this particular scenario, but it is still better that spending it all down and applying to Medicaid.

Announcing NEW Pricing, Services, & Membership Changes—Effective Monday, October 27th

At LWP we are committed to innovation and continuous improvement. In an effort to augment our services and the value of our membership levels, LWP is excited to announce changes to our membership levels. All membership offerings were specifically designed to serve solo, small and medium sized firms based on their customized needs. Changes are applicable to all NEW memberships beginning Monday October 27th. 

If you have been considering joining the Lawyers with Purpose community, please contact mhall@lawyerswithpurpose.com to schedule a 15 minute demo to see the upcoming pricing, services, & membership structures! 

Existing LWP member? Great NEWS, you’re grandfathered in! 

Dave Zumpano,

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

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Uncovering “Hidden” Pre-Planning Opportunities with the Asset-to-Income Ratio

by with No Comment Estate Planning Drafting SoftwareLegal MarketingSystems & Processes

Uncovering “Hidden” Pre-Planning Opportunities is one of the biggest shocks from attendees at our Medicaid training is when they learn about the asset-to-income rule to qualify clients for Medicaid sooner. The Medicaid law states that, when the income of the community spouse of a Medicaid applicant is less than the minimum monthly maintenance needs allowance, then the community spouse may exempt additional assets needed to attain the minimum monthly maintenance needs allowance.

Bigstock-Five-years-old-little-cute-boy-41670169Said simpler, if the community spouse doesn't have enough income, they can exempt additional assets to ensure the necessary income is produced. This situation happens all the time, but the exemption is rarely used.

That's why Monday October 20-22nd we are hosting a 3 Day Asset Protection, Medicaid and VA CLE Program.

In this event we will be sharing crucial information such as:

 

●       Why clients don't care how much you know, and what they want from you.

●       There's no such thing as crisis Medicaid planning, and the preplanning you are missing out on is right in front of you.

●       The key features and provisions of grantor, non-grantor, and pure grantor trusts and when to use each for asset protection, Medicaid and VA planning.

●       The newest forms and procedures to file VA apps and appeals and receive timely decisions.

●       Why annuities are often the "lazy-attorney" approach to Medicaid planning and what that method fails to consider.

●       How to calculate whether an IRA should be liquidated and when not to use personal service contracts when Medicaid planning.

At a recent two-day summit we hosted with national veterans expert Victoria Collier, these were the biggest issues raised by your colleagues who attended. Are you prepared? Is your level of understanding in these areas sufficient to serve this growing marketplace? Here is what a few attendees said was the most useful to them:

"The most valuable thing about Day 1 was learning about asset to income rule."

— Carl, Baton Rouge, LA

"The worksheets and having a way to explain Medicaid planning to clients on their level was the most valuable part."

— Susan, Cypress, TX

"Was thrilled to learn there is no such thing as crisis planning and now I have so many more pre-planning opportunities I didn't see before."

— Lisa, West Palm Beach, FL

The asset-to-income rule is just one of several overlooked rules that are overlooked or not fully utilizes to help clients qualify for Medicaid. Feel confident using them in your practice! Click here to to join this must attend event to get the essential strategies you need to protect your clients.

See you there!

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

Bellomo

Being A Competent Attorney Is Only Half The Battle

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal MarketingSystems & ProcessesVA

I've always thought of myself as an excellent attorney — well-versed in all of the strategies that we use on a daily basis to protect our clients, their loved ones, and their legacies.

BellomoIt wasn't until several years ago, however, that I really began to understand that a thriving practice is built on more than just being a great attorney — it requires systems to handle your marketing, to generate a steady flow of referrals to your door, and a tried and true method to increase your closing rate.

I invite you to take 90 seconds and check out the video – it's all about the systems I've put into place in my office, and how you can do the same in yours. Take your practice to the next level!  

Click here if you'd like to look at the agenda and all you'll learn at the Lawyers With Purpose Practice With Purpose Program in Phoenix October 20-22nd.

Warmly,

Jeff Bellomo, Esq., Certified Elder Law Attorney, Bellomo & Associates, LLC 

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Hidden Dangers of Medicaid Qualifying Annuities

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareMedicaidSystems & ProcessesVA

Today, many elder law attorneys rely on Medicaid qualifying annuities to get their clients qualified to receive Medicaid benefits. They're also used when clients seek VA pension benefits.

While Medicaid qualifying annuities have become the default solution, they are not without risk. One challenge is that MQA's do not work well for single individuals. Second, even when used in married planning, there is no assurance the amount placed in the Medicaid qualifying annuity will actually be preserved. In fact, it could all be lost with the subsequent disability or death of the community spouse.

Bigstock-Problem-And-Difficulty-Concept-51429601These are just some of the issues (not to mention the Veterans Administration's changing position on annuities when applying for veteran pension benefits) that we will be discussing at the Asset Protection, Medicaid and VA Practice With Purpose Program October 20-22nd  in Phoenix, AZ.

National Asset Protection, Medicaid and VA experts and dozens of attorneys like you will be collaborating to identify the hidden risks in the different Medicaid and veterans' benefits strategies. This program promises to be the hands-on strategic solving many lawyers crave in their practice. Click here to get a full outline and to register for the program.

In these three days here is just some of what we will cover:

ASSET PROTECTION:

  • Recent updates to asset protection and Medicaid compliant strategies.
  • The new asset protection strategies dominating the marketplace.
  • The death of DAPT'S, FLP'S, GRATS, GRUTS, and tax planning, and what's replaced them.
  • The five essential trusts and key drafting needs to serve 99.7% of clients.
  • The Power of Powers of Appointment, in the right places.
  • Four "must have" drafting considerations and three "most forgotten" powers in trust.

MEDICAID:

  • Four steps to Medicaid eligibility for any client.
  • How to calculate the "breakeven" to ensure the proper filing date for the shortest penalty period.
  • Medicaid Qualifying Annuities: Hidden risks and how to properly disclose them to clients or protect from them.
  • The seven key factors to calculate any Medicaid case in seven minutes (or less!).
  • IRA's: Exemption versus taxes, how to calculate if IRA's should be liquidated or exempted in Medicaid and VA cases.

VETERANS' BENEFITS:

  • New fully developed claims process for veterans and widows.
  • Qualifying assisted living facilities as UME's.
  • Key language to complete the physician affidavit for more timely approvals.
  • Update on three year look back for VA benefits.
  • The key reports no longer required for VA applications.
  • Dangers of annuities in VA benefits planning.
  • The effects of the Supreme Court decision on DOMA related to veterans' benefits.

HERE'S WHAT YOUR PEERS HAD TO SAY ABOUT THE PROGRAM:

  • "It will change your practice and your life!" –John Koenig
  • "Great way to grow into a real firm and help one's community." –Antoinette Middleton
  • "Go to the training session and consider and evaluate upgrading your delivery of services, for me it's modernizing what I can offer." –Wally Kelleman

Are you going to miss or attend the most important event of the year? Click here now to join some of your most successful colleagues and leave confident in the strategies you provide to your clients every day. 

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

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How Efficient Is Your Law Firm?

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal MarketingMedicaidVA

Tom was making the same colossal mental mistake most attorney practitioners make, thinking he was doing everything he could to eke out a respectable living.  He certainly was working hard enough.

Bigstock-Stop-Doing-What-Doesn-t-Work-52434685Tom and his partner Richard started their practice together a few years ago.  They both thought they could earn a better living than working for their respective law firms.

It didn't take long for reality to set in. Their hours were longer and they earned far less per hour than they had when they had employers.

They hired an admin, Sally, about a year ago.  It definitely helped but there were still problems.

After Tom read the intro to the Revenue Focuser Workbook, he was definitely intrigued.

He coordinated two hours for himself, his partner, and their admin to watch the video and work through the workbook.

Tom and Richard thought about how much they really wanted to pay themselves every month.  Since they'd opened their doors, they had never been able to pay themselves that magic number.

They also recognized that, for some reason, their marketing efforts were unfocused and never attracted the right clientele. They could only help a small percentage of the prospects who called them.

Together the three identified their key revenue-generating services.  They added up the hours they spent delivering each service.

Tom and Richard also looked at the total hours they spent in the office each week.  They felt a knot in the pit of their stomachs when they discovered their office was operating at less than 20% of efficiency.  In fact, they barely operated at 19% efficiency.

Tom and Richard realized it was time to figure out how to retool their processes so they could handle their clients more efficiently; they also needed to determine how to attract the right clientele.

If you haven't worked through your Revenue Focuser, it could be the most important hour you spend.  When you decide it's time to eliminate the long hours and the feeling of being overwhelmed,take 1 hour and Complete the Lawyers With Purpose Revenue Focuser.

The income you want to earn and the ease you want to experience is within your reach.

If you have any questions about your Revenue Focuser results, send us your questions on the form on our contact page. Just send an email to info@lawyerswithpurpose.com.

And, if you're interested in learning more about Lawyers With Purpose, please click here and register today to attend our Practice With Purpose Program in Phoenix, AZ, October 20-22nd.  We'll see you then!

To your success,

Dave Zumpano 
Lawyers With Purpose

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The Five Key Trusts You Must Know

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal MarketingMedicaidVA

Did you know that when it comes down to it there are only *five* trusts that serve 99.7% of all client needs? These include:

  1. The revocable living trust;
  2. The income only irrevocable trust;
  3. The control only irrevocable trust;
  4. The third party irrevocable trust; and
  5. The completed gift irrevocable trust.

Bigstock-Old-Keys-42114148This is all you need to serve 99.7% of all clients. The overindulgence in conversation about DAPT'S, GRATS, GRUTS, FLPs, and other advanced tax planning strategies are for mental exercise only and apply to less than 3 in 1,000 Americans.

The correct trust choice for clients when designing planning to protect their businesses, ensure they qualify for Medicaid, if the need for long-term care occurs, or the preservation and maximization of veteran's benefits, trust choice is critical. But more important than trust choice however, is the drafting utilized inside the trust chosen.

That's why the national Medicaid and VA experts are hosting a three day program to bring you together with your colleagues to show you the solution they have created to these often misused trusts. Click here for the course outline and to register. This three day program will not only address trust drafting and trust use, but also address all of the core elements in today's Asset Protection, Medicaid, and VA Benefits environment.

In just three days, we will show you…

ASSET PROTECTION:

  • Recent updates to asset protection and Medicaid compliant strategies.
  • The new asset protection strategies dominating the marketplace.
  • The death of DAPT'S, FLP'S, GRATS, GRUTS, and tax planning, and what's replaced them.
  • The five essential trusts and key drafting needs to serve 99.7% of clients.
  • Four "must have" drafting considerations and three "most forgotten" powers in trust.

MEDICAID:

  • Four steps to Medicaid eligibility for any client.
  • How to calculate the "breakeven" to ensure the proper filing date for the shortest penalty period.
  • Medicaid Qualifying Annuities: Hidden risks and how to properly disclose them to clients or protect from them.
  • The seven key factors to calculate any Medicaid case in seven minutes (or less!).
  • IRA's: Exemption versus taxes, how to calculate if IRA's should be liquidated or exempted in Medicaid and VA cases.

VETERANS' BENEFITS:

  • New claims process for veterans and widows.
  • Qualifying assisted living facilities as UME's.
  • Key choices to complete the physician affidavit for more timely approvals.
  • Update on three year look back for VA benefits.
  • The key reports no longer required for VA applications.
  • Dangers of annuities in VA benefits planning.
  • The effects of the Supreme Court decision on DOMA related to veterans benefits.

ALL PARTICIPANTS IN THIS SUMMIT WILL RECEIVE:

  • Asset Protection, Medicaid and VA Practice Kit which includes:
  • 50 state Medicaid Reference Resource Guide (summarized in 3 pages)
  • 50 state Estate Recovery Article and updated state by state summary.
  • Grantor Trust Summary and use tool.

HERE'S WHAT YOUR PEERS HAD TO SAY ABOUT THE PROGRAM:

“You don't know what you don't know. Come learn how to best serve your clients.” –Matthew Donald

“I would consider this mandatory training for any elder law/estate planning attorney. If not, they should plan for a mediocre practice at best.” –Tim Jarvis

“Just do it. The tools and training will absolutely be worth it!” –Rod Halstead

If you are ready for strategic solutions that you can see, touch, and feel, this is not an event you will want to miss. Click here now to begin your strategic approach to solving your clients' trust needs.

To Your Success,

Dave Zumpano
Co-Founder, Lawyers With Purpose
Practicing Attorney, Just Like You! 

 

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Congratulations to Peggy Timmel, LWP Member Of The Month

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal MarketingMedicaidSNTVA

What is the greatest success you’ve had since joining LWP? 

Organization + Confidence = Increasing Success.  That’s the formula we now have in place.  Sure, we still are working through some of the processes, making them our own and getting the kinks worked out when and as needed.  Not all clients initially expect the process to be as involved, but there is no doubt that our efforts are appreciated. 

PhotoWhat is your favorite LWP tool?

LWP Meeting Focuser (the green sheet) – it may sound strange to some members, but that sheet is reviewed at the end of client meetings so that tasks are delegated and the next meeting with the client put on the calendar.  I’ve been using it for cases that are pre-LWP or non-LWP, like guardianships.  It keeps our team more focused and allows us to move our clients through the entire process more smoothly.

How has being part of LWP impacted your team and your practice? 

We get to travel three times a year and always come back with something to improve our practice.  It has been incredibly helpful to have the support system that LWP provides.  The members provide a great community of support and the LWP systems and processes give us a great foundation to continually improve our practice.