Engaging a Prospective Attorney for Referrals In this article, the author shares what “pick-up line” works best for him to get attorneys to refer work. I have a “pick-up line” that works almost every time with new referral sources, particularly attorneys. Want to hear what it is? Before I tell you, let’s first talk about what referral sources, like attorneys, are up against so you can see why this pick-up line works. The Resistance You Must Overcome You’ve heard about the know, like, and trust thing, right? That people do business with people they know, like, and trust. Look at…
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Matter of Weber—Challenges to a Trustee’s Accounting Go Awry Serving as a Trustee of a Trust is difficult. In the case presented, a trust beneficiary alleged that the trustee—his aunt—breached her fiduciary duty. The trust beneficiary retained an expert in connection to this claim and this did not go well for either the beneficiary or damages expert. The article summarizes the case, provides a road map and an admonition to experts in these types of cases regarding what is needed, and the perils of using AI. British mathematician, Hannah Fry, once said, “People are often quite lazy. We like taking…
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Opportunities Available to Drive Revenue and Remain Relevant Q1 2020 is already in the books. If you are thinking about your practice development goals, strategies, and tactics for the rest of the year, Rod Burkert has some ideas regarding what to do and identifies the opportunities associated with five options. Hard to believe that Q1 2020 is already in the books. And you might be thinking about your practice development goals, strategies, and tactics for the rest of the year. What we can achieve (goals) and how we achieve it (strategies and tactics) will be affected by forces that influence…
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A third of staff think their employer is “stuck in its ways” and will not consider how to improve its culture—which could lead to increased staff turnover. To read the full article in Personnel Today, click: One in Three Say Their Employer Won’t Consider Culture Improvements.
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People believe that it is obvious to others when they are lying, when in fact people are not very good at detecting the lies of others. To read the full article in Fast Company, click: How To Tell When You’re Being Lied To.
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Many of the biggest beneficiaries of President Donald Trump’s tax overhaul have not even been born yet. The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about $22 million for a married couple. But the thresholds are in place only until 2025, and the ultra-rich are turning to a key tool—the dynasty trust—to secure the financial futures of their grandchildren, great-grandchildren, and beyond. To read the full article in FinancialPlanning, click: The Ultra Rich are Turning to This Key Tax-Cutting Tool.
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In Measuring Trustee Breach of Fiduciary Duty Damages (Part II of II) The second part of this article focuses on the methodologies employed to quantify the economic damages when a fiduciary breach is claimed.
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In Measuring Trustee Breach of Fiduciary Duty Damages (Part I of II) The prudent investment of trust assets can minimize the potential for trustee fiduciary litigation risk, in addition to maximizing the trust beneficiaries’ economic interest in the trust. However, trust beneficiaries may initiate a breach of fiduciary duty tort claim when they feel that the trustee has breached any investment management fiduciary duties to the trust. For trust beneficiaries, and their legal counsel, who have brought breach of fiduciary duty tort claims against a trustee, one of the issues is how to measure the “damage” to the beneficiaries because…
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Now that the status quo of tax planning has been upended by the passage of the Tax Cuts and Jobs Act of 2017, wills, trusts, and portfolios are all due for a once-over and advisors are bracing to make sense of some of the most sweeping tax changes in decades. To read the full article in FinancialPlanning, click: Avoid “Dangerous” Planning Generalizations After New Tax Law.
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The Benefits of Setting Up a Trusteed IRA Trusteed individual retirement accounts are not right for every circumstance, but they can provide additional control over assets. For example, trusteed IRAs can help clients determine what happens to assets after the death of a beneficiary, which can be especially useful for clients who have been married multiple times. Talk with your clients about trusteed and other types of IRAs. To read the full article in FinancialPlanning, click: When You Should Establish an IRA as a Trust.
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Affluent Americans aren’t Getting Inheritance Help, Survey Finds Even the richest Americans aren’t getting professional help and creating plans to pass wealth on to the next generation, according to a survey by RBC Wealth Management. Less than a third have a comprehensive plan, the survey found. To read the full article in InvestmentNews, click: Many Wealthy Americans haven’t Planned for the Transfer of their Assets.
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Ways 16 through 30 (Part II of II) This is the second part of this two-part article where the author presents fifteen other structures owners may want to consider as part of a succession plan. Click here to read part one.
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Clues to Finding a Missing Will Wills sometimes go missing. Places to check include probate court, safe deposit boxes and hiding places around the home. Also, consider contacting relatives and reviewing bank statements. The Kansas & Missouri Estate Planning Blog reminds you that good communication can help prevent this type of problem altogether. To read the full article in WealthManagement.com, click: What If My Client Can’t Find a Loved One’s Will?
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Charles Green has posted an interesting thought-piece over at the Trusted Advisor site: When clients don’t buy what a CPA firm is selling, it’s unlikely that they don’t want what you’re selling. More likely it’s that they’re not buying how the service is being sold. For example, a potential client is talking with several accounting firms about a significant assignment. One firm has expertise in that area and understands the client’s issues, and the meeting goes well. The firm bids competitively, recognizing the value of potential future work. The final presentation is a hit, but another firm gets the engagement.…