Here’s a practical and powerful exercise you can do that will help you accomplish your goals for your law firm and know exactly who is responsible for every task! It involves making a unique organizational chart that is created by looking at what needs to get done before you determine who in your law firm will do it. Function takes precedence over personalities.

This is how to do it:

You’re the leader of your organization, so your name goes on top. Underneath that, you list each broad category of functions that needs to be handled within your law firm – much like a large business is divided into departments. Each category is further divided into smaller programs, with a box under that for each distinct task involved in running every program.

For instance, you might have categories for Lead Generation, Lead Conversion, Fulfillment (doing the actual work), Finance, and Management. Under each category, you’ll list the programs needed to implement that category, with each program further subdivided into distinct tasks. There will be a box for each category and for each program and for each task. Everything that needs to get accomplished has a box.

As you go through this process, you’ll add a name to each box, giving someone in your organization responsibility for that category, program, or task. At first, you’ll notice that your name will be plugged into a lot of boxes. As your firm grows and expands, and as you train more employees, their names will fill in the boxes and replace yours.

There’s a certain magic that happens when you go through this process and actually put the organizational chart on paper. Doing this allows you to see the pieces of your firm almost like they’re on a chess board – you can literally move the pieces around strategically to figure out how to best implement each idea and task within your firm.

This exercise will give you a feeling of control you may never have experienced before. Try it – you’ll see what I mean.

For those of you who have already done this for your own firms, how has it helped you achieve your initial vision for your practice?

Sanford M. Fisch
CEO & Co-Founder
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (858) 453-2128
www.aaepa.com

As estate planning attorneys, we know that our practice is a complex one. Estate planning is the nexus of various different areas of the law, including Wills & Trusts, Taxation, Asset Protection, Elder Law, Family Law, etc.

Of course, we must master and keep current on the substance of these various areas of the law. But, at least as importantly, we must learn to extract from our clients their true goals.

For example, if asked how they wish to leave their assets, they may say “outright to my children.” However, if asked if they are concerned about their children being party to a divorce, many will divulge that fear.

When the various options are explained to the client, many will opt for a different solution than they originally thought they wanted.

Of course, this is true when dealing with issues that touch on various different substantive areas. For example, maximizing Tax savings may not be the best way to provide for elder law planning.

Let’s look at this situation in greater detail. The client is 70 and in good health, but has a family history of Alzheimer’s with an expected onset at age 80. He owns his own home, has social security, and a pension, which meet his living needs. He wants to qualify for Medicaid, which he could do in 5 years, if he gifts away his liquid assets. However, his daughter is a successful entrepreneur and is in a high income tax bracket. By giving his liquid assets to his daughter, the family will pay more in income taxes, which he does not want to do.

We must remember, we do not create the options for our clients, we just present and explain the pros and cons to them. It is then up to the client to decide which course of action is best for them.

In this situation, the client must decide whether it is better to give the assets to his daughter, enabling him to qualify for Medicaid in 5 years, and have increased income taxation on the assets. Perhaps you could explore middle ground with the client. Gifting the assets to an income only trust may allow the client to qualify for Medicaid, while having the income taxed to him. However, the income may end up going to share of cost if he goes into the nursing home. Of course, much of this depends on how the particular state administers the Medicaid program.

What is important to remember here is that, sometimes, it is not possible for the client to maximize the results in every area of interest. In the above situation, one client may choose to gift the assets outright, while a different client with different preferences and experiences may choose to do the income only trust. The role of the estate planning attorney is to provide the best information possible to the client for them to make the best decision for them.

Stephen C. Hartnett, J.D., LL.M.
Associate Director of Education
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (858) 453-2128
www.aaepa.com 

Epsilon Targeting, the leading provider of consumer information for targeted marketing solutions, recently released the 2011 Channel Preference Study, which shows that through economic turmoil, technology advances and channel proliferation, direct mail continues to deliver as consumers’ preferred means of receiving marketing messages.

The 2011 research shows that despite direct mail’s reputation for being “old school” or expensive, it is the top choice of U.S. consumers for the receipt of brand communications in almost every category, ranging from health to household products, to household services, insurance and financial services, including credit card offers. The preference for direct mail also extends to the 18-34 year old demographic.

Key findings from the study include:

• 36% of U.S. consumers said direct mail is the preferred channel to receive financial services information

• 26% of U.S. consumers said direct mail is more trustworthy than email

• 50% of U.S. consumers said they pay more attention to postal mail than email

• 60% of U.S. consumers said they enjoy checking the mailbox for postal mail, highlighting an emotional connection

In-depth information from the study is provided in a report titled, The Formula for Success: Preference and Trust. The report can be accessed free of charge at http://www.epsilon.com/channelpreference2011.

Jorge Villar is President of Response Mail Express (RME), with more than 26 years of direct marketing experience, he is known in several industries for his ability to create mail packages that garner the highest response rates. He is responsible for the Seminar Success program that, for the last 17 years has accounted for more than 65% of the events being held in the nation with over 14 million individuals making reservations. Mr. Villar has also been very successful marketing to physicians and business owners regarding Success Planning and Asset Protection. Response Mail Express, and parent company DME, is a $100+ million marketing powerhouse, housing over 600 employees in their 2 state-of-the-art facilities in Florida. Their marketing ideas are presently being utilized by over 10,000 clients, including: top producing advisors, estate planning attorneys, large financial organizations, health care organizations, universities and many other industries. Mr. Villar is a frequent key note speaker at national financial symposium and training conferences.

Academy Guest Blogger
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (858) 453-2128
www.aaepa.com