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I had the privilege of attending the Carter Center’s Winter this weekend in San Diego.
Carter Center’s Winter Weekend
The Weekend was an opportunity for the many supporters of the Carter Center to gather in a relaxed atmosphere and learn more about the Carter Center and its many philanthropic activities, including: waging peace (through election monitoring and programs to advance civil rights), fighting disease (such as the near-elimination of “river blindness”), and countless other programs. Part of the Weekend consisted of an auction of various donated items and Presidential memorabilia. The auction raised $1.6 million in furtherance of the Carter Center’s activities.
While attending the Weekend, I had the pleasure of attending a replaying of the interview which President Carter gave to Piers Morgan last week on CNN. What was interesting was that President Carter himself was there to narrate the interview and answer questions from the audience. He has incredible energy and drive, especially for someone who, at eighty-eight, could simply choose to coast.
I have the great pleasure of serving the Carter Center as a member of its national Planned Giving Advisory Council. Just as the Carter Center serves the world, the Council serves philanthropic organizations and the estate planning community in general. The Council’s purpose is not just to further the Carter Center and its laudable projects, but the cause of philanthropy and estate planning itself.
The great work of the Carter Center reminds me how important it is to raise the topic of charitable giving during the initial consultation. The estate planning process is foreign to most clients. Even the savviest client may not know that there are options for charitable giving that can reduce the net cost. For example, a charitable remainder trust can provide a tax benefit for the client while benefitting the charity. Raising the issue does the client a service, as well as helping the broader community.
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
“Hi, my name is Becca, and I’m a scheduling junkie.”
Over the past twenty years, I’ve come to realize the importance of scheduling in order to manage everything that I have to do. I live by my Outlook calendar, which I use not only as a To Do list but also as a tracking tool for what has been done and how long it took.
Some people look at my calendar and comment that it looks like it has thrown up. Having every day scheduled out from 8:00 a.m. to 6:00 p.m. with tasks, projects, meetings and appointments is instantly overwhelming to them. But I know that nothing will slip through the cracks if it is on my calendar, even if I have to snooze an appointment or move it to another day or time. I could not perform my duties as an Online Marketing Specialist without that level of organization.
I would probably miss a dinner party or two as well. If it’s not on my calendar somewhere, it may as well not exist.
Why should you care about my scheduling proclivities?
Firms can learn from my addiction to organization. My Outlook calendar is for my own personal use so that I stay on track from one day to the next. What you may not realize is that I take that kind of organization and use it to communicate our marketing plans to the rest of the team. I am in love with spreadsheets as much as I am in love with my calendar.
Like many firms with a robust marketing plan, we utilize several different strategies to get our messages out. We blog. We send out email newsletters. We engage in social media. We mail post cards. We attend conferences. We host webinars. We mass email important communications.
In order to plan, manage and track each of our marketing efforts, we utilize several Editorial Calendars (set up on spreadsheets) to lay out pending campaigns and messages. The spreadsheets are shared with the entire team through an internal website and are updated whenever things change, sometimes daily. Other marketing managers I know use programs like Dropbox to share and collaborate with team members.
How will spreadsheets help you stay on track with your marketing plans?
Aside from the benefit of keeping management informed of our activities and facilitating inter-departmental collaboration and communications, an Editorial Calendar is essential for any firm that participates in marketing. It helps you keep your content consistent, relevant and timely. It helps you plan your time (which saves you time). It also helps you communicate your efforts to all those who have the need to know.
You can start with a simple Editorial Calendar that simply tracks the date and content you are planning. Include all days of the business week and mark holidays in advance. Add your key dates, such as events, newsletter deadlines, email messages and blog posts.
If you want to take it to the next level, add a few separate Editorial Calendars to track specific content types and marketing initiatives. Keep all the spreadsheets together in one workbook for easy reference. Each of the tabs might include more details about certain activities that are listed on your master Editorial Calendar.
We maintain an Editorial Calendar for all six prospect newsletters we send out, as well as one for email messages scheduled for the specific target markets we serve, another for our client communications, and an additional one that shows the pending blog schedule. These Editorial Calendars not only help our marketing team members know how to plan their priorities each week and collaborate on themes and messaging, but it also informs our sales team about the subjects and topics being highlighted so that they are fully prepared for inquiries that come in as a result of our efforts.
Why would you want to become a scheduling junkie like me?
Using an Editorial Calendar will help everyone involved stay on track with your campaigns, avoid overwhelming your target markets, prioritize messages and tasks, keep your audience fulfilled and satisfied with quality content, help your teams collaborate and share ideas, and maximize your marketing efforts with streamlined, organized and scheduled activities.
Once you realize all of the tremendous benefits of uber-organized planning, you might become a scheduling junkie too.
Becca Fieler is an Online Marketing Specialist for BizActions, a Thomson Reuters Business, serving as a strategic partner in the planning and implementation of electronic communication and marketing initiatives. She develops and oversees comprehensive programs that present marketing strategies and solutions to diverse audiences, including attorneys, accountants, banks and credit unions, human resource companies and other professional service providers.
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
Estate planning attorneys work with clients from many faiths. Understanding each faith’s funeral traditions allows you to better help the families you serve.
As the Doyenne of Death® and Vice-President of the Jewish-Christian Dialogue of New Mexico, I help explain Jewish traditions to our Christian brethren. Here are a few key things to know about Jewish funerals.
The 24-Hour Rule
The Jewish tradition of burying a body within 24 hours has Biblical as well as practical roots. Practically, the religion started in a hot desert culture, before the advent of modern refrigeration or embalming techniques. In fact, many aspects of Jewish funerals are echoed in Muslim funeral traditions.
Decomposition sets in within 24 hours without refrigeration or embalming, so burying quickly became a hallmark of Jewish funerals. The rules dictated in the Bible come from Deuteronomy 21:23: “Thou shalt bury him the same day,” and “His body shall not remain all night.”
Jewish Burial Equals Green Burial
Ashes to ashes, dust to dust: Traditionally, Jews avoid embalming, as the blood is considered a part of the body, which is to be kept as intact as possible. The body is dressed in white cotton or linen clothing or shrouds. The casket is made of soft wood such as pine or poplar, meant to biodegrade in contact with the earth. The body, clothing and wood all decompose at about the same rate.
No Flowers
The custom of sending fragrant flowers to funerals originated in part to cover the smell of a decomposing body. Because of the promptness of Jewish burial, flowers are unnecessary. Memorial donations to a worthy cause supported by the deceased are the preferred way to show your sympathy.
No Viewing
Jews generally avoid viewing the body at a funeral, as it’s considered disrespectful of the earthly vessel that once held the human spirit.
However, the body is traditionally watched over prior to the funeral by a shomer (translated as observer or watchman) who recites prayers for the deceased. This has a practical basis going back to the desert culture origin, to keep wild animals from eating the body before burial.
Community Support After the Funeral
One of the biggest differences between Christians and Jews in funerals is when the family receives the support of their community. Christians may spend several days in visitation and viewings leading up to the funeral. Jews bury quickly and the family spends time after the funeral receiving the support of their community during the seven-day period of mourning known as shiva (translated as seven).
For more information about the many traditions related to Jewish funerals and mourning, check out www.ShivaConnect.com. It is a great resource that also offers a free service to help families coordinate communications and food following a funeral.
Gail Rubin, The Doyenne of Death®, is author of the award-winning book, A Good Goodbye: Funeral Planning for Those Who Don’t Plan to Die and host of the new television interview series, A Good Goodbye TV. She speaks regularly to Jewish and Christian groups and helps start funeral planning conversations. Her website is www.AGoodGoodbye.com.
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
When we think of asset protection planning, we think of many things….like heading South to Florida or Texas, for example. But most estate planning attorneys do not think of QPRTs for asset protection. Rather, we think of them as a way of getting value out of the estate and down to the children or other beneficiaries at a discount.
However, in a recent newsletter (Asset Protection newsletter #219) on Steve Leimberg’s website (www.leimberservices.com), author Jay Adkisson discusses a bankruptcy case from the Eastern District of New York, In re: Yerushalmi. If you are a subscriber to Leimberg Services, be sure to take a look at the newsletter. (If you wish to subscribe to the service, click here.) (I forwarded the newsletter to the Members of the American Academy of Estate Planning Attorneys, with the kind permission of Steve Leimberg, of course.)
How can one use a Qualified Personal Residence Trust for asset protection? With a QPRT, the grantor contributes their residence into a trust, the QPRT. The QPRT allows the grantor to use the residence as their own during the initial term of the trust, say 10 years, while the remainder goes either outright or in further trust to various beneficiaries, like children, at the end of the initial term of years. The value of the gift is the discounted present value of the remainder interest, using the rate under section 7520. The asset protection benefit comes in because the debtor/grantor only has a right to use the residence for a term of years. This property right is not nearly as marketable as the full bundle of property rights in the home. Not only does this reduce the value of the property rights which can be attached, but it increases the inconvenience to the creditor because the debtor/grantor (and hence the creditor standing in their shoes) cannot force a sale of the home.
As with most asset protection planning, the key to using a QPRT for asset protection is doing it before the creditor problems arise and while the client is still flush with assets. Essentially, in Yerushalmi, the court determined that the QPRT was a valid asset protection device because it had been set up before the debtor/grantor’s creditor issues arose. Therefore, the home which was worth millions was out of reach of the creditors.
If that ship has already sailed and creditors are already knocking at the client’s door, it may be too late to do a QPRT or most other asset protection strategies. There are many cases in which the creditors have been able to pursue claims against the attorney who assisted the debtor with asset protection strategies when the debtor had creditor claims in excess of their assets.
Again, I encourage you to take a look at www.leimbergservices.com. The service is a valuable tool to stay current with commentary in many areas of the law, including asset protection.
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
I recently attended the first annual meeting of the national Coalition to Transform Advanced Illness Care (C-TAC). Most striking was this: amidst the high-level discussion about healthcare systems changes, public engagement and policy improvements, the over-riding theme was stories. The personal stories from the speakers and panelists about the death of a loved one.
Even the 3 U.S. Senators who spoke (both republican and democratic) began with how their personal stories motivated them to want to improve national policy on this issue. The stories were both of “good deaths” and “bad deaths.”
Everyone has these stories, whether about the death of a parent, a grandparent, a close friend. Which is why you should consider using their power when it comes to your clients’ health care directives and advance care planning. You can elicit their stories, but you can also share your own.
Telling your personal story to clients and prospects can be a good way to:
- Explain what healthcare directives are for
- Convey why it’s important to families to document one’s wishes and talk about them
- Create an emotional connection with clients and prospects
While it may not be appropriate to reveal to clients what sort of estate planning vehicles and decisions your own parents or grandparents made and what happened when they died, you can probably share what happened when they were hospitalized, whether their medical wishes were followed, and whether they were even known.
For some examples of how you might succinctly tell your own story about the death of a loved one, see The Conversation Project. It contains the stories of a number of leaders in medicine, clergy, and the media who came together to share their own stories about the deaths of their own loved ones. Founded by former syndicated columnist Ellen Goodman, this initiative helps people create a comfortable, safe way to talk about their goals for living with and dying from advancing illness
The Conversation Project also has great suggestions on how clients can start their own conversation with loved ones about their health care wishes and how to guide it. Tell them to read the “opening lines” suggestions from The Conversation Project. Tell them to use its guides for when and where they might like to have this conversation. Tell them they have to do it. Sooner or later, their adult children will thank you.
Randi J. Siegel,MBA, is the President of DocuBank(docubank.com), the largest advance directives registry in the U.S., which ensures that the emergency information and healthcare directives of its 200,000 enrollees are immediately available 24/7/365. Working with estate planning professionals since 1997, Randi frequently speaks at national estate planning conferences and has appeared on radio and television as an authority on registries. A member of the International Society of Advance Care Planning, she is active in health policy and health education related to advance care planning and advance directives and serves as Pennsylvania liaison to the National Healthcare Decisions Day initiative. Randi is an ongoing contributor to the Academy blog.
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
Congrats to Academy Associate Director of Education, Stephen Hartnett! Forbes just printed an article entitled, “More Estate Tax Changes Could Follow Fiscal Cliff Deal” and our very own Steve was quoted a couple of times in the article.
(http://www.forbes.com/sites/hanisarji/2013/01/06/more-estate-tax-changes-could-follow-fiscal-cliff-deal/)
When Members asked why we didn’t alert them to the publicity (which helps with their credibility), the answer was simple. We had no way of knowing the Forbes research team would use Google to gather opinions about this recent tax law change—and when they did, they found Steve’s timely blog on the very subject which interested them. (http://www.aaepa.com/blog/2013/01/fiscal-cliff-averted/)
- We hope attorneys are able to read about law firm marketing, practice management, estate planning or elder law techniques and find the blogs valuable… and develop an interest in knowing more about what we offer attorneys excelling in estate planning.
- But also, we want to be ranked by Google. So we try to regularly (3 times per week) write blogs that contain keywords that our future readers and future members may be searching for online so we are constantly introduced to more attorneys we would like to get to know.
- And… what the heck, if journalists and writers around the country find us and quote us – there’s more publicity for Academy Members nationwide!
Just a reminder that if you’re blogging –
- BE VERY DISCIPLINED about the number of times per week you blog. Otherwise readers won’t get to know you; they certainly won’t be waiting for the next blog you have coming out.
- RELEVANT TOPICS. You won’t please everyone each time with interesting topics, but do try to provide information for which you want to become known.
- USE KEYWORDS. Make sure if your audience tends to search “Madison Estate Planning Attorney” you include those words in your blog, if your desired audience is likely to search, “Pennsylvania Probate,” make sure you have articles on that topic and you also find ways to mention the very words you expect prospective clients to use in search engines.
Jennifer Price
Chief Operating Officer
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (858) 453-2128
www.aaepa.com
I understand that I’m not the only attorney out there who writes blogs from time to time. Blogging can be a very useful tool to inform your audience about your services and build credibility. Most importantly, it allows your readers to become comfortable with you and view you as a resource and less of a stranger.
But, remember that you cannot simply say anything you want on your blog. The rules of your jurisdiction apply to you, even when you are blogging. What does this mean? Tort rules apply to you even in cyberspace. So, if you say things that are not true, you could be sued for libel. Also, you cannot write in violation of your state’s rules of professional responsibility. For example, you cannot write something misleading or fraudulent.
A recent disciplinary case by the Illinois Attorney Registration and Disciplinary Commission highlights that this is not merely a hypothetical concern. Here is a link to the National Law Journal’s story about the case. The NLJ article provides a further link to the blog which is at issue in the case against the Illinois attorney. In their complaint, the ARDC alleges that the attorney’s blog violates several of Illinois’ rules of professional responsibility because of negative remarks in the blog. The attorney responds with First Amendment arguments.
Attracting a bar inquiry is not productive for your reputation or your business. Even if you win, you lose. You lose because you would have spent a great deal of uncompensated time in defending your case. Of course, if you lose you could lose even more, including your license to practice law.
Blogs and social media can be a great way to increase your visibility in the community and increase the volume of your practice. Just be careful you do not vent like you might to your law partner in the privacy of your own office. When you are writing a blog or a social media post, even though you are typing in the privacy of your own office, it is a very public and permanent expression.
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
ATTORNEY WEBINAR, Wednesday, February 13th at 2pm PT / 5pm ET
Law Practice Blueprint: 11 Core Systems for Total Estate Planning Success*
*Attorneys on this Webinar will focus on the practice management and growth opportunities they have, following the Webinar we will send the participants a link to the training call conducted by the Academy’s Legal Education Department on the topic of THE RECENT TAX LAW CHANGE.
The Webinar is intended for entrepreneurial attorneys interested in creating increased revenue and quality of life in 2013. It will be conducted by the founders of the Academy, Robert Armstrong and Sanford M. Fisch. These attorneys also co-authored the book, The E-Myth Attorney which will be given to all non-member attorneys registering for this Webinar.
This Webinar will help you discover:
- What’s really happening in your law practice and how it’s contributing to your current state of affairs (We’ll walk you through our simple attorney audit to help you discover where you are now, where you WANT to go and why you aren’t there yet, in a matter of minutes).
- The number one thing that comes between EVERY attorney and the next level of success they have their eye on. No matter how drastic the problem, we’ll show you how the solution is stunningly simple.
- The easiest way to maximize your income while working minimal hours.
- Highlights of the 11 Essential Systems to Dominate Your Market this year.
- How you can go deeper in your training at the 2013 American Academy Boot Camp in Philadelphia…and attend with absolutely NO-RISK and no obligation (details will be shared on the Webinar).
It’s easy to get used to working in your business rather than working on your business. This Webinar will help you take a step back to assess where you really are right now in order to change the trajectory of where you are going in 2013.
In addition to an eye-opening hour with Robert Armstrong and Sanford M. Fisch and a copy of The E-Myth Attorney, Webinar attendees will receive:
- Our exclusive Attorney Audit. We will use this resource interactively on the Webinar to help you start mapping out your course to success.
- A video recording of the Webinar so you can replay and watch again at your convenience.
Click here to register now – you’re just one step away from creating a blueprint for the law practice you always envisioned.
Jennifer Price
Chief Operating Officer
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (858) 453-2128
www.aaepa.com
You’d have to be living under a rock to not notice how rapidly social media has grown. Over the past several years, many financial professionals thought that by diverting their marketing dollars to creating a social media strategy – including company pages on Facebook, blogging, eblasting, and banner ads – in the hopes of saving money while garnering motivated prospects. Unfortunately for them that bet didn’t pay off as well as they would have wanted. Why? Because there are certain subjects and issues that consumers don’t want to talk about on the internet.
In fact, according to Epsilon’s 2012 Annual Channel Preference Study, consumers (your prospects) made it very clear that their preferred channel to receive financial information is DIRECT MAIL.
Specifically, the survey found, “Marketers can take advantage of consumers’ resurgence and interest in receiving postal mail to help differentiate their offers and grab consumer attention to increase sales. In a digitally-focused world, a majority of consumers still prefer postal mail for a large portion of their multichannel diet when it comes to receiving information.”
The bottom line? This survey validates what I have been sharing with you for more than 2 years: When it comes to offering your services, they prefer direct mail because they feel like they are being communicated with specifically and intelligently.
When consumers (your prospects) speak – LISTEN!
About the Methodology/Survey
This report on channel preferences for the receipt of marketing information is based on the completed responses of 1,991 U.S. and 3,816 Canadian consumers to an online survey conducted in June 2012. The survey is representative sampling of U.S. and Canadian consumers. A 15 minute questionnaire was presented to respondents 18 years of age and older. Statistical significance is calculated at the 95% confidence level. Epsilon now has completed four surveys on the topic of consumer channel preference to generate trending data. The June 2012 research was preceded by an initial study in February 2008. That effort was updated in February 2010 and again in August 2011.
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
Clients are unfamiliar with “Obamacare,” otherwise known as the “Affordable Care Act.” They may know about the impact on health insurance, but they probably do not know about the impact on their taxes. In prior tax years, there was no Medicare surtax on capital, dividend, or taxable interest. However, beginning January 1, 2013, under the Affordable Care Act, a new 3.8% Medicare surtax on net investment income earnings went into effect for taxpayers who earn over the following thresholds:
- $200,000 head of household
- $250,000 married filing joint
- $125,000 married filing separate
- $11,950 trusts and estates
The new investment earnings surtax applies to the lesser of the investment income or the amount by which the modified adjusted gross income (MAGI) exceeds the above thresholds. Net investment income includes interest, dividends, annuity distributions, and royalties. It also includes rents, passive activity income, and net capital gain income on dispositions.
The new tax does not apply to the following types of income:
- W-2 income including salary, wages and bonuses
- Distributions from IRA’s and qualified retirement plans such as a 401(k)
- Gain on active interest in a S corp or partnership
As an example:
Jane is single
Earns $100,000 W-2 salary income
$50,000 in rental income
$20,000 in dividend income
Threshold is $200,000.
Adjusted gross income is $200,000.
No surtax is due.
There are some tax strategies that can be used to reduce investment income and minimize MAGI such as converting a traditional IRA into a Roth IRA so that future distributions would be tax-free, shifting investment taxable earnings into tax-exempt bonds, capital loss harvesting to offset capital gains thereby reducing net investment income, managing retirement plan distributions to maintain MAGI so that income does not exceed the threshold amounts, installment sales, converting passive income from a trade or business into salary and making contributions to Charitable Remainder Trusts.
By having a thorough understanding of the Affordable Care Act’s tax provisions and advising clients how to carefully manage their income and earnings, estate planning attorneys may be able to help clients reduce or minimize their MAGI and avoid the new surtax.
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
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