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Five Essential Roles For A Successful Practice – Part Four

June 24, 2015

by David Zumpano with No Comment Coaching & Implementation Team Building

This is the final post of a four-part series outlining the five key roles to a thriving, purposeful law practice: entrepreneur & visionary [Part One], transformer [Part Two], performer [Part Three], and leader. Today, we will distinguish the significance of the final role, the leader(s). We have established that the entrepreneur, visionary, transformer and performer are all needed to create a successful business, yet it is this final role, that of leaders, that can make a successful company exponentially more successful. Leaders take the ideas of value identified by the entrepreneur and the vision of the visionary to turn those ideas into achievements. Leaders work with the skills of the transformer, who transforms the idea and vision into something tangible that can be delivered by the performer to consumers to derive the intended benefit. Leaders expand the capability of these four key roles beyond that of the individuals who are performing them.

It is critical in any organization to have leaders, but there are different types of leaders. In smaller organizations, each of us must be self-led. Most small businesses (or law firms) actually start with one individual, the entrepreneur (or frustrated technician, as Michael Gerber declares in E-Myth). But as the sole person in the company, the entrepreneur is also required to be the visionary, the transformer, and the performer, or face almost certain failure. By default, they naturally become the leader of themselves. As the company grows, they hire their first employee, typically a performer to take some of the “performer” role off of them, and the company continues to grow. Eventually, enough employees are hired so each role is handled by separate individuals. This increases the capacity of the business, but requires each of the employees to communicate effectively and work “together” to achieve the intended result. Being self-led is essential to an individualʼs personal success, but successful organizations need two types of leading – self-led individuals and those who lead others.

A leader is one who is accountable to those they report to for the performance of others who are accountable to them to accomplish the stated objective or goals. In smaller companies, all employees are accountable to one leader who is typically the owner (entrepreneur); he or she is not always the person best suited to lead the organization, but often the role is “delegated up” by default. Even if the entrepreneur is capable of leading, they soon discover their talents are better utilized on “higher impact” matters. As the number of people in a company increases, the true test of the business's viability is determined. Leaders become essential to ensure that the multiple roles continue to work together to achieve the outcome anticipated by the owner, envisioned by the visionary, created by the transformer, and delivered by the performer. As the entrepreneur is “freed up” from these other roles, they are able to pursue other opportunities for the company.

The typical structure of leaders in a successful company or law firm is, first, the leader of a role. For example, this might be a performer who leads client services, drafting, funding, or even the attorney. Each must lead themselves in their individual role. When a certain role has multiple performers (i.e. several client service personnel), then the company needs a leader of the performers in each role (a.k.a department). That is typically referred to as a department head, or in Lawyers with Purpose, a “coordinator.” A client services coordinator, funding coordinator, drafting coordinator or the like are examples.

The next level of leader is a leader of department heads. A leader of those who lead the individual departments leads the company and coordinates all departments to ensure the intended success is achieved. The leader of departments is typically referred to as the director of operations (a.k.a D.O.). They coordinate all the different departments that are coordinating all the different performers within those departments. Additional leaders to successful companies include the leader of the future, who is otherwise known as the visionary, and the leader of the business, who is the entrepreneur. Finally, it is the role of the CEO (often the entrepreneur) to lead the director of operations and the visionary to ensure that the business remains relevant, viable and thriving.

In each of these roles, the individuals must be self-led. So the critical question is, is a leader also a performer, a transformer, a visionary or an entrepreneur? Obviously, the answer is yes. In each role of an organization, each can have multiple roles. For example, the leader of client services can transform the way the company delivers client services to the consumer to ensure they derive the intended benefits more efficiently. The distinction between the client service role and a transformer client service role is the impact of creating new ways to deliver the role. The same could be said of those in the marketing department, lawyers, or those in other critical roles in a small law firm. Once an individual is clear on their most effective role, it enables them to provide the greatest value to their organization. In fact, it is essential to identify what we do naturally and embrace it!

The next logical question is, I know my role, but am I stuck there? I would much rather restate it from the perspective that, once you identify what role you belong in, you should celebrate it because it provides you the greatest opportunity to thrive and have impact in the organization and affect its ability to perform successfully. To have a thriving, purposeful practice you need an entrepreneur to identify the value needed in the marketplace. You need the visionary to identify how to deliver the value to the marketplace. You need the transformer to transform the ideas and visions into something that can actually be deliverable to the individual and you need the performer to actually be able to deliver it in a way for the consumer to derive the benefit. And, as your organization grows, you need leaders at every level and in each role to continue to expand the reach of impact that your company can have.

So it's not a question of being “stuck,” it's a question of “celebrating” your unique skill that creates the greatest value inside a successful organization. At Lawyers with Purpose, we empower each team member to embrace their role and set the standards to interact with the other roles with the necessary reporting for the leaders to lead effectively. As a result, our members experience thriving, purpose-driven law practices.

If you aren't a Lawyers With Purpose member and want to know more about creating a purpose-driven practice, join our webinar Thursday, July 23rd at 2 EST "Having The Time To Have It All" to learn more about joining. Mark your calendar and register today to reserve your spot.

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

Five Essential Roles For A Successful Practice – Part Three

June 23, 2015

by David Zumpano with No Comment Coaching & Implementation

In our previous posts, [Part One] and [Part Two] we outlined the five essential roles of a successful business as that of the entrepreneur, the visionary, the transformer, the performer, and the leader. We have already clarified that the entrepreneur identifies the value in the marketplace to be delivered and gets it delivered in a way that benefits the world, with his or her direct involvement (Level One entrepreneur) or without (Level Two entrepreneur). The visionary, as a distinction, is someone who thinks about or plans future pursuits with imagination and wisdom and is able to envision how to create the value the entrepreneur identified. The transformer is the one who, with their own skills, knowledge and resources, transforms the idea that is identified and envisioned to benefit the world into a product or service that is deliverable.

The role of the performer continues and completes the process by utilizing their individual talent to excel at delivering to the recipient the intended benefit identified by the entrepreneur, envisioned by the visionary and created by the transformer. Performers are critical to the success of the entrepreneur, visionary, and transformer. Without them, the value that has been identified and created is not delivered to anyone who can benefit from it.

When we think of a performer, we often think of an actor. An individual actor performs and makes the consumer imagine the role that the performer is portraying. The risk to performers, however, is that their role can be relegated to technology or commoditized. An example is when a high-level actor in a theatrical play on Broadway becomes commoditized to an extent by a TV show that recreates the role in a studio, and with technical assistance that increases the volume (number/time of production) and, ultimately, reduces the skills needed (with special effects). You can take this even further when you consider that some of the newer, most popular shows don’t even involve humans, but are cartoons that have largely eliminated the performer.

In a Lawyers with Purpose law firm, the individual performers are the differentiating factor because they create a user experience that cannot otherwise occur. Think of some examples in your practice of peak performers. You may be a peak performer; that is, an exceptional lawyer who uses your technical skills and abilities well. In that role, you are serving as a performer by delivering the value identified (legal options) to the consumer. Another example of a performer is your client service coordinator. They manage the client from the initial call to your office, through the entire process until the work is done. In your experience you can recall employees who are exceptional at this and others who were not – therein lies their level of “performer.” Performers solidify the value created by the transformers and envisioned by the visionary and solve the need identified by the entrepreneur. Businesses need performers at every level, from client services to legal technical to drafting to relationship management with allied professionals.

But be clear – performers are meant to interact with the ultimate beneficiary of the service or product. At Lawyers with Purpose, we are very clear on the role of the performer, and we have even set the standards for performers to thrive.

So there you have it – four of the five essential roles to have a thriving, purposeful practice, which will enable success that will be the envy of many. The distinction of the final role – that of leader, which will be discussed in our next and final post on this topic – will identity the potential exponential impact a leader can have on the first four roles.

If you want to learn more about what it means to become a Lawyers With Purpose member, join our webinar "Having The Time To Have It All" on Thursday, July 23rd at 2 EST. All you have to do is click here to reserve your spot today and we'll "see" you then!

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

Five Essential Roles For A Successful Practice – Part Two

June 22, 2015

by David Zumpano with 2 Comments Coaching & Implementation Systems & Processes

In our previous post (Five Essential Roles For A Successful Practice – Part One), we identified the five key roles that must be filled for your business to be successful: the entrepreneur, the visionary, the transformer, the performer and the leader. We distinguished the differentiating factors between the entrepreneur and the visionary and clarified how they can be the same person, but need not be. Today we will focus on the role of the transformer. The transformer is the most essential role in creating a business that operates without you.

So what is a transformer? As a successful Level Two entrepreneur, I can confidently say, it was not until I understood the role of the transformer that I was able to actually separate myself from the businesses I had created. Even if you do not intend to achieve Level Two status, to succeed as a Level One entrepreneur, you will need a transformer. The only distinction is the level of authority you ultimately give them. For those who intend to create value beyond their individual capabilities, coming to know and identify transformers to whom you are willing to give authority is essential to reaching Level Two.

The definition of a transformer is one who, with their own skills, knowledge and resources available, transforms an idea (vision) that benefits the world into a product or service that is deliverable. So what are the essential elements of this role? The first and most important is that transformers need no one else to perform the role. As a distinction, they do need others to get the job done, but transformers, with their own skills, knowledge and resources, are able to take a vision or idea and make it real. A transformer utilizes available resources, which can include other individuals, the Internet or any other source of information the transformer identifies as necessary to turn the vision into a reality.

The other key distinction of transformers is this: What they create is deliverable, even though they typically are not responsible for delivering it. To illustrate, many people have a vision or a “great idea.” The world is full of people with great ideas. The challenge is that there are skills required to take an idea and make it something that another individual is actually able to benefit from. The art of being able to take that vision and turn it into a deliverable product or service is what transformers do! Interestingly, transformers are not typically visionaries or entrepreneurs, and they do not need to identify that the idea is valuable in the marketplace. They are just building the deliverable identified by the entrepreneur and guided by the vision of the visionary. Transformers make ideas real.

So how would you recognize a transformer in your organization? In my experience, it’s simple. If there is a challenge in your office and you need to “get it done,” whom do you go to? Transformers are the ones who, when you go to them with your idea, you are able to step away and later find the idea implemented and delivered with minimal input. Transformers can also apply their talent to various elements of the business with ease. The level of transformer will dictate the reach of your ultimate success. The essential need for transformers is resources; the more resources they have access to, the greater the impact. Lawyers with Purpose has tremendous resources for the transformers in your law firm to help create products and services that can be delivered to clients easily and with tremendous value. In our next post we will discuss our final two roles, that of the performers and leaders.

For more information on becoming a Lawyers With Purpose member consider joining our FREE webinar "Having The Time To Have It All" on Thursday, July 23rd at 2EST.

In this one hour webinar, you will learn how all entrepreneurs have the same amount of time in the day and how they use it differently.

Here's just some of what you'll discover in this practice-transforming event…

How to effectively utilize your time to enroll your team to help as many people as you choose and profit from it too;
To work effectively with your team;
How to balance your work life and your personal life to ensure you are able to create the maximum amount of value in both; and
How to have sufficient time to market consistently which will ensure consistent cash flow and free up the time you're currently spending chasing dollars.

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

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VA Pension Claims: What to Include and Exclude

June 16, 2015

by Lawyers With Purpose with No Comment Estate Planning Drafting Software Legal Technical VA

A successful VA pension claim depends on the inclusion of the right VA forms as well as their correct completion. This is particularly important in the case of the Fully Developed Claim (FDC) Program, which is the relatively quicker claim adjudication process in comparison with the Standard Claim Process. However, how important are the lesser-discussed verification documents to a claim’s success? These supporting players may be more important than you realize.

To ensure consistency with files, we recommend that firms provide a checklist of necessary documents for each client to gather for review before each consultation. The requested items include biographical data, income and asset verification and current estate planning documents. The more complete the response is to this checklist, the more accurate and effective our evaluation and recommendations are to the client.

More importantly, however, is having the documentation to submit with a VA claim for pension with aid and attendance. Instructions on the VA Forms 21-527EZ and 21-534EZ stipulate, “submit simultaneously with your claim all necessary income and net-worth information." If you fail to submit the proper supporting documentation, the VA will delay or deny the claim. The instructions for these forms further state, "It is your responsibility to make sure we receive all requested records that are not in the possession of a Federal department or agency.”

One of the most important supporting documents is proof that the veteran was indeed a wartime veteran. The most common way of verifying this is by submitting the discharge paper, commonly the DD-214. In the absence of any formal record of service, you can use a “buddy affidavit,” in which a fellow service member attests to having served with the veteran. The VA should attempt to confirm service if you do not submit this documentation; however, it is incumbent upon you to do your best to provide this, as your claim will not proceed until this aspect of eligibility is confirmed.

Records documenting marital history also may cause issues when they are omitted. You should obtain marriage certificates, divorce decrees, and death certificates of all previous spouses for both the veteran and his or her spouse. The reason for this is that the VA must ensure it is paying the correct amount of monthly pension and that payment is going to a qualified beneficiary.

Knowing which documents to include is important. Just as important is knowing which documents NOT to include. The Improved Pension program with aid and attendance is “means” based, so it requires the applicant to meet certain income and asset limitations. We recommend that you provide verification of all income and assets from the date of eligibility (the effective date). The VA may only consider the claimant’s net worth and income as of the effective date, which is determined by when the claim was submitted, or when an intent to file a claim was submitted. Any financial documents pertaining to net worth or income prior to the effective date are irrelevant to the claim process, pursuant to Title 38 of the Code of Federal Regulations §3.400, which states, “Except as otherwise provided, the effective date of an evaluation and award of pension, compensation or dependency and indemnity compensation based on an original claim, a claim reopened after final disallowance, or a claim for increase will be the date of receipt of the claim or the date entitlement arose, whichever is the later.” In fact, the adjudication manual M21-1MR, Part V, iii, 1, E 33n, specifically states, “Do not count income received before the effective date of an original or reopened award. (For death pension cases, do not count income received between the effective date and the date of the veteran’s death.) The effective date is the date a claimant is entitled to benefits without regard to 38 CFR 3.31.” You can use the latter citation when responding to VA requests regarding the prior year’s income when it occurred before the effective date.

When completing an application for VA benefits, ensure that you do three things:

Use the correct forms.
Complete the forms correctly.
Provide all of the necessary verification documents.

Members! Don't forget we have VA Tech Training this Thursday, June 18th at 3 EST. To join this call on what’s new and improved in the June release of the LWP-CCS software contact Amanda Ross at aross@lawyerswithpurpose.com.

If you aren't a member and want to learn more about joining the Lawyers With Purpose community, contact Molly Hall at mhall@lawyerswithpurpose.com

Sabrina A. Scott, VA Production Coordinator, Lawyers with Purpose, LLC and Paralegal, The Elder & Disability Law Firm of Victoria L. Collier, PC.

Victoria L. Collier, Veteran of the United States Air Force, 1989-1995 and United States Army Reserves, 2001-2004. Victoria is a Certified Elder Law Attorney through the National Elder Law Foundation; Author of “47 Secret Veterans' Benefits for Seniors”; Author of “Paying for Long Term Care: Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit”; Founder of The Elder & Disability Law Firm of Victoria L. Collier, PC; and Co-Founder of Lawyers with Purpose.

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Thinking Of Becoming A Sponsor For The Next LWP Retreat? 5 Things To Know

June 15, 2015

by Lawyers With Purpose with No Comment Legal Marketing Team Building

Guest post by Laura Lee Sparks:

Almost seven years ago, I had the privilege of facilitating an estate planning conference with Dave Zumpano as one of our guest speakers. He was there to educate our members on his proprietary estate planning and elder law software.

I remember watching the presentation and thinking that he was ahead of his time in creating and designing technology that not only generated comprehensive documents, but also automated every need of the client. It inspired me to hone my own skill set and shift my focus to helping the public see estate planning in a more holistic and forward-thinking way.

In 2010, I restructured my business, Legal Marketing Maven. My husband was dying from cancer, and he urged me to devote the majority of my efforts to helping lawyers spread the word about their services to desperate families and caregivers in their greatest time of need.

In less than six months, Legal Marketing Maven doubled its profits, as well as the size of our team. More importantly, we were out there making a difference. Our efforts have continued to grow and evolve ever since.

One key strategy that contributed to our rapid success was choosing to exhibit at legal events across the country. We’ve been to many conferences as sponsors, some of which have been worth our while and others that have been very expensive learning experiences.

Rewind two weeks ago. I had the opportunity to be a sponsor for the first time at LWP’s June Tri-Annual Practice Retreat in St. Louis, MO – and the event was unlike anything I have experienced in the legal conference space.

Maybe you do funding, financial services, drafting, complimentary legal services, marketing or some other business that serves estate planning and elder lawyers. All I can say is that you are doing a huge disservice to your company by not getting yourself and your team to LWP’s next live event.

Here are just a few ways that my experience at the Lawyers with Purpose event stands out from other vendor opportunities I’ve had:

1. LWP is a family – and they invite you to be part of it. When you attend an LWP event as a sponsor, you are not looked at as just another “salesperson” lurking in the hallways. The culture is one of family, so even vendors are accepted with open arms into the LWP tribe. It was a great feeling, and we made many amazing new relationships as a result.

2. All sponsors are personally vetted by company leaders. Because attendees know that the LWP team carefully selects the sponsors for a reason, there are more opportunities to build relationships with prospects and educate them about your services without skepticism or jumping through hoops to get attention.

3. LWP supports your business and APPRECIATES your contributions. The entire LWP team has been in your shoes. They are practice owners, entrepreneurs and experienced marketers. They know what it takes to grow a business and they are sensitive to the needs of complimentary business owners who attend their events as sponsors.

4. LWP’s unique abundance mentality leads to amazing collaborative opportunities. LWP does a wonderful job of helping lawyers shift their mindsets from one of “I have to crush competition at all costs” to one of abundance. We had the opportunity to sit down with “competing lawyers” in over-saturated areas who wanted us to help them WORK TOGETHER to support each other’s efforts through marketing. This happened more than once! The collaborative environment among attendees, as well as sponsors, was unlike anything I’ve seen before.

5. LWP staff and attorneys have the most fun. Enough said. You’ll quickly forget you are there on business with all the friends you’ll be making.

We’re planning to attend the October Tri-Annual Practice Enhancement Retreat, and we hope you’ll join us, too! There is no greater opportunity to connect and partner with a group of forward-thinking lawyers who are literally changing the world and making significant and impactful differences in their local communities. Don’t wait to reach out to the team about sponsorship. We’ll see you in Arizona!

If you are interested in sponsorship opportunities at the October Tri-Annual Practice Enhancement Retreat, please contact Roslyn Drotar at rdrotar@lawyerswithpurpose.com for dates, location and a Sponsorship Prospectus.

Laura Lee Sparks, CEO, Legal Marketing Maven

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The Bottom Line

June 8, 2015

by Lawyers With Purpose with No Comment Legal Marketing Systems & Processes

Are you tracking your closing rate? You should be, if only for self-evaluation. Your Pipeline Focuser will quickly show how many prospects became clients at each of your Initial and Vision meetings. If your closing rate average is lower than 70% you should investigate further.

A low closing rate is not always attributable to the attorney’s lack of skill in the Initial or Vision meeting. Sometimes the prospect just isn’t qualified. While it would be great if you could weed out those unqualified prospects before you invest your time in meeting with them, if they attended a workshop and you promised a complimentary Vision Meeting™ for example, you don’t have much choice.

However, if your closing rate is low and your prospects are largely qualified, then consider investing time improving your close.

On the LWP member website, in the Vision Meeting™ folder (located in the Estate Processes tab), there are four videos designed to help you “close the deal.” Two of them deal specifically with boosting your closing rate by using the Vision Clarifier™.

Are you using the Vision Clarifier™? It’s the tool that visually demonstrates the solution to issues identified in the audit. If you’re skipping this tool, then you’re not visually demonstrating your recommended solution(s).

During the workshop, the attorney tells stories that are memorable, colorful and interesting. Using a PowerPoint presentation, the attorney is able to anchor stories that are easily visualized by attendees. Adding props such as the little red wagon and the dollar bill maintains interest in the illustrations.

At the subsequent Vision Meeting™ the attorney continues educating prospects in a one-on-one setting by connecting the workshop stories to the Estate Planning Audit™ and then demonstrating solutions with the “Vision Clarifier™, leading directly to the firm fee schedule.

This is where the “rubber meets the road.” The bottom line truly is do you believe in the solution you are recommending? Are you able to clearly see the value? If you are, you won’t hesitate when it comes to naming your fee. That printed fee schedule you worked so hard to develop will boost your confidence and demonstrate to the prospect that you are not pricing based on his/her assets. You really do have set fees.

I invite you to track your own numbers, but from my personal experience I found that 80-90% of people who walked out the door without signing an Engagement Agreement saying they wanted to “think about it” and asking to be “followed up with” at a later date, never moved forward.

What does that mean? It means that if prospects walk out of your office, “wanting to think about it,” the odds dramatically decrease that they will ever become clients. Being able to properly demonstrate the benefits of your proposed plan in that first meeting is a priceless skill. Putting in the time to hone and improve this skill will have exponential impact on your bottom line.

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

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Social Media Guide For Lawyers

May 27, 2015

by Lawyers With Purpose with No Comment Legal Marketing

Let’s talk about lawyers getting social. What does that mean, and how can it support your marketing? Social media is an umbrella term for programs that connect individuals through an online platform (such as Facebook or Linked In). Social marketing is more of an approach to connecting with your audience for their “social good,” not necessarily for financial reasons.

One of the biggest challenges faced by small law firms is how to get started in social media. Where do you start? Which platform should you focus on? What and when should you post? How do you get followers and fans? It can be overwhelming!

There is so much to think about and so much to distract you, because researching this is like going down a rabbit hole. Information and opinions are everywhere. It can also be a moving target – the best practices of last year are often today’s don'ts. But one thing remains consistent: It’s not going away. So let’s do something with it.

One of my favorite quotes sums the situation up perfectly: “Start where you are. Use what you have. Do what you can.”

Start where you are: Don’t worry about what everyone else is doing. It doesn’t matter if you’re just starting your practice or already have an existing client base, just start now where you are so it can begin to grow and evolve. Don’t worry about where it should be a year from now. Get started, because if you don’t, it can’t go anywhere.

Use what you have: You might not have a budget for social, or employees to support it, and you probably think you have no content. Remember, it’s social. So just showing your personality and your law firm brand, and sharing your moments, is enough. And, you have resources right there in your office, and you have opinions, so share them. That’s what’s valuable to your audience. I bet each person reading this has content sitting on their desk they could share and comment on.

Do what you can: If you can only post one time a day on one platform, start by blocking out the time in your calendar to make sure it gets done. Once you get the hang of Facebook, for instance, it won’t take as much time to add Twitter or LinkedIn after that. Don’t try to post three times a day if once is all you can commit to in the beginning.

Remember that quote: “Start where you are. Use what you have. Do what you can.”

If you’re still stuck on why? The reason you should use social marketing is that it has become an integral part of our world and continues to evolve. The new theory with social marketing is that it is more than just a channel or tactic, it’s a strategy that should be present in your marketing plan. The question is no longer whether you should do social; it is, simply, why wouldn’t you do social?

Social marketing is really beyond your website and participating in social platforms. Statistics confirm that having a social presence (whether it’s Facebook, LinkedIn or Twitter) can boost your career and build your reputation. Prospective clients are Googling you and your name after hearing about you through word of mouth. And Google archives social pages! So 9 out of 10 times if you Google someone’s name, you’ll find a social profile on Facebook or LinkedIn along with their website – and it's typically the top result!

Think of social as lead nurturing, touching, top-of-mind awareness, further defining hot leads – or those that want to “think about it” to be sent to conversion at a later date. You are creating connections and showing up in their world.

How to Get Started:

It’s important to decide which social platform you want to start with and what your objective is. If the plan is to provide workshop information, Facebook is probably the best channel for that, and it’s a good place to start if that’s where you’re most comfortable. If you want to work your RMS, then the best platform would be LinkedIn.

If you already have your social going but it’s not active, then allot enough time to decide what you will post, create that content, and make at least one post two to three times a week. That will probably take you two hours if you include time to respond to conversations.

The content you want to contribute is valuable content or insight for prospective clients. Ask yourself, what’s in it for them? Why would they want to “like” your post? What do they get out of it? It’s not all about you!

Suggestions for Posts:

Have a sense of humor
Share pictures or photos of fun times within the firm
Relevant information and insight on estate planning – think educate to motivate
What do they want to know?
Share the most common questions you get asked, and answer them
Current events

Do’s & Dont's

Do:

Focus on the people
Experiment and have fun. It’s social!
Answer any questions posted, tweeted, etc.
Participate in conversations
Discuss the passions of your audience
Anchor to the 80/20 rule – only 20% about you and your offerings/selling props – 80% valuable content
If you have published work – a book you authored – share the content
Post photos of you at your workshop, or of you participating in community events

Don’t

Focus on making money
Do the same thing over and over again
Go dormant – ignore your audience
Be afraid to connect with others who do what you do
Don’t just talk about you and your practice

Best Times to Post:

Facebook – Best from 1-4 p.m.; peak time Wednesday at 3 p.m. Facebook is a good platform for engaging with your prospects, so you’ll want to run content relevant to them.

Twitter – Best from 1-3 p.m. or 5 p.m.; peak Monday through Thursday. Twitter is great for B2B. You’ll find a lot of other estate planning attorneys already on Twitter, along with marketing companies, power partners and other relevant connections.

Linked In – Best from 7-9 a.m. or 5-6 p.m.; peak between Tuesday and Thursday. LinkedIn is best for wholesale marketing. You’ll get a good array of referral sources.

Google+ – Best from 9-11 a.m.; peak during work hours. Google+ is good for SEO and authorship.

Reporting:

Do the best you can with tracking and reporting your social reach, but be aware that the reporting you get from the different platforms is all over the place. People don’t tend to always chime in or react when they see something they like. It’s like if you were to do something funny at a dinner party. People don’t come up to you and congratulate you, or pat you on the back after.

We all see things on social that we think are funny or interesting, but we don’t click “like” or “retweet” for every little piece of wonderful content we come across. So do not gauge your ROI on the likes, shares, etc., that you get.

I read an interesting anecdote on Lexblog that really illustrated the return you get. Dan Goldman, chair of Mayo Clinic’s business law practice group, was at a conference for legal marketing and business development professionals. When they began discussing the need to measure the return on investment on their social efforts, he chuckled a bit.

Goldman explained that Mayo’s 43 in-house lawyers taught him that people tend to hire the lawyers they know, like and trust. So the ones who got hired were the ones who use social media. Mayo’s in-house lawyers became known and trusted through their social efforts.

Goldman cited recent studies showing that lawyers who don’t use social media are becoming increasingly irrelevant to the people who would hire them, especially, as he put it, “when they’re just not connected.”

Here’s hoping the info above might help you avoid the same fate.

If you don’t nail all of this right out of the gate, don’t worry. It’s social; give yourself permission to just show up at the party and have fun!

Roslyn Drotar – Internet Marketing Strategist, Lawyers With Purpose

Informing The VA You Plan To File A Claim

May 26, 2015

by Lawyers With Purpose with No Comment Estate Planning Drafting Software Legal Marketing Legal Technical VA

I don’t think anyone really expected a great announcement from the VA on March 25, 2015, with the end of the 60-day public comment period on the proposed VA rule, RIN 2900-AO73, regarding net worth, asset transfers, and income exclusions for needs-based benefits. However on that day the VA did announce several changes effective March 24, 2015 that directly impact all claims. One of these changes was the amendment of the adjudication manual M21-1MR to introduce a new intent to file procedure which replaces the informal claim process to lock in an effective date for an Improved Pension claim (with aid and attendance) prior to the filing of the Fully Developed Claim.

The VA web page http://explore.va.gov/intent-to-file, as well as the March 2015 Fact sheet issued by the VA, explain that there are currently three ways to declare an intent to file a claim:

Electronically via eBenefits.
Completing and mailing the paper VA Form 21-0966, Intent to File a Claim for Compensation and/or Pension, or Survivors Pension and/or DIC.
Over the phone to the VA National Call Center or in person at a VA regional office.

eBenefits is accessed from the VA website via this page https://www.ebenefits.va.gov/ebenefits/apply, However the link for filing pension claims currently generates an error. The content is blocked in both Internet Explorer and Mozilla Firefox web browsers as an untrusted connection.

If you prefer to continue using a paper form to lock in an effective date, you are now required to use the VA form 21-0966. What happens if you filed an informal claim on or after March 24, 2015? Pursuant to M21-1MR, Part III, Subpart ii, Chapter 2, Section D, 2b, “Consider a request for benefits not filed on an appropriate prescribed form on or after March 24, 2015 a request for application.” The VA will respond to a request for application by sending correspondence that instructs the claimant which forms are needed to formalize the claim. Nevertheless no effective date will be locked in until a complete intent to file or a completed application is submitted. There is no recourse if the VA rejects an informal claim filed on or after March 24, 2015 as the final rule of 38 CFR Parts 3, 19, and 20 RIN 2900–AO81 “also eliminate the provisions of 38 CFR 3.157 which allowed various documents other than claims forms to constitute claims.”

The option of declaring an intent to file by telephone or in person at the VA regional office has the disadvantage of lack of documentation. Furthermore the average waiting time for calls to the VA National Call Center to be answered is over an hour and, thus, would not be an efficient use of your time to use this option. Thus for now if your firm chooses to lock in an effective date prior to the filing of the fully developed claim, you must use the second of the three options listed above. Our firm has changed our process to start using the form 21-0996 with all future VA claims. The new form will also be included in a future update of the Lawyers With Purpose software.

The easiest way to receive important notices directly from the VA is to subscribe to the email delivery of VA News Releases at https://public.govdelivery.com/accounts/USVA/subscriber/new or visit their website at www.va.gov.

There is still time to grab a seat for our 3.5 day Practice With Purpose Program in St. Louis next week! We'll be talking about Asset Protection, Medicaid and the following on VA Benefits planning:

Service Connected Benefits (Veterans & Widows/Dependents)
Non-Service Connected Benefits – Improved Pension, Housebound, Aid & Attendance
Asset Eligibility
Application Process
Correct Forms
Annual Reviews
Appeals Process
Representation and Marketing – Getting Veterans to March in Your Door

Click here to register and grab one of the few spots remaining.

By Sabrina A. Scott, Paralegal, The Elder & Disability Law Firm of Victoria L. Collier, PC and Production Coordinator for Lawyers for Wartime Veterans, LLC.

Victoria L. Collier, Veteran of the United States Air Force, 1989-1995 and United States Army Reserves, 2001-2004. Victoria is a Certified Elder Law Attorney through the National Elder Law Foundation, Author of 47 Secret Veterans Benefits for Seniors, Author of Paying for Long Term Care: Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit, Founder of The Elder & Disability Law Firm of Victoria L. Collier, PC, Co-Founder of Lawyers for Wartime Veterans, Co-Founder of Veterans Advocate Group of America.

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Avoiding The Five Major Threats To IRA’s: Part 5

May 25, 2015

by David Zumpano with No Comment Asset Protection Estate Planning Drafting Software Legal Technical

Today I will conclude our five part series on the five threats to qualified accounts. In our first four blogs we outlined the threats to IRA’s from income taxes, excise taxes, long-term care costs, and estate taxes. Today we will focus on the final threat, the risk of loss to beneficiaries and/or their creditors. The U.S. Supreme Court in June 2014 in Clark v. Rameker held an inherited IRA is not a “retirement account” for purposes of the protection under the Bankruptcy Code. This threw the financial and estate planning industry into turmoil, but those of us who stayed abreast of the legal arguments, were not surprised by the courts decision had planned that way for many years. A second and often overlooked threat is by the beneficiary themselves. Not all beneficiaries are equipped to receive assets and properly manage or protect them. So let’s look at these dangers more closely.

As outlined in our first part of this series, qualified funds are inherently protected under ERISA and the Bankruptcy Act. The challenge however, is the U.S. Supreme Court now has ruled inherited IRAs (the IRA after the death of the owner) is not protected. This is a major threat to qualified accounts. The most strategic way to protect against this threat is to ensure an individual's IRAs is beneficiary designated to a "see through” asset protection trust. For a trust to be qualified as a designated beneficiary under the Internal Revenue Regulations it requires it is irrevocable at death, it is valid under state law, the beneficiaries are "identifiable" and a copy of the trust is provided to the plan administrator. Once these four conditions are met the IRS will look “through” the trust at the beneficiaries of the trust to determine the designated beneficiary to determine the required minimum distributions. This can be an exceptional planning tool to protect the qualified account from the reach of the creditors, divorce, lawsuits, nursing homes, or other predators of the beneficiary, who now owns the IRA. For a complete review of using a trust as a beneficiary of an IRA and all its benefits register for our FREE Clark v. Rameker Webinar.

The second major risk to qualified accounts is that while we can protect the IRAs from the predators and creditors of the beneficiary, we cannot protect it from the beneficiary them self. How often do professionals get the call from the child, that inherited an IRA who says, “I need $70,000.00 out of my inherited IRA”, then the advisor discovers it is to buy a $50,000.00 car ($20,000.00 needed for income taxes) that's worth $40,000.00 when it’s driven off the lot. For individuals who are concerned about spendthrifts as beneficiaries, qualified accounts can be protected from abuse by the beneficiary themselves by creating an accumulation trust as beneficiary. An accumulation trust allows the trustee to hold the IRA required distributions made from the IRA in the trust and are not required to be distributed out to the beneficiary. This would typically be done if there's a risk of the distribution being lost to the beneficiary’s creditors or predators. The principal argument against accumulation trusts is that the income not distributed is taxed at the higher trust tax rate. True, but the question becomes would you rather pay the highest trust income tax rate of thirty nine point six percent or give it to a beneficiary who is subject to a judgment in which case the beneficiary would receive zero. In addition, to avoid the higher income tax, the distributions would be made to other beneficiaries named in the trust. So planning to protect an IRA from your beneficiaries and for your beneficiaries is not difficult, but does require planning during the life of the IRA owner to ensure the beneficiary does receive the qualified account outright but through the form of a trust which sets all the protections the client desires.

Join Lawyers With Purpose in St. Louis next week for 3.5 days of jam packed technical legal essentials necessary for any estate or elder law practicing attorney. We still have a few spots left – click here and register today.

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

Avoiding The Five Major Threats To IRA’s: Part 4

May 22, 2015

by David Zumpano with No Comment Asset Protection Estate Planning Drafting Software Legal Marketing Medicaid VA

As I have been discussing there are five threats to qualified accounts that most people don’t typically consider when doing estate planning. The five major threats to qualified plans are unexpected loss to income taxes, excise taxes, long-term care costs (all covered previously), estate taxes (today’s topic) and to beneficiaries and/or their creditors. As we’ve previously outlined, the threats of incomes taxes and excise taxes can easily be avoided if planned for, and the threat to long-term care costs can be planned for with the least risk by completing an IRA analysis to determine if an IRA should be liquidated or annuitized when the IRA owner becomes subject to long term care costs. When it comes to protecting qualified accounts from estate tax, it is more challenging.

If an individual dies with assets greater than $5,340,000.00 their estate is subject to a forty percent estate tax. When this occurs, the IRA (or other qualified asset) can be subject to more than seventy five percent in total taxes. How? Well assuming a $1 million IRA is part of a $7 million estate, the IRA will be subject to estate tax of forty percent ($400,000.00) and upon the liquidation of the IRA by the beneficiaries it could be taxed at a rate of up to thirty nine point six percent (39.6%), which results in an additional $396,000.00 in income tax if the beneficiary is in the highest income tax bracket. To add insult to injury, there is no deduction on the value of the estate tax return for the income tax due on the IRA. As if federal taxes were not enough, there can be state income taxes dues when the IRA is liquidated to pay the federal estate tax. It gets even worse if you live in a state that has an estate tax. A state estate tax is yet one more tax on top of the federal estate and income taxes, and state income taxes. Most states estate taxes are up to an additional sixteen percent. And so the question becomes, how do you protect qualified accounts from estate tax liabilities?

The answer is you really can’t, without first liquidating the IRA and paying the income tax (other than an annual $100,000.00 gift allowed to charity). So in order to protect IRA’s from federal and state estate taxes requires the reduction of a client’s non IRA estate during lifetime so the total estate evaluation does not exceed the estate tax limits. One strategy to do this is annual gifting, which can be effective, but often requires a significant number of beneficiaries to distribute the annual growth on an estate of that size. For example, if an individual had a $7 million estate and it grew at three percent the individual would have to give away $210,000.00 per year just to keep the estate from growing. That would require fifteen beneficiaries to distribute $14,000.00 to or eight beneficiaries if the client is married.

Another strategy to reduce estate taxes is to give away money to charity. An individual can have the ability to benefit charities and their family by use of various strategies which is outside the scope of this writing. A third way to reduce estate taxes is by using legal strategies to discount the value of assets by use of various tax planning techniques. Unfortunately none of these strategies work to reduce an IRA’s value other than outright gifting after withdrawal and the payment of income tax or use of the annual allowance for distributions from qualified account to charity. In summary, subjecting qualified accounts to estate taxes is a significant burden to the tax payer which only can be minimized by ensuring their non-qualified estate is reduced and moving to a state without income tax can reduce the income tax burden. Obviously qualified accounts are very appealing as they have tax referral advantages, but one must weigh the long term benefit of the difference with the tax cost upon receipt or death.

If you want to learn more about what it's like to be a Lawyers With Purpose member, join our 3.5 day Practice With Purpose Program (you can find the agenda here). We still have a few spots left so grab them now! It's a jam packed 3.5 days that include all the essentials on Asset Protection, Medicaid & VA for your estate or elder law practice.

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