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

by with No Comment Estate Planning Drafting SoftwareLegal MarketingSystems & Processes

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

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

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

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

 

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

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

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

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

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

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

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

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

— Carl, Baton Rouge, LA

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

— Susan, Cypress, TX

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

— Lisa, West Palm Beach, FL

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

See you there!

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

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More Than Your KOLBE

by with No Comment Coaching & ImplementationTeam Building

I’m a Fact Finder, which makes it a sure bet that I’m fascinated by all things KOLBE and how a KOLBE A index can predict levels of success in any given position.  As a CC&I Implementation Coach, I review KOLBE scores with teams on a regular basis.  I’m always particularly interested (and generally amused) when I have a husband and wife working together and review their KOLBEs. 

Bigstock-Success-target-16975154Occasionally I have a business owner tell me that they’ve had to let a team member go, and in several instances, we’ve found that the team member simply did not live up to the expectations the KOLBE index had indicated.

For example, a Client Services Coordinator with a high Follow Through was found to be trashing prospect contact information because she ran short of time to enter the information into the firm database.   Her attorney totally depended upon her Follow Through and her sense of integrity to get the job done.

What does it mean when a team member … or an attorney … doesn’t get the job done?

Unfortunately, I’ve been hearing from a number of frustrated attorneys who went on vacation this summer, only to return and find their team had dropped the ball in their absence. 

Just to keep the record straight – I’ve also heard from frustrated team members as well.

It was summer.  A time when we’d like to slow down just a bit and stop and smell the roses.  Play with the kids while they’re out of school, or feel the need to tackle some of those home improvement projects that went left undone when you were so focused on the business.

The good news is the kids are back in school, summer is over, and it’s time to focus on making up for lost time.

The bad news is that this issue may not just be seasonal. 

Enter the Strength Finder.

The Strength Finder is an additional tool that can supplement what the KOLBE tells us.  It measures 34 different areas to identify and rank your top strengths.    The results can be enlightening and life changing.

For example, I discovered that while my KOLBE Follow Through is not incredibly high, my Strength Finder lists one of my top strengths to be “FIXER.”  I am literally driven to “FIX” or complete what is incomplete.  My “FIXER” strength boosts my unimpressive KOLBE Follow Through.

The Strength Finder, when coupled with the KOLBE and the Language of Appreciation, provide great insight into talents, strengths, willingness and passions.

You can discover your strengths, free of charge – click here.  You can discover your Language of Appreciation, free of charge here.  The KOLBE A retails for $49.95 (click here) but a $10 discount is currently offered at http://www.kolbe.com/pages/special-partner/jkw/.

I must warn you that using these tools is no substitute for holding each other accountable in your office.  One way to “check in” and be held accountable is through the Weekly Team Meeting.  A Weekly Team Meeting, led by the Client Services Coordinator, with an agenda that promotes the accountability of each team member in front of the team, including the attorney, is a way to systematically inspect the moving parts that operate your business.  Internally publishing notes with dated assignments is also an accountability tool.

If you would like to schedule a team evaluation using the KOLBE A, Strength Finder and Language of Appreciation, please contact me at ncatale@lawyerswithpurpose.com.

There are still a few days left to register for our Practice With Purpose Program in October.  If you want to grow your business with Medicaid, VA & Asset Protection by year end, show up!  You can see the full agenda and register here.

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

 

Bellomo

Being A Competent Attorney Is Only Half The Battle

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

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

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

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

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

Warmly,

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

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The Price Of The Relationship Management System

by with No Comment Legal Marketing

Have you ever gone to a restaurant where there were no prices on the menu?  I’m told that if you have to ask the price, you probably can’t afford to eat there.  Really?  In my world, I always want to know the price before I commit to anything.

Perhaps this is why I see so many member firms hesitating with implementing a Relationship Management System (“RMS”).  It’s possible that we haven’t been clear about the cost of implementing such a system.

Bigstock-Price-Tag-With-Fake-Bar-Code-3273434It’s 12 hours a week.

That’s right.  Six hours from an attorney, and six hours on the administrative side.  That covers two RMS meetings a week for the attorney (including travel time), plus the time needed for a couple of phone calls, plus the hourly marketing meeting.  A minimum of six hours a week from a Professional Services Coordinator (“PSC”)  in which to identify and qualify potential partners, make introductory phone calls, schedule meetings, follow-up after meetings, track results and attend a weekly marketing meeting.

Sounds fairly simple, doesn’t it?  And it is!  So why do so many members either procrastinate the implementation of an RMS process, or sabotage what they accomplished in the past by not following up? 

Let’s look at the minimum requirements for a successful RMS.

  1. Absolute dedication on part of the attorney to 6 hours a week and building this into his/her time template;
  2. Absolute dedication on part of the Professional Services Coordinator to 6 hours a week and building this into his/her time template;
  3. A weekly marketing/RMS meeting that is never hijacked;
  4. A start date 3-4 weeks in the future;
  5. Determine which type of professional your firm should focus on at first – either financial advisors or other law firms that do not practice elder law/estate planning are an excellent starting place;
  6. Identify those professionals within a certain mile radius of your office(s);
  7. Dig a little deeper to determine their credentials and experience;
  8. Create a list (Excel, anyone?) listing their name, company name, credentials, address, phone number, email, assistant’s name and distance from your office.  Depending upon the number of professionals you identify, either increase or decrease your radius around your office until you have 20-30 names.
  9. Review the list together and identify any professionals whom you’ve already met or worked with.  You will approach them a bit differently.  Rank each name according to distance from the office and level of experience or credentials.  Someone at the limit of your geographic radius with little experience would receive the lowest ranking.
  10. Starting with your lowest ranking prospects, begin making introductory calls.  Suggested scripts can be found on the LWP website if your PSC is inexperienced in making such calls.
  11. Schedule 2 meetings per week on the attorney’s calendar, starting 3-4 weeks into the future and continue until you have scheduled a full month.  Thereafter, continue to schedule at least one month out.
  12. Watch the LWP webinar on using the RMS focusers.
  13. Watch the LWP webinar on getting the financial advisors to do their homework.
  14. The attorney should study the Synergy meeting outline and watch the Synergy meeting videos.
  15. The CSC should prepare the introductory materials that the attorney will take to the Synergy meeting.
  16. Follow up … follow up … follow up!

Remember that an RMS process should always be implemented with consistent attention.  Starting a process, making promises, and then failing to follow up on those promises will not only damage your firm's reputation but your firm's consistent referral stream as well.  We tell attorneys all the time, "You work so hard to get your phone to ring in the first place. You work so hard to get a referral in the door – nurturing and consistent touches to your referral sources are crucial. The key is giving your RMS system dedicated, consistent time."

If you have any questions or would like additional assistance in implementing your own RMS Process, please let me know.  You can reach me at ncatale@lawyerswithpurpose.com.

We still have a few spots left for our Practice With Purpose Program October 20nd – 22nd in Phoenix, Arizona.  You'll learn all you need to know about Asset Protection, Medicaid & VA in just 2 and 1/2 days! Click here for the full agenda.  It will be worth every minute of your time to experience first hand what it's like to be a Lawyers With Purpose member!  Hurry, seats are filling quickly!

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

 

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I’m Sick Of Finding Myself Repeating The Same Things & Feeling Unheard

by with No Comment Team Building

I’m sick of repeating the same things over and over to my team! I feel like they don’t know what to do!  Sound familiar?

Bigstock-Many-colorful-speech-bubbles-w-17121674Does your team truly know their role day in and day out? Is it clearly defined? Clearly defining roles must be step one to an engaged employee. Why? Because it helps them plan for the work anticipated and more importantly for the work NOT anticipated. The nature of the beast in most law firms.

If you’re personally experiencing any of the below symptoms register for the 90 minute focus session “You've Defined Roles…Now What?”

  • Blaming others for the job not getting done
  • Out of balance workloads
  • Lack of action because of ineffective communication
  • A “not sure” so “take no action” attitude
  • A reactive work environment
  • Poor morale
  • Multiple stops needed to find an answer

During our time together we’ll look at each role in the firm and work on a recipe for success owning roles in your practice. To attend the 90 Minute break-out session at the LWP Tri-Annual Practice Enhancement Retreat, “You've Defined Roles…Now What?”

Contact Marci Otts at motts@lawyerswithpurpose.com to reserve your seat. All registration closes September 29th, 2014.

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Balance Your Time – Control Your Practice

by with No Comment Coaching & ImplementationSystems & Processes

An elephant balanced on a small ball, a tightrope walker, a ballerina en pointe.  I am continuously amazed and impressed by balance.   To me it denotes focus, grace, concentration, skill, practice, dedication and a sense of victory.  After all, what is balance but a victory over gravity achieved by dedicated hard work?

Bigstock-Managing-Risk-39992806After 15+ years’ experience as a team member in a number of law firms, and the past eight months as a CC&I coach to several dozen firms, one of the most striking differences I’ve noticed between successful firms and struggling firms …. is balance.

What does that mean?

LWP strongly advocates a 40/40/20 split of firm time, held in place by a time template that is honored.  This means the firm spends 40% of its time on specific client-related activities, such as appointments, drafting, reviewing and processing.  Anything that has a client name on it goes into the 40% client pot.  Notice that I didn’t use the word “prospect.” 

Anything done to encourage a prospect or prospects to become clients is allocated to marketing, not including the Vision Meeting or Initial Consultation.   The rule of thumb here is for the firm to spend 40% of its time finding prospects, getting its message out, and enrolling clients into workshops (and then into a Vision Meeting) or initial consultations.  This includes your weekly marketing meeting, time spent developing and cultivating your RMS process, involvement in community events, development of blogs, your website, newsletters … wherever your firm has decided to invest its resources to attract clients.

The remaining 20% of your firm time template should be reserved for firm administration.  This includes your weekly staff meeting, paying bills, filing, bookkeeping, cleaning off your desk, taking out the garbage, and whatever needs to be done to oversee the mechanics of your operation.

A firm that sacrifices or neglects its time template to meet client demands is one that endangers itself and its operation.  It’s just that simple.

I’ve had team members argue with me that the restrictions of a time template limit their ability to meet their clients’ needs. 

A few days ago I was on a commercial airline and heard again for the zillionth time, the instructions that if an air mask drops down, the passenger should first put on his own air mask, THEN assist others.   The underlying message is that you’re not going to be much help to anyone else if you don’t see to your own reserves first. 

Firms that do not honor a time template that is balanced with these three disciplines are recognizable by these outcomes.  See if any are relevant to your team:

  1. Embarrassing mistakes are made in client documents and handling client matters.
  2. Team members are tired, unorganized and discouraged.
  3. Team members must constantly interrupt each other causing productivity to sharply decline.
  4. Revenue can fluctuate wildly from month to month.
  5. Long-Term goals and projects are not completed or are abandoned.
  6. Weekly staff and marketing meetings are hit and miss, often hijacked by more pressing issues.
  7. The firm operates in high-stress mode, focusing on what is urgent and demanding, often overlooking critical, but less urgent issues.
  8. Your RMS process suffers from neglect and prospective synergy partners lose faith in your firm and its promises.

If your firm is not operating under a firm time template that has an effective 40/40/20 allocation and you would like help in structuring a more efficient environment, drop me a line at ncatale@lawyerswithpurpose.com.

To learn more about Lawyers With Purpose and how we can support you in your estate planning / elder law practice, please join us and experience first hand – in the room – for our Practice With Purpose Program in Phoenix, AZ, October 20-22nd.  We only have limited space so click now and register today.

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

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The NEW Lawyers With Purpose Estate Planning Process™ Binder

by with 2 Comments Systems & Processes

If you have not yet noticed, the entire LWP Estate Planning Process™ has been revised with new documents and support tools.  Go to the LWP Processes Tab, click on the first tab (LWP Estate Planning Process), and check it out.  The first folder – “Estate Planning Process Full Binder” – contains a single link that will enable you to print out 90% of the contents and should replace the 2012 binder you have been using.  There are 229 pages of great stuff in there.

Bigstock-We-Guide-You-Through-Every-Ste-48455321The Five Key Focusers™ have been updated to enable your firm to capture additional important information and are available to you in both Word and Excel formats.

The Workshop Outline has additional information about free publication for your workshops, and a detailed but concise follow-up process with supporting letters.

Check out the “Appendices” tab in particular as that contains updated and revised tools for your firm.  The organization mirrors the process, so you can easily locate what tools you need for each step of the process. 

For example, if you want to figure out what goes into a Vision Meeting™ folder, all the pieces are together, in presentation order.  Simply click, insert your firm logo and print.

There are 18 letters that support the process, from workshop enrollment to file closing. 

In Appendix “F” we have revised versions of the design templates that more closely mirror the design software. 

In Appendix “G” we have included sets of inserts for your client estate planning binders that provide an overview of each document, plus additional client planning pieces such as Memorial Instructions.

In addition, videos and webinars that support each step of the process are in the process of being relocated so that members can more easily educate themselves on specific steps in the process. 

As we continue to develop additional tools for our members, they will be search indexed, and added into the appropriate steps of the processes. 

I’m personally very excited about these changes, and would love to hear your feedback!  Email me directly at ncatale@lawyerswithpurpose.com.  And, if you're a member you have access to "How To Fully Implement The LWP Process" webinar on the members website.

If you want to learn more about the Lawyers With Purpose Estate Planning Process, please join us in Phoenix on October 20-22nd for our Practice With Purpose Program.  Click here to register now and reserve your spot.  Seats fill quickly so register today!

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

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Speeding Through Life

by with No Comment Team Building

So, this morning on the way to work I got a speeding ticket and as I sit and think about my actions it is bringing much to mind.  How often do we speed through life…through our days…going from one thing to the next?  We rush into our days, through our days, and then back home to rush through our evenings and our time spent with family and/or friends.  

Bigstock-the-light-trails-on-the-steet--40546429We say yes…we say no…But are we really giving the questions the proper thought, time and energy?  Are we asking the right questions to ensure that what is being asked of us is going to be carried out in the best way possible and we are the best person to be doing so?  Are we being present in our jobs…during our meetings….at home during dinner with our loved ones…putting our children to bed…or are we just passing through the fastest way possible to get to the next thing that has to be done?  Are we "checking out" and driving in the fast lane with no absolute destination and not giving attention to all the beautiful little moments in between that really mean so much?

Amazing the thoughts that one (not so) little speeding ticket can bring to mind!  We all need to remind ourselves of the value we bring every day…in taking the time to do every little item in our days with intent, purpose and our true being.  Driving in the fast lane is not all it's cracked up to be…you miss so much…you lose so much…you can even lose yourself.

Being present in the moment is what is calling to me right now…in life…in work…in my family.  Be present and be true…and don't let the temptation of the fast lane pull you in…there is so much you will miss along the way.

I challenge you all to take stock…look at your life, your loves, your work, your passions.  Make sure you are present to what is happening every day…make decisions based on knowledge, asking the right questions, and the all-important "gut check".  Become the owner of your life and your decisions…don't be that driver speeding by just trying to get to the next checkpoint the quickest way possible.

If you are interested in learning more about Lawyers With Purpose and want to experience first hand the impact it can have on your estate or elder law practice, join us in Phoenix October 20-22nd for our Practice With Purpose Program.  If you're an existing member and want to attend, please contact Angela at acrowther@lawyerswithpurpose.com.

Marci Otts – Director of Operations, Lawyers With Purpose

Pipeline

It’s Time To Report!

by with No Comment Coaching & ImplementationLegal MarketingSystems & Processes

As a former school teacher I’ve had ample opportunity to be on both sides of reports cards – both getting grades, and giving them.  When we were children, report cards are handed out primarily for our parents’ benefit.  The further we go with our education, the less grading is for parents, but to give us as adults, a means to measure our successes … or failures.

Even though most of us have finished our formal education, and few of us measure our progress through life with grades, we continue to use numbers to measure our successes and achievements.

“How many pounds have I lost on this diet?  How many days have I gone without smoking?  How many miles did I walk?  How much did I earn this year compared to years past?”

We know that an essential key to success is writing down one’s goals.  But those who are successful also document their progress in a consistent way, so that their path to success can be adjusted if need be.

The Pipeline Focuser™, one of the LWP Five Key Focusers, provides a format to document weekly progress by tracking: 1) the number of initial or vision meetings scheduled each week; 2) the outcome of each of those meetings; and, 3) the total dollar amount of engagement agreement value for the week.

The Pipeline Focuser™ is probably the least understood focuser of the Five Key Focusers.  But the information it captures documents an important aspect of your firm’s growth and is directly reflected in your monthly revenue.

PipelineTake a look at the sample, completed through the end of the week.  Note how the focuser reflects the meetings on the firm’s calendar.  This focuser is ready to be reviewed by the team in their weekly staff meeting, together with the focuser for next week, which will show the potential new clients and matters for next week.  It will also indicate which prospects did not engage, and what further action may be needed (see the Follow-up Focuser™).  Here is your firm’s weekly report card.

If your firm is not currently tracking this information, either through the Pipeline Focuser™, or some other system, I hope you will make this a part of your firm culture going forward.  

If you want to learn more about Lawyers With Purpose and are interested in attending our Practice With Purpose Program to learn more about Medicaid, Asset Protection and VA, click here to register today to reserve your spot.  We'll see you in Phoenix in October!

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

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I Have No Clue What She Does All Day

by with No Comment Coaching & ImplementationTeam Building

How many of you have truthfully cried out, “I have no idea what she does all day” about your Director of First Impressions as you juggle client appointments, synergy meetings, internal meetings, document reviews and “emergency” calls with your teenage kids while on summer break? I personally hear this no fewer than 20 times a week from entrepreneurs across the map.

Bigstock-beautiful-businesswoman-asleep-16933931Such unfortunate hallway comments are not meant to be a criticism or judgment about the employee. The intent is not to imply that the employer believes she/he is messing around on Facebook all day. The truth of the matter is that when a business owner has that feeling of “I don’t know what she does all day,” it is indicative of a business that is not operating with an organizational structure that relies on job descriptions with weekly tracking and accountability. It’s actually because the business owner is behind closed doors all day in back-to-back meetings, painfully aware of the insane schedule, with little hope of addressing a growling stomach, an overloaded inbox and pressing family obligations.

If you have that sinking feeling about any of your team members, chances are it is not the person but a training and communication matter. Fortunately, this is a very easy fix. And within 30 days you will know if it is actually a case of wrong person, wrong role and how to course-correct. Your CC & I coach can help you create a path and plan to review the employee’s job description, the CC & I suggested 90-Day Training Plan and how to track and measure for weekly effectiveness, all in one hour. Together, you will also conduct a communication analysis to compare each person on your team’s Kolbe, Strength Finder and Languages of Appreciation to determine how to establish consistent, effective communication to ensure you never have that sinking feeling again.

So, if you’ve found yourself saying, “I have no clue what she does all day,” contact ncatale@lawyerswithpurpose.com to schedule your LWP CC & I member call to support your communications efforts.

If you want to learn more about Lawyers With Purpose and what we have to offer, please join us in Phoenix October 20th – 22nd for our Asset Protection, Medicaid and VA Practice With Purpose Program.  Register today, seats fill up fast!

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