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Separating IPug(tm) Trusts From “Traditional” Irrevocable Trusts & RLT’s

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal Marketing

One of the main sources of confusion for clients, their families, our business synergy partners, and even other lawyers, is how the iPug™ trust differs from "traditional" irrevocable and revocable trusts.  In order to help clients make the best decision about what is right for them, we need to educate.  However, in a busy law practice, it is sometimes impractical, maybe even impossible, to fully educate everyone, especially if there are adult children or other busy professionals involved.

Bigstock-Podcast-2624126Lawyers With Purpose Member, Nicole Whipp, is a practicing attorney in Southeast Michigan.  Her firm, Family & Aging Law Center, has three offices that serve five counties in the metropolitan Detroit area. Nicole is a self-proclaimed "serial entrepreneur" and passionate marketer, and is always working to use her marketing to educate about the benefits of elder-centric estate planning. She has created Smart Planning 101 (content is not confined to state-specific law).  It covers topics that generally affect what "older Americans" and their families may face. 

She has created a resource for you that will boost your efforts in educating others about the benefits of iPug trusts (especially if someone says, "Where can I go to find out more about this?"). Recently, Nicole Wipp interviewed Dave Zumpano on her podcast, "Smart Planning 101."  In the course of two episodes, Dave thoroughly explains the fundamental differences between the various types of trusts and how the iPug fits into a complete estate plan.  Even better, he does it using easy-to-understand language.  

The interview and explanation is geared toward the layperson, but that doesn't mean it isn't beneficial to a lawyer. Whether you choose to have clients listen to it on their own time, or you use it to gain insights into how to convey the message in a way that is easy to understand, Dave is there – and even better, on demand!

A note from member Nicole Wipp:

“One of the main benefits of belonging to an organization such as Lawyers With Purpose is that it helps you, the attorney, differentiate yourself in what is becoming an increasingly commoditized market. (Online estate plans, anyone?)  There's no question that a majority of the work we do is highly specialized, yet the public generally still doesn't understand the real benefits of working with an elder law attorney that can help them navigate the maze of federal, state, and administrative law and procedures that can and will affect them.  These podcast episodes with Dave will help illustrate the real difference of what you can provide.”

Nicole C. Wipp, Attorney & Counselor at Law - Family & Aging Law Center PLLC 

 

Industry Leaders In Estate Planning Drafting Software Since 2001

by with No Comment Estate Planning Drafting Software

Our Medicaid qualification worksheet is by far the most advanced in the industry and our Medicaid qualification software is the only software in the entire industry that helps you properly calculate Medicaid eligibility for any type of client. Not only does it help you identify the maximum amount of assets that can be protected in the shortest period of time, it helps you present it to the client in a methodology they can understand and you can be confident you can achieve.  

Click the video below and watch a short presentation on exactly how the Medicaid Qualifiction Worksheet Module in the LWP-CCS works.

 

By use of the Medicaid qualification software, you are able to provide not only clients, but also your referral sources, detailed opinion letters on the asset protection and Medicaid planning strategies you can utilize to get each client qualified in the soonest possible time, protecting the maximum amount of assets based on an individual fact pattern. More importantly, it also calculates the asset risk analysis and the funding road map to ensure the funding is done in a timely and effective manner.

Most recent editions include an IRA liquidation analysis and annuity versus trust planning analysis. An IRA liquidation analysis, which actually calculates the point in time in which it would have been more advantageous to liquidate the IRA and pay the tax, rather than annuitizing and taking the RMD. Another recent edition includes the annuity versus trust planning analysis which helps identify the exact amount of money needed to go into an annuity, and when it would be more effective for the client for a trust plan to be utilized. There is no other software in the industry or even training that provides this information and knowledge. And at Lawyers With Purpose, it's at your fingertips any time you'd like it, in real time.

I have been providing this Medicaid expertise to the national industry since 2001 and have introduced it to at least three different national estate planning legal organizations including the National Network of Estate Planning Attorneys, Wealth Council, and the American Academy of Estate Planning Attorneys. Bringing this knowledge into tools and systems to help estate and elder law attorney know they are not missing anything and getting the best possible result in their practice is something I enjoy brining to Lawyers With Purpose members.

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

 

What’s Included In Our Estate Planning Drafting Software (LWP-CCS)

by with No Comment Estate Planning Drafting SoftwareLegal Technical

One of the most unique and powerful elements of the entire Lawyers of Purpose™ Law Practice Model is our industry busting document creation software. What makes it industry busting? It's a whole new dimension to provide competent legal documents. But what makes it unique is that it's not just software, it's a culmination of the estate planning experience for the client.

The name says it all, "Lawyers with Purpose, Client-Centered Software" (aka LWP-CCS). It is unparalleled in the industry, because unlike typical legal software, this software is based wholly on the needs of the client. In fact, the needs of the client are clearly identified in the initial meeting when they hire you. The process we use to help them identify the plan solves the need the client has expressed. It starts all the way back at the workshop where we educate them. It then carries into the initial meeting where they hire us and then into the design meeting where a detailed design template is utilized. This helps to walk the client through their life, while they are alive and well, when they become disabled, when they die, when their spouse becomes disabled or dies, and even when their assets pass to their children and what happens if they become divorced, die, disabled, or have creditors or predators pursue them.

The other industry busting element of this software is that it is a single entry system. This means that a single interview based on the design will generate all documents (wills, healthcare proxies, powers of attorneys, revocable trusts, and irrevocable trusts) all based on a single entry. More importantly, as you go through the interview, the software will warn you if you pick choices throughout it that are inconsistent or could lead to potential malpractice. You are protected at every angle and that's not all.

In addition to these protections and industry busting standards, it is also the most customizable software in the industry. It permits dozens of sub-trusts, trustee appointment for each sub trust, different distribution standards for classes of trusts, stand-alone sub trust and even has an element of artificial intelligence to create results that you as the attorney, once trained, are absolutely confident not only in what you are doing, but anyone in your office that is supporting you in this role will be doing competently and confidently.

Another unique offering of the software is its comprehensiveness. Not only does it provide wills, healthcare proxies, and powers of attorney, but it's our industry exclusive personal needs plan, IPug™ trust, completed gift trust, and Medicaid qualification software. Come see the next generation of document creation.  Click here (or below) to watch a short video (less than 2 min!) about what's included in the LWP-CCS.

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

 

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Live Webinar TOMORROW On The Recent Supreme Court Decision

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal TechnicalMedicaid

As many of you learned at our last Member Tri-Annual Retreat the U.S. Supreme Court in Clark v. Rameker ruled that inherited IRAs are not "retirement accounts" for purposes of protection from creditors and predators.  While this shocked many in the industry, it has been the position we have held and trained all of our Lawyers With Purpose Members for the last ten years! 

So what does this mean to us as practitioners? 

Bigstock-Brown-Gavel-46632817Actually, it validates our planning strategy and creates an incredible marketing opportunity for us to go back to our clients and those clients of other attorneys who have not been kept abreast of this very important topic.  It's also a wake-up call to those of you in LWP who do not stay as "active" as capable to stay aware of these things which we regularly talk about on the Live ListServ, and at our Member Tri-Annual Retreat. The good news is, Lawyers With Purpose is swift and the first national organization addressing it – and we will be TOMORROW. 

On Tuesday, June 24th at 12:00 p.m. Eastern Standard Time I will be hosting a live Lunch & Learn for all of our LWP members, all of my financial professionals, and the general estate planning industry at large.  In this one‑hour program you will get:

  • An understanding of the key holdings of the recent Supreme Court decision.
  • Learn the asset protection strategies available for inherited IRAs.
  • Know the four requirements for trusts to qualify to own IRAs without causing taxation.
  • Discover the "inside" and "outside" planning strategies we have used for years to protect inherited IRAs and provide clients with the maximum number of options at death to avoid the loss of an IRA to creditors and long-term care costs.

Also of relevance to LWP members, the complete marketing package that I have created to roll out to my local referral sources will be available and posted to the member ListServ and be posted on the member web site.  This packet will include:

  • E‑blast to send to your referral sources
  • The Power Point presentation to deliver to your advisors
  • The recording of the live presentation to see how I presented it  
  • A complete evaluation that will be a call to act to those in attendance of the program. 

As a side note, at the last Member Tri-Annual Retreat I lead an entire focus session reviewing all the reasons for naming the trust the beneficiary of IRAs.  What was amazing was I indicated in that program, that we were expecting a decision from the U.S. Supreme Court "any day."  Little did we know it would be the very next day.  The powerful parts for those "in the room" is that they are now properly prepared and ready to address this issue and they have a full understanding of the "inside" and "outside" strategies utilizing trusts for IRA protection.  

Please join me for tomorrow's Live Presentation by registering using the link below:
 

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

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What LWP Tri-Annual Retreat Attendees Are Getting Today

by with No Comment Coaching & ImplementationLegal MarketingTeam Building

Today is Day 3 of the Lawyers With Purpose Members Tri-Annual Retreat.  We have the priviledge of guest speaker Christine Kane speaking and we want to share with you a little sneak peek of her agenda for the day. 

Becoming-360-11x17-FINALIt actually shows very little of what's actually going to happen in the room.  Estate Planning Attorneys nationally, together with their teams talking about growing personally and professionally.  Transforming themselves and their team.  It's just a little peek of the agenda from 10-2:30 but they've all been together for almost 3 full days!  

  • Why do we set goals? Why don't we achieve them?  Limiting beliefs, etc.
  • Breaking limiting patterns
    • Aspiration (motivation/goal/dream)
    • Awareness
    • Action (mindset and energy included)
      • You can’t run away from yourself! 
  • What’s in the way of your goals?
  • Exercise
  • Set your goal – pick your number $ for the year or 3 years
    • Describe your environment – 3 words
    • Describe your time – 5 core activities you spend bulk of time doing
    • Doing things outside of what you’re being called to do costs energy
    • The more you start doing things you’re good at, the more money you’ll make (hiring people to take the chores off you)
  • Partner up, share your vision.
    • Name the vision
  • Camp Scarcity (fear): not enough, loss, competition, limits, well is dry, constriction/contraction, not deserving, hard, cold, alone, isolated, familiar, struggle, envy, martyr, victim, guilt, judgment, perfectionism, greed, lust, experiences deplete us
  • Planet Abundance: in the flow, effortless, ease, clarity, creative, innovative, community, collaboration, gratitude, love, appreciation, joy, happiness, presence, compassion
  • Worksheet prep (Becoming 360)
    • 10 areas of work and life, in terms of your dream
    • 5 core beliefs of the person you want to become
    • Rate truth – never, fairly, sometimes, always
    • Partner, share your 5 beliefs and rating
  • Create one affirmation statement for one of these beliefs
  • Create one action step that locks in the affirmation
  • Recurring thoughts, positive and negative
  • Write 5 beneficial recurring thoughts in journal
    • Rate truth – never, fairly, sometimes, always
  • Partner, share the beliefs and rating
  • Create one action step for these recurring thoughts
  • Worksheet
    • Fill in sections 1-2, “Becoming 360”
  • Daily activities (present)
  • WWOD – What Would Oprah Do? 
    • Are your daily activities in line with the vision you?  What can you offload?
  • Cross off anything on list that your vision self would no longer do
    • Start small if you need to, major drains
    • There is no recipe or formula, it’s your own experience
    • Protect your confidence, cross off anything negative
  • Partner up, share list and what’s going away
    • Create one action step for worksheet
    • Tell Me Later and Text Minder – apps for future reminders
    • Task Rabbit or Angie’s List to find help
  • Habits
  • Recurring patterns vs. activities
  • Partner; share new habit you will implement for next 90 days to bring this vision
    • Health & Energy
  • Holistic model, don’t compartmentalize – business and health are interrelated
  • 3-5 places in health (mental, mindset, physical, etc.) that are draining you
  • Action step: 1 thing you can do to begin process of healing what’s draining you.  Something do-able.  Set the intention to see what can open up – be open to miracles.
  • Partner, share your action.
    • Environment
    • What can you clean up?
  • Partner and share who you’ll have on your team
    • Products & Offers
  • What needs to change to get you to your income goal?
  • Books leading into program (create back-end first)
  • 3 things your vision self offers, and how they’re priced
  • Stand and partner, share
  • Free Time
  • Schedule your time
  • How often does your vision self take vacation?
  • What does free time look like?
  • Partner – current free time, one action step to boost it this year
    • Best Relationships
  • 5 common, important traits of the people your vision self most spends time with
  • 5 people you currently hang out with the most
  • How do these 5 people measure up to the 5 vision traits?  Do these people serve you?
  • Action step to build better, more supportive relationships

You don't want to miss Pheonix in October.  Block October 22nd – 24th on your calendar now and join in the conversation if you weren't able to make it this time.  I can't wait to hop on my implementation calls next week and hear what the members came up with for their firm Money Plan and Becoming 360!

Roslyn Drotar – Coaching, Consulting & Implementation, Lawyers With Purpose

iPugs vs. LLCs

by with No Comment Asset ProtectionEstate Planning Drafting Software

IPugs, or irrevocable pure grantor trusts, are trusts offered within the Lawyers With Purpose – Client Centered Software (LWP-CCS).  While many attorneys think they are just for Medicaid planning purposes, iPugs can most definately be used for business owners too.

Using iPugs instead of an LLC or Corporation can give a business client greater flexibility, more privacy, and allows you to serve your clients in a whole new way.  Watch the below video and learn more about iPugs in business settings.  See a case study of an actual client, and discover how you could use iPugs with your business clients.

 

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

DocuBank logo with tag

Have You Gotten That 2AM Call Yet?

by with No Comment Estate Planning Drafting SoftwareLegal Technical

Lawyers With Purpose welcomes Guest Blogger, Tiffany Brown, Vice President of DocuBank.  We frequently get asked on our CCI calls, or at our LWP events about the value of DocuBank.  

Tiffany offers her insight, starting with one simple question:

DocuBank logo with tagHave you gotten that 2AM call yet?  The one where a client's family is looking for the healthcare power of attorney or living will, while their loved one sits in an ER or ICU?

If you have, then you are probably already using DocuBank.  We offer protection for your firm and your clients to ensure that that 2am emergency is covered.  The DocuBank Emergency card offers 24/7/365 access to the documents your clients need during a medical emergency.   

The DocuBank service has been protecting clients since 1993 and during the past two decades we’ve evolved to include an online SAFE that clients can use to access all of their estate planning documents.  SAFE allows clients to upload and share all the personal documents they would like convenient online access to.  The ability to create limited access sub accounts for family and friends, and appoint a Digital Executor to inherit the account upon verified proof of death makes SAFE a great tool for families to share and exchange vital information with you and each other.

Any of the thousands of attorneys who use DocuBank  will tell you that they enjoy the peace of mind that DocuBank brings their clients.  And those attorneys who have received one of those 2 am wake-up calls before using DocuBank will tell you that the peace of mind DocuBank provides for their firm is well worth the price for the service. 

But DocuBank offers more than just powerful client protection. 

We also offer creative tools to help you strengthen client retention, create referrals with friends and family and reach out for referrals in your area. 

  • Email referrals to family and friends when clients enroll;
  • Hospital Outreach packet for area doctors;
  • Fax to Physician Program gives clients’ doctors the information they need to access these documents for your client;
  • Branding of your firm on each card
  • Branding of your firm on the client DocuBank landing page
  • Portal on your website that takes them directly to your branded page
  • Tangible addition to your maintenance plan
  • And much More…

We are happy to provide special discounts and benefits through our partnership with Lawyers with Purpose.  Please click here to find out more about how DocuBank can be a great value-added tool for your firm and your clients.

Tiffany Brown, Vice President, DocuBank

If you're at the Practice With Purpose program, or Members Tri Annual Retreat with Lawyers With Purpose in Chicago this week, stop by the DocuBank booth and say hello to Mike Wall!  He's there and can answer all your questions.

Roslyn Drotar, Coaching, Consulting & Implementation – Lawyers With Purpose

 

 

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Making Medicaid Qualification Easy – A Quick 10 Minute Demonstration

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal TechnicalMedicaidSystems & Processes

With the proliferation of those online will factories, some believe traditional estate planning is dead.  But that is not the experience of Lawyers With Purpose members.  With nursing home costs rising more and more out of reach of most people, clients are looking for ways to protect what they have scraped and saved and worked so hard to build. 

Bigstock-Play-button-53748670And those clients are turning to Lawyers With Purpose attorneys to help them do it.  Lawyers With Purpose can help you quickly get up to speed to effectively and competently work with your clients in the Medicaid area.  We provide our members many tools to help them do that.  One of those tools is the Medicaid Qualification Worksheet.  The Medicaid Qualification Worksheet can help you immediately determine whether or not a client is currently qualified for Medicaid if they go into a nursing home, what you might need to do to help them get qualified if they are not already, and show them that they may not have to wait five years after they do planning with you before they could qualify for the benefit. 

You will never forget the feeling you get as you watch the wave of relief that washes over the face of the first client you are able to tell that to!  Watch this video to see how the worksheet works.

If your interested in learning more about this and other ways Lawyers With Purpose can help enhanse your estate planning practice, join us at our Practice With Purpose Program in June.  If your at all interested click the link and register today!  The hotel is close to selling out and seats are filling quickly!

 

Aaron Miller, Legal/Technical Trainer – Lawyers With Purpose.

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The LWP-CCS Common Trust

by with No Comment Estate Planning Drafting SoftwareLegal Technical

We recently had a discussion on the Live ListServ on a newer component of the LWP-CCS, the client centered drafting software created by Lawyers with Purpose.  For clients that may not have a huge amount of assets and would be highly unlikely to ever really worry about the estate tax and they don’t want the added “confusion” of having a lot of language regarding estate tax in their documents, there is now an option to create a “common trust” for married couples. 

Bigstock-Cyber-Law-5193838A common trust gives asset protection as does the credit shelter / family trust.  The same questions are asked as they are in the credit shelter / family trust option, but it rips out the tax language.  It is assumed that the client does not need and won’t ever have a need for the estate tax provisions. 

The common trust is funded after the death of the first spouse.  If husband and wife have separate trusts, then the common trust is funded by 100% of the deceased spouse’s trust.  But if there is a joint trust, then the trust is funded by 50% of the joint assets in the trust and all of the assets on the deceased spouse’s separate assets. 

How does this look?  Let’s say husband and wife with a $500,000 joint trust.  In our scenario, the husband puts in $300,000, the wife puts in $100,000 and they jointly contributed $100,000.  Assume first that the husband dies first.  The terms of the trust would then put $300,000 of the husband’s assets in the common trust.  Then half of the $100,000 that was jointly contributed would be added, and none of the wife’s contribution would be added to the common trust.  So a total of $350,000 would be put into the common trust. 

Now assume the wife died first.  In that case, the $100,000 that she separately contributed would be added to the common trust.  Also half of the $100,000 that was jointly contributed would go to the common trust.  So if the wife died first, $150,000 total would be contributed to the common trust.

The live listserv is an incredible valuable opportunity to get your burning legal/technical, marketing, and any other practice related questions answered in real time.   Don’t miss out!

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

 

A Look at the Pros and Cons of Business Planning with iPug™ Trusts and LLCs

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal Technical
An event not to be missed! On this free webinar we will carefully distinguish the pros and cons of the use of trusts to replace high net worth planning and planning in general for successful business owners and business succession planning using iPugs instead of LLCs.

Here's a sneak peek at what we'll be covering:

  • Planning for Business Owners
  • Planning for Efficient Gifting and Federal Estate Tax Planning
  • Planning for reasons such as…
    • Maintaining Control
    • Promoting Family Unity
    • Protecting Family
    • Wealth from Failed Marriages
    • Managing Family Assets Efficiently
    • Protecting Family Wealth from Creditors

Registration for this live event is FREE … Click here now to reserve your space!

To your success,

Dave Zumpano,
Co-Founder, Lawyers with Purpose
Practicing Attorney…Just Like You!