VA Aid and Attendance Benefits Qualification Worksheet

August 14, 2015

by Lawyers With Purpose with No Comment Asset Protection Estate Planning Drafting Software VA

What is it?

The VA Qualification Worksheet is an invaluable tool for estate planning when your client is a wartime veteran or the surviving spouse of a wartime veteran. It allows you to input a client’s income, medical expenses and assets to determine not only whether he or she will qualify for VA benefits, but also how much exactly the client would receive each month from the VA after approval. This tool is essentially mathematical in function, as it does not take into account whether there is eligibility based on wartime service or character of military discharge. The calculations that form the basis of the worksheet are the same used by the VA.

When the VA evaluates a claimant’s income and assets for eligibility, it is considering certain factors. First, gross income cannot exceed the given maximum annual pension rate (MAPR) for any year. The VA usually updates MAPRs each year and publishes them on its website at http://www.benefits.va.gov/pension/rates.asp. Not only can they change every year, but MAPRs also vary according to whether the claimant is a veteran or a surviving spouse, and also with the number of dependents, if any. Fortunately, one can use unreimbursed medical expenses to help offset gross income so that it is lower than the MAPR. Gross income minus these medical expenses is called Income for VA purposes, or IVAP. To get the maximum pension, the IVAP must be $0. IVAP between $1 and the MAPR will only result in a partial benefit.

Second, the claimant cannot have excessive net worth, even though there is no specific asset limit. As the VA Adjudication Procedures Manual Rewrite M21-1MR, Part V, Subpart iii, 1.J.70.a states: “No specific dollar amount can be designated as excessive net worth.” Nevertheless, because the manual M21-1MR, Part V, Subpart iii, 1.J.70.b goes on to state, “A formal administrative net worth decision is required if the beneficiary has net worth of $80,000 or more,” $80,000 has become the widely acknowledged asset limit for VA eligibility. This asset limit applies to both single and married claimants.

In rare cases, the VA will apply what is called age analysis when evaluating assets pursuant to the VA Adjudication Procedures Manual Rewrite M21-1MR, Part V, Subpart iii, 1.J.70.a, which states that “a number of variables must be taken into consideration when making a net worth determination.” These variables include income, expenses, and the claimant’s life expectancy. By applying an age analysis, the VA is attempting to determine whether “a claimant’s assets are sufficiently large that the claimant could live off these assets for a reasonable period of time,” at which point the VA can “deny pension for excessive net worth” (M21-1MR, Part V, Subpart iii, 1.J.67.g). While the adjudicators rarely apply this tool, you should be aware of the possibility.

How to use it

The VA Qualification Worksheet is part of the Lawyers with Purpose VA software and is also available as a standalone document, in either Microsoft Excel or Microsoft Word format, that you can complete by hand. Both versions are available for download from the members-only section of the LWP website. The worksheet is composed of six sections: VA Countable Income, Deductible Medical Expenses, Assets Countable in VA Net Worth, Maximum Applicable Pension Rate (MAPR), VA Allowable Net Worth without Age Analysis, and VA Allowable Net Worth with Age Analysis. Once you enter the appropriate information in the first three sections, the calculations will give you the results for the other three sections.

When to use it

The VA Qualification Worksheet’s value at the beginning of the VA planning process is obvious, as it helps identify how much of a benefit a client can expect to receive, if any. However, it is also valuable to run once you have completed a claim but before you file it, in order to verify that the results are what you expected. This can increase the success rate of your claims. If the claimant does not qualify for the maximum monthly benefit, there may still be time to correct it or, at the very least, you can inform your client of the issue to minimize any surprise or disappointment with the outcome. The worksheet should also be used at every annual review to confirm the monthly benefit given the claimant’s most recent income, assets, and medical expenses, and to determine whether any further planning needs to be done to ensure continued VA eligibility.

If you're not a Lawyers With Purpose member and want to learn more about the VA Proposed 3 Year Look Back, join our FREE WEBINAR on Wednesday, August 19th at 4 EST by clicking here to register. (Members – you already have access to the webinar on the Members Only section of the website!).

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

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 with Purpose; and Co-Founder of Veterans Advocate Group of America.

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Focus on Forms: VA Form 21-527EZ

August 9, 2015

by Lawyers With Purpose with 2 Comments Estate Planning Drafting Software VA

This blog post will focus on one of the most common forms used in VA improved pension (with aid and attendance) claims. As an introduction, I will start with some general comments on the use of VA forms. Like most well-established bureaucracies, the Department of Veterans Affairs is partial to its own forms. There are very few scenarios involving VA pension claims that do not call for at least one form. Using the wrong form or the wrong version of a form, or completing the right form incorrectly, can have serious unintended consequences to your claim. It could be delayed or outright denied.

Because it is so important that you use the most current version of a form, the software developed by Lawyers with Purpose to complete claim forms is regularly updated to incorporate form revisions. Otherwise, to ensure that you are using the most up-to-date versions, we recommended that you go to the source: namely, the VA website at http://www.va.gov/vaforms/, which has 517 forms in its database. The goal of this post will be threefold: to define the purpose of the form; to discuss how to complete it, section by section; and to recommend what to file with the form.

The VA form 21-527EZ Application for Pension, which is used by a veteran to apply for non-service-connected pension benefits. The form is only for veterans filing a claim. If the claimant is a surviving spouse, then you would use the counterpart VA form 21-534EZ. When you download the 21-527EZ from the VA website, the document has eight pages – four pages of instructions and four pages of form. The first two pages of the instructions explain what it is and how to file a Fully Developed Claim (FDC), which is a relatively quicker claim process in comparison to the Standard Claim Process. Page 3 of the instructions discusses what evidence you should supply to support your claim, depending on the level of benefits being sought: Base Pension, Housebound, or Aid & Attendance. The last page of instructions relates to benefits for a helpless child of a veteran, validity of marriages, and the effective date.

There are 13 sections to VA form 21-527EZ, numbered with Roman numerals; 10 of these are labeled “Must Complete,” while the other three sections are to be completed only if applicable. Sections I and II are for the Veteran’s Personal and Service Information, respectively. Most of the fields here are self-explanatory. If the veteran previously filed a claim with the VA or you already filed an informal claim/intent to file a claim, you may have the VA file number to put in field 6; otherwise put “Unknown.” The question in field 9, “What disability(ies) prevents you from working?”, can be answered by putting “over 65.” Section III is for the Veteran’s Work History, which, unless they are currently working, you will complete by putting “Retired” in the first block of column 17A. The next three sections relate to the veteran’s family; specifically, marital history (IV and V) and dependent children (VI). You are required to complete Section IV regarding marital status. However, you should only complete Sections V and VI if the veteran is currently married or has dependent children, respectively, otherwise they can be crossed off as non-applicable.

The next three sections (VII to IX) relate to finances. The associated section names are a little misleading. For example, Section VII: Income Verification – Net Worth is for reporting net worth and not income, as the name may lead you to believe. All countable assets of the veteran and any dependents should be listed here as of the effective date. Sections VIII and IX are both for reporting income of the veteran and any dependents as of the effective date, the difference being that Section VIII: Income Verification – Monthly Income should be used to report income that is received in fixed, monthly payments, such as Social Security or retirement pension, while Section IX: Expected Income is for reporting annual amounts of income that are not received in fixed, monthly payments. The effective date is the date that the informal claim or intent to file a claim was filed, or if not filed, the date the formal claim was submitted. Every source of income received by the veteran and any dependent should appear in either section VIII or IX, but never in both.

Section X is for reporting unreimbursed medical, legal, or other expenses. However, since the VA has a more extensive form to report medical expense, VA form 21P-8416 Medical Expense Report, we recommend you use that form instead and only cross-reference VA form 21P-8416 in Section X. The last page and the three last sections of form 21-527EZ consist of Direct Deposit Information (XI), Claim Certification and Signature (XII), and Witnesses to Signature (XIII). You must complete the first two of these sections, and specifically, the veteran must sign Section XII. The VA does not recognize Powers of Attorney. The final section is only applicable if the veteran signed the previous section with an “X.” In that case, two witnesses must also sign to document the identity of the signer.

When you file VA form 21-527EZ, you must also file verification documents. Simply put, what you file should support the data you entered in the 13 sections of the form. Whenever possible, provide photo identification, birth certificate, and military discharge paperwork. Moreover, and just as important, include marriage certificates and any divorce decrees or death certificates to document the proper dissolution of prior marriages. Their omission will almost certainly delay a claim when the VA has to request this information, wait to receive it, and then continue processing the claim. It is also recommended to provide financial statements to support the net worth and income as of the effective date reported in sections VII to IX.

In summary, VA Form 21-527EZ is the primary application form for a veteran seeking non-service-connected pension benefits. It is best practice to complete all 10 mandatory sections of this form and any of the remaining three sections, if applicable, and to provide all documents that support what is declared on the form. Keep up to date with changes to VA forms by updating your LWP-CCS software whenever new releases are available and by checking the VA website regularly.

If you want to learn more about VA benefits planning, or you are not a member and want to join us for our "Veterans Administration Proposed 3 Year Look Back And Other Law Changes" on August 19th at 4 EST register and reserve your spot by clicking here now.

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

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; and Co-Founder of Veterans Advocate Group of America.

How To Compete With LegalZoom The Right Way

August 6, 2015

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

Technology over the past two decades has radically reworked the way we purchase and read books, watch movies, and listen to music. Amazon, iTunes, Spotify, and Netflix have sprouted from nowhere and dominate the entertainment industry. That’s fantastic for those who enjoy their affordable convenience, but what about those left in their wake of progress? Remember Blockbuster Video?

The one-time rental goliath could have purchased Netflix back in 2000 and adopted the fledgling company as its mail rental arm. Instead, it challenged it head-to-head and was demolished. Blockbuster’s folly was that it assumed it would be successful because it had always been successful.

Those industry disruptions were initially concentrated around retail and media, but the impact now expands well beyond. Look at Uber, AirBnB, and yes, that elephant staring at us all from the corner, LegalZoom.

LegalZoom is offering a “Basic” Last Will for $69. A Living Trust is $249. That’s madness, right? LegalZoom’s home page features glowing praise from the Huffington Post, Forbes, and The Wall Street Journal. It runs national TV commercials in prime-time spots. Millions of people are using LegalZoom and assuming the documents they’re getting are “good enough.”

Of course those documents may not have all the provisions and protections that your documents provide, but that’s a difficult argument to make to a person without a law degree. Local pizzerias can charge $14 for a pizza because anyone with a tongue can tell the difference between their pies and Domino’s $7 boiling-hot slabs of cardboard. But, most people don’t understand the nuances that make one set of documents better than another.

Plus, it’s safe to assume that the documents are only going to improve as technology advances. Netflix didn’t crush Blockbuster with its online mail DVD service, but once technology advanced, its streaming service made Blockbuster as obsolete as an 8-track.

DocuBank has been working with estate planning attorneys for more than 20 years, and we’ve watched attorneys adapt to new technologies. How do you compete with this new threat? There is no easy solution, but it’s important to change the perception of what you’re selling; change the conversation. You can’t compete head-to-head selling documents: their prices are too low, and their quality will eventually truly approach “good enough.”

The way you can compete with LegalZoom is by providing the one thing they can’t: a relationship. You can provide a level of service and that surpasses the cold, impersonal monolith. It’s up to you to make your office a warm, inviting place that exudes personality. That might include a smiling assistant to greet your clients in your well-lit reception area, freshly brewed coffee, cookies (or some other local treat) from a local bakery, or complimentary trinkets such as a mug (branding opportunity!). The more you can do to distance yourself from a souless website, the better.

Of course, you are your firm’s greatest asset. Whether it’s through newsletters or through a formal maintenance program, your clients need to feel like you’re there for them after they walk out your door. You aren’t just an attorney facilitating a transaction of documents; you’re their advisor: someone they can approach with problems and who looks out for them.

You can also enhance your client packages beyond the bare-bones documents available at LegalZoom with additional services, such as DocuBank. DocuBank lets your clients (or their medical providers) access their advance directives and emergency information 24 hours a day, anywhere in the world. Providing a DocuBank membership with your client’s estate plan lets you market yourself as not just an attorney, but an advisor that wants to be sure your clients’ documents actually work when they’re needed. Plus, there are numerous touch points built into the service that remind clients of your relationship.

As the list of industries the Internet transforms continues to grow, the one thing that remains certain is that those who ignore the change will be left behind. The law industry is now at the same crossroads the music, print, and video rental industries faced a decade ago. Don’t repeat their mistakes and ignore the elephant.

If you're a Lawyers With Purpose member and want to learn more about Docubank and the benefits you get under your membership, join the webinar on August 11th at 2:00 EST by clicking here now.

Mike Wall, Marketing Manager, DocuBank

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There’s No Such Thing as the 60-Month Rule

August 5, 2015

by David Zumpano with One Comment Estate Planning Drafting Software

Over the last 23 years of delivering public workshops to more than 10,000 people, I'm routinely asked about the 60‑month rule. The Lawyer with Purpose “How to Protect Your Stuff in Three Easy Steps” workshops have a slide that asks:

Have you heard that if you need Medicaid, they can take your home?
Have you heard that if you want to protect your assets from the nursing home, you have to give them away?
Have you heard that if you give them away, you have to wait 60 months?

After the audience acknowledges they've heard all three, we are swift to say, “None of these are true!” The truth is, there is no such rule.

Sixty months is a rule under the Medicaid law that is merely a period of time in which Medicaid can look back at your financial records. It doesn't even apply in all Medicaid circumstances. For example, in many states that offer community-based Medicaid for care in the home, there is no look-back period. But understanding the look-back period is absolutely useless in regards to clients' fears of Medicaid. It has no relevance other than to identify whether the client has made any uncompensated transfers within that time period. So what if they have? When a client retains us, we routinely convey assets away and get them qualified in as little as two to three months. Sixty months has no impact on determining when an individual qualifies for Medicaid, it's just a period of time to determine if they've given assets away. If incomplete transfers have occurred over the 60 months, a client can get them back, and utilize other legally approved strategies to neutralize the impact of transfer.

Knowing the laws and rules is critical. That's why the LWP Medicaid Calculation software is so valuable. For every client fact pattern, it does the figuring for you. It considers every variable in the Medicaid law of your state and compares them to every variable of your client's fact pattern. Artificial intelligence optimizes the planning strategy and timeframe to get the client qualified in the shortest period of time, protecting the greatest amount of assets. Don't let your client suffer from the 60‑month syndrome; learn how to protect them now.

If you aren't a Lawyers With Purpose member, and want to learn more about our estate planning drafting software, schedule a live demo by clicking here.

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

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A New Tool for VA Benefits Planning

August 4, 2015

by Lawyers With Purpose with No Comment Asset Protection Legal Technical

Amid all the rumblings of the Veterans Administration proposing to make it harder to qualify for the wartime pension, there is a secret weapon that shouldn’t be affected by the changes. Life Care Funding is an emerging concept wherein a person owns a life insurance policy and sells it to pay for health care. The traditional model, life settlements, paid a person who had a terminal illness a nominal sum to do whatever they needed or wanted to do with the funds. The new concept, Life Care Funding, is different.

With Life Care Funding, life insurance owners do not need to have a terminal illness. However, they must need immediate assistance with activities of daily living or regular supervision due to cognitive decline. These are the same standards as when a person makes a claim against traditional long-term care insurance. Another difference is that, once the policy owner sells the policy to create the life care fund, the proceeds are set up in an irrevocable custodial account that can only be distributed to third-party caregivers. A certain percentage is also allocated toward burial, cremation and funeral expenses. The custodial beneficiary (prior policy owner) directs to whom and how much of the life care fund is paid each month. The payment structure is flexible and can change with the changing circumstances of the patient in need.

How does this help with VA benefits planning?

Qualification for the wartime pension with aid and attendance is dependent on having low assets and low income. The cash value of any life insurance policy counts against the net worth standard to qualify for the wartime pension. Once the policy has been converted to a life care fund, the insured is no longer the owner of the policy; the policy was sold for fair market value, and the funds are placed into an irrevocable custodial account that cannot be converted to cash and wherein the claimant has no access and virtually no direct control over the assets. Thus, as a life insurance policy, it harms VA eligibility, but as a life care fund, it should be exempt.

A complete 19 page legal analysis of why life care funds should be exempt under the current laws and the new proposed laws will be presented on August 5, 2015 at 4 p.m. Eastern time. Click here to register for the webinar, “A New Tool for VA Benefits Planning? Legal Analysis of Life Care Funding and the VA Pension Benefits Laws.”

Victoria L. Collier, Co-Founder, Lawyers with Purpose, LLC, www.LawyersWithPurpose.com; Certified Elder Law Attorney through the National Elder Law Foundation; Fellow of the National Academy of Elder Law Attorneys; Founder and Managing Attorney of The Elder & Disability Law Firm of Victoria L. Collier, PC, www.ElderLawGeorgia.com; Co-Founder of Veterans Advocates Group of America; Entrepreneur; Author; and nationally renowned Presenter.

Actionstep: Boost Productivity, Streamline Workflow & Grow Your Revenue – TOMORROW!

July 27, 2015

by Lawyers With Purpose with One Comment Estate Planning Drafting Software Systems & Processes

Are you using so-called “Practice Management” Software in your law firm that seems to do everything BUT that?

Does this internal chaos leave you at the mercy of your staff? Is everyone in your office constantly “doing their own thing” and handing files “their own way,” that would make it almost impossible for you to keep all the balls in the air and service clients if they suddenly quit, or got hit by a bus?

Worse… are you sick and tired of:

…legal work falling through the cracks?

…constant interruptions from staff members who can’t figure out what to do next on client matters?

…piecemealing software and tech platforms together to meet your needs?

…wearing way too many hats in your law firm?

IF SO, we’d like to invite you to take a FREE demo of Actionstep– a fully automated and secure cloud-based practice management system that provides a complete snapshot of any client, anytime, anywhere for you and your team.

On July 29^th at 2 EST, Dave Zumpano Esq., Co-Founder of Lawyers With Purpose, will host a live demonstration of this unique software that is unlike anything currently available in the estate or elder law industry.

Actionstep handles every aspect of your practice—from marketing, to engaging clients, to practice management, staff workflows and client communications. All in one place, accessible from EVERYWHERE via the cloud.

Dave will also share on this webinar how he is personally utilizing Actionstep in his New York law firm. This is the first time non-members can get a look into the “backend” of his practice and his strategies for effortlessly boosting productivity and revenue goals for the firm!

To sign up for the webinar, simply CLICK HERE NOW TO RESERVE YOUR SPACE. Webinar space is limited!

Can’t make the webinar? Simply send an email to me at mhall@lawyerswithpurpose.com to set up a private demo! We are happy to give you a tour.

In your corner,

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.

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Considering a Vacation? Consider This!

July 14, 2015

by Lawyers With Purpose with No Comment Coaching & Implementation Estate Planning Drafting Software Systems & Processes

No one is more excited about going on vacation than you. Yet no one has more angst about taking time away from the office than you. With proper planning, you can eliminate the stomach ulcers and last-minute marathon sprints to get everything done before you leave. Isn’t that what we tell our clients? “With proper planning….”

This year has been the year of vacations for me. In February, my family took its first winter break to go skiing. My children are five years old and I figured it was the best age to introduce them to the sport. In April, we went to Arizona to enjoy the desert. Then, in June, we went to the beach for a week. That made three one-week vacations within six months. Last January, I was paralyzed at the thought of being gone so much. How would the office make money in my absence? How would the work get done?

Knowing this was coming, I made three necessary changes to the structure of my office.

In December, I hired a full-time marketing associate. With the financial goals the team set, it was imperative that the firm extend its efforts to get our name out there and have a greater presence in the community.
To help manage the increased workflow, whether I was in the office or on vacation, in December I also added an “of counsel” attorney who works in the office two days a week, meeting new clients and participating in all document signing appointments. That allows my office to accept more appointments and gives me an entire day to work on client files, since I am no longer doing the signings. More importantly, when I am out of town, we are still making money because the attorney is meeting new clients while I am gone.
In March, I promoted my government assistant paralegal to “manager” and hired another full-time paralegal. The manager now supervises two government assistance paralegals, is the first-line review authority for all of their work, and prepares the first draft of any VA or Medicaid appeals. This automatically shifted my role into reviewing, not doing, and dramatically reduced my time working on files.

To accommodate the workflow, I hired additional team members. Yes, overhead expenses have definitely increased. However, I never add a staff person unless the addition either makes the firm more money or creates more free time for me, or both. When it does that, it is an investment, not an expense.

What do you want more of – time or money? What kind of changes to your structure are you willing to make to achieve what you want?

To maximize productivity, we all need to take a vacation to rejuvenate. Don’t skip it, just plan for it. If you want to learn more about how Lawyers With Purpose can help you grown your practice and your revenue, join our Having The Time To Have It All webinar on Thursday, July 23rd at 2 EST. Register now and reserve your spot today!

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 With Purpose, Co-Founder of Veterans Advocate Group of America.

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3 Time Concepts To Break Through Your Time Constraints

July 13, 2015

by David Zumpano with No Comment Coaching & Implementation Estate Planning Drafting Software Systems & Processes Team Building

Many lawyers I coach complain they don't have enough time to get everything done. Interestingly, I remind them the most successful people in the world have the same amount of time in a day as they do. How do they do it? I've been practicing law for 20 years and the last 17 as a solo practitioner. I've grown my practice from me and a secretary to a firm with over 20 employees, including five lawyers. I can honestly say that's not for everybody. I never expected it; it’s where I ended up. I will share the time-saving strategies I utilized to grow my practice. Join me in a one-hour webinar:

Thursday, July 23^rd at 2:00 EST for our “Having the Time to Have it All – Three Time Strategies to Have a Practice with Purpose and Profit”

======== > REGISTER NOW HERE

You don't have to have a large practice to succeed, but you do need to get control of your time so you have enough of it to satisfy all the needs of your practice and your personal life. Most lawyers I work with are being pulled in so many directions based on different marketing schemes of the individual organizations that recruit them. Many attorneys belong to multiple organizations, including one for estate planning, one for Medicaid, one for VA, one for special needs planning, one for asset protection, and yet another for tax planning. And then wonder why they don’t have time to keep up with it all. Don't get me wrong, each organization has value, but the challenge I've always found is there is always a lack of time to get it done.

Should you attend? If you are struggling with a work-life balance, struggling with how to run a law "business," or feel you do not have enough time in your day to get all the work done, then this webinar will be a great use of your time. Click here to register for this special webinar.

In one hour, I will share with you the three key time strategies to have the time necessary to provide estate planning, elder law, asset protection, Medicaid, VA Benefits, special needs and tax planning all in the same time you have now. I look forward to sharing with you.

======== > REGISTER NOW HERE

Hope you don’t miss,

David J. Zumpano, CPA, Esq., Practicing Attorney, just like you & Founder of Estate Planning Law Center & Lawyers with Purpose LLC

P.S. For the first time ever, I will be showing non-members the exact technology platforms and systems that I use to manage and streamline my practice. Implementing what I’m going to teach you will not only save you a tremendous amount of time, but will finally help you lay a strong practice management foundation to take your business to the next level. Plus, YOUR STAFF WILL LOVE IT. Have them join you on the line!

======== > REGISTER NOW HERE

Do You Have The “Time” To Be An Entrepreneurial Lawyer?

July 8, 2015

by David Zumpano with No Comment Estate Planning Drafting Software Legal Marketing

A great question. Many lawyers fail to see themselves as entrepreneurs. The truth is, solo and small practitioners are entrepreneurs, but most are not operating like one. So how should entrepreneurial lawyers think? As a successful entrepreneurial lawyer, I have learned the Key Essential element to thrive is managing our time.

When you think of the most successful people: the United States, they get it all done in the same time we have; but they are using their time differently. Most attorneys I have worked with over the last 15 years struggle with having enough time to get it all done.

That's why on Thursday, July 23^rd at 2:00 EST, I will share real time effective strategies that have lead to my success. It's called, “Having the Time to Have it All – Three Time Strategies to Get a Practice with Purpose and Profit”.

In this one-hour webinar I will share the time strategies I utilize in my practice that grew it twenty-fold over the last seventeen years. I will also help eliminate misconceptions of time that hold you back from having the practice you're capable of having and keeps you working late night after night, day after day.

And, *for the first time ever,* I will be revealing to non-members the exact platforms and technology systems I personally use to manage my law firm, free up my time, and serve clients in a more efficient and streamlined way.

Without a doubt, what you’ll learn on July 23^rd is the “secret sauce” of my practice success. With a few clicks of a button each morning, I can see what everyone in the office is working on, what’s outstanding, and what matters to handle in what order to meet my projected revenue goals for the month. No more micromanaging and no more chasing my own tail each day.

JOIN US on the line and let me show you what tools I’m using and how I’m making them work in my firm.

Should you attend? If you are struggling with work-life balance, struggling with how to run a law "business," or feel you do not have enough time in your day to get all the work done, then this webinar will be a great use of your time. If you are struggling with how to hire the best people and have inconsistent marketing and cash flow, this webinar is for you! What is the opportunity? Simply stated, the opportunity is for those attorneys who want to provide estate planning, asset protection, Medicaid, veteran's benefits, special needs, and tax planning to clients who need these services to protect what they've worked a lifetime to earn and to preserve the dignity they deserve.

What's required to implement the information will share? To become an entrepreneurial attorney you must have a strong work ethic, really enjoy what you do and be passionate about helping people. You must also be a lifetime learner and really value relationships. That’s it! These are the essential elements that you’ll need to have on your calendar. I will show you how you can and still get your work done.

Click HERE to register for this time saving webinar. Even if you only utilize ONE of the three time breakthrough strategies, it will move you forward toward your quest to have the time to have it all. I look forward to sharing.

See you there,

David J. Zumpano, CPA, Esq., Practicing Attorney, just like you &, Founder of Estate Planning Law Center, & Lawyers with Purpose LLC

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The Wisdom of Never Giving Assets to the Kids

July 7, 2015

by Lawyers With Purpose with 2 Comments Asset Protection Estate Planning Drafting Software Legal Technical

Invariably, in every workshop I have presented to clients over the last 10 years, I've been asked the question, “When should I give my house (or other assets) to the kids?” My answer is quick, swift and with a smile: “Never. In fact, you never want to give anything to anyone you love.”

That usually gets their attention and draws a frown – until I explain. Giving assets to your children defeats the very thing the client is often attempting to accomplish. When I ask why they want to give their assets to the kids, the response 99 percent of the time is that they want to protect the assets. I respond, so the way you protect your assets from your creditors and predators is to give it to your kids so those assets are subject to all their creditors and predators? Who has more creditors and predators, you or your kids? And then I get the blank stare.

The key element when doing asset protection planning from general creditors and predators, or for Medicaid eligibility and long-term care, is to be properly informed of the options available. Not only can transfers in assets to the kids subject your assets to risk by the kids' bankruptcy, divorce, lawsuits, and even your child's death, but it could have adverse income tax consequences.

Transfers to children are at a “carry over” tax basis to them; that is, they inherit the asset at what you paid for it. This could be extremely detrimental in the case of highly appreciated assets. In fact, it creates an income tax on sale that would not otherwise have been due, had the client held it to death and then transferred it to the children. The key point is to know how to get the best of both worlds.

That's where the IPUG™ protection trust is so essential. The Irrevocable Pure Grantor Trust™ allows the grantor to be the trustee, to benefit from the trust (to the extent they so desire while understanding the impact) and to be able to change their beneficiaries or any other provisions they desire. This is very empowering to clients who traditionally believe once you create an irrevocable trust, you can't change it, you can't benefit from it, and you can't control it.

In fact, you can do all three; it's just in how you do it. The core distinction in an IPUG™ trust is that you must give up only what you want to protect. For example, if you want to protect your assets, you must give up, forever, the right to own those assets. But you do not have to give up the right to control those assets, manage those assets or even get the beneficial interest and use of those assets! The most common way grantors benefit from their assets that they no longer can reach is by living in the house they have transferred to an IPUG trust, or by continuing to maintain receipt of the income and dividends from any cash investments or brokerage accounts in which they have put inside the IPUG™. Most people realize they don't really need the assets; they just need the income produced from them and want to maintain control.

For those who do need access to their assets, they are not candidates for the use of the IPUG™, or any other protection trust. They would use a typical revocable living trust, which accomplishes their estate planning needs and can provide asset protection after death. That's why you never want to give the money to the kids after you die either. One of the greatest advantages seniors have is, after death, the ability to transfer their assets to their children in a trust that the children can control and benefit from any time they want – but creditors or predators can never invade those assets, for the life of the child! This includes the government, lawsuits, divorces, bankruptcies, and even nursing homes.

The money is flat-out safe.

Why would anyone give anything to anyone they love when they can give it to an IPUG trust that protects it for them while they're alive and for their children for their lifetimes after they're gone.

If you aren't a member of Lawyers With Purpose and want to know more about what we have to offer (which is tons of technical legal support) for your estate or elder law practice, register for our Having The Time To Have It All webinar on Thursday, July 23rd at 2 EST. Reserve your spot today to learn more about creating the practice of your dreams.

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