Lift the Burden

January 27, 2012 in Estate Planning with 0 Comments

Almost every time we complete an estate plan for a client, they say, “thank you, that was so simple, we feel the burden of getting this done has been lifted.”

Everyone with a family knows they need a living trust or a will estate plan. But most (a surprising high percentage) haven’t done one. Why not? The perceived reasons are: it’s expensive, it’s complicated, and it’s difficult to work with lawyers. The reality is it’s no longer expensive, it doesn’t have to be complicated and it doesn’t have to be difficult to work with lawyers. It can be simple to lift the burden.

Downsizing Better?

January 18, 2012 in Churches and Nonprofits, Entrepreneurs with 0 Comments

This economy has forced many to downsize: less staff, less office, less vendors, less services.  Stepping back – is that so bad, after the initial shock?

I just got back from a doctor appointment and noticed many staff and two stressed out doctors. The doctor knows I’m a business attorney and we spoke about his business model. How many patients does he have to see to pay his large overhead bill? Could he significantly downsize (less staff, smaller office) and see fewer patients and have a higher net profit (and a better life)?

Can you do what you do as well or better if you reduce your costs? Maybe you could spend more time with each customer knowing you don’t need to sling as many as you can through your process so you can meet overhead.

The social media experts and business consultants scream bigger, bigger, bigger and hire staff to do everything but your essential work. The economy is forcing a reset on this thinking. Maybe downsizing overhead is good – better customer service, higher profit margin and a life, even for churches and nonprofits.

Self Esteem Not So Much

January 17, 2012 in Family with 0 Comments

The Washington Post reports that the self esteem movement didn’t work out so good..

A growing body of research over three decades shows that easy, unearned praise does not help students but instead interferes with significant learning opportunities. As schools ratchet up academic standards for all students, new buzzwords are “persistence,” “risk-taking” and “resilience” — each implying more sweat and strain than fuzzy, warm feelings.

“We used to think we could hand children self-esteem on a platter,” Stanford University psychologist Carol Dweck said. “That has backfired.”

. . . and Grit.

Probate, Living Trusts and Attorneys

January 16, 2012 in Estate Planning with 0 Comments

If you’ve set up a living trust. Great job. You’ve done a great thing for your family. But don’t leave that great thing unfinished and turn it into a not great thing. What do I mean? Probate.

Your estate will go through probate, even if you have a living trust, if you haven’t transferred your assets to your trust.

Our firm handles a lot of trust administration cases. In most cases, the children of a deceased parent hire our firm to administer their parent’s trust. Sometimes, the parent has failed to transfer assets to the trust, which could lead to probate, big attorney fees and a long court process. But if the parent had some form of writing showing intent to include the assets in the trust, the family could avoid probate.

Usually intent is shown with a schedule attached to the trust or by provisions in the body of the trust identifying the assets. With written evidence of intent, quite often a California judge will issue an order transferring the assets to the trust, and the family avoids probate.

Unfortunately, we’ve seen several cases when there was written evidence, but the attorney ignored it so he could take the case through probate. Here’s the dirty little secret – Continue Reading…

Tim Tebow – Game Changer

January 8, 2012 in Churches and Nonprofits, Entrepreneurs with 0 Comments

Tim Tebow has changed the NFL. He can’t do what the great passers, like Rodgers and Brady do. So the league says he shouldn’t be an NFL quarterback. But he wins. Now he has led his team to a playoff victory against the Pittsburgh Steelers, the team with the number one defense in the league.

How does he win? He does what he knows he can do. He doesn’t do what the experts say he should do (they say he can’t do those things.) He and his Continue Reading…

What’s Your Sentence?

January 1, 2012 in Churches and Nonprofits, Entrepreneurs, Family with 0 Comments

Daniel Pink produced this amazing video. A great lead-in as you think about the New Year.

[tentblogger-vimeo 18347489]

Year End Checklist

December 29, 2011 in Asset Protection, Entrepreneurs, Estate Planning, Family with 0 Comments

Year end things to check off to protect your family:

  • Do you and your spouse have enough life insurance? This is especially important if you have young kids. If one or both of you pass away, will the survivor and your kids have enough to comfortably get by? If you’re relatively young and in good health, term insurance is cheap. Make sure you have enough. I call it parental malpractice not to have enough.
  • Guardians. Have you done a Will to name guardians to raise your kids?
  • Have you done a Living Trust or Will for your estate planning? If so, is it up to date?
  • Have you reviewed it lately to make sure it does what you want it to do?
  • Have you done a Health Care Directive and HIPAA and Durable Power of Attorney? If so, are they up to date?

This stuff is like owning a car. You have to do the periodic tune-ups. If you haven’t even done your estate planning, well . . .

Working for What?

December 26, 2011 in Churches and Nonprofits, Entrepreneurs with 0 Comments

This is my favorite week of the year. I’m usually not overwhelmed by work and have time for big picture thinking.

I’m rereading one of my favorite business books, Live Rich, by Stephen M. Pollan. Published in 1998, but still very relevant. Pollan is an attorney in NYC who advises clients on career,  finances and real estate. He’s also Michael J. Fox’s father-in-law.

His perspective on work is obvious but profound – your time working should be to make as much money as you can in a way that gives you free time to do what you really care about.

Rather than focusing on climbing a ladder or growing a company, you must financially and emotionally invest solely in yourself instead. As an employee or entrepreneur you should try to increase your own skills and do things that increase your income, marketability and most of all, profitability.

Work is to make money, not to find fulfillment. Make as much money as you can while working so you can do the fulfillment stuff outside work.

Continue Reading…

Holiday Reading

December 22, 2011 in Churches and Nonprofits, Entrepreneurs with 0 Comments

You may have a few days off this week and some free time to recharge your vision – or you need a very last minute gift recommendation.

Check out Rework. It’s one of the best entrepreneur-business books not written by Seth Godin that I’ve read this year. It’s fast paced, inspiring, with great use-now practical insights, and most important – it’s a quick, easy read.

It’s written by Jason Fried and David Heinemeier Hansson the founders of 37 Signals.

Continue Reading…

Christmas Perspective

December 22, 2011 in Churches and Nonprofits, Entrepreneurs, Family with 0 Comments

It’s the end of the year and the holidays are upon us. Use this time to break away from the stress. Take a step back, a deep breath and relax.

C.S. Lewis:

The next moment is as much beyond our grasp, and as much in God’s care, as that a hundred years away. Care for the next minute is as foolish as care for a day in the next thousand years. In neither can we do anything, in both God is doing everything.

It’s not all on you. Merry Christmas.

Toughness and Perserverance

December 19, 2011 in Entrepreneurs with 1 Comment

I’ve written about Grit and how the experts say it determines success more than talent or discipline. Grit is a combination of toughness and perseverance – the ability to keep going despite many obstacles to reach a long term goal.

Is there a better example of Grit in sports today than Alex Smith, quarterback of the San Francisco 49ers?

San Francisco fans all but chased him out of town last year. Continue Reading…

Gift of Living Trust for Your Parents

December 19, 2011 in Churches and Nonprofits, Entrepreneurs, Estate Planning, Family with 2 Comments

Something to think about if your looking for a gift for your parents.

Have they done their estate planning? Should you buy a living trust estate plan for them?

The reality is that it is more important for you that your parents to do their estate planning than it is for them. If they die without one, you and your siblings are left to clean up the mess. You have more to gain than they do. Every dollar spent on probate fees is a dollar you don’t inherit. Every hour you spend cleaning up their estate is an hour you never get back. Its like the old Aamco Transmission commercials you grew up with: pay now or pay a lot more latter.

The Tale of Two Estates

December 16, 2011 in Estate Planning, Family with 0 Comments

Client A had a $1,000,000 estate. He did no estate planning and died. His children had to take his estate through probate. The attorney fees and executor fees alone cost the family $46,000. The probate court process took over 18 months to complete.

Client B had a $1,000,000 estate. He established a living trust for $1,850 and died. His children did not have to take his estate through probate. The attorney fees and trustee fees cost the family $10,000, The trust administration took 3 months to complete.

Who took care of his family better and was a better steward of his assets?

Estate Planning Doesn’t Have to be Complicated or Expensive

December 14, 2011 in Estate Planning, Family with 0 Comments

Most people understand they should do their estate planning. And most people don’t do their estate planning.

Why not?

 

Most people think estate planning is complicated and expensive. The reality is it can be done in two meetings or less for a very affordable price in a very simple process. It’s easier than going to the gym and easier than planning your Christmas dinner. Continue Reading…

Christmas Cash Gift

December 13, 2011 in Entrepreneurs, Estate Planning, Family with 0 Comments

If you plan on gifting your children or grandchildren money for Christmas, think about the best way to do it.

If it’s a few dollars, give them cash. Everyone loves cash.

But if you will make a big gift and plan to make more in the future, how will you do it? If your children are adults, you can write them a check (but hope they don’t blow it.) If your children or grandchildren are young, you can set up a custodial account with your bank (but know they can take it all out at 21).

What about using a gift trust?

Continue Reading…

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