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2021 Lawyer’s Guide to Financial Planning / OCT 2021
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Our seminar will explore essential financial and tax concepts that all Lawyers must know in order to properly guide clients as well as to secure their own economic futures. Seminar concepts and discussion arise from Cynthia Sharp’s book The Lawyers’ Guide to Financial Planning recently published by ABA Book Publishing. Topics covered include: - Factors to Consider When Choosing a Financial Advisor - Asset Conservation Strategies - Tips for Building and Ethically Selling a Niche Law Practice - Retirement Planning Vehicles - The Long Term Care Dilemma
AGENDA
9:00A.M.The Fundamentals Attorneys often review a client’s portfolio in the context of representation - particularly corporate, estate planning and elder law lawyers as well as matrimonial and real estate practitioners. Sounder advice can be rendered by lawyers who understand the basics outlined in this session.
Investment Perspectives - Six Step Approach to Financial Security - Risk Assessment - Risk Minimization Techniques Ethical considerations - attorneys who maintain a strong financial structure, both personally and professionally, are highly unlikely to succumb to a temptation to commingle funds. We'll touch on the link between financial distress and mental distress and how the latter can lead to bad decision making in the ethical realm.
9:15A.M.Factors to Consider when Choosing a Financial Advisor - Pros and Cons of Managing Own Portfolio - Role of a Financial Advisor - What the Credentials Really Mean - Compensation Structures Demystified Ethical considerations - Throughout this section, we discuss Indiana State Bar Association Legal Ethics Committee - Opinion No. 1 for 2001 - opining on an attorney’s proposed relationship with a financial planning firm. We also touch on opinions in other jurisdictions that specifically discuss whether attorneys are permitted to sell life insurance, securities or other financial product. 9:45A.M.Asset Conservation Strategies - Minimizing Investment Mistakes - How Debt Eats Away at Your Future - Tips on repayment of student loans – NEW! - Credit Report/Credit Score - Bankruptcy and Lawyers - Preserve Wealth by Reducing Income Tax Liability Ethical Considerations - We'll include a discussion as to whether an attorney’s financial standing, including high student loan debt or bankruptcy, can have an impact with respect to Character and Fitness requirements. We discuss ethics cases involving attorneys who either falsify tax returns or don’t file any at all. 10:30A.M.Refreshment Break
10:45A.M.Tips for Building and Ethically Selling a Niche Law Practice This quick paced section is geared to business attorneys advising other practitioners with respect to the sale of a niche practice. We focus on Compliance with Rule 1.17 in the Context of: - Building a Practice to Sell - Valuation of Practice - Negotiating Points to Consider - Pitfalls to Avoid Ethical considerations - We focus on Compliance with Rule 1.17 11:00A.M.Retirement & Rewirement Planning - Practice Considerations - Whether or not to go inactive on the roll of attorneys - Whether the attorney would need to maintain malpractice insurance for the chosen retirement (especially if serving as “of counsel,” advisor to a board or not for profit, doing pro bono work, etc.) - Requirements to stay an active attorney while winding down the business (maintaining CLE requirements, including using section 8 status should the attorney experience age related hardship in maintaining CLE’s)
Clients often seek advice from attorneys with respect to the following issues: - Where to Live (Focus on tax, economic and legal impact) - Establishing Residency - Two Home Families - How Much to Save - How Much to Withdraw After Retirement - Social Security Benefits (Old Age and Survivors) - Tax Qualified Plans
11:30A.M.The Long Term Care Dilemma - Medicare: What You Need to Know - Medigap Policies - Medicaid - Veterans Benefits - Long Term Care Insurance - Contractual Terms Explored - Reverse Mortgages - Analysis of Contracts Ethical considerations -In addition to offering substantive information, we discuss Model Rule 1.14 Client with Diminished Capacity, focusing on Comments 2 - 6.
12:00P.M.Review of Concepts / Questions & Answers 12:15P.M.Adjourn
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