Lawyer’s Guide to Financial Planning

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Lawyer’s Guide to Financial Planning

Part of the ICLEF National Presenter Series

Credit(s):

3 CLE
3 Ethics

Course Number:

X470

Original Program Date:

October 13, 2023

Duration:

2 hours 51 minutes

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Category: Financial Planning, Ethics, Practice Management

Category: Financial Planning, Ethics, Practice Management (show less)

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 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

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

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

Asset Conservation Strategies
- Minimizing Investment Mistakes
- How Debt Eats Away at Your Future
- Credit Report/Credit Score
- Bankruptcy and Lawyers
- Preserve Wealth by Reducing Income Tax Liability

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. Attendees may find the practical advice 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

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:
- Establishing Residency - Two Home Families
  - Where to Live (Focus on tax, economic and legal impact)
  - How Much to Save
  - How Much to Withdraw After Retirement
  - Social Security Benefits (Old Age and Survivors)
  -  Tax Qualified Plans

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

Review of Concepts / Questions & Answers

To receive CLE credit for an ICLEF On-Demand or a LIVE WEBCAST seminar, you must watch the program in its entirety. ICLEF is unable to award partial CLE credit for viewing ICLEF On-Demand or LIVE WEBCAST seminars. You will have 30 days from the date-of-purchase to complete your ICLEF distance learning seminar. If you are unable to complete the LIVE WEBCAST seminar on the scheduled date of the seminar, ICLEF will place a copy of the ON DEMAND version of the program in your ICLEF Online Account three (3) to five (5) business days after the LIVE WEBCAST concludes. Please call or email ICLEF should you have further questions (317) 637-9102 or iclef@iclef.org

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