Todd Whatley reveals the transformative power of attorneys and financial advisors working side-by-side to provide comprehensive elder law services that truly meet clients' needs. Drawing from 25 years of experience and recent success implementing this collaborative approach, Todd explains how breaking down professional silos creates superior outcomes and increases profitability.
• The current system forces clients to shuttle between separate attorneys and financial advisors who rarely communicate
• Important planning details get lost and recommendations conflict when professionals work in isolation
• Mutual distrust between attorneys and advisors often prevents collaboration that would benefit everyone
• Financial advisors face pressure to offer estate planning through "ghost law firms" that provide inferior documents
• Implementing a collaborative approach where financial advisors join attorney meetings creates comprehensive solutions
• Having both professionals present ensures clients receive complete advice on legal, tax, and long-term care issues
• Real case example: advisor identified undervalued business assets, resulting in improved tax planning strategies
• Attorneys practicing without financial advisor partnerships miss opportunities and leave money on the table
• When professionals collaborate, clients leave with integrated legal and financial plans aligned with their needs
If you're interested in transforming your practice with these strategies, join us at the Transformation Summit next February where we'll spend four hours expanding on this approach. Email Trisha at Trisha@theelderlawcoach.com for information.
Check out our new website www.TheElderLawCoach.com.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
You're tuning into the Elder Law Coach podcast, the
definitive resource forattorneys delving into the world
of elder law, with your host,todd Whatley, a certified elder
law attorney, past president ofthe National Elder Law
Foundation and renowned coachwith a quarter century of
specialized experience.
Whether you're an establishedattorney looking to refine your
(00:24):
expertise or an emerging lawyerseeking a successful foray into
elder law, this is yourmasterclass.
Now let's get started with theluminary in the field.
Here's Todd Whatley.
Speaker 2 (00:38):
That's right.
This is the Elder Law CoachPodcast.
My name is Todd Whatley and Iknow I say this every time, but
I am truly, very thankful thatyou do join me and listen, and
we are gaining some steam.
Every time I post something,there are a substantial number
of you who do listen and Iappreciate that very much.
And if you're just nowstumbling onto this, please like
(01:02):
and add to your favorites andyou will be notified every time
that I do this.
And also don't think I sayenough that this is the place
where we help attorneys buildsuccessful elder law and estate
planning practices and teach youhow to do it with purpose,
(01:22):
confidence and profitability.
So I am a certified law attorneyand I've been doing this for 25
years now, and for most of thattime I have not had successful
relationships with financialadvisors, and so today I think I
have figured it out and havebeen very successful over the
(01:44):
last few years, worked out thekinks, and today the topic is
going to be working side by sidewith financial advisors
successfully and showing how youcan truly meet your client's
best interest and meet all oftheir needs in one meeting.
Client's best interest and meetall of their needs in one
(02:07):
meeting and just from lookingback over 25 years, I have seen
where there have been so manyclients who have not had their
needs met.
I think I met with them.
I think that I've doneeverything legally that I can.
I've done their documents, I'vedone powers of attorney.
I was very proud of what I did,but there was just this
lingering issue of man.
They are in some badinvestments and no one's talking
(02:29):
to them about taxes andinsurance issues and I've just
never been able to have a goodrelationship.
And sometimes I would even calltheir advisor and say, hey, I
just did documents for them in avery open tone, very
conciliatory manner, and say,hey, I just noticed.
(02:51):
And when you bring this up,they're like, oh, I've got this
covered, don't worry about it,this is my lane, you stay in
your lane, we've got thiscovered.
I'm like, okay, but you reallydon't.
And so I think working withfinancial advisors is huge and I
think it can greatly increaseyour business and if you can
(03:11):
find the right financial advisorout there, you can greatly
increase their business and it'sdoing things that help each
other.
But the best thing is you'remeeting the client's needs.
You are having them leave youroffice with a solid financial
and legal plan that meshtogether, work together and I
(03:33):
have been so happy over the lasttwo years seeing how our
clients have really gotten greatsolutions and have met their
needs.
They leave happier, we leavehappier.
It's just better for everyone.
Okay, now what's the problem?
The system is broken.
Okay, we have one client havingto go to two different offices
(03:57):
and try to get two professionalsto ideally meet together but at
least talk and many times theydon't talk and trying to go
between offices getting a littlebit of information from the
attorney and taking thatinformation to the advisor and
that advisor saying, well, yeah,but this, and taking that
(04:18):
information back to the attorney, and it's just back and forth
and back and forth and it's justnot a great system.
You know, we see it likethere's two silos and they never
communicate, they don't shareanything and it is not meeting
the client's best interests,because important details get
(04:41):
lost, lost, recommendationsconflict, I may say something,
and the financial advisors, well, they don't understand this and
so they recommend this, andthen they bring that back to me
and I'm like, well, they missedthis point and I would recommend
this, and it's just back andforth and back and forth again.
It's just frustrating and sothings don't get done.
The client sometimes just givesup and says you know, I just I
(05:03):
don't know how to do this.
Once I started combining thesetwo together, it just the
clients were super happy, wewere super happy, it just seems
to work, okay.
And uh, you know, it just seemslike when the attorney and the
financial advisor sit at thesame table, in the same room
(05:25):
with the client, everythingchanges.
Okay, everything seems tochange because you're getting so
much done in that one hourmeeting.
All right, let's be honest, alot of attorneys and financial
advisors we just don't trusteach other.
Okay, attorneys worry that theadvisor is going to give legal
(05:46):
advice and advisors, I will tellyou, are very worried that the
attorney is going to steal theclient.
Okay, as you probably know, Igot my license because I was
seeing people were not in goodinvestments and so I got my
series 65 to help clients dothis.
Well, I get all of the feedback, all of the advertisements and
(06:10):
I'll get to this in just asecond.
But I will tell you, financialadvisors are doing their best to
keep their clients from goingto attorneys, and if you're
worried about losing a financialadvisor relationship over doing
this.
I can promise you they arebeing persuaded to cut off that
relationship.
They want their clients to stayin their office and get their
(06:33):
legal documents done in theiroffice and not go to the
attorney.
And the problem is clientsdon't care about turf wars.
They don't care that theattorney's trying to protect
their business and the financialadvisor's trying to protect
their business.
They just want their issuessolved.
They care about results andthey want results for their
(06:57):
situation and they want to knowthat everyone is on their team
pulling in the same direction.
Okay, now there are these thingsthat I call ghost law firms.
Financial advisors are beingpressured right now to offer
estate planning to their clients.
Okay, and many financialadvisors are being bombarded
(07:21):
with low cost distant law firmsthat will gather the information
and it's typically I mean it'snot much better than Rocket
Lawyer or any online legaldocument service.
It is basically the financialadvisor gives their client this
information and the financialadvisor probably pays a little
(07:42):
bit for this to get done andthey can go in there.
The client puts in theirinformation and the system
creates a document.
We all know how that is not inthe client's best interest.
They will pick things.
You know, this is their firstand probably last time to do
this, and this will be ourhundredth or 10,000th time to do
(08:04):
this.
We know things that the clientdoesn't know.
We give better documents, butthey are being pressured by
their financial people to sitdown with these ghost law firms.
And I actually attended awebinar one time a live webinar
with this financial advisor whowas pushing this, and so in this
(08:25):
presentation he was like theclients get their documents in
your office.
There is no need for them to gosee an attorney.
They get this done.
And so in the Q&A section I waslike so are you not practicing
law without a license?
And he was like oh well, no, no, no, there's a law firm out
there.
They meet with an attorney.
Well, they don't meet with anattorney.
(08:46):
They fill out the paperwork andI'm sure some attorney sort of
oversees it, but the issue isthey're getting legal documents
done and they're never meetingwith the attorney.
But the advisor's being verycareful to say oh no, no, no,
I'm not the attorney.
There is an attorney out theredoing these documents, but the
client never meets with theattorney, never knows that their
(09:08):
answers are correct or thatthey're going to do exactly what
they want to do.
So financial advisors areafraid that if they don't offer
estate planning, the client willgo somewhere else and they will
lose them entirely.
So if you don't have goodrelationships with financial
advisors, there's probably areally good reason for that, and
(09:31):
it is kind of sad thatfinancial advisors settle for
inferior plans just so they cankeep the client.
We all know we can give theclient a much better option, and
an attorney working with theadvisor can do so much together
that cannot be done separately.
All right, so here's how thisworks.
(09:51):
In my office we have an intakecoordinator who meets with the
people first.
That's a free consult.
They come in, they meet withthis non-attorney initial person
who talks to them, gets theirinformation, lets them share why
they may need our law firm, andthen he always gets into the
financial stuff.
Hey, tell me about finances.
(10:12):
Has your financial?
Do you have a financial advisor?
And if they do, it's like okay,what are your plans for taxes?
Well, we haven't talked abouttaxes.
You know the government wantsas much money as they can.
We're broke, they need money.
Taxes are not going downanytime soon.
But your financial advisor hasnot talked about taxes.
You're going into retirement oryou have two or three millions
(10:34):
in IRAs.
What's your plan for gettingthat out with the lowest taxes?
We haven't talked about that,huh, okay.
What about long-term care?
What's your plan for long-termcare?
Oh well, we've not talked aboutthat either.
And how long have you been withthis advisor?
Well, 10, 15 years, okay, andyou've never talked about
(10:58):
long-term care.
So he says, well, we have afinancial advisor in our office
who can sit down in the meetingwith Todd or with Lauren in our
office and would you like forthem to be there and kind of
look at this stuff?
And I think it's well, over 90%say, yeah, that would be great.
And our intake coordinator saysour guy is really up to date on
(11:19):
taxes and really up to date onlong-term care because he and
Todd work very closely,particularly for Medicaid and
things like that.
And Ian has taught Todd quite afew things about finances and
Todd has taught Ian a lot aboutlong-term care and estate
planning documents and how thatfits in with taxes.
And Ian's increased knowledgeof taxes really plays a part.
(11:43):
And people are so happy to dothat.
They're like, yeah, let's haveIan sit there because I want to
get a complete plan.
And so if you want to do this,like in my office, you need a
close relationship with afinancial advisor.
Okay, and I don't know if youhave someone like that.
(12:04):
If you do, fantastic, call them, have lunch, talk about this
and say, look, we have got tostart working together for
clients and particularly taxes,long-term care, and just coming
together for these plans isincredibly important, but a
unified team is just absolutelynecessary to meet these clients'
(12:28):
needs and to do truly what isin their best interest.
Okay, the client gets clarity,the attorney will now get real
financial data and with fullfinancial data, we can now do
better documents and have betteroutcomes, and the advisor can
also see what the attorney isdoing, what the concerns are of
(12:49):
the client, and address thetaxes, the long-term care, those
types of issues for a completeplan.
And it's interesting, when Ianand I are in meetings, I'll be
going down the road and henormally lets me lead the
meeting.
We'll get there and I'll getinto finances and taxes and I'll
say something and he'll sayTodd, I disagree.
(13:10):
I'm like, okay, I'm notoffended by that, because I know
Ian has my back and knows that.
I know what I'm talking aboutand I'm like, ok, I'm not
offended by that, ok, because Iknow Ian has my back and knows
that I'm, I know what I'mtalking about and I'm not stupid
.
But he's like, hey, what aboutthis?
I'm like that's a good pointand, for example and I just did
a podcast on this, I think ourlast podcast was on this issue
where I did not think the clienthad a taxable estate, but based
(13:34):
on his business and some futurethings.
And Ian does have anotherdesignation that allows him or
helps him understand businessesand exit planning and things
like that.
And if the economy turns aroundwhich it should this guy is
going to have a massive taxableestate and I think his
(13:58):
perception of the business nowis incorrect.
I think if we looked at thebusiness and Ian asked him a few
more questions and he said youthink your business is worth two
to three million, it's probablyworth five or six, the guy was
like, really, he's like, yeah,honestly, with Berlora, and Ian
goes off on his thing, and sowith that information, we now
have a taxable estate.
(14:19):
Now we start looking intocharitable remainder trust,
possibly an asset protectiontrust, living trust and I would
have missed a lot of things.
Ian caught that and this guywas like oh, I absolutely want
(14:42):
to get this out of my estate,let's freeze it, let's do these
things to save me probably two,three, four million dollars in
taxes.
And so I went from doing arevocable living trust to doing
two or three more trusts to helpthis guy do exactly what he
wanted.
Okay, I would have totallymissed that.
So that's just an example ofhow this works, all right.
So if you are practicinginterlaw or estate planning
(15:06):
without a financial advisor byyour side, I am telling you you
are leaving money on the table.
Your financial advisors are notdoing what they can and your
client is not getting theservices that they need.
You are not looking out foryour client's best interests.
If you don't have this teamapproach, okay, this does not
(15:27):
have to be complicated.
If you have a financial advisorthat you know well and work
well with, great, call them,have lunch, get started on this.
If you don't call us, we'll beglad to talk to you.
We'll help you find someone.
We can answer some of yourquestions immediately.
We can do this.
(15:48):
We can co-host seminars withyou to do this, but at least
start the conversation.
So, basically, if your client'sfinancial advisor has not
brought up taxes and you see atax problem.
That's a problem.
You should call us.
If your client's financialadvisor has not brought up
(16:09):
long-term care and they're 60 orabove, that's a huge problem.
Okay, they need a differentfinancial advisor.
If you don't have your guy,give us a call.
We can definitely get youthrough this to get them the
products, the information, thatthey need.
Okay, so I've built this system.
After 25 plus years, I finallygot this figured out and it is
(16:35):
working amazingly well in ouroffice.
Okay, now we will go into this.
I think I have four hoursscheduled for this in the
transformation summit that isnext February.
Heard about that.
If you were interested inabsolutely completely
transforming your practice fromwhere it is now either, knowing
(16:58):
nothing about elder law, and youwant to get into it, I'm going
to give you everything that youneed in one weekend.
I will follow up with you forsix months after that to get you
up and going, seeing clientsadvertising, getting your
business transformed into anelder law practice and, like I
just said, we spend, I think,four hours of time with Ian
(17:21):
there talking about what I justtalked about how to work with
the financial advisor to bringin clients and to do what the
clients need.
Okay, if you have questionsabout that, please go to our
website.
Need.
Okay, if you have questionsabout that, please go to our
website.
The elder law coachcom.
We have information on theircontact person for the elder law
coach is Tricia T R I S H A andyou can reach her at Tricia at
(17:51):
the elder law coachcom.
Email her and say hey, Ilistened to the podcast.
I want to know abouttransformation weekend Weekend
or Transformation Summit, or youjust want to do regular
coaching?
We can definitely talk aboutthat to get you up and going and
doing what is absolutely thebest job in the world.
All right, thank you forlistening.
I would love to hear from you.
Let us help you do this and letus help you do it well.
(18:11):
Okay, we will see you next time.
Speaker 1 (18:14):
Thank you for joining this episode of the Elder Law
Coach podcast.
For those eager to take theirelder law practice to new
heights and are interested inTodd's acclaimed coaching
program, visitwwwtheelderlawcoachcom.
With Todd Whatley by your side,the journey to becoming an
elder law authority has neverbeen more achievable.
Until next time, keep learning,keep growing and stay
(18:38):
passionate about elder law.
You're tuning into the Elder Law Coach podcast, the
definitive resource forattorneys delving into the world
of elder law, with your host,todd Whatley, a certified elder
law attorney, past president ofthe National Elder Law
Foundation and renowned coachwith a quarter century of
specialized experience.
Whether you're an establishedattorney looking to refine your
(00:24):
expertise or an emerging lawyerseeking a successful foray into
elder law, this is yourmasterclass.
Now let's get started with theluminary in the field.
Here's Todd Whatley.
Speaker 2 (00:38):
That's right.
This is the Elder Law CoachPodcast.
My name is Todd Whatley and Iknow I say this every time, but
I am truly, very thankful thatyou do join me and listen, and
we are gaining some steam.
Every time I post something,there are a substantial number
of you who do listen and Iappreciate that very much.
And if you're just nowstumbling onto this, please like
(01:02):
and add to your favorites andyou will be notified every time
that I do this.
And also don't think I sayenough that this is the place
where we help attorneys buildsuccessful elder law and estate
planning practices and teach youhow to do it with purpose,
(01:22):
confidence and profitability.
So I am a certified law attorneyand I've been doing this for 25
years now, and for most of thattime I have not had successful
relationships with financialadvisors, and so today I think I
have figured it out and havebeen very successful over the
(01:44):
last few years, worked out thekinks, and today the topic is
going to be working side by sidewith financial advisors
successfully and showing how youcan truly meet your client's
best interest and meet all oftheir needs in one meeting.
Client's best interest and meetall of their needs in one
(02:07):
meeting and just from lookingback over 25 years, I have seen
where there have been so manyclients who have not had their
needs met.
I think I met with them.
I think that I've doneeverything legally that I can.
I've done their documents, I'vedone powers of attorney.
I was very proud of what I did,but there was just this
lingering issue of man.
They are in some badinvestments and no one's talking
(02:29):
to them about taxes andinsurance issues and I've just
never been able to have a goodrelationship.
And sometimes I would even calltheir advisor and say, hey, I
just did documents for them in avery open tone, very
conciliatory manner, and say,hey, I just noticed.
(02:51):
And when you bring this up,they're like, oh, I've got this
covered, don't worry about it,this is my lane, you stay in
your lane, we've got thiscovered.
I'm like, okay, but you reallydon't.
And so I think working withfinancial advisors is huge and I
think it can greatly increaseyour business and if you can
(03:11):
find the right financial advisorout there, you can greatly
increase their business and it'sdoing things that help each
other.
But the best thing is you'remeeting the client's needs.
You are having them leave youroffice with a solid financial
and legal plan that meshtogether, work together and I
(03:33):
have been so happy over the lasttwo years seeing how our
clients have really gotten greatsolutions and have met their
needs.
They leave happier, we leavehappier.
It's just better for everyone.
Okay, now what's the problem?
The system is broken.
Okay, we have one client havingto go to two different offices
(03:57):
and try to get two professionalsto ideally meet together but at
least talk and many times theydon't talk and trying to go
between offices getting a littlebit of information from the
attorney and taking thatinformation to the advisor and
that advisor saying, well, yeah,but this, and taking that
(04:18):
information back to the attorney, and it's just back and forth
and back and forth and it's justnot a great system.
You know, we see it likethere's two silos and they never
communicate, they don't shareanything and it is not meeting
the client's best interests,because important details get
(04:41):
lost, lost, recommendationsconflict, I may say something,
and the financial advisors, well, they don't understand this and
so they recommend this, andthen they bring that back to me
and I'm like, well, they missedthis point and I would recommend
this, and it's just back andforth and back and forth again.
It's just frustrating and sothings don't get done.
The client sometimes just givesup and says you know, I just I
(05:03):
don't know how to do this.
Once I started combining thesetwo together, it just the
clients were super happy, wewere super happy, it just seems
to work, okay.
And uh, you know, it just seemslike when the attorney and the
financial advisor sit at thesame table, in the same room
(05:25):
with the client, everythingchanges.
Okay, everything seems tochange because you're getting so
much done in that one hourmeeting.
All right, let's be honest, alot of attorneys and financial
advisors we just don't trusteach other.
Okay, attorneys worry that theadvisor is going to give legal
(05:46):
advice and advisors, I will tellyou, are very worried that the
attorney is going to steal theclient.
Okay, as you probably know, Igot my license because I was
seeing people were not in goodinvestments and so I got my
series 65 to help clients dothis.
Well, I get all of the feedback, all of the advertisements and
(06:10):
I'll get to this in just asecond.
But I will tell you, financialadvisors are doing their best to
keep their clients from goingto attorneys, and if you're
worried about losing a financialadvisor relationship over doing
this.
I can promise you they arebeing persuaded to cut off that
relationship.
They want their clients to stayin their office and get their
(06:33):
legal documents done in theiroffice and not go to the
attorney.
And the problem is clientsdon't care about turf wars.
They don't care that theattorney's trying to protect
their business and the financialadvisor's trying to protect
their business.
They just want their issuessolved.
They care about results andthey want results for their
(06:57):
situation and they want to knowthat everyone is on their team
pulling in the same direction.
Okay, now there are these thingsthat I call ghost law firms.
Financial advisors are beingpressured right now to offer
estate planning to their clients.
Okay, and many financialadvisors are being bombarded
(07:21):
with low cost distant law firmsthat will gather the information
and it's typically I mean it'snot much better than Rocket
Lawyer or any online legaldocument service.
It is basically the financialadvisor gives their client this
information and the financialadvisor probably pays a little
(07:42):
bit for this to get done andthey can go in there.
The client puts in theirinformation and the system
creates a document.
We all know how that is not inthe client's best interest.
They will pick things.
You know, this is their firstand probably last time to do
this, and this will be ourhundredth or 10,000th time to do
(08:04):
this.
We know things that the clientdoesn't know.
We give better documents, butthey are being pressured by
their financial people to sitdown with these ghost law firms.
And I actually attended awebinar one time a live webinar
with this financial advisor whowas pushing this, and so in this
(08:25):
presentation he was like theclients get their documents in
your office.
There is no need for them to gosee an attorney.
They get this done.
And so in the Q&A section I waslike so are you not practicing
law without a license?
And he was like oh well, no, no, no, there's a law firm out
there.
They meet with an attorney.
Well, they don't meet with anattorney.
(08:46):
They fill out the paperwork andI'm sure some attorney sort of
oversees it, but the issue isthey're getting legal documents
done and they're never meetingwith the attorney.
But the advisor's being verycareful to say oh no, no, no,
I'm not the attorney.
There is an attorney out theredoing these documents, but the
client never meets with theattorney, never knows that their
(09:08):
answers are correct or thatthey're going to do exactly what
they want to do.
So financial advisors areafraid that if they don't offer
estate planning, the client willgo somewhere else and they will
lose them entirely.
So if you don't have goodrelationships with financial
advisors, there's probably areally good reason for that, and
(09:31):
it is kind of sad thatfinancial advisors settle for
inferior plans just so they cankeep the client.
We all know we can give theclient a much better option, and
an attorney working with theadvisor can do so much together
that cannot be done separately.
All right, so here's how thisworks.
(09:51):
In my office we have an intakecoordinator who meets with the
people first.
That's a free consult.
They come in, they meet withthis non-attorney initial person
who talks to them, gets theirinformation, lets them share why
they may need our law firm, andthen he always gets into the
financial stuff.
Hey, tell me about finances.
(10:12):
Has your financial?
Do you have a financial advisor?
And if they do, it's like okay,what are your plans for taxes?
Well, we haven't talked abouttaxes.
You know the government wantsas much money as they can.
We're broke, they need money.
Taxes are not going downanytime soon.
But your financial advisor hasnot talked about taxes.
You're going into retirement oryou have two or three millions
(10:34):
in IRAs.
What's your plan for gettingthat out with the lowest taxes?
We haven't talked about that,huh, okay.
What about long-term care?
What's your plan for long-termcare?
Oh well, we've not talked aboutthat either.
And how long have you been withthis advisor?
Well, 10, 15 years, okay, andyou've never talked about
(10:58):
long-term care.
So he says, well, we have afinancial advisor in our office
who can sit down in the meetingwith Todd or with Lauren in our
office and would you like forthem to be there and kind of
look at this stuff?
And I think it's well, over 90%say, yeah, that would be great.
And our intake coordinator saysour guy is really up to date on
(11:19):
taxes and really up to date onlong-term care because he and
Todd work very closely,particularly for Medicaid and
things like that.
And Ian has taught Todd quite afew things about finances and
Todd has taught Ian a lot aboutlong-term care and estate
planning documents and how thatfits in with taxes.
And Ian's increased knowledgeof taxes really plays a part.
(11:43):
And people are so happy to dothat.
They're like, yeah, let's haveIan sit there because I want to
get a complete plan.
And so if you want to do this,like in my office, you need a
close relationship with afinancial advisor.
Okay, and I don't know if youhave someone like that.
(12:04):
If you do, fantastic, call them, have lunch, talk about this
and say, look, we have got tostart working together for
clients and particularly taxes,long-term care, and just coming
together for these plans isincredibly important, but a
unified team is just absolutelynecessary to meet these clients'
(12:28):
needs and to do truly what isin their best interest.
Okay, the client gets clarity,the attorney will now get real
financial data and with fullfinancial data, we can now do
better documents and have betteroutcomes, and the advisor can
also see what the attorney isdoing, what the concerns are of
(12:49):
the client, and address thetaxes, the long-term care, those
types of issues for a completeplan.
And it's interesting, when Ianand I are in meetings, I'll be
going down the road and henormally lets me lead the
meeting.
We'll get there and I'll getinto finances and taxes and I'll
say something and he'll sayTodd, I disagree.
(13:10):
I'm like, okay, I'm notoffended by that, because I know
Ian has my back and knows that.
I know what I'm talking aboutand I'm like, ok, I'm not
offended by that, ok, because Iknow Ian has my back and knows
that I'm, I know what I'mtalking about and I'm not stupid
.
But he's like, hey, what aboutthis?
I'm like that's a good pointand, for example and I just did
a podcast on this, I think ourlast podcast was on this issue
where I did not think the clienthad a taxable estate, but based
(13:34):
on his business and some futurethings.
And Ian does have anotherdesignation that allows him or
helps him understand businessesand exit planning and things
like that.
And if the economy turns aroundwhich it should this guy is
going to have a massive taxableestate and I think his
(13:58):
perception of the business nowis incorrect.
I think if we looked at thebusiness and Ian asked him a few
more questions and he said youthink your business is worth two
to three million, it's probablyworth five or six, the guy was
like, really, he's like, yeah,honestly, with Berlora, and Ian
goes off on his thing, and sowith that information, we now
have a taxable estate.
(14:19):
Now we start looking intocharitable remainder trust,
possibly an asset protectiontrust, living trust and I would
have missed a lot of things.
Ian caught that and this guywas like oh, I absolutely want
(14:42):
to get this out of my estate,let's freeze it, let's do these
things to save me probably two,three, four million dollars in
taxes.
And so I went from doing arevocable living trust to doing
two or three more trusts to helpthis guy do exactly what he
wanted.
Okay, I would have totallymissed that.
So that's just an example ofhow this works, all right.
So if you are practicinginterlaw or estate planning
(15:06):
without a financial advisor byyour side, I am telling you you
are leaving money on the table.
Your financial advisors are notdoing what they can and your
client is not getting theservices that they need.
You are not looking out foryour client's best interests.
If you don't have this teamapproach, okay, this does not
(15:27):
have to be complicated.
If you have a financial advisorthat you know well and work
well with, great, call them,have lunch, get started on this.
If you don't call us, we'll beglad to talk to you.
We'll help you find someone.
We can answer some of yourquestions immediately.
We can do this.
(15:48):
We can co-host seminars withyou to do this, but at least
start the conversation.
So, basically, if your client'sfinancial advisor has not
brought up taxes and you see atax problem.
That's a problem.
You should call us.
If your client's financialadvisor has not brought up
(16:09):
long-term care and they're 60 orabove, that's a huge problem.
Okay, they need a differentfinancial advisor.
If you don't have your guy,give us a call.
We can definitely get youthrough this to get them the
products, the information, thatthey need.
Okay, so I've built this system.
After 25 plus years, I finallygot this figured out and it is
(16:35):
working amazingly well in ouroffice.
Okay, now we will go into this.
I think I have four hoursscheduled for this in the
transformation summit that isnext February.
Heard about that.
If you were interested inabsolutely completely
transforming your practice fromwhere it is now either, knowing
(16:58):
nothing about elder law, and youwant to get into it, I'm going
to give you everything that youneed in one weekend.
I will follow up with you forsix months after that to get you
up and going, seeing clientsadvertising, getting your
business transformed into anelder law practice and, like I
just said, we spend, I think,four hours of time with Ian
(17:21):
there talking about what I justtalked about how to work with
the financial advisor to bringin clients and to do what the
clients need.
Okay, if you have questionsabout that, please go to our
website.
Need.
Okay, if you have questionsabout that, please go to our
website.
The elder law coachcom.
We have information on theircontact person for the elder law
coach is Tricia T R I S H A andyou can reach her at Tricia at
(17:51):
the elder law coachcom.
Email her and say hey, Ilistened to the podcast.
I want to know abouttransformation weekend Weekend
or Transformation Summit, or youjust want to do regular
coaching?
We can definitely talk aboutthat to get you up and going and
doing what is absolutely thebest job in the world.
All right, thank you forlistening.
I would love to hear from you.
Let us help you do this and letus help you do it well.
(18:11):
Okay, we will see you next time.
Speaker 1 (18:14):
Thank you for joining this episode of the Elder Law
Coach podcast.
For those eager to take theirelder law practice to new
heights and are interested inTodd's acclaimed coaching
program, visitwwwtheelderlawcoachcom.
With Todd Whatley by your side,the journey to becoming an
elder law authority has neverbeen more achievable.
Until next time, keep learning,keep growing and stay
(18:38):
passionate about elder law.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.