The Lawyer's Guide to Financial Planning
A National Speaker Seminar
3 CLE / 3 E - This program has concluded. Please join us next time.
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
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TOPICS:
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 will find 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 & Answer
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NATIONAL SPEAKER:
Veteran Attorney Cynthia Sharp (J.D., LL.M. - taxation) works with motivated lawyers seeking to build sustainable law practices. After building and selling her boutique firm which she ran for over a quarter of a century, she embarked on a professional speaking and consulting/coaching career. For the past 13 years, she has dedicated herself to sharing practice building strategies and processes with solo and small firm attorneys throughout North America. Cindy has established a national presence as an author and speaker on topics of ethics in the context of practice management and marketing - lecturing extensively to law firms, bar associations and other legal organizations. In recognition of her contributions to the profession, the ABA GPSolo Division named her Trainer of the Year in 2019. During the pandemic, she co-founded legalburnout.com, a community dedicated to the wellbeing of lawyers.
ICLEF • Indiana Continuing Legal Education Forum, Indianapolis, IN • Premier Indiana CLE
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