December 18, 2013

Med Supp and Medicare Advantage have been game-changers for us.  This short article is a lawyer confessional.  Just like you, we must attract, woo, and close prospects to be able to pay our rather significant law firm expenses.  Most people cringe at the idea of getting up in the morning and coming to an attorney’s office.  “Sticker shock” is not just reserved for car dealers; our typical clients have to swallow hard before they hire us.  In addition, law firms start each month with lots of expenses and a need to attract new clients.  That’s one of the big problems with being an estate planning attorney.  Most often, the estate planning attorney has a transactional business which is almost totally dependent upon new clients every month.

We are probably the only law firm within a 20 mile radius who knows the basics of Medicare Supplements and Medicare Advantage Plans.  We do lots of public seminars to promote our estate planning and asset protection services.  Seniors are desperately interested in health care.  They are worried.  Seniors are only moderately interested in estate planning.  Most people think, “I don’t have to worry about that right now; we can do that tomorrow.”

Just a note: The amount exempt from federal estate tax and the lifetime gift tax exemption will be raised to $5,340,000 effective in 2014. The annual gift amount that may be excluded from a gift tax return is still $14,000.00

Trust, integrity, reputation, and professional knowledge are all critically important to the success of your firm and mine.  Over the last few months, we have discovered that our knowledge about senior health care has opened the door for our estate and asset protection conversation.  In addition, we have been able to work with New Horizons to help seniors upgrade their existing life insurance for new and better asset-based/linked products which provide long term care benefits.

Our law firm is serving clients better by understanding how Medicare Supplements and Medicare Advantage Plans can benefit our senior clients.  One of my mentors is fond of saying, “Little hinges swing big doors.” I encourage you to open some big doors this year.

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