Women In Family Business – The Importance of Clarity

By Patricia Annino, J.D., Thomas Davidow, Ed.D. & Cynthia Adams Harrison, Ed.D., LICSW

The Importance of Clarity

family business imageThe more you and your husband agree to treat the business as a performance arena in which preparation is everything, the more productive your child will be. Similarly, the clearer you can be in terms of creating structures, the better off your child will be when he does enter the business. Being proactive about creating routines through governance structures or through accurate job descriptions is very helpful. If your child is already working in the business, you and your husband can discuss how to create sensible structures with appropriate boundaries. Everyone performs better when they know what’s expected and what the rules are.

Be Informed-Be Influential – Points to Remember

  • If your husband resists talking to you about the business or is upset about something at work and won’t share why, don’t take it personally and don’t give up.
  • Men and women really are different in how they think, behave, feel good about themselves and communicate.
  • When you set a limit for your husband, you are actually encouraging him: You are telling him that he is capable of achieving his goals as a businessman, husband and father.
  • It is possible to find the balance between creating objective criteria for your child’s performance in the business and maintaining family harmony.
  • There’s a difference between granting your child the automatic right to work in the business and giving him the opportunity to do so.
  • Things go best when there is consistent communication between you and your husband and between both of you and your child.

 

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

You are Challenging My Will – I’m Not Dead Yet!

People have been contesting wills and challenging estate plans for a long time, but until recently, they have had to wait until after the testator has died. Now, instead of waiting until Dad dies, a family’s emotional and financial drama can take center stage in court – while he is still alive. Pre-death litigation is on the rise and guardianship litigation is a forum in which the traditional post-death challenges to estate planning documents are now litigated while the testator is alive.

Alaska, Arkansas, Delaware, Nevada, North Dakota, and Ohio now allow lawsuits that directly contest the validity of a will and/or trust prior to the death of a testator. In those states, the court proceeding will involve notifying the named beneficiaries of the will and/or trust and any disinherited heirs of the existence of the will and/or trust and their contents. The court will set a time frame (typically 30 days) by which any of those persons (known as the interested persons) can mount a challenge. If no challenge is made within a set amount of time, then those persons are barred from mounting a challenge after the testator’s death. A goal of these laws is to provide certainty as to the estate plan.

Drawbacks include:

1) The provisions of the testator’s will/trust is revealed to all interested parties as part of the court proceeding

2) Any subsequent changes to the plan would have to occur through the court system and the ability to attack would arise with each revision

3) The testator may have real estate in jurisdictions that do not allow pre-death will contests and therefore, certainty on those assets may not be foreclosed

4) It is an open question as to whether or not future challenges could be foreclosed if the testator moved during his or her lifetime from a jurisdiction that allows pre-death will contests to a state that does not

In most other states, direct pre-death will contests are not permitted based on the concept that the will speaks only upon the testator’s death, and that a testator can change the will at any time during his or her lifetime. Florida, Indiana, and New York have generally enacted statutes that specifically preclude pre-death will contests.

Even in those states, however, indirect challenges to a will pre-death are not precluded, and may occur through guardianship or conservatorship proceedings. The theory here is based on the concept of “substituted judgment.” When a person is put under guardianship or conservatorship, a judge can determine (after medical testimony) that the incapacitated person is no longer capable of judgment, and the judgment of the court-appointed guardian or conservator is substituted for the incompetent ward.

A California case (Murphy v. Murphy) involved a family feud. The parents, William and Elaine, were married in 1949 and had two children, William Jr. and Maureen. Elaine became ill and Maureen moved into her parents’ home to help care for her mother. Her mother died and her father suffered a major stroke. William Jr. began a court proceeding asking the court to appoint a professional conservator to make decisions pertaining to his father.

In the papers he filed in court, the son alleged that his sister was imposing her influence on their father. Four days after the court appointed a professional conservator, the father, upset that his son had taken the family’s dirty laundry public, and upset about the underlying allegations, handwrote a will and trust that omitted his son and gave all of his assets to his daughter. A year and a half later, the conservator asked the court to approve the estate plan through a petition of substituted judgment.

The conservator had notified both the son and daughter of the substituted judgment petition and the court proceeding, and the son did not challenge his father’s estate plan. After his father’s death, the son tried to challenge the estate plan, but the California court held that he no longer had the ability to challenge on the legal theory of “collateral estoppel.” In other words, the son was not permitted to relitigate matters that had been already litigated. The issues that the son raised in the post-death challenge (undue influence, fraud, and the existence of an oral agreement), were issues put forward in the substituted judgment case even though those issues were not litigated in that proceeding.

In essence, the court determined that when a conservator obtains the court’s approval for a living ward’s estate plan, any challenge to the will must be made at that time and not after death.

There are several lessons to be learned from states that allow pre-death direct will contests, and from states that allow indirect pre-death will contests through guardianship or conservatorship proceedings:

  1. Weigh the costs and benefits of a pre-death vs. post death challenge. Witnesses, evidence, and testimony that are available now may not be available after death.
  2. Depending on the testator’s capacity, he or she may be a powerful witness. Without his or her testimony, the testator’s wishes may not be given the proper weight – the judge would have to rely on indirect evidence to determine intent.
  3. Understand the possible damage to the testator’s reputation by bringing this type of a proceeding forward while he or she is still alive. This type of lawsuit can be very embarrassing.
  4. If a guardian or conservator wants to bring the fight forward now and preclude future litigation he or she could seek court approval to revise the estate plan, notify all heirs at law and interested parties, and preclude further objections under the collateral estoppel.
  5. If your client receives notice of such a proceeding, the Scarlett O’Hara plan of waiting until tomorrow will not work; action must be taken in that proceeding while the testator is alive.
  6. If a court proceeding ensues, financial discovery will begin and may include the following documents: copies of all current and prior estate planning documents, a statement of who is designated beneficiary of all retirement planning assets, annuities and life insurance policies (primary and secondary), financial statements, tax returns, bank account statements, a complete listing of disbursements and back-up invoices, credit card statements, credit reports, insurance policies, deeds, promissory notes, safe deposit boxes, storage facilities, partnership documents, corporate documents, documentation of all gifting (including gifts not reflected on any return), and philanthropic transfers.

 
If it appears that your client will be involved in this type of litigation it is prudent to be aware of the scope of the financial discovery.

In summary, forewarned is forearmed. If you have a client whose estate plan will be challenged, or you have a client who will be challenging an estate plan and they believe it’s inevitable that the matter will end up in court, it is important to consider pre-death challenges as a possible avenue.

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com

Don’t let clients overlook these key estate planning issues

estate planning, estate planning tipsClients tend not to want to deal with estate planning until they absolutely have to. In my 30 years of practice, I’ve found that the two most common times clients revise an estate plan are when a vacation is coming up and when a friend or family member has just died or received a bad diagnosis, leading the client to contemplate his or her own mortality. But both of those events are the wrong time to do proper estate planning. It is very difficult to plan when facing a medical emergency, sudden illness, or recent death in the family, and it’s equally difficult to do proper planning when the client just wants a quick fix before he or she gets on a plane.

For these reasons, it may be helpful for you to bring up certain key issues with clients who are on the fence about estate planning, so that they can visualize the consequences of not having an up-to-date plan. One way to do so would be to hand them this column before you begin working with them.

  1. Health care proxies. All members of your family who have attained the age of majority should have signed and updated health care proxies or health care durable powers of attorney. It is also a good idea to list the cellphone numbers of all relevant people on these documents and to give copies of them to your health care agent (the person designated by the health care proxy to make health care decisions) as well as one or two and backup people so that they can be easily accessed.Having a health care proxy is especially important if you have children going off to college. Under Health Insurance Portability and Accountability Act (HIPAA) privacy rules, once a child attains the age of majority, his or her parents cannot access the grown child’s medical information without permission.

    Without a signed health care proxy, you will not able to make medical decisions for your child in the event he or she is unable to make them.
  2. Guardians or conservators. As you age, you need to decide who will be in charge should you lose the ability to handle financial affairs. A durable power of attorney can be used to handle financial affairs should you become disabled or incapacitated.However, even if you have a valid durable power of attorney in place, there are certain situations where protective proceedings must commence for someone to be appointed your guardian or conservator. The durable power of attorney can include a provision that nominates this person.

    Note that the nomination is just that: a nomination, not an appointment. But, should protective proceedings commence in court, the court is obligated to notify the person or persons you named as guardian or conservator that the proceeding is underway and that they have been nominated. In my experience that gives you a fighting chance that the person you nominated will be the person who serves in that capacity. (This is especially important if you’re worried that your family members may dispute your guardianship or if you’re in a nontraditional relationship or a second marriage.)
  3. Durable powers of attorney. Retirement planning assets (such as IRAs, Keogh, etc.) are owned by the plan holder. Without a durable power of attorney, no one automatically has the power to make investment decisions, take a hardship withdrawal, or roll the asset over for you should you become disabled or incapacitated. This is true even if you’re married. However, if you’ve established a durable power of attorney and given the attorney-in-fact (the agent) the authority to deal with the retirement planning asset, then the attorney-in-fact will be able to take those actions.Likewise, while you’re alive, you are the only person who can transact any real estate you own (including any jointly owned real estate). No one else automatically has the right to handle your assets. This is true even if you’re married and own real estate jointly with your spouse. If you and your spouse jointly own a piece of real estate and you become disabled, that asset is frozen unless you have given someone the legal authority through the durable power of attorney to deal with it.
  4. Updating the entire estate plan along with a will or a trust. If changes are made to a will or a trust— such as a change in beneficiary—it is important to make sure you coordinate your entire financial picture alongside those documents so that the plan remains integrated.
  5. Periodic revisions of the estate plan. In general, you should revise your estate plan at least every five years. Other times to do so include death, disability, divorce, marriage, the birth or adoption of children, the serious illness of a beneficiary or named fiduciary, a substantial increase or decrease in the size of your estate, the purchase or sale of a business, significant gifting or lending of money to a child, change of residence, or the purchase of real estate in another jurisdiction. Changes in the tax laws may also necessitate that you revisit your estate plan.It is a challenge for all of us to think about estate planning when there is no immediate reason to do so. It is very easy to put it off planning for one more day—then one more day. But life can be unpredictable. You don’t want to have to deal with a death, serious illness, or other unforeseen event without a proper estate plan in place. The time to secure that plan is now.

 

Source: http://www.journalofaccountancy.com/newsletters/2015/oct/key-estate-planning-issues.html

 

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

Ten Steps to Great Philanthropy in Your Estate Plan

  1. Understanding your basics- you can’t give until you know you are taken care of yourself. Take inventory – what is donation imageyour net worth? Income, debts, cash flow? Emergency reserve? If you become disabled what happens? If someone you are entwined with becomes disabled or dies how does that impact you? Are you protected financially in the way you should be? Are those who depend on you protected in the way they should be if you become disabled or die?
  2. Assemble the right team of advisors to help you in the process.
  3. Own the responsibility to educate yourself- read books, take online classes, join groups.
  4. Correct any weaknesses that turned up in the review above- put in adequate insurance (long term care insurance, disability, life insurance), make any adjustments to investment portfolio, retirement projections that are highlighted because of review.
  5. Put any legal documents in place to make your financial plan congruent- health care proxy, durable power of attorney, will and trust.
  6. Review your plan and determine what your philanthropic spending should be – this year and for the future.
  7. Spend some time and write a one page philanthropy mission statement (by yourself or with spouse/family) on philanthropic goals –what do you believe in? What do you want to achieve? What organizations are congruent with that? Evaluate your statement –is it consistent with what you have been doing in the past? Is it bold enough for the future? Do you know organizations that are in line with your mission? Are you involved with them? Do you wish to contribute to one cause/organization or many?
  8. Educate yourself on the choices- read books, attend workshops given by community foundations, take online classes.
  9. Give this year’s donation and commit to a more integrated plan.
  10. Annually review where you have been and where you are going by repeating steps 1-7. If there is a life change – divorce, disability, illness, unexpected expense, business failure, lottery winning, significant increase in salary, no more tuition payments take that into account and make appropriate adjustments.

Do I have a giving plan? How did I create it? How do I assure myself that I make a difference?

Yes, my core financial contribution is geared towards education because I believe that it is the most important root cause of change and empowerment. It began when my aunt who was my best friend died of cancer and I was thinking of how to remember her so we started a scholarship fund in her name at the law school she and I went to- it is for women who are working and attending law school (which is what she did). Each year I add to it annually and my goal is to build it up to real significance by the time I die- and if by chance I die before my time I have a life insurance policy made payable to it to insure its continued success.

Thoughts on anonymous gifting, being prepared to inherit from parents and spouses, passing values about philanthropy to the next generation.

Some people chose to make gifts anonymously – this can be to be private, so their names as donors are not revealed, so they are not deluged with requests. If privacy is important then that should be made clear and understood at the beginning – it is easy to start off anonymous and become more public and much more difficult to start off public and become anonymous.

Women need to directly enter the conversation with their parents, spouses and children about financial/estate planning and philanthropy.

It is hard to think about that vital conversation and women have to remember that they are pros at taking care of everyone else. They need to remember what the flight attendant says every time you get on the plane- if the barometric pressure in the cabin changes and the oxygen mask falls from the sky and you are traveling with a small child put it over your own face first- it is only when you protect yourself that you will have the strength to protect that child.

Anyone taking the time to read this is the most responsible person in their family and they are going to get that call if something happens to anyone else in the family – they must have protected themselves first so that they can instinctively do what needs to be done to protect the others.

If it is difficult to begin a conversation about these topics with your parents or spouse then begin by asking questions that will prompt thought and discussions- have you thought about what would happen if? Hand them articles, newspaper columns, and ask questions.

Life is a movie not a snapshot and as we travel through the phases of life there are certain things that we should be paying more attention to than others- single, married, divorced, widowed, remarried all have different challenges and focal points.

Find and hire the right advisors to help you with those phases. Understand that it is a process- understand what your money beliefs and habits are and why they exist, develop a series of questions to evaluate them and then think about a strategic plan to address them.

Passing values of financial literacy and education and how it is and will become a value in your family is important – especially if it took you years and major events to get to that place yourself. Once you are educated, empowered and act it is essential you build what you have learned into your family discussions and values. This can be informal dinner conversations, discussions of the nuts and bolts of economics- how are you going to pay for your expenses while you are at college? What stocks would you invest in if you had money today? Why? What are the influences at work? Site visits to financial institutions. A trip to the bank, opening and monitoring bank accounts at an early age, on site visits to charities selected by family members, development of family mission statement, a discussion the week before Thanksgiving about what philanthropy means and how time treasure and talent will be used. A family book club. There are many creative ways to introduce these topics and values into the fabric of everyday life and develop “family rituals” that will become incorporated for generations to come.

 

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

Educating the Donor to Make the Most of Charitable Giving

It is also important that donor education courses lead donors to ask the right questions, and that fundraisers are prepared to answer them. “It almost comes with the territory that ‘If I have the money, then I have the knowledge’,” says Cole Wilbur, former president of the Packard Foundation. “Most of the questions in the philanthropic field are questions that people don’t know to ask. They are not obvious.” (http://www.hewlett.org/uploads/files/PhilanthropysForgottenResource.pdf) (9)

Wilbur goes on to say, “It should also be noted that in some cases donor education can be harmful if it makePerson holding a hoop in front of a mans so-called ‘strategic giving’ seem too complicated, time consuming and overwhelming. It can make a would-be donor jump through too many hoops to master the craft of giving. Donor educators need to acknowledge up front the vital role that personal passion, deep values, and gut-level instincts play in any good giving. The notion and role of craft should not trump good intentions and natural inspiration. Donors do have the option to add varying degrees of planning, strategy and focus to their giving, but the presentation of those options should not create barriers to taking the initial steps forward.” (http://www.hewlett.org/uploads/files/PhilanthropysForgottenResource.pdf) (10-ibid.)

Donors who are passionate and well informed about the organization’s mission are valuable ambassadors in the community. It’s important to determine what donors know and don’t know about an organization by conducting focus groups with donors to find out what they want to know. As Michele Minter points out in CASECURRENTS, April, 2011: “Even when they feel empowered and know how to give efficiently, donors can still find themselves stymied by their lack of subject-specific knowledge. Once donors have identified their philanthropic focus, they face the challenge of sifting through large amounts of information to choose how best to give. With so many nonprofits and media outlets competing for attention, where will a passionate donor find relevant, trustworthy information? “

Here, then, are some key questions for donors to consider when considering making a charitable gift:

Which charities do they want to benefit?

Donors should know the goals, objectives and mission of an organization and if they match their values and giving goals. They should explore the “why” questions of philanthropy based upon their personal history, values, passions, relationship with money, and planned legacy. http://www.hewlett.org/uploads/files/PhilanthropysForgottenResource.pdf

What kind of property do they wish to donate?

Do they want to donate money, items, property, stocks, etc? This will affect the type of gift set up and giving process as well as who is involved.

Gifts of significance come in many forms. They may be substantial cash contributions, gifts of appreciated securities, or in-kind gifts such as contributions of valuable art or tangible personal property. Often major gifts are in the form of multiyear pledges given outright or through planned giving vehicles such as bequests, charitable trusts, or gift annuities. Regardless of the form they take, gifts of significance usually come from donors who have contributed several smaller “gifts” over a period of time. (http://www.philanthropy.iupui.edu/TheFundRaisingSchool/PrecourseReadings/precourse_giftsofsignificancehodge.aspx)

How important are the income tax effects of the gift?

Depending on the size, the donation will be effected by tax policy which will be applied accordingly.

How important are the gift/estate tax effects of the gift?

This will again depend on the size/type of gift. If a donor makes a planned gift, (CRT, CRUT etc.) it will be affected differently by tax policy and how much the donor gets back from the school regarding their CRT/planned gift policies. For example, a CRUT is the most versatile of planned giving instruments, but it must meet strict IRS code requirements in order to be tax exempt and receive a charitable deduction. (Sargeant, Adrian and Jen Shang, 2010.)

Does the donor want the gift to be in effect during his/her lifetime or at death?

Depending on the type of gift the donor wishes to make, it will kick in either after or before death. For instance, if the donor puts an institution/organization in his/her will (a charitable bequest), it will only be available to the institution/organization after death. But if the donor gives through a CRT or CRUT, he/she will be giving the money upfront and it will be active during his/her lifetime and after death.

Does the donor wish to retain interest in the property gifted and to be involved with where the gift is used?

It is important for donors to be clear about how much money, time, and influence they are prepared to commit to a project, and that they have considered the strategic and personal commitments it will require. http://philanthropy.com/article/Questions-Big-Donors-Should/126789/

Are the values of this organization aligned with the donor’s?

It is important to give to an organization with which the donor has a connection regarding values. That connection will make the donor willing to give more and participate in the organization if necessary. The donor can also represent the organization to the community to possibly recruit more donors.

Does the organization have an operating strategic plan and is it regularly revisited? Does it have an evaluation plan and methodology that captures real outcomes?

What determine the importance of strategic planning are the small number and the long term, organization-wide impact of the decisions in the strategic plan. It is important that the donors have a clear understanding of the goals and long term strategy of the organization so that they are aware of where their money is going and how it will achieve its objective.

Does the organization possess the financial health and managerial capacity to achieve its objectives?

It is important to be sure that the organization/institution to which donors are giving is able to perform the activities and objectives that it promises to. If the managerial capacity is lacking, or if the organization does not have the proper financial capacity to perform the necessary actions and execute its strategy, then it is a bad investment. It is important to ask for the future strategy and to meet other donors involved with various levels of leadership within the organization.

Does the organization readily make its financial and operating information available?

This information should be available on the organization’s website. Its tax forms should be readily available online to ensure that its practices are transparent and that it is financially reliable and accountable.

Donors need to know the tax status of the organization/institution to which they are giving: In order to be deductible, charitable contributions must be made to qualified organizations. Donors can ask any organization whether it is a qualified organization, or they can check IRS Publication 78, Cumulative List of Organizations. It is available at www.IRS.gov. (http://www.irs.gov/newsroom/article/0,,id=172936,00.html)

It is important that all levels of donors ask these type of questions, and that such questions are addressed at a financial literacy program. “The principles that apply to the wealthy apply also to the less-wealthy because they still have limited resources and limited time,” Tierney says. “The moral of the story is: Don’t wait too long to ask life’s most important questions.” (http://fundraisingwins.wordpress.com/2011/03/28/questions-donors-need-to-ask-themselves/)

 

Receipts

Starting in 2007, donors need a receipt for any donation. The old limit of $250 has been eliminated, so even a $10 bill in the collection plate requires a receipt if they want to deduct it. Here are some specific guidelines:

Donors may deduct up to 50% of their adjusted gross income in one year for charitable donations. (Certain contributions, though, may have lower limits.)

If they give more than 50%, they can carry the excess forward for up to five years.

If they donate goods to an organization, it must be in good condition or better in order to be deductible; and if it’s worth more than $500, they have to get a professional appraisal to prove its value.

If they receive something in return for their donation, they can only deduct the excess of their donation over what they received, i.e., if they paid $100 for a charity dinner with a value of $30, they can only deduct $70.

Source: http://www.consumerismcommentary.com/3-things-you-need-to-know-before-giving-to-charity/

 


Patricia Annino
is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

Effective Risk Planning

Image of a womanOn the topic of risk I just came across the Family Office Exchange white paper, “Securing the Future: Managing Threats and Opportunities Through Effective Risk Planning” (October 2009) and was impressed with how thorough this study is.

I recommend it to anyone who is advising high net worth families and/or family owned businesses. Its intent is to develop a process for managing risk to diffuse reactive, irrational decision making and puts forth the best strategies for managing downside risks while emphasizing the importance of capitalizing on new opportunities for wealth enhancement.

It is a wonderful roadmap for a proactive approach for risk management across the critical issues that families face. To quote Arie de Geus, the former head of strategic planning for Royal/Dutch/Shell, “nobody can predict the future, therefore one should not try. The only relevant discussions about the future are those where we succeed in shifting the question from “whether something will happen” to the question “ What will we do if it does happen?”

For more information about the Family Office Exchange white paper visit: https://www.familyoffice.com/knowledge-center/securing-future-managing-threats-and-opportunities-through-effective-risk-planning

My three key areas “at risk” for family business are family cohesiveness, business ownership and wealth management. Here’s a look at what they mean:

 

Family Cohesiveness

In the area of family cohesiveness, reputation or the family brand is at risk. Traditionally this risk was triggered by a scandal that leaked out to the press. The new way this risk is triggered is through the Internet. Videos on YouTube and comments on Facebook, Twitter and other social media networks can affect your client’s family’s reputation. They can be used in divorce litigations, custody matters and employment decisions. Once viral, it is hard to remove.

The younger generation, if not educated, is not mature enough to understand the afterlife omnipresent power of the digital era. A family risk-management policy should include education about the dangers of social media and a morally binding decision among family members to understand the consequence of social media on the reputation of the entire family.

Business Ownership

Another risk to family cohesiveness is the impact to individual goals and life plans.

Traditional risks included the illness, death or incapacity of a key family figure.

In the family business, the new risk is the increased work lifespan of the older generation, which results in the delayed succession of the middle generation. With the older generation in good health and working longer, the individual goals plans of the middle generation may be passed over.

Intentional strategic planning and clear communication among all generations as to what the expectations are for the working lifespan and when the baton should/will pass can mitigate this new risk.

Traditional risks to business ownership and the economic sustainability of the family enterprise include the death or the divorce of a shareholder when proper planning is not put in place.

The new risk is the evolution of laws governing how assets are allocated in a divorce. In some states, gifted and inherited assets are divisible in a divorce. This does not just include what the about-to-be divorcing family member owns when married; it also includes the expectancy of what that divorcing family member will receive in the future.

Those expectancies are taken into account when determining the allocation of assets between the couple about to be divorced.

A significant side effect to this is how a hostile soon-to-be ex and their attorney will value the family business assets and put that valuation into the public realm of divorce court. The goal of that hostile divorcing member is to value that business high. That valuation may do serious damage to the estate plan of the older generation.

There is also an increased risk for the allocation of alimony. Many family businesses have phantom income that is earned during the course of the marriage that shows up on the tax return and is plowed back into the family business. At issue is how that phantom income should be treated for alimony purposes.

If it was earned during the marriage, is it marital income taken into account for alimony and child support purposes even though not actually received?

When thinking about these risks, it is important to remember that the law and the court in the jurisdiction of the divorcing spouse that will control these decisions. These risks can be mitigated by a well negotiated pre-nuptial agreement or post-nuptial agreement.

Wealth Management

Traditional risks related to a family’s wealth (including financial, intellectual and social assets) include the illness or death of the key family stakeholder, economic downturn and changes in the regulatory or legal environment.

The dissipation of wealth sometimes triggers new risks. With each ensuing generation, wealth is splintered. Besides that, new risks also come from the lack of creation of new wealth during turbulent economic times, the increased complexity of legal and tax matters and the increased complexity of wealth management choices.

These risks can be mitigated when the family coordinates its advisers and monitors the integration of all professional services.

The risks are further mitigated when the family embraces and encourages financial education and financial literacy across the generations. Mentoring, shadowing, exposure to the concepts and resources along the generation continuums reduces unintended consequences.

Risk taking is an essential part of getting ahead. Be sure and invest in yourself and understand and evaluate your risks before you take them.


Patricia Annino
is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

Planning For an Unpredictable Future: Key Organizational and Operational Components of a Trust

estate planningAs professional advisors, we help clients plan for the future – yet none of us knows what the future holds. We must therefore do our best to help create a solid, yet flexible, foundation that will accommodate changes to the family, the business, and the tax and regulatory environments. When we work with a client to help create an estate plan, we make sure that plan is implemented and executed. We might then feel that our job is done. But in reality, our job is done only if the client happens to die the very next day.

At the initial client meeting, it is our responsibility to explain that creating an estate plan is an ongoing process. The planning documents are but one frame in a long movie – the script of which has not been finalized, the participants not cast in concrete, and the provisions not intended to be permanent. In other words, estate planning, like life, is a movie, not a snapshot. Once that concept is clearly explained, the client should understand that the plan needs to be continually reviewed and revised.

For many families, the most important estate planning document is the Trust. It is the document that may continue past the client’s lifetime, past the spouse’s death, and past the death of the children. Over the last 20 years, many advisors and clients established a trust for tax purposes – to reduce the estate taxes that the family will pay when both spouses die. But for the past 20 years, there hasn’t been nearly enough focus on the non-tax components of the trust arrangement.

As advisors, we must be aware of the dual components of using trusts in estate planning – organizational and operational. The organizational structure is established when the trust is signed. The operational structure starts from that point and continues on. The family, the laws, and the investments will all change – and the fiduciaries will need to make decisions.

Organizational Components of the Trust. For many clients, the foundation of estate planning is the trust and its provisions. This fundamental organizational document lays the groundwork for later implementation, so it is important to pay careful attention to the wording. Some key organizational components include:

  • Who is the donor (person establishing the trust)? Who are the initial players? Who are the beneficiaries? Who are the trustees?
  • Does the trust contain a stated purpose?
  • Is it revocable or irrevocable?
  • What are the provisions that pertain to the trustee powers? How many trustees are required? Must the trustees act unanimously or by majority? What is the standard for trustee removal? What is the standard for appointing new trustees? Are there specific powers authorized in the document, e.g. retaining a family business or selling real estate?
  • What are the provisions that pertain to the beneficiaries? Who are the permissible beneficiaries? Spouse only? Spouse for life then children? Spouse and children concurrently? Spouse and descendants? In-laws? Charities?
  • Powers of appointment. Does the trust include provisions that give beneficiaries the power in their Will to change who will receive the assets or the terms of the trust? Is it a special power of appointment, limited to a certain class, such as the donor’s descendants? Is it a general power of appointment – meaning the power to expand the group to charities, to creditors, to anyone?
  • Does the trust include a spendthrift clause that will protect the trustee assets (as long as they are not distributed from the trust) from the creditors of any beneficiary?
  • Jurisdictional issues. What state law governs how the trust will be administered? Can that jurisdiction be changed? If so, who can change it?
  • Termination of the Trust. When does it end? After the death of the donor and his/her spouse? When the children reach a certain age? Does it run for the Rule against Perpetuities period? Does it end only when the trustees decide to end it?

Operational Components of Trust Administration. The organizational components of the trust document outlined above are the guide to how the trust will be operated – from the date the trust is signed until the date the trust ends. Key operational components of trust administration include how the clauses in the trust are interpreted and implemented. To understand the scope of the administration it is important to contemplate issues such as:

  • Investments. After reviewing the powers in the trust documents, the trustees must then review the law in effect at the time of administration and decide how they will operate the trust. Will the trust be operated for growth? For income? For balance? Will certain assets, even if nonproductive, (such as residential real estate) be maintained? Should rent be charged? Should the trustees provide loans of trust assets to beneficiaries? On what terms? With formal notes? What should be the terms of repayment?
  • Distributions of Income and Principal to Trust Beneficiaries. The trustee will review the document and determine who the class of permissible beneficiaries is at any given time. With that in mind, the trustee (guided by the documents and the law) must make decisions regarding distributions. Should they be equal? Income only? Income and principal? Principal only for limited reasons? Should the trustee require an annual budget from the beneficiary before making a decision? Should the trustee authorize regular payments? Should any beneficiary requests be denied?

When making these decisions, the trustee should be aware that the pattern of distribution can have consequences to the creditors of the beneficiary. There may also be considerations in a divorce – what, if anything, is the soon-to-be-ex-spouse of the beneficiary entitled to? The trustee will also have to decide the process for evaluating bequests from the beneficiary. A face-to-face meeting? Communicating by phone or email? Who is to be consulted? Are there provisions in the trust that require monitoring – such as no distributions if it is believed that a beneficiary suffers from substance abuse? If so, how should that be monitored? Is there a withdrawal right? In other words, does the beneficiary have the right to withdraw funds no matter what the trustee says?

  • Powers of Appointment. If there are powers of appointment in the document, have they been exercised? To whom and for what duration?

Once the trust is signed, you and the client should discuss when the plan will be reviewed next. Many advisors encourage their clients to write an annual letter to the trustee, which might contain provisions that are read only when the trustee is administering the trust. As life changes, the client could send this letter to help guide the trustee on issues relevant to administering the trust – such as a troublesome marriages, creditor issues, special needs, mental illness, and substance abuse.

Since the primary decision for establishing a trust may no longer be to reduce estate taxes, it is important for advisors and clients keep the organizational and operational components in mind, paying careful attention to meeting the trust’s goals and objectives.

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released her new book, “It’s More Than Money, Protect Your Legacy” available at Amazon.com. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

Judge Rejects Request by Paul Smith’s College to Change Its Name

By BENJAMIN MUELLER and KRISTIN HUSSEY OCT. 7, 2015

In the rarefied world of multimillion dollar gift-giving, Paul Smith’s College, named for a 19th-century hotelier and tucked in the forests of northern New York State, carried little cachet. So when Joan Weill, the wife of the Wall Street

Paul Smith College Entrance

Joan Weill, the wealthiest benefactor of Paul Smith’s College, made an offer of $20 million with the requirement that the school change its name to Joan Weill-Paul Smith’s College. Credit Nancie Battaglia for The New York Times

billionaire Sanford I. Weill, proposed a $20 million gift that would lift the struggling college’s fortunes, its officials saw national prestige on the horizon.

Mrs. Weill’s only condition — one that experts say is becoming more common among major donors — was that the institution become Joan Weill-Paul Smith’s College.

But a state judge rejected that change, ruling in a decision released on Wednesday that Mrs. Weill’s money did not give the college license to violate a provision in its founder’s will that enshrined his father’s name on the college in perpetuity.

The dispute over the name is one of several such controversies that have reverberated through philanthropic circles in recent years, including the transformation of Avery Fisher Hall in New York into David Geffen Hall and the recasting of the Miami Art Museum as the Jorge M. Pérez Art Museum of Miami-Dade.

 The Joan Weill Adirondack Library at Paul Smith’s College. Mrs. Weill sought a bigger role at the school by donating $20 million. Credit Nancie Battaglia for The New York Times

The Joan Weill Adirondack Library at Paul Smith’s College. Mrs. Weill sought a bigger role at the school by donating $20 million. Credit Nancie Battaglia for The New York Times

The Joan Weill Adirondack Library at Paul Smith’s College. Mrs. Weill sought a bigger role at the school by donating $20 million. Credit Nancie Battaglia for The New York Times

And yet it is one of the few cases of its kind to yield a judicial ruling, experts said, putting the college at the center of a nascent legal debate over how long institutions must adhere to restrictions set at their founding. Uncertainty about such rules looms ever larger over groups that have grown reliant on big gifts that often come with strings attached.

The decision sent a strong message to other organizations that perpetual naming agreements would not be lifted easily, and it left the fate of Mrs. Weill’s gift in doubt. It also brought an end to months of sometimes vitriolic debate at the college, in Paul Smiths, N.Y., as the case provoked class resentments and clashing expectations about the very purpose of philanthropy.

“This decision is a big, big deal,” said Doug White, an adviser to philanthropists and nonprofits who teaches at Columbia University. “It’ll help define what the court system thinks of the idea of changing the name of an organization like this.”

The college, the only four-year institution in the six-million-acre Adirondack Park, was created in 1937 with a bequest from Phelps Smith, which required that it “be forever known” as Paul Smith’s College of Arts and Sciences, in honor of his father. Its student body of about 1,000 doubles the area’s population.

It also attracted the notice of Mrs. Weill. She and her husband owned a home nearby, and she fell in love with the idea of a school that helped students who were the first in their families to attend college “change their lifestyle”, she said in an interview around the time her gift was announced. The college is best known for its hospitality and forestry programs, and nearly all of its students receive some form of financial aid. “I felt, ‘O.K., I can make a difference here,’ ” she said in the interview.

Like many schools in remote locales that charge high tuition, Paul Smith’s has struggled with declines in enrollment and revenues, trends driven by shifting student demographics, the college argued in court papers.

The college operated at a loss in 2013, and over the last two decades, more than 85 percent of its donations were from fewer than 150 people, almost all of whom were not alumni. It came to lean in no small part on the largess of Mrs. Weill and her husband, who donated almost $10 million to help pay for a new library and student center, both of which were named for her, and also raised nearly $30 million from other donors. (The Weill name also adorns a medical college and a recital hall in New York City.)

Mrs. Weill sought to extend her reach with the $20 million gift, announced in July, which college officials cast as a lifeline that could allow them to recruit students nationally and draw more donations from the couple’s wealthy friends. The college argued in court papers that it in order to consummate the gift, it needed to undo the century-old naming restriction, which it said “nearly fatally impedes the ability of Paul Smith’s to seek large gifts from a single donor in order to make the investments it needs to remain viable.”

 Joan Weill in 2012. Credit Cindy Ord/Getty Images


Joan Weill in 2012. Credit Cindy Ord/Getty Images

Justice John T. Ellis of State Supreme Court in Franklin County disagreed. State law says a court can change the rules attached to a charitable gift only if complying with them has become “impossible or impracticable.” After reviewing years of financial records as well as the college’s $30 million revitalization plan, he concluded that the college had not offered enough evidence to prove it would not survive without a name change.

“The petitioner falls far short of showing that its name is holding the college back from being a shining success both in enrollment and in producing successful college graduates,” Justice Ellis wrote. “Significantly, Paul Smith’s has failed to demonstrate the college cannot operate effectively within that changing demographic absent the requested relief.”

The ruling appears to complicate the college’s path to financial stability, jeopardizing its role both as an economic driver and a source of pride and identity in the rural northern part of the state.

The college’s president, Cathy S. Dove, who pushed for the change alongside the board of trustees, said the college was considering its options.

“While we are disappointed in the court’s decision, the board of trustees and I truly appreciate the enduring connection our people feel to the college and our traditions,” she said, apparently referring to alumni reaction.

Reached by phone on Wednesday, Mrs. Weill declined to comment on the decision. It was not clear whether she would go forward with her donation. A spokeswoman for the college, Shannon Oborne, said, “That’s an area that we’re really not fully prepared to talk about right now.”

Some students cheered the decision; others had recently expressed concern that the college needed money to educate students from low-income families.

“The name means a lot to people who come here,” Anthony Pernisi, a senior who collected 300 signatures from students opposed to the change, said on Wednesday. He and others said the resistance was to the name change alone, not to the college’s largest donor. “I don’t feel like it was a fight or a war against one side or another,” he said.

 A display at the college bookstore in the Joan Weill Student Center, another campus building paid for by the Weills. Credit Nancie Battaglia for The New York Times

A display at the college bookstore in the Joan Weill Student Center, another campus building paid for by the Weills. Credit Nancie Battaglia for The New York Times

A display at the college bookstore in the Joan Weill Student Center, another campus building paid for by the Weills. Credit Nancie Battaglia for The New York Times

The reaction had been somewhat stronger among alumni, who had said in scores of online posts and public comments that the proposed change undermined the college’s integrity and called into question Mrs. Weill’s motives as a philanthropist.

In comments submitted to the state attorney general’s office, which oversees nonprofit organizations and had to approve the college’s request for a name change, graduates described themselves as a scrappy lot who tended to dirty their hands in the course of their work. They said they did not understand why Mrs. Weill felt she had to attach her name to the gift.

“The petition not only fails the truth test, the philanthropists fail the good-will test,” a 1980 alumna, Sheila Strachan, said in an Aug. 12 email to the attorney general’s office.

Philanthropic experts and advisers said Mrs. Weill’s stipulation reflected the increasingly transactional nature of philanthropy, as institutions once named for people accomplished in their fields accepted that using a donor’s name was the only way to guarantee financial solidity.

While many attribute such requirements to ego, “I think that’s too simplistic,” said Charlie Brown, who has raised money for Johns Hopkins and Stanford’s medical school.

“There’s a natural human desire to leave behind some trace that we’ve had an existence here and that it mattered,” he continued.

Others said the anger expressed by those connected to Paul Smith’s was a sign of things to come, as development officers turn more and more attention to very wealthy donors, at the expense of more modest gifts.

“Philanthropy is becoming de-democratized in the sense that there are more and more large gifts,” said Mr. White, director of a master’s program in fund-raising management at Columbia. “That demand is going to become more and more prevalent.”

The judge’s decision about Paul Smith’s, he added, offered something of a road map as institutions tried to undo perpetual name agreements for the first time. It also, he said, served as a warning about making new naming promises, as the leaders of Lincoln Center did this year in pledging to preserve their concert hall’s new name, David Geffen Hall, forever.

“We’re treading on fairly fertile ground,” Mr. White said, “and this decision will start the process.”

 

Source: http://www.nytimes.com/2015/10/08/nyregion/judge-rejects-paul-smiths-colleges-request-to-change-its-name.html?_r=0

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released her new book, “It’s More Than Money, Protect Your Legacy” available at Amazon.com. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

Key Tasks to Implement a Long Term Wellness Plan

Clinic ImageImplement a fundamentally holistic plan for longevity that will maximize long-term wellness and lifespan. Dan Carlin, M.D., founder of World Clinic, a concierge medical services noted in FamilyOfficeReview.com (2011) for this type of a plan to be successful there are several key tasks to fulfill:

  • Retrieve and summarize medical records. Gather all existing medical records, then identify and summarize the core data; past medical history and physical exam findings to date, active medical conditions, allergies, medications, family/genetic risk and lifestyle variables.
  • Match the findings of the records review against a best practices checklist. This an essential step to identify what is missing in the baseline information set. Specifically this identifies problems that have gone unaddressed or are currently undermanaged.
  • Execute a comprehensive baseline health evaluation unique to the patient.
  • Based on the cross match of their records against the best practices checklist, create a detailed list of the necessary exams and labs to fill in any obvious gaps and address specific personal risk (such as early heart disease or breast cancer)
  • Schedule an executive physical exam that includes all the necessary exams and labs.
  • Develop a long-term calendared plan to track the specific findings associated with the patient’s unique risk. Calendar the specific events required to capture those metrics. This could include weekly blood pressure readings for clients with hypertension, semiannual blood draws for those clients with elevated cholesterol or annual mammograms for clients at high risk for breast cancer.
  • Keep score. Now that you have identified the key metrics associated with the client’s long-term health, track them. Ensure compliance with the plan by making it easy for the client; utilize their personal support staff as much as possible. Additionally coordinate exams such as blood draws to occur at the client’s residence at their convenience.

Once this is done Dr. Carlin then establishes a customized scoring system to track the individuals health needs. Compliance with this system is tracked by a clinical support team to ensure that goals are met.

Dr. Carlin also believes that the single biggest unmanaged risk for the high net worth family is a medical emergency. As he noted in Private Wealth Magazine (July/August 2011), the risk of the high net worth family is compounded by three variables which the average person does not bring to the table: they often reside and travel to areas with limited care resources, like ranches and tropical islands, they are often too busy to manage all the records and details of personal health and the need for total privacy is non negotiable.  For these reasons he underscores the importance of the high net worth family to be aware of the advances in telemedicine and the growth of concierge medicine. When used together with traditional medicine they provide two key resources for the high net worth family- immediate diagnosis and treatment (no matter where in the world the family member is) and longevity planning (a formal customized strategy designed and monitored to achieve maximum health).

AREA OF COMPETENCE: Divorce- Cherny Case  Jane Rood Case

ALL OF THIS UNDERSCORES the Importance of Long Term Care Insurance no matter what the level of wealth is Long term care insurance allows you to:

  • own the responsibility to protect yourself
  • maintain independence
  • preserve dignity
  • the system of care attached to the policy may lead to getting you faster care
  • protects health of caregiver
  • there may be no family members living near by who can help you
  • protects the inheritance of the children
  • in second marriages protects the income and assets of the health spouse
  • expands care options

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released her new book, “It’s More Than Money, Protect Your Legacy” available at Amazon.com. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

The Pros and Cons of Guardianships for Parents of Impaired Adults

guardianship of elderly parentGuardianship offers additional options, but is hard to obtain, for a very good reason.

When we think of legal guardianship or conservatorship, several types of situations typically come to mind. We imagine instances involving a minor child whose parents may have died young, an elderly parent with dementia, or an adult who has been severely injured and can no longer take care of himself.

But a new category is evolving: an adult child whose decisions are impaired. This category has made headlines in recent years thanks to celebrities such as Britney Spears, whose father has been her court-appointed conservator since 2008. Spears records albums, performs worldwide, and is one of the most recognizable celebrities in America. Yet while she is under conservatorship, she does not have the right to make financial or legal decisions.

When a person is put under guardianship or conservatorship (the specific term used varies by state), that court-appointed fiduciary has the legal right to overrule the decisions the ward makes. The court-appointed fiduciary must report to the court and in certain circumstances, such as ordering antipsychotic medication, must prove to the court that the decisions are necessary.

It’s tricky to determine when it makes sense to appoint a guardian for a young adult whose decision-making is impaired. Many young adults make bad, and sometimes unsafe, decisions. These often involve alcohol or drug addictions. Even so, the key question is whether that is enough to justify taking away their personal liberties and overruling their rights.

Proceedings can divide families

An adversarial protective proceeding is fraught with emotional and legal peril, and the decision to seek a guardianship often divides families. Some family members may think a guardianship is the only alternative, while others might believe it is a mistake. The uncertain outcome of a proceeding complicates the situation. If the adult child “wins” and retains competence, then family relations can break down and any trust or confidence between the parent and adult child can evaporate.

It is noteworthy that in many states the protective proceedings of guardianship or conservatorship can be voluntary—the person involved can agree to have a legal guardian or conservator appointed. A distinct advantage to this type of protective proceeding is that it does not have to be adversarial. Twice in my practice, I have seen a person enter into a voluntary protective proceeding and then have that protection end in a few years, after which the person again took charge of his own legal and financial decisions. But voluntary guardianship isn’t always an option.

It is (and should be) difficult to put adults under guardianship or conservatorship against their will. Courts must tread slowly and carefully on this slippery slope. To complicate matters, many states define competence for legal purposes differently from competence for medical purposes. In all states, however, those seeking to place someone under involuntary guardianship or conservatorship must first produce ample medical evidence to support this course of action.

The person being put under guardianship or conservatorship receives advance notice of the court proceeding and has the right to object to it. Court proceedings, which are public, can take time and can be costly due to legal fees and related bills. If the proceedings involve finances, the court-appointed fiduciary must also file annual accountings.

Other Options

A less severe option, and an important first step for many, is putting in place the basic estate planning documents—durable power of attorney (for financial purposes) and health care proxy (for medical purposes). These documents are important because they start the process of providing another person with the legal authority to act. One advantage of these documents is that they exist outside the court system. Therefore, any financial actions taken by the attorney-in-fact under the durable power of attorney or health care actions taken by the health care proxy are private.

These documents are also important for parents who wish to view the medical or financial records of their adult children. Once young adults reach the age of majority (age 18 or 21 depending on which state they live in), no one has the right to access their records without a Health Insurance Portability and Accountability Act (HIPAA) release. But a durable power of attorney and health care proxy can be used to waive HIPAA privacy rights. In most states, adults have the right in a durable power of attorney to designate whom they would name as their guardian/conservator if protective proceedings commence. The person nominated as a fiduciary has the right to be present in a protective court proceeding, if such a proceeding commences.

For many of our clients, dealing with an adult child who has a significant mental health or addiction issue can be a considerable challenge. In addition to the traditional paths of medical and psychiatric care, the appropriate legal options also should be explored. At a minimum, for any child at the age of majority, a health care proxy and a durable power of attorney should be executed. For more extreme situations, the legal protective proceedings of guardianship or conservatorship may be an answer. To fully explore the available courses of action, clients should consult an estate-planning or disability-planning attorney, a physician, and a psychiatrist.

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning. She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about. Annino recently released her new book, “It’s More Than Money, Protect Your Legacy” available at Amazon.com. To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

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