The Elder Law Coach

Epi 55 Shorten Your Elder Law Learning Curve from Five Years to One Weekend

Send us a textEver wondered if there's a faster way to master elder law without years of costly mistakes? In this episode, Todd Whatley unveils his groundbreaking Transformational Weekend Summit, a revolutionary program designed to compress what typically takes years to learn into just one intensive weekend.Drawing from his 26 years as a practicing elder law attorney, Todd shares how his own journey took five painful years of trial and error to become proficient in elder law. Now, he's created a solution for attorneys looking to transform their practices quickly and effectively. What makes this program unique is that Todd continues to practice law twice weekly, keeping his advice current and practical—something many coaching programs lack.The Transformational Summit builds on a successful pilot program Todd recently conducted, now expanded to a full three-and-a-half days in February. Participants receive everything they need: comprehensive training covering Medicaid law, estate planning, marketing, practice management, plus all of Todd's refined documents, forms, checklists, and marketing materials. But it doesn't end there—the program includes six months of follow-up support with personalized coaching calls and group sessions. Todd even covers all expenses including hotel, meals, and ongoing marketing support, backing his program with a powerful guarantee: double your investment within six months or receive additional coaching at no cost.Ready to transform your practice and fall in love with your professional life again? Visit theelderlawcoach.com or call Todd's office to learn how you can join this life-changing experience and become the elder law authority you've always wanted to be.Check out our new website www.TheElderLawCoach.com.

Epi 54: Breaking Silos: How Attorneys and Financial Advisors Can Transform Client Experience

Send us a textTodd 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 needsIf 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.

Epi 53: Business Valuation Surprises: The $15 Million Estate Tax Oversight

Send us a textAnalyzing a real client case reveals how proper business valuation prevented millions in estate tax liability for a family business succession plan. • Late 70s couple with three children (one running the family business) needed trust updates• Initial assumption: $6 million estate ($4M personal assets, $2M business) was non-taxable• Deeper analysis revealed business actually worth $15-18 million based on revenue multiples• Without planning, estate would face massive tax bill and business succession challenges• Business-operating child didn't want to need siblings' permission or owe them money• Solutions include gifting business interests at current valuation with appropriate discounts• Restructuring ownership allows fair (not equal) distribution without losing control• Wealthy clients often don't understand estate tax implications, even with $40M+ estates• Family businesses, rental portfolios require specialized transition planning• Business succession requires balancing equalization with practicalityCall the office at 479-601-4119 or visit theelderlawcoach.com to learn about upcoming webinars and the Elder Law Transformation Summit in February 2025.Check out our new website www.TheElderLawCoach.com.

Epi 51: When To Use (And When NOT To Use) Irrevocable Trusts For Your Clients

Send us a textTodd Whatley tackles the complex topic of irrevocable trusts in elder law practice, focusing primarily on Medicaid Asset Protection Trusts and when they're appropriate for clients. He draws on personal experience to provide practical guidance on implementing these powerful legal tools correctly.• Irrevocable trusts require relinquishing control and ownership of assets, making them subject to Medicaid's five-year lookback period• Many attorneys incorrectly structure these trusts by making the grantor a trustee or beneficiary, which can invalidate the protection in some states • Medicaid Asset Protection Trusts are generally best for higher net-worth individuals with sufficient assets to cover needs during the lookback period• Always implement a "cooling off" period before finalizing an irrevocable trust to ensure clients fully understand and commit to the arrangement• Consider additional trust applications including charitable remainder trusts, Domestic Asset Protection Trusts, and irrevocable life insurance trusts• Client communication and education are crucial – never recommend these tools without ensuring clients understand the loss of control and benefits• Evaluate asset types carefully – retirement accounts typically make poor candidates for trust funding due to tax consequences• Family farms and generational properties often justify irrevocable trust planning even with modest estatesFor help implementing these strategies and for coaching opportunities, visit TheElderLawCoach.com or call to schedule a consultation.Check out our new website www.TheElderLawCoach.com.

Epi 50: Navigating Dementia: Legal Rights and Client Capacity

Send us a textElder law attorneys regularly encounter clients with dementia, yet many misunderstand that a diagnosis doesn't automatically prevent someone from signing legal documents. Todd Whatley explains when and how individuals with dementia can execute valid legal documents and avoid unnecessary guardianships.• Understanding dementia as a progressive condition affecting memory and reasoning differently across stages• Document capacity depends on document risk – higher risk requires greater capacity• Pushing clients to guardianship unnecessarily removes rights and limits planning options• Essential documents include comprehensive powers of attorney, healthcare directives, and probate-avoidance planning• Communication techniques: speak slowly, use simple language, schedule morning appointments• Legal capacity assessment should be made by the attorney at time of signing, not solely by medical diagnosis• Early planning remains crucial – encourage clients to complete documents while capacity is clearestIf you're interested in advancing your knowledge in elder law, Medicaid, VA, or estate planning for older people, I would love to work with you. Visit my website theelderlawcoach.com or email me at Todd@theelderlawcoach.com.Check out our new website www.TheElderLawCoach.com.