While word-of-mouth recommendations from clients and friends can be a valuable source of new business, they do not always offer predictable growth, and they are out of your control. However, building a strong referral network and investing in reliable professional relationships are within your control and can help ensure sustainable growth and the continued success of your estate planning practice. 

In the past month, we have seen significant developments in estate planning, business law, elder law, and special needs law. We have highlighted the most noteworthy developments to ensure you and your firm stay informed of any changes. From court decisions imposing transferee liability for unpaid estate tax on an executor-beneficiary and impacting the definition of a limited partner for self-employment tax purposes to new statutes protecting the elderly and other vulnerable individuals and cases reflecting the impact of artificial intelligence on the legal profession, read on to learn how these developments may impact your practice.

Written by Ryan Snow, JD, MBA

As an estate planning attorney, you are familiar with the complexities of wealth transfer. When your clients are small business owners, their business is often their most significant asset, but the company’s illiquidity and operational demands can present unique challenges. Business succession and exit planning, while distinct from traditional estate planning, are crucial for ensuring the smooth transition and continued value of this critical asset.