Business planning and estate planning often go hand in hand. Businesses started by parents are frequently passed down to their children, and in the absence of adequate forethought, the new relationships that are formed can quickly disintegrate, causing damage to both the siblings’ personal bond and to the business.

Overcoming the presumption of improper transfers within a look-back period may be as simple as a keeping a few receipts.

Every lawyer should recognize the importance of documentation – an original of a client’s will; notes during client meetings or with witnesses; court documents; emails; receipts for travel expenses and expenditures. Access to these records legitimize and provide accurate proof of particular facts and figures. Failure to maintain access to these sorts of documents creates an avoidable challenge, particularly for those in the legal field.

Qualifying for Medicaid

In terms of Medicaid qualification, documentation of expenses can be critical to whether penalties are assessed on applicants for transfers of wealth. Parties assisting applicants may also risk breaching fiduciary duties when they cannot provide evidence of legitimate transfers of assets – above all, when this failure results in a large penalty for the person in need.

Attorneys who work in trust administration know that revenue streams can be volatile—up one month and down the next. Not only does unreliable cash flow make running a practice stressful, but it can also hinder a firm’s’ long-term growth. So, how does one create a profitable, yet steady, revenue stream in trust administration? One attorney has some advice. Jessica Pannell, JD, of JM Law, PLLC in McLean, Virginia, has been sharing her practice’s challenges and successes in trust administration with colleagues all over the nation.