Wednesday, April 26, 2017

Upcoming Podcast Appearance?

My Wednesday morning started out a little different than normal. I was interviewed for an upcoming podcast about Brooklyn real estate (the podcast hasn't officially launched yet, so I don't have any links yet). It was interesting to talk to the host for a bit about Brooklyn and New York City and how some things have changed over the years. Our discussion brought me back to my earlier career as an attorney and even some memories of when I first moved to New York in the 1990's.

The changes in New York City over the past 20 years alone are astounding if you look back at old posts or articles about the New York of the 1990's. Throw in the aftermath of September 11, 2001, and the rise of smart phones and the apps that we all use to manage our day to day life, and life today would be almost unrecognizable to someone from 20 years ago.

I'm looking forward to listening to the final production and the feedback that comes from the listeners.

Friday, April 21, 2017

The I.R.S. Will Use Private Debt Collectors?

The New York Times has a story today about the I.R.S. beginning to use outside private debt collection companies to collect on overdue tax payments. This immediately raises significant concerns that the most vulnerable tax payers could be quickly targeted through this system.

For years I have worked with individuals who have been targeted by pay day loan companies and fake debt collectors who have purchased information from the pay day loan companies to use to try to scam individuals. Now, armed with the knowledge that private debt collectors are going to be used by the I.R.S., these scammers will have a whole new angle to prey upon people with their scams.

The optimists in Washington will hope that these private debt collectors will not violate any laws or rules and will be effective in collecting these debts, which the article estimates to be at $138 billion. It probably helps us all if the government is able to collect on money that it is properly owed, but this sort of system will create a whole new type of scam to prey upon people.

Going forward, it will be even more important for people to verify that the debt collector who is on the phone is really collecting an authentic debt...


Wednesday, April 19, 2017

All's Quiet on the Social Media Front?

It seems like things have been pretty quiet across the social media front for me recently, but that's more a result of all of the extra things that have been popping up with my new office that have been taking up a lot more of my time than I anticipated.

In the middle of all of this, I saw a great post from Seth Godin about Avoiding the good/great chasm. It's a short post, but it hits home about the importance of spending time on the things you really need to spend time on. His opening example about Twitter is a good example:

You can be good at Twitter in about five minutes a day. Spending ten minutes doesn't make you twice as good... in fact, there's probably little measurable improvement. To be great at Twitter might take five hours of daily effort.
All the time in between five minutes and five hours is wasted. You're in a chasm with no measurable benefits.

Often I find that my clients, and, admittedly, me as well, are spending a lot of extra time on things that don't really add a lot of value to what we are working on. To truly make that extra work pay off (i.e. getting to the "Great"), we would have to dedicate far more time than we have. So instead, we try to find ways to make things more productive and less time consuming. We don't always need to be the absolute best at everything, but can get much farther by being the best at our core businesses or products to really get ahead.
If you haven't signed up for Seth's email list, I suggest you go do it now. It's one of the emails I look forward to reading each morning.

Wednesday, April 5, 2017

Finally Settled Into my New Office

It seems like it has taken forever, but I'm finally situated in my new office. Three days of moving my files and things into the office have kept me busy, and I can now be found at:

6800 France Avenue South, Suite 190
Edina, Minnesota 55435

My phone number is still the same, (612) 294-6982, and of course my email is the same as it always has been.

Looking forward to seeing clients in my new office...

Friday, February 3, 2017

Saving a Family Business from Emotional Dysfunction


There are some pretty eye-opening stats, like

  • 2/3 of the businesses around the world are family-owned
  • It is estimated that 90% of U.S. businesses are family-owned
  • Only 3 out of 10 family businesses survive into a second generation and only 1 out of 10 survive into a third generation

As the article points out, one of the best ways to deal with these issues is to get the controlling family members to focus on the future and what the business will look like after that generation is gone from the business. 

The article also suggests the importance of "Fairness" in the dealings between family members, pointing to three possible practices to implement:

  • Give everyone voice, creating the perception that everybody in the family can make a difference
  • Provide clarity, offering timely and accurate information about family and business issues
  • Be consistent, applying the rules in the same manner to all members of the family

In addition to these practices, the article discusses the benefits of creating a "Constitution" for the company and the importance of having a strong Board of Directors.

The advice laid out is good food for thought, especially for many of the small businesses I have worked with over the years. A family-owned small business inherently has unique issues that need to be addressed so that it can thrive for generations, especially considering how many family-owned businesses there are in the world.

Wednesday, February 1, 2017

Nanny Tax Requirements (State by State Guide)

One of the big benefits of starting your own business is often the flexibility that being the boss allows when it comes to your children's schedules. But when you first start the company, you'll often be working longer hours than you ever anticipated. For some people who choose to go that route, hiring a nanny can be a good way to make sure your children are taken care of.

This week I came across a good site that allows you to see the tax and labor law for your state when you hire a nanny:


You can choose your state and it will give you a summary of how your state's laws treats your nanny, including their Worker Classification, Tax Responsibilities, Labor Law Requirements and Insurance. It also includes a Budget Calculator for you to examine the financial impact the nanny will have on your home budget.

If you are preparing to hire a nanny for the first time, or just want to make sure that your current situation is checking all the requirements, check out the website for some good answers.

Monday, January 30, 2017

We Got a Prenup, We Got Married, Now What?

After a busy holiday season of preparing prenuptial agreements for clients who were getting married in early 2017, the inquiries now start rolling in about what to do next. For many of my clients, the prenup holds a significant planning piece of their future, which allows them piece of mind as they walk down the aisle. But then once that is done, and they are married, and they have re-affirmed their prenup, what do they need to do next?

The often overlooked answer for most of my clients is their estate plan. After spending all that time working on the prenup and plan in the case that they get divorced, the next logical step is to then prepare an estate plan to address what happens is they die. Although it may seem like a rather morbid thought so soon after your wedding, it's actually the logical next step as you plan out your lives together.

Of course, I have some really over-achieving clients who do their prenup and estate plan at the same time, but that is not the norm. For most people, they enjoy that newlywed bliss and let their estate planning needs lay dormant for too long.

So, if you recently got married, whether or not you had a prenup, it's also a good time to get your estate planning needs taken care of too. It's just another good way to get things started on the right foot as you begin your married life together...

Wednesday, January 25, 2017

Announcing (Quietly) My New Minnesota Office

I have been admitted to practice law in the State of Minnesota and the local office will be located at: 

4940 West 77th Street, Edina, Minnesota 55435
Phone: (612) 294-6982
Fax: (612) 294-6988

Lots of things to do in the meantime and a more formal announcement will follow in the future. 

Thank you to all who helped me get to this next step in the growth of my firm!

Wednesday, January 18, 2017

Preparing for Some Upcoming Changes

Things have been a bit quiet with me as I prepare for some very big upcoming changes. Due to the nature of the changes, I am unable to announce the changes formally, but should be able to do so in the next 7 - 10 days...

In the meantime, one of my oldest cases finally settled and my client and I are able to move forward. This client has become one of my most used tales of caution to prospective and new clients about the importance of getting things in writing, especially when entering into a business deal. Because this client had nothing in writing, the case dragged on for nearly five years until finally, as the trial was about to commence, the parties finally came to a resolution.

Over the course of five years, we saw all kinds of delays, changes of attorneys for the other parties, changes of judges (3 over the course of the case) and many a morning waiting in Court or at my office when the other party just did not appear and we were left to wonder what was going on. Over 100 hours of legal work later, the case has finally settled.

From this case, I've learned a lot of lessons, including the importance of a small business to make sure to clean up their agreements (or draft agreements if they don't already have them) and make sure that all of the clients have signed off on the agreements. Without these agreements, or specific terms in an agreement that are necessary, businesses can be left exposed to allowing the Court to determine terms of the agreement (or lack thereof) and thus take it out of the hands of the parties who agreed.

Looking forward to announcing more news next week...

Friday, January 6, 2017

Welcome to 2017...

We’re finally delving into 2017 and as they tend to do, a lot of new year’s resolutions from people have fallen by the wayside about 5 days in. Where the gym was a madhouse on Monday, by Friday, things are a lot quieter as people get back to their grind and struggle to find the time to workout.

With the end of the holidays and the beginning of the new year, the mix of clients coming in the door has changed over. Where December brought in small businesses looking to finish up the 2016 hustle and get ready for 2017, once the year turned, things turned back to more personal transactions at both ends of the spectrum. Some folks experienced a terrible holiday and need to get a divorce, but the happier folks coming in the door got engaged and need to get their affairs in order and get a prenuptial agreement in place before their wedding.

Also on the business side, a small company that I’m excited to be working with has some really big plans for 2017 and it has been eye opening to work with them on the legal machinations that we can put into place to help them get to where they need to be. The founders have put together a good team on all fronts and as things continue to mesh well and move forward, it definitely feels like something big is on the horizon for them.