Explaining highly technical estate-planning concepts to clients can be challenging. But making sure clients understand the estate plan you’re proposing and implementing, as well as the risks involved, can be just as important as coming up with the plan itself. Failing to effectively communicate can lead to misunderstandings, dissatisfied clients and lawsuits, while effective communication can help build enduring client relationships, which is important for the success of your firm. To improve your communication skills, be sure to read “Arranging a Meeting of the Minds,” p. 16, by Marvin E. Blum and Austin B. Light. Their article offers some tips, like using plain English language (no legalese) and stories, to get your points across to your clients.
In addition to effectively communicating with clients, you need to hire and train associates to share the workload and help your firm grow. But how do associates view working at your firm? In “Estate-Planning Associates Share Their Stories,” p. 28, we hear from the associates themselves about their experiences.
Rounding out our Modern Practice Committee Report are articles on the benefits and challenges of using artificial intelligence in your practice and takeaways from Cornwell Entertainment, Inc. v. Anchin, Block & Anchin, LLP, a recent court decision finding that an accounting firm had committed malpractice.
This month’s issue also includes our Valuations Committee Report, with articles on avoiding bias in valuations, valuing large blocks of stock, the valuation pronouncements in Connelly and qualified appraiser lessons from Estate of Hoensheid.
