By Julie Steinbacher

There are many ways to donate to nonprofits and support causes. But as a recent Tax Court decision reveal, it’s very important to receive a detailed donation receipt from charities. In Albrecht v. Commissioner, a widow lost a $464,000 tax deduction of art and artifacts because the donation receipt that she had received from a museum did not state that she had not received any goods or services in exchange for the contribution. While I doubt that many of us are sitting on a half a-million-dollar art collection, it’s important to note that this decision only impacted the donor, not the nonprofit. It is best practice for nonprofits to issue a donation acknowledgement shortly following a donation, and preferably, an end of year summary if you have donated more than once. However, the optimal documentation isn’t always provided to the donor. Since the responsibility of providing the IRS with proof of donation falls to the donor, here are the basics of what a well-crafted, IRS-optimized donation letter should include: 

1. Tax-exempt status statement: Statement that the organization is a 501c3 tax-exempt organization. The nonprofit’s EIN should be included to demonstrate tax-exempt status. 
2. Name of the nonprofit and name of the donor 
3. Date of the contribution: The date the donation was received. 
4. Contribution Details 
   1. For cash (checks, credit card, payroll deduction): The amount of the contribution that was received. 
   2. For non-cash gifts: A description (but not the value) of the non-cash contribution. 
5. Statements – Good Faith Estimates of Value of Goods or Services. Did the donor receive any goods or services in exchange for the gift? 
   1. A statement that no goods or services were provided by the organization in exchange for the contribution, if that was the case. 
   2. If any goods or services were provided by the organization in exchange for the contribution, the letter should include a description and good faith estimate of the value of those goods or services. (Example: A fundraising dinner event where some of the funds received from the donor pays for the actual dinner, while the rest is a donation.) 
   3. If the goods or services that were provided to the donor were insubstantial token amounts, that should be noted. (Example: When a small gift is given to the donor with the nonprofit organization’s name or logo on it like a bumper sticker, coffee mug. See below.) Or a statement should be provided if goods or services (if any) that the nonprofit provided in return for the contribution consisted entirely of intangible religious benefits, if that was the case. 

If you do not receive a letter with the information above and plan to use your donation as a tax deduction, reach out to the organization and request one.

Just last week we celebrated the 20th anniversary of The Million Dollar Solution® in the beautiful city of Chicago.  Although my central PA small town roots have my heart, big city life has many perks that I always appreciate. For those that were unable to make the trip, we had a great group that spent time diving into various key players in building, expanding and or improving our offices, the opening by our very own Julie Steinbacher set the tone for the entire weekend. Below is a brief highlight on some key takeaways I think all of you can appreciate.

Trust your own success When Julie first shared this, I didn’t understand immediately, but the more I reflected on that statement the more I realized that during times of struggle, lack of progress or loss, it often stems from our lack of trust in ourselves. Many of you had to trust yourself to start your own firm or jump into the new career, so don’t forget to go back to the basics. 

Who are the five people that will make me better? I’ve heard the saying many times “you are only as good as the 5 people you spend the most time with,” but most often it goes in one ear and out the other. Luckily, Julie elaborating on who this looks like for her over the years made it finally resonate. The people I surround my self really makes a difference, so why don’t I put more effort into these relationships? – It doesn’t have to be professional relationships only – my wife would still be my number one on this list – but make sure your list is balanced! (Professional, relational, spiritual, etc..) 

What wakes you up? What do you live for? What motivates you? If you didn’t have any risks/barriers, what does a perfect situation look like for you? This is a question we need to reflect on more than we care to admit. Our answer could be different with each season of life, so it is important to have this question in the back of your mind.  

As we took time going around the room hearing what others had to share for themselves, I kept adding items to my list for each category. The power of working alongside one another continues to prove more valuable than I expect each time. Regardless of who your “go-to” person is, make sure that you have a “coach” in your corner. Insight and direction from a clear and honest individual is one of the most valuable relationships you have.  

Article by Dom Loffredo, MDS Operations Manager

The motivation behind this article was provided by reflection on my first official “Father’s Day” and the opportunity that I have been given as a father.

To preview – this article is ultimately about leadership – so please hear me out to the end. One of my favorite questions I have been asked since becoming a dad was “what is one tip you have for other father’s.” Unfortunately, my answer was much shorter originally, but my drive home provide time to think about that question a little deeper. My best tip is this: always view it as an opportunity and not as an obligation. Now, some would argue that as a parent you have both the opportunity and obligation to care for and love your children, however the point of this article is an attitude shift. According to websters dictionary, obligation is defined as “an act or course of action to which a person is morally or legally bound.” I underlined “legally bound” because no one wants to be bound by anything, hence, when we use the word obligation it is almost always associated with a negative thought. On the other hand, when you view fatherhood, motherhood, marriage, leadership or employment as an opportunity you are much more likely to associate positive thoughts with them!

Let’s look at this from the leadership perspective. If you view your position and its responsibilities as an obligation, a negative attitude will follow. This goes the same from the employee perspective. If you put something on their desk and say “do this now” because its “part of the job” their motivation and productivity will be much lower compared to “I’m giving you the opportunity to do….” That is the difference between obligation and opportunity. As a leader, you convey the difference between these two words by your actions, emotions, and presence.

Personally, I started a list of things I view as an opportunity and others that I view as obligations. The biggest difference I found between the two was my attitude towards the “obligation” items. If you spend a few minutes reflecting on that list and what influences your attitude towards them, even the smallest step today can contribute to paving a better road ahead

Dementia Focused Coach

Article By Kristin Daugherty, Certified Long-Term Care Planner at Steinbacher, Goodall & Yurchak

Hi! My name is Kristin Daugherty, and I am a long-term care planner with SGY. I am one of the few Certified Medicaid Planners in PA. I am also a Certified Dementia Practitioner and additionally an Alzheimer’s Disease and Dementia Care Trainer which allows me to train other professionals in the community on how to care for and communicate with a person who has dementia. I have been with SGY for over 11 years. Prior to joining SGY, I worked with the Office of Aging for five years assisting families in coordinating services to allow their loved ones to stay at home as long as possible. I am very passionate about the work I do every day. I meet families that are making tough decisions and I know that what I do to help these families is deeply impactful. I also understand that on a personal level.

I remember as a kid standing by the door, watching my mom hastily pack to leave for the airport. Not quite understanding why or where she was going.

I want to share with you my experience about the impact of caregiving.

For most of their life, my grandparents lived in Juniper, Florida. I have so many memories visiting with them growing up. My mom is the youngest of her 3 siblings. Her sister and brothers moved out of Florida when she was still in high school. A few years later, she met my dad while he was attending college in Florida, then they moved to Pennsylvania, where he grew up. Although she moved to Pennsylvania, they did appoint her as their power of attorney.

In the late 80’s, my Gram started with some memory loss which eventually lead to an Alzheimer’s diagnosis. In 1991 her Alzheimer’s was declining to the point that it was taking a toll on my grandfather, so the family made a difficult decision to place her in a memory care facility. At this time, I was only 8 years old. My grandfather was very protective of my grandmother and really struggled with the placement, thus beginning an unhealthy pattern over the next 8 years. Of course, nobody could take care of her as well as he could, so every single time something went different than he would have liked, he would take her out of the facility. According to my mom, he actually would “kidnap” her. Just walk out the front door with her! Grandpa would take her home and then she would end up in the emergency room and then admitted into another memory care unit. She would stay at that facility until he was unsatisfied again, “kidnap” her and the vicious cycle would continue – hospital – another memory care unit.

An outsider looking at this situation would see an aging couple cycling through facilities and home care. What they didn’t see was my mom as their power of attorney, having to drop everything, jump on a plane from Pennsylvania to Florida to pick up the pieces. Every single time Grandpa would take Gram from the facility, it was like a ticking time-bomb, mom was just waiting for the crisis. Now let’s remember, not only was my mom dealing with this from over 1,000 miles away, my brother and I were young, so she was missing school events, soccer games, dance recitals, and everything that needed her attention at home. At one point, my mom spent 10 days with her parents, and was finally able to fly home to us, only to have a call waiting for her at home that Gram wasn’t doing well, so she had to jump right back on the plane to Florida!

Now we should take a step back and remember that in the 90’s, we didn’t have zoom, cell phones were barely a thing, so in order to physically see my grandparents, my mom had to get on an airplane (or a 18+ hour car ride) and head to Florida. There was no other option to see her parents.

My Gram passed in 1999, when I was just 16 years old. Unfortunately, Grandpa’s health began to fail rapidly soon after, and he passed a short time later in 2000, when I was just 17.

For roughly nine years of my childhood, my mom was torn between raising her children and caregiving for her parents.

This is why I am so passionate about what I do each and every day because the families that we work with have to make really tough decisions. They often feel alone, overwhelmed, scared, and unsure who to turn to. We offer Dementia Care Planning for the families we help so they never have to feel like they are alone. We live in a world where families are spread all over. Many adult children do not live in the same town, State, or even Country as their parents.

Being a caregiver can be rewarding, but it can also be overwhelming. All caregivers have other responsibilities, a spouse, partner, children, or jobs. And being a caregiver doesn’t just affect the caregiver – it is a ripple effect and can affect everyone and every aspect of that caregivers life!

I think about what this would have looked like for my mom and her family if Dementia Care Planning would have been an option for them. She wouldn’t have had to miss time with her children, jump on that plane every time a crisis arose in Florida, spend countless hours worrying how her parents were doing, and at the end of the day, she would have had peace of mind knowing that she was not only taking care of everyone – but she was taking care of herself.

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Policies & Procedures

Article by: Chrissy M. Neufer, Paralegal Steinbacher, Goodall & Yurchak

Do you find yourself spending more time on administrative tasks than billable legal work? If so, you’re not alone. According to a recent report by Thomas Reuters, 74% of small law firms spend too much time on administrative tasks at the detriment of their practice as lawyers.

It’s no secret in this line of work that the workload exceeds the hours in a workday. Because of this, it’s important to implement systems to help you work smarter, not harder. One of the most important things you can do for your firm is to create written policies and procedures. 

Policies and procedures are the foundation of your law firm. They help to set expectations for your staff, keep things consistent between departments and staff members, and maintain organization for the firm. Perhaps more importantly, they can help to free you up from doing the things you don’t like to do and allow you to spend time doing the things you enjoy doing within your firm.

Policies are the “big picture” of how you want your firm to run. They are the general principles that steer your organization toward achieving its goals, missions, and objectives. If you don’t already have a policy manual in place for your firm, this is where you want to start. A policy manual outlines your company’s rules and regulations and communicates your expectations for codes of conduct and acceptable work behavior. It also serves as a reference for your employees and helps your firm stay in compliance with your state’s requirements for written procedures.

Procedures are the more specific step-by-step instructions on how to do something. These are important because they invoke uniformity and compliance among your current staff and are vital in training new employees. Procedures differ from policies because they are ever evolving. 

At our office, we have many firm-wide procedures in place, which are applicable to all staff, and many department-specific procedures, which are applicable to each department. The firm-wide procedures span from how to request a payment from the operating account to how to request time off to how to properly answer the phone. The department-specific procedures span from how to open and close a file to what to do if a client doesn’t show up for an initial consultation to how to prepare an inheritance tax return for filing. There is no task too big or too small to have a procedure.

The thought of creating written procedures may be daunting to you, and it can be somewhat time consuming in the beginning, so it’s helpful to engage the assistance of staff members who have been with your firm for a long time and know the ropes. 

Also, having solid procedures in place is not a substitute for properly training your staff; instead, they should be used in conjunction with each other. When your employees are properly trained and have the proper resources, it allows them to work more independently, which frees you up from having to answer so many questions and/or do the work yourself. 

The Million Dollar Solution is celebrating it’s
20th Anniversary!

Come to Chicago to find the profits in your firm.

Celebrate our 20th anniversary as we jump back in time to revisit how MDS’s core values continue to help firms grow and tackle any societal or economical challenge that may come our way in the future. So far, through the 2008 crash and COVID-19 pandemic MDS has proven to guide you towards success.

20th ANNIVERSARY CONFERENCE

Reflection and honest evaluation are hard work, and when you are an entrepreneur or business leader, it can feel very lonely. This is one of the many reasons why I value the community we’ve built here at the Million Dollar Solution: we’re all in this together. We are here to provide training and coaching to help you build the future that you want for yourself and your business. Whether your goal is to have a better work-life balance, build a better team or meet a financial goal, we have you covered.

The past two years have been uniquely challenging and isolating. Meeting with you all via Zoom has offered a wonderful connection when travel wasn’t viable. We are excited to invite you to join us for an in-person conference. This is an opportunity to help you devote your VALUABLE time to mastermind, plan, and achieve your goals. So, save the date and RSVP for a coaching experience!

During our time together, you will have the opportunity to brainstorm with other top-notch elder law professionals in a small and exclusive setting. This coaching session will give YOU an ample amount of individualized time with Julie, Jenna, and Kristin to make 2022 your best year yet!

During our time together we will focus on:

• How to get it all done
• How to delegate
• Balancing your family & caregiving
• Meeting conative needs of others
• How to put together and keep a rock-star team
• How to make more money

Julie built her firm using the power of attending masterminding groups.  You are invited to join us at our masterminding group in Chicago!

The MDS Masterminding Team
Kristin, Jenna and Julie.

CONFERENCE DETAILS

Location:

Hyatt Regency Chicago
151 East Wacker Drive
Chicago, IL 60601, USA 

Date:

• Friday, August 26^th & Saturday, August 27^th
  • 8:30am – 5:00pm Friday, August 26^th
  • 8:30am – 12:00pm Saturday, August 27^th

To find out availability, Contact Dom Loffredo at dloffredo@staging_milliondollar.wordkeeper.net or call 800-785-9569

Let’s take a look back to the early years of 2000.

By Cortney Steinbacher

     On April 20, 2022 I was driving to a Prometric Testing center in State College, PA to take my CPA exam. The testing center is near the main campus of Pennsylvania State University and about an hour from my childhood home. I have visited this testing center before and knew the general area, so I had started the drive without the GPS, confident in my knowledge of the State College area. About halfway through my drive, I paused to input the address only to realize that my phone was not working, and I was unable to pull up the navigation. I quickly called my mom who could give me general directions to the parking garage. I knew the ending location, and once I was close, I knew that I could navigate myself, but I just wasn’t positive on all of the turns leading to that point.

My story is revealing, because it isn’t dissimilar from the journey of those of you who lead and manage law firms. So many lawyers know where they want their firm to end up. You may have clear goals, but you need help getting step-by-step directions to the final destination. Maybe that goal is to build up to a million-dollar law firm. Maybe you have made your first million and want to continue to grow. Your goal could also be non-financial in nature. Perhaps you want to build a successful law firm that does not require you in the office every day. There are many routes that you can take to get your law firm to the goal that you have set for yourself. One of the biggest factors in these routes is financial success. Without financial freedom or meeting of financial metrics you will be unable to reach your goals.

When my GPS was not working, I called my mom not because she is the person most familiar with the State College area, but because her experiences with landmarks in giving directions would line up with ones I understood. If I had called a friend of mine, they might have given me street names or exit numbers which they may have felt were helpful, but would not have actually meant anything to me in the moment. My mom was able to tell me to take the exit with the Dunkin Donuts that we stop at on my way to her office. That is a landmark I know, so I was able to make that turn and find myself one step closer to my goal. Your financial data works the same way, there are many ways that you can receive data, however, you need to find a way to view data that is the most meaningful to you. If the data is valid, there is no wrong way to view and digest data. Make sure the data that you utilize is accurate, timely and actionable. This data could take the form of a weekly finance report that is sent to you with information of upcoming payments, income and a current income statement providing details of the financial health of the firm. Additionally, think of these reports of ever evolving documents that can develop as the needs and the active goals change.

If the data is valid, there is no wrong way to view and digest data. Make sure the data that you utilize is accurate, timely and actionable. This data could take the form of a weekly finance report that is sent to you with information of upcoming payments, income and a current income statement providing details of the financial health of the firm. Additionally, think of these reports of ever evolving documents that can develop as the needs and the active goals change.

I did not need the GPS until about halfway through my trip. Many of you have been running your firms for years and are very good at basic financial procedures. Maybe you have made your first million and can very successfully do that. Maybe what you cannot do, much like me that day, is bridge the gap between the middle part of your trip and the end goal.

If, for example, you always take the exit at Dunkin Donuts, what happens if they tear down the Dunkin? Well for me, I’ll never be able to drive to my testing center again because that is the landmark I look for every trip. For so many of you, there is not going to be a physical wrecking ball in your law firm, but a metaphorical one. COVID-19 happened to all of us not that long ago. How many of you had to pivot and take a different route? At Steinbacher, Goodall & Yurchak we have embraced some of the changes that COVID-19 forced us to implement like e-signatures on check request forms. We have not gone back to hand signing check requests because it is less efficient. For us, this necessary change worked. It made the law firm successful. For twenty years physically signing check requests was how it was done. It does not make it wrong, but it does mean that the needs of the business have changed, and we needed to change our procedures to match it.

While many people focus on the output of data, the information that allows partners of law firms to make decisions, the input of information is just as important. Without good, clean data you might have your destination in mind, but you will never get there. You can’t make a good decision with bad data. You can’t reach your goals or even begin to define them with bad data. At Steinbacher, Goodall & Yurchak, we utilize technology to help ensure good data is entered into our financial system. Stampli, a third-party payment processor, helps streamline the approval process with a good audit trial.

Divvy, a credit card company, allows for real time tracking of credit card budgets and employee receipt upload. Electronic transfers from the trust accounts allow for funds to be moved 2-3 days faster than writing a check and save the firm employees time and the expense of cutting a check. All these new innovative finance procedures help produce good data so we can make good decisions and reach our goals. Finance is typically the last area of any growing business that people think about, however, without good procedures that produce informative data, meeting the financial goals of the law firm will be difficult.

All businesses need content marketing. It doesn’t matter whether you’re a solo operation or the managing partner of a national firm—engaging content attracts the clients you need for steady growth. The question is: when are you going to find time to create it consistently? 

 For most business owners, this is the million-dollar question. How do you find the time to compile a blog post when most of your day is spent in court, meeting with clients, or tackling your growing inbox? 

 Enter interview-based blogging. As its name suggests, content is created using the answers to a series of strategic questions about your practice or the topic you want to cover. Through simple dialogue that isn’t so different from the conversations you have every day, you can come up with enough content for the coming month, and maybe longer. 

 Here are some of the reasons why interview-based blogging works so well.

1. You Can Identify and Communicate Your Expertise

Chances are that you can quote certain statutes in your sleep. You’re so familiar with the laws and regulations governing your practice area that you don’t always realize how valuable your knowledge is to others. When you translate it into written content, you can leverage it to attract clients and even become a thought leader in your field. 

2. Your Voice Comes Through

 If you’ve ever outsourced your firm’s content writing, you’ve probably received articles that were well-written but sounded nothing like you. Your name is on it, but the style and tone totally miss the mark. If your peers read it, they’ll know right away that it was written by someone else. With interview blogging, the writer who creates your content won’t combine your notes with articles found on Google. Your unique perspective, knowledge, and voice are taken and optimized for their intended platform, whether that’s a blog, e-book, or social media post. 

3. Content Production Is More Efficient

 We talk quicker than we type. Interview blogging leverages this faster output to create an entire month’s worth of content in no more than an hour. Although the subsequent writing and editing will take longer, your job is over in a matter of minutes. All you have to do afterward is review the finished copy. 

4. You Can Focus Solely on Concepts

 You can probably brainstorm and develop concepts for content fairly quickly, but turning them into an article may demand more attention and time than you have to spare. By taking the writing off your plate, interview blogging lets you focus on what you’re already good at, which is communicating concepts. 

5. The Content Is Relevant and Engaging

 Interview blogging is a two-way street. You may be supplying the answers, but the party interviewing you will be taking a client’s perspective and exploring topics that they’ll find relevant. Topics like pursuing child support or calculating a personal injury claim may be common knowledge to you, but critically important for someone seeking a lawyer in those fields. This “outsider perspective” can produce some of your most meaningful content. 

 For firm owners seeking a more efficient content marketing strategy, interview-based blogging can generate compelling articles that don’t cut corners on perspective or authenticity. All you need to do is connect with an agency that knows how to transform your knowledge into impactful content that can grow your client base. At Spotlight Branding, you’ll have a quarterly content interview with a dedicated copywriter who will interview you on a series of topics related to your firm in order to generate your personalized content. 

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