In this episode of the Maximum Lawyer Podcast, co-hosts Jim and Tyson engage with tax attorney and CPA Daniel Rowe. Daniel, licensed in multiple states, shares his expertise on crucial tax considerations for law firms. Key highlights to this episode include: the importance of selecting the right business structure (LLC, S Corporation), tax treatment of legal settlements, and common mistakes by new law firm owners, such as poor record-keeping and inadequate tax compliance.
When the Owner Passes Away with Steven McClelland 474
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What happens if there is sudden death in your firm and what happens for planned succession?
Steven McClelland joins us today for practical tips and valuable insight on this situation. Not only because Steven has dealt with this first hand in his firm but also because he believes that as attorneys, we have to come to the realization that we are replaceable.
With a staggering stat of 72% of attorney’s not having an “after death” plan in place, he is on a mission to share how to make this practical and possible.
Episode Highlights:
01:05 Where do you start when it comes to getting prepared for: When the owner of your firm passes away?
02:39 Meet Steven and why this is his passion
09:27 A couple practical actions are …
12:00 What about your spouse?
15:40 These few documents are helpful ….
18:49 Where do you put your documents for people to access after death?
21:04 What about if the person doesn't actually pass?
23:10 What about your bills? Who pays them? How does this work out?
28:10 If you put together ONE document for your firm … The most important document would be is …
29:15 How plans for death affect the ways the people you love process through death.
Jim’s Hack: Deep Questions Podcast by Cal Newport
Guest Tip: Create a video of instructions for your team in case you die. Also think of creative ways to support and connect with your family and kids after death as well.
Tyson’s Tip: Use this easy editing app called InShot for assistance with your Reels etc. (lifetime access for $34.95)
🎥 Watch the full video on YouTube.
Connect with Steven McClelland:
Resources:
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Amy McGarry
I listen to every podcast, Saturday morning shows, HotSeats, etc. The information and ideas I learn from
each one. I may only receive a nugget of information, or feel encouraged that I am not the only one
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The podcast and fb group has been life altering. I always felt like I would never know enough to hang my
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business (some I had to go outside of law to learn) and really gathering attorneys who are willing to
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Are you a law firm owner who is looking to market your business better? In this episode of the Maximum Lawyer Podcast, Becca chats with Vaidas and Steve from RizeUp Media (https://www.rizeupmedia.com/maxlaw/), a digital marketing agency specializing in law firms.
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