Virtual Law Firm

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Virtual Law Firm

Discover how you can bolt-on a 6-figure estate law firm in a box without worrying about drafting... www.virtuallawfirm.io

07/13/2024

Have you ever wondered about learning the basics of business, tax, and estate law strategies so you can tap into the "Great Wealth Transfer" that we are in the midst of?

Maybe you are looking to create another revenue stream or expand your current firm by offering high-valued offers?

We believe it's worth learning and offering estate and tax planning strategies to your clients:

- Something like $85-100 trillion dollars in assets will be changing hands in the next 20-30 years.
- Over 10,000 people are turning 65 every single day.
- Every single person needs estate and tax planning.
- Less than a third of the population is equipped with the right strategies or tools to mitigate or navigate the estate and tax maze with confidence.
- Benjamin Franklin said: the only guarantees in life are death and taxes.
- Estate and tax planning deals with "life, death, and taxes".

Take a look at the Tax Pyramid™ that I put together that shows how different taxes are imposed. Estate and tax law impacts everyone!

Without the right strategies, your beneficiaries can end up paying estate taxes, inheritance taxes, and probate fees - which can collectively eat up to 40-50% of one's wealth!

Anyway, I've partnered with a handful of organizations over the past two years and have been training lots of attorneys, CPAs, advisors, and realtors who are a part of these organizations on estate & tax strategies that they can offer to their clients.

These "bolt-on" value-added offers enhance their practice and enable them to stand out from almost all competitors.

I've been conducting weekly training sessions on these interrelated estate and tax topics - if you're interested in exploring a new revenue stream, starting a new business, or bolting on a virtual consulting firm:

Comment "estate and tax law" below or send me a quick message and I'll share the link to the presentation and how we can create a win-win on multiple levels.

And, of course, these strategies may be beneficial for you and your family as well in lowering your estate size, lowering wealth transfer taxes, and preserving more of your wealth for the things that you care about - health, wealth, family, and contribution!

Talk soon,
Sid Peddinti

04/11/2024

How many of you use AI in some way, shape, or form in your business or personal life?

How often are you using it?

03/02/2024

About to launch an online law school for entrepreneurs & investors covering business, estate, tax & nonprofit law. Stay tuned.

01/30/2024

THINKING OF "GIFTING" YOUR WEALTH DURING YOUR LIFE & AFTER YOUR DEATH?

Do you know about the Tax Cuts and Jobs Act (TCJA) that is scheduled to end in 2025, and how the changes may impact your wealth protection, preservation, and transfer strategy™?

In the chart below, you'll see that in 2018 the estate and gift tax limit was raised to $11M from $5.5M (and double for married couples).

From 2026, the limits are scheduled to drop back down to the 2017 limits, adjusted for inflation, which will be somewhere around $6-7M per person.

This amount refers to the total amount of "wealth" that you can GIFT (give to another individual without a fair market value consideration in return - essentially, a sale) to another individual in your life, without incurring a "gift tax".

Any amount over that limit, you (the donor) are required to pay a gift tax that ranges from 20-40%.

The Impact of This Change:

During your life:
If you GIFT more than the allowed amount during your life, you have to cough up gift taxes now. The annual exclusion limit refers to the amount you can gift per year, without facing gift taxes.

After your death:
If the total fair market value of your estate is over the exclusion amount, your estate will incur an "estate tax" on the excess, which is currently 40%. In addition, some states have an inheritance tax, which the beneficiaries have to pay.

So - think about that:
If you're planning to make a ton of money over the next few years, or you've already built a sizable portfolio that is over that gift tax limit, close to 40% of the excess will be a "GIFT" to the government in the form of Gift or Estate taxes.

Maybe that's okay with you, since the government uses that for all kinds of things that we get to enjoy and for charitable purposes.

But, if you rather designate and dictate HOW your wealth should be gifted (transferred) to your family, and perhaps even gifting it to a charity or dedicating it for charitable purposes (through a foundation) versus gifting it to the government in the form of gift or estate taxes - then these changes will certainly impact you.

Now, if your current portfolio does not cross that limit, then the lifetime gift exclusion may not be relevant.

However, the annual limit may be relevant, especially if you are gifting family members with cash or assets that are over the annual gift limit ($17K this year).

Yes, there are several exceptions, exclusions, and strategies to circumvent the gift tax rules, legally and ethically, which I'll focus on in another post, but at a core level - these changes will directly impact your "life and death" gifting strategies.

One last comment here -

Assets that are a part of your "revocable living trust" or "captured as a part of your will" ARE a part of your "estate" at the time of your death!

These assets are removed from your estate are may not be subject to probate proceedings, but they are still a part of your estate and subject to the gift and estate tax rules.

FMV of your estate consists of everything that you "OWN" (based on control) at the time of your death!

Alright!
That's it for this post, that's quite a bit to digest already.
Want links to dig into these topics...just ask, happy to share!

BY THE WAY - don't rely on answered given by AI on these legal topics, they are wrong and can get you in some serious trouble, including interpretations and contracts, etc.

Happy "GIFTING"!!!

Cheers,
Sid Peddinti

Disclaimer: this is not legal or tax or financial advice - the topics discussed may or may not apply to you.

06/20/2022

Are you looking to digitize your business, but not sure how to go about it? Well, stick around.

Today, I want to walk you through a case study of one of our clients who is an entrepreneurial scientist in her forties, running a very successful business, but how we helped her triple her profit margins by going online and digitizing her entire business.

02/08/2021

The maximum amount of the population is on Facebook, making it the third most visited website.🌐

It is not surprising that Facebook has an advertising audience of 2.14 Billion.

Using it for the benefit of your the virtual law firm can bring in more leads and fulfil objectives.🤝

Learn more about us💡
Visit our page to get daily information
📃
⠀
Book your Virtual Law Firm™ demo🤝
(no credit card needed)
⬇️
👉https://www.virtuallawfirm.io/👈

02/06/2021

Plan and schedule your routine if you want to get efficient results at work.🗓️

Follow the system and shape your day accordingly.

✅Time block & Mono-task
✅Outsource & Delegate
✅Limit interruptions and distractions.
✅Stay organized & Prioritize
✅Create a functional space
✅Track your time
✅Take a break when necessary
Learn more about us📝
Visit our page to get daily updates
⚖️
Book your Virtual Law Firm™ demo🤝
(no credit card needed)
⬇️
👉https://www.virtuallawfirm.io/👈

02/05/2021

Pre-defined objectives give shape to the programs.📝

It will help planning activities and sessions for the audience. During registration, a form the audience must fill includes personal info questions and listed reasons for signing up in the program.✅

Implement better teaching methods and cover technical legal skills.

Don't forget to cover a bonus in the program. It will delight the audience and encourage a more similar audience.🙌
Learn more about us💡
Visit our page to get daily information
📃
⠀
Book your Virtual Law Firm™ demo🤝
(no credit card needed)
⬇️
👉https://www.virtuallawfirm.io/👈

02/04/2021

𝗕𝘂𝗶𝗹𝘁 𝗕𝘆 𝗔 𝗟𝗮𝘄𝘆𝗲𝗿, 𝗙𝗼𝗿 𝗟𝗮𝘄𝘆𝗲𝗿𝘀™⚖️

At Virtual Law Firm™, our goal is to help your law firm:🎯

✅Become more automated and streamlined
✅Increase volume without increasing overhead
✅Stop losing leads by having an iron-clad system
✅Save tens of thousands of dollars by installing technology to do the heavy-lifting in your firm
✅Get new clients, save more money, and gain more freedom & enjoyment from your law firm
✅Operate in a completely recession-proof manner

Learn more about us💡
Visit our page to get daily information
📃
⠀
Book your Virtual Law Firm™ demo🤝
(no credit card needed)
⬇️
👉https://www.virtuallawfirm.io/👈

Address

Los Angeles, CA

Telephone

+12139243466

Website

https://www.estatelawfirminabox.com/

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