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The Best Learning Tool Ever: After Actions Reviews

A firm’s intellectual capital is the most important source of its long-term wealth creating capacity. It must be constantly replenished and created to build the firm’s invisible balance sheet. Constantly focusing on doing rather than learning, creativity, innovation, and knowledge sharing is the equivalent of eating the firm’s seed corn. In this article, Ron Baker discusses the value of AAR and how it has been used to create capacity, protect the firm’s intellectual capital, and transform company culture.

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The Quandary Over Wandry: Audit Risk and Use of Defined Value Clauses

Estate planning attorneys and their clients are aware of the risk of an audit. Despite knowing this risk, they seek certainty. Business valuation is as much art, as it is science. Estate planning attorneys have devised techniques to hedge the aforementioned risk and provide their clients with a greater degree of certainty. One such technique utilized by estate planners is the use of Formula or Defined Value Clauses. The merit of defined value clauses seeks to mitigate audit risk, while providing the client with the certainty of knowing, at the date of transfer, their ultimate gift tax liability. While defined value clauses seem to be the “magic bullet” of providing certainty to clients, they have long been loathed by the IRS, and have been a “red flag” leading to an audit. This article discusses the use of defined value and formula clauses in high net worth estates.

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In Case You Missed It:

Expert Deposition Testimony and Responding to the Motion to Exclude Your Testimony: What You Say and How You Say it Matters

Anticipate that opposing counsel will challenge some aspect of the report and suggest flaws notwithstanding the hard work. How you present yourself and testify is of utmost importance. In this article, the author shares her views on how to prepare and address the criticism that will be levelled at you and your report.

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Wellness: You and Stress

Is work stress inevitable? Something that professionals need to embrace and live with, like it, or not? How does an organization or management know if stress is affecting the well-being of its employees? In this article, Nancy Yeend shares a process management can employ to answer these and other questions.

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