The Blum Firm Has Been Recognized in the 2025 Edition of the Best Law Firms® Rankings
The Blum Firm Has Been Recognized in the 2025 Edition of the Best Law Firms® Rankings Read More »
We are so thankful to announce The Blum Firm has been recognized in the 2025 edition of Best Law Firms® as a top firm in DFW for Trusts and Estates, as well as for Litigation-Trust and Estates.
This year is the 15th edition of this recognition process, produced by Best Lawyers®, the oldest and most respected peer-review publication company in the legal profession. Law firms are selected based on several aspects of the evaluation process, including both qualitative and quantitative data.
We wouldn’t be able to receive recognition like this without our outstanding team of 68 superstars. Every day, they work hard to deliver superior work to our clients, going above and beyond to maintain the highest standards of performance and quality.
It is a team effort, and we are so proud to be highly respected by our peers in the legal industry!
To learn more about the rankings click here.
The Blum Firm Has Been Recognized in the 2025 Edition of the Best Law Firms® Rankings Read More »
Here we are on Election Day with a race that’s too close to call. Even after the outcome is known, so much uncertainty lies ahead. How do we deal with the unknowns? Some are wired to see a half-full glass. Good for them. However, for me and most in my network, the tendency is to see the glass half empty. My wonderfully positive wife is helping me learn to shift from “worst case” to “best case” thinking.
Laurie and I recently spent a glorious evening dining with TIGER 21 colleagues. As usual, the conversation was thought-provoking, stimulated by a revelation earlier that day at a TIGER 21 meeting. At the meeting, a hugely successful entrepreneur gave his “Portfolio Defense” and confessed that he still wakes up during the night and worries about his business. Although he’s ten times more successful than he ever imagined, worrying is a habit that is hard to break.
I was visiting with other TIGER 21 members about this and discovered that all of us shared that same mental wiring. We all wake up during the night, the brain activates, and the worry starts. It’s comforting to know I am not alone.
In my recent post, “On Turning 70,” I shared that, looking back on those 70 years, my main regret is all the time I wasted worrying about things that never ended up happening. I announced that my goal going forward is to worry less—easier said than done. But I have something (or rather, someone) going for me to help me in this effort—a very wise and supportive wife of 45 years.
Here’s Laurie’s good counsel to me: when presented with a scenario, instead of always assuming the “worst case” outcome, force your brain to imagine a “best case” outcome. That’s a heavy lift for me, given the natural wiring in my brain and my almost 50 years of lawyering. It’s my job to envision all the “what if’s” that can go wrong and plan ahead for them. But Laurie isn’t letting me off the hook that easy. You have to work at envisioning an ideal outcome. After all, a bright outcome is more likely than a dark one. That’s certainly been the case over the years, as all those things I wasted time and energy worrying about never ended up happening.
So now when I wake up concerned about something, Laurie advises me to imagine the best case outcome. Redirect your thoughts and attach your mind to that best case.
Laurie explained some research that shows how worrying triggers stress and fear, releasing hormones as if what you fear might happen has actually occurred. By shifting your mind to a positive outcome, your energy goes where your thoughts tell it to go. Imagining the best case scenario, you can actually feel the relief and joy that scenario would produce. You’ll begin to feel that relief and joy right now.
I’ve tried it, and it works. It’s not yet natural to me, so I have to work at it. But if you’re wired like me, I highly recommend trying to think “best case” instead of “worst case.”
When I do slip into imagining the worst, Laurie’s provided me with a mantra to repeat in my head: “It’s solvable. If it happens, we will figure it out.” That helps too. And if it doesn’t, I can always wake up Laurie for a middle-of-the-night counseling session. I’m a very lucky guy.
Marvin and Laurie Blum at a dinner party with TIGER 21 colleagues who, like Marvin, find it easier to embrace a “worst case” rather than “best case” scenario. We all need Laurie's wise counsel.
Is Your Mind Wired for a “Worst Case” or “Best Case” Scenario? Read More »
Today, The Blum Firm wore pink today in honor of Breast Cancer Awareness Month.
Here is a little history about this cause:
Breast Cancer Awareness Month began in October 1985, launched by the American Cancer Society and the pharmaceutical division of Imperial Chemical Industries. Former First Lady Betty Ford, a breast cancer survivor, helped kick off the event. Since then, it has grown into a global movement, raising awareness and advocating for research funding.
Thanks to everyone who has shown their support for such an important cause this October!
The Blum Firm Honors Breast Cancer Awareness Month Read More »
In last week’s 200th post in my Family Legacy Planning series, I reflected on some of my personal favorite posts. Looking back over those 200, one of the most popular and recurring subjects is Warren Buffett, the Oracle of Omaha. People are fascinated with everything Buffett says and does. Today I’ll share an update on Buffett’s estate plan that he recently revealed.
My personal fascination with Buffett started years ago when our family made the annual pilgrimage to Omaha for the Berkshire Hathaway annual meeting. As many as 50,000 gather each year and hang on every word as he answers questions from selected attendees. As I’ve written in this blog, I had the privilege three times of asking questions of Buffett. Click on this link for a prior post covering my questions on Buffett’s estate plan, his philanthropy, and his views on preparing heirs.
For a long time, Buffett’s Will leaves more than 99% of his estate to charity (Berkshire Hathway Inc. News Release, Business Wire, June 28, 2024). With a net worth of more than $100 billion, that money will do a lot of good. But who gets to decide what charities to support? That’s the big change Buffett recently disclosed.
In an earlier version of his Will, Buffett (then the world’s second richest man) was entrusting that task to the world’s then richest man, Bill Gates. Although his lifetime gifts to the Gates Foundation exceed $39 billion, Buffett has decided that’s enough.
Why the shift? The notoriously modest-living (some even say frugal) Buffett expressed concern over Bill Gates’ extravagant billionaire lifestyle—homes, planes, fast cars, art, and a big personal staff. He also has “been bothered by what he saw as the bloat and inflated operating costs” of the Gates Foundation. (Anupreeta Das, “Has the Long Friendship of Bill Gates and Warren Buffett Reached Its Final Act?,” The New York Times, August 4, 2024).
In place of the Gates Foundation, Buffett’s Will now creates a charitable trust to be administered by his three children—Susan, Howard, and Peter. His kids will disburse the funds over a ten-year period following Warren’s death. But here’s the catch: the three must unanimously agree on how to donate the funds. Given that they each have very divergent charitable priorities, many speculate Buffett may be setting up “a version of a philanthropic ‘Succession’” battle. (Madeline Berg, “Warren Buffett Wants His Children to Give Away His $130 Billion Fortune. Does that Set Up a ‘Succession’ – Style Fight?,” Business Insider, July 11, 2024).
Susan, a full-time philanthropist, favors social justice, education, and healthcare. Howard, a farmer and former sheriff, focuses on food security, crime, human trafficking, and aid to Ukraine. Peter, a musician and composer, supports Indigenous communities and combating hunger. It’ll be interesting to see how this unfolds.
Buffett defends his decision after seeing how his children have matured over the years. “’I have 100% trust in how they will carry things out… I like to think I can think outside the box, but I’m not sure if I can think outside the box when it’s 6 feet below the surface and do a better job than three people who are on the surface who I trust completely.’” Buffett adds that his children will be able to respond to any future law changes governing taxes and foundations. (Karen Langley, “Warren Buffett Gives Us a Preview of His Will,” The Wall Street Journal, June 28, 2024).
Here’s my key takeaway: Don’t lock away your Will and fail to update it periodically. Our rule of thumb at The Blum Firm is to review your estate plan at each Presidential election. Over time, your views and your wishes may change. When that happens, it may be time to follow Warren Buffett’s lead and change your Will.
Marvin and Laurie with business and philanthropic role model, Warren Buffett.
Buffett Changes His Will—Is It Time to Change Yours? Read More »
This is my 200th post in this Family Legacy Planning series (now called “Blum’s Blog”). The idea for this blog was born during the height of the COVID pandemic. I was sheltering at home, spending 23 hours of every day holed up in our bedroom. Until COVID happened, I never worked at home. I kept a clear separation between work and home. That all changed overnight.
My assistant Cat (whom I often refer to as my “boss”) informed me that, as captain of The Blum Firm team, I had to set the example and work remotely. We set up a desk in our master bedroom with a computer and supplies, and voila! It became my new office. I’d roll out of bed and turn on the computer, breaking only briefly for meals, then roll back into bed late at night. I never stopped working. No bueno, but that was my new M.O.
It was the fall of 2020, approaching October 1st, the 40th anniversary of my founding The Blum Firm. Locked away from the world and all human interaction, what could we possibly do to celebrate it? Then it hit me. On October 1, 2020, I sent out a mass email announcing the launching of a new initiative in 2021 in honor of The Blum Firm’s 40th year milestone. But I didn’t say what the “initiative” was. It was meant as a teaser, not only for the public, but also for me. I still hadn’t fully baked the idea. I needed more time to figure it out.
So, on the first Tuesday of 2021, I announced the birth of this Family Legacy Planning series. My plan was to post weekly for a few months, till I ran out of juice on wisdom to impart. Beyond my wildest expectations, here’s post number 200—never missing a consecutive Tuesday morning, 10:00 Central, blast to your inbox. So far, the juice is still flowing.
This blog has evolved. It started out as a more formal communication, aimed at offering practical estate planning tips to create a lasting legacy. Each post was accompanied by my headshot. Then my dear friend Karen Reisman (a speaking coach with her own inspiring blog, “Speak for Yourself”) told me to stop attaching my “yearbook photo” and offer up a warmer, clever photo instead. I resisted. My audience expected me to be buttoned up, coat and tie. Karen persisted; I gave it a try—lo and behold, Karen was right. Even a serious lawyer could warm up and become more relatable.
Then the next revolutionary change happened. After months of heavy, impersonal content, I took a risk and got personal. Moved by Russia’s vicious attack on Ukraine, I divulged “I Am Ukrainian.” My four grandparents were persecuted in Eastern Europe and came to America barely in time to escape Hitler. The photo was of Zaidy, my one-eyed great grandfather whose eye was poked out in an Ukranian pogrom. I wrote of the importance of preserving family heritage and stories of resilience. The feedback floored me. In response, I became more and more open. I was now feeling a warm connection with my readers. I dispensed with formalities and just wrote from the heart.
I told more of what makes me tick, my family and friends, my modest “hard knocks” upbringing, even “How a Jukebox Paid for My Bar Mitzvah.” Doing so, I still try to weave in an estate planning lesson in each post. After unintentionally stumbling into these self-revelations, this blog has become somewhat autobiographical. I never saw that coming.
As I reveal more about myself and my family, I had an interesting recent comment from attorney friend Andrew Rosell: “Why is it you write so much more about your daughter Lizzy than your son Adam?” I laughed and responded, “I have a daughter that loves the spotlight and a son who prefers privacy.” For those of you who’ve raised kids from the same gene pool but who turned out totally different, I’m sure you can relate.
Click on the link below to peruse all 200 posts and see which ones catch your eye. My personal favorite is my five-part series from a year ago about our week in Israel, culminating with the vicious terrorist attack by Hamas. That day changed my life forever.
I’ll close with a hearty thank you for all the affirming feedback I receive each week. You are all my friends now. And maybe someday, I’ll give into the clamoring from all those encouraging me to write a book. If I ever do, it will read differently than the “How to Do Estate Planning” manual I’d have written a few years ago.
Feeling gratitude for the support of devoted readers, Marvin Blum celebrates the 200th post in his weekly Family Legacy Planning series.
Does your family own a meaningful real estate asset that you’d like to keep in the family? Maybe it’s a childhood home, lake or beach house, vacation home, or ranch. Places like that hold special memories. Gathering there can provide powerful family glue for kids and grandkids. Passing down legacy real estate to future generations requires special planning, or else the hoped for “glue” causes a family to become “unglued.”
At The Blum Firm, we work with many families who own real estate that is precious to them. For example, we’re working now with a family of college football fans who owns a “game day house” near their team’s stadium. Since Laurie and I raised a son who is also a passionate football fan (or should I say “fanatic”), I understand the passion associated with that property. In their eyes, it’s not just a “house.”
While the matriarch and patriarch are alive, they foot the bill to cover operating costs such as taxes, insurance, utilities, housekeeping, lawn care, maintenance and repairs. Mom and dad also establish the rules for shared use, including overseeing the calendar for who gets to use it and when. But who steps into that role when parents are gone and the home is co-owned by siblings, and further down the road when it’s owned by cousins?
Hayley Cuccinello grapples with these issues in her article, “Who Gets the Hamptons House? How Rich Americans Give Homes to Their Children Without Causing Feuds,” (Business Insider, August 13, 2024). She quotes Adam Ludman, head of tax advisory at J.P. Morgan Private Bank: “‘You have to start by recognizing that the family home or the vacation home is more than a financial asset. It is deeply personal.’” Cuccinello elaborates: “Even among rich heirs, passing on real estate without proper planning can lead to sibling strife. Who gets the Hamptons house for July 4? What if one sibling wants to renovate the Aspen chalet and the others don’t want to split the cost?”
We recommend a multi-step solution:
Every family has unique considerations. This isn’t a one-size-fits-all situation. The Blum Firm would be honored to help you tailor a solution for your legacy real estate that matches the needs of your family.
Passing Down Legacy Real Estate—Family Glue or Family Feud? Read More »
We are excited to announce that seven of our attorneys have been recognized in the Texas Super Lawyers 2024 Magazine!
Only the top attorneys in Texas are honored on the Super Lawyers list, with approximately 5% of all lawyers selected. The Rising Stars category is even more exclusive, recognizing just 2.5% of early-career attorneys. We are proud to have six Super Lawyers and one Rising Star among our team!
Congratulations to the honorees! We couldn’t be more pleased to have such strong representation in the field.
Seven Blum Firm Attorneys Featured in 2024 Super Lawyers Magazine Read More »
National Estate Planning Awareness Week is coming up in two weeks. For me, that week comes 52 times a year. But I guess Hallmark needed an excuse for another greeting card. So let me be the first to wish all of you a Happy Estate Planning Awareness Week!
In honor of that special week, I am devoting this post to urgent tax planning considerations given today’s volatile political climate. I’m reminded of the Chinese fortune cookie that says, “May you live in interesting times.” When it comes to tax law, we are certainly living in “interesting times!”
I note that this post is based on my upcoming presentation at the virtual Oil & Gas Investor Summit, where I will be speaking on the topic entitled “No Matter Who Wins the Election, Now is the Ideal Time to Do Tax & Estate Planning.” You can tune in to the summit by registering for free here, and I will be speaking tomorrow around 5 PM Central Time. If you miss it but still want to watch, the recording will be posted on the website as soon as it’s available. Also, a copy of my PowerPoint can be found here. As I stated at the start of my presentation, I am not taking any political positions in this discussion. I’m not advocating for the red or the blue. I deliberately wore a purple tie so no one could draw an inference from a tie that was red or blue. I’m just presenting facts.
As described below, the presentation explores how the election outcome may impact tax law under three scenarios: Divided Government, Triple D (Democrat White House, Senate, & House), and Triple R (Republican sweep). We have no way of predicting which outcome will happen, but regardless of who wins, here’s what we know for sure:
We recently learned that the lifetime estate exemption rises on New Year’s Day 2025 to $13,990,000 per person (for ease of discussion, let’s round that to $14 million). But be aware that on New Year’s Eve 2025, that $14 million exemption shrinks to $7 million. As I’ve so often encouraged, now’s the time to do “squeeze & freeze” planning to lock in the extra $7 million before it goes to zero. It’s a “use it or lose it” situation. And with the top income tax rate rising from 37% to 39.6% in 2026, consider doing a Roth IRA conversion in 2025 and paying a lower income tax hit. The PowerPoint goes into detail on these and other ideas, but I’ll close with what to anticipate under the three election scenarios.
If We Have a Divided Government
If We Have a Triple D Outcome
If We Have a Triple R Outcome
Once again, Happy Estate Planning Awareness Week to everyone. My hope is that you’ll use it to take advantage of “Golden Age of Estate Planning” before it’s too late.
Marvin Blum prepares to deliver a one-hour presentation, entitled "No Matter Who Wins the Election, Now Is the Ideal Time to Do Tax & Estate Planning," at the upcoming virtual Oil & Gas Investor Summit.
No Matter Who Wins the Election, Now Is the Ideal Time to Do Tax & Estate Planning Read More »
“Where Were You When the World Stopped Turning?” Alan Jackson’s country song captures how I felt one year ago. The first time I felt that way was in my fourth-grade classroom the day President Kennedy had breakfast here in Fort Worth, then was assassinated in Dallas by lunchtime. I felt that way again on 9/11 as the horrors unfolded. And a year ago, I was reeling from the most vicious and deadly attack against Jews since the Holocaust. Next week marks one year since October 7, 2023, when Hamas terrorists unleashed the most inhumane attack imaginable against Israel. Laurie and I had just left Israel on one of the last American Airlines flights to take off before shutting down operations (and to this day, they have still not resumed service). October 7 transformed me. My life will never be the same after that day.
For a few brief moments, there was compassion for Israel. I knew from history that it wouldn’t last long. Indeed, within days, the sympathy for Israel vanished from the public square. The narrative was replaced with hate crimes against Jews and antisemitic rallies calling for the annihilation of Israel “from the river to the sea.” These protests have escalated at an alarming rate, become more and more hateful and violent against Jews. In particular, Jewish students are unsafe and unprotected on college campuses across the US.
Here we are one year later, and there are still over 100 hostages held captive in Gaza. Some are US citizens. Where is a worldwide, all-out effort to rescue them? The silence of the masses speaks volumes.
Although I expected some rise in antisemitism, what is actually happening far exceeds my worst fears and shakes me to the core. The level of hate that has surfaced is a harsh wake-up call, and a reminder of another time in history that we naively thought wouldn’t happen again in our lifetime. What we’re seeing eerily resembles the pattern of Jew hatred that took over Eastern Europe in the 1930s. Before calling me an alarmist, let me share that Jews in Europe were living a luxurious life before Hitler came to power. My son-in-law Ira has an uncle (affectionately called “Unkie”) who was imprisoned in concentration camps and lived to warn us: “You think you’re comfortable in America? Well let me tell you something, we were just as comfortable in Europe. You don’t think it can happen again. I’m telling you it can.” Pay attention to the signs—the noise is coming from the media, the internet, elected officials, professors and students on college campuses, the entertainment industry, all blaming the Jews. It’s everywhere. It’s even become a topic among Jews to ask each other: “If a Holocaust happens again, who would hide you?”
My wife Laurie had an intellectual Aunt Marjorie who lived in Israel. I once asked her to tell me the lesson of the Holocaust, and the simplicity of her answer surprised me: “When someone says they want to kill you, you should believe them.” Over and over, we say, “Never Again.” But here we are again. Israel is surrounded by enemies who openly shout their intention to kill every Jew and push Israel into the sea. We should believe them.
In spite of the horror, there are some silver linings. It’s times like these that I feel a deeper connection to my loved ones, both family and friends. To those of you who are on our team, siding with good over evil, I express abundant gratitude. Your support means the world to me.
On a very personal note, I’ll reveal a choice I silently made after October 7. I have always observed a semi-kosher diet, never eating pork or shellfish. But I’ve now gone all in and stopped eating all non-kosher meat. Every time I eat, I get a feeling of solidarity with my people. As Rabbi Mark Wildes teaches, stepping up our game awakens in us a very intense pride in being Jewish. I’ve been very private about this and only share this at my daughter’s urging. Perhaps others might find meaning in doing something similar, such as lighting Shabbat candles or saying daily prayers.
I’ll also share that I am extremely proud of our kids who have become strong advocates for our people. Adam was appointed by Governor Abbott to serve on the Texas Holocaust, Genocide, and Antisemitism Advisory Commission. Lizzy is a tireless and courageous activist supporting Israel in the public arena and on her social media Instagram platform LizzySavetsky. Speaking of their advocacy brings back an old memory from my high school days when I was the Texas chair of SSSJ (Student Struggle for Soviet Jewry) to bring awareness to Russia’s persecution of Jews. I’d tucked that story away and never even mentioned that to Laurie or my kids.
Standing up for our people is deeply woven into the fabric of our family. By taking action, raising our voices, and tightly banding together, I have faith that we will survive. And through that tight togetherness, our family is creating a powerful legacy to pass down from generation to generation — a legacy of faith, courage, and devotion to our people.
Tomorrow evening begins the Jewish High Holiday season. Wishing all a meaningful Rosh Hashanah and a more peaceful 5785.
Marvin Blum and his family celebrating a year ago in Israel for the “upsherin” first haircut of 3-year-old grandson Ollie, a glorious week that ended in horror.
The Day That Changed My Life Forever Read More »
In last week’s post, I covered the complex analysis involved in filling out a beneficiary form for a retirement account. For example, I stressed the benefits of leaving your retirement accounts to an Accumulation Trust, rather than outright to your kids. As I have been highlighting in this Family Legacy Planning series, it’s important to give careful thought to your kids’ inheritance. How much is too much to leave to your kids? What’s the right balance between leaving assets to your kids vs. leaving assets to charities?
When dividing assets between kids and charities, the asset mix usually contains retirement assets and non-retirement assets. All of these assets are potentially subject to estate tax. But retirement assets are also subject to income tax. When leaving retirement assets to your kids, there’s a double whammy tax hit, often leaving only 20 cents of each dollar to your kids.
However, if you fill out the beneficiary designation form to pass retirement assets to charity, the charity keeps 100 cents of each dollar. As you allocate assets between your kids and charities, it is most tax efficient to leave your retirement accounts to charity, avoiding both estate tax and income tax on those assets. The portion you leave your kids should come from the non-retirement portion of your estate.
Consider this simple example. Your estate contains a $100,000 IRA and $100,000 cash. You plan to leave $100,000 to charity and $100,000 to your kids. If you leave cash to charity and the IRA to the kids (who are in a 35% income tax bracket), the kids pay $35,000 income tax on the IRA. Net result: charity gets $100,000, kids get $65,000. Let’s reverse it and give the IRA to charity and cash to the kids. A charity is exempt from tax, so it pays no income tax on the IRA. Net result: charity gets $100,000, kids get $100,000.
Note that for any IRAs designated to pass to charity, do not elect to convert those to Roth IRAs. By converting to Roth, you would be unnecessarily incurring an income tax cost that would be avoided when the assets pass to charity. It’s more tax efficient to leave traditional IRAs to charity and Roth IRAs to your family.
In leaving retirement assets to charity, consider these choices:
The Blum Firm works actively to help our clients structure their charitable and family inheritances in the most tax efficient way. We would be honored to assist you in this important endeavor.
Marvin Blum is in a quandary over how to fill out retirement plan beneficiary forms. Do I name my kids, or do I name a charity?
A Cost-Free Way to Supercharge the Charitable Gifts in Your Estate Read More »
It happens all the time. My assistant Cat receives this call: “I just have one simple question for Marvin. How should I fill out the beneficiary designation form for my retirement plan?” As explained below, that question is anything but simple. Moreover, it’s critically important. The beneficiary designation form (not your Will) is the document that dictates where your retirement account goes when you die. And very often, the retirement account is the biggest asset in the estate.
In my post dated July 30th, I told the horror story of a retirement account (which was almost the entire estate) passing to a long-lost girlfriend. The beneficiary designation form hadn’t been updated in nearly 40 years! When you update your Will, don’t forget to also update your beneficiary forms.
For those who are married with kids, the “knee jerk” is to just designate your spouse, then your kids. However, the estate plan often contains trusts to protect assets from divorce, creditors, and taxes. By designating individuals, the retirement assets pass outright, and you lose all the important trust protections over those assets.
The better plan is usually to designate a trust as the beneficiary—but not just any trust. To achieve optimal tax benefits, it has to be a trust with special provisions, such as an “Accumulation Trust.” Such a trust allows for the longest possible stretch out, and assets paid into it are protected until needed. Until spent, the assets are in a pocket free from reach by creditors or divorcing spouses.
Roth IRAs can accumulate free of income tax. The decision to convert a traditional IRA to a Roth IRA (and pay the income tax hit early) involves a complicated mathematical analysis. With income tax rates rising in 2026, many plan to convert to a Roth in 2025 and pay the tax at today’s lower rates. But for those not converting to Roth, be aware that traditional IRAs are hit with income tax as the assets are distributed. There is a complex maze of tax rules to navigate in order to achieve optimal income tax deferral.
One more thing—if your estate makes a charitable gift, the most tax-efficient way to do it is to designate the charity as the beneficiary of retirement assets. Designating a charity avoids paying income tax and estate tax on the retirement assets. I’ll explain in more detail in next week’s post.
Suffice to say, how to fill out your retirement beneficiary form is no simple question!
Marvin Blum’s assistant, Cat Bardin, receives a call asking “just one simple question” on how to fill out a retirement plan beneficiary form—not a simple question!
“I Just Have One Simple Question” – NOT! Read More »
Effective January 1, 2024, all Reporting Companies must disclose information about the company and its Beneficial Owners to the Financial Crimes Enforcement Network (“FinCEN”) under the Department of Treasury. The purpose of the Act is to enhance national security, intelligence, and law enforcement efforts to combat money laundering, and other illicit activities. Importantly, this requirement is not related to tax reporting or the IRS.
The CTA deadlines are approaching fast as existing entities only have four months left for initial compliance. For entities formed or registered to do business in the U.S. before January 1, 2024, the initial reports must be filed with FinCEN by January 1, 2025.
Anyone who willfully provides false or fraudulent information, or willfully fails to report complete or updated Beneficial Ownership information faces significant penalties. These include civil penalties of $500/day if the violation continues or is not remedied, and criminal fines of up to $10,000, and/or up to two years imprisonment.
With the deadline approaching, it’s critical to start preparing now. Gathering the necessary Beneficial Ownership Information and navigating the legal complexities of the CTA can be challenging, so existing entities should be taking steps now to prepare for timely compliance.
The Blum Firm is actively engaged in helping clients with CTA Compliance, including filing the reports directly with FinCEN. Please contact us if you would like our assistance with CTA Compliance or if you have any questions about the impact of this law on your entities.
Please note that dissolving a Reporting Company before the compliance deadline will not allow you to escape the initial reporting requirements. FinCEN has recently clarified that unless an entity was dissolved and ceased to exist by the end of 2023, it must file a Beneficial Ownership Information Report with FinCEN.
Corporate Transparency Act Alert: Only Four Months Left for Compliance! Read More »
President Biden’s painful exit from his reelection campaign, coupled with my 70th birthday, got me thinking about how to age with dignity. What lessons can we learn so that, as we approach the final chapter, we can go out on top? I identified many role models who continued to hit home runs in their final innings. For today’s post, I narrowed it to a diverse trio: Lou Barnett (patriarch of the Fort Worth Jewish community), Henry Kissinger, and Dolly Parton.
I’ll start closest to home with Lou Barnett, who made it past 100 before he left us. When he was still a young 94, I had the privilege of interviewing him on May 19, 2013. He may be gone physically, but he lives on through the wisdom he imparted to me that day. When I asked for his reflections, Lou responded with 18 tips. In Hebrew, the letters that signify 18 are chet (8) and yud (10), spelling chai, the Hebrew word for “life.” (“To life, to life, L’chaim!”) How appropriate that Lou’s stream of consciousness happened to provide 18 tips for living a beautiful life.
Click on the link at the bottom of the post to read the entire list, but here are a few highlights:
• Family, first and foremost. Family is by far the most important thing in the world.
• Find a hobby. Get away from the cell phone and disconnect from the world.
• Laugh at yourself. Don’t take yourself too seriously.
• Live! Don’t live like you’re coming back. It’s later than you think.
• Go see your grandkids often and be a part of their lives.
• Don’t carry a grudge. Let it go.
Like Lou Barnett, Former Secretary of State Henry Kissinger also made it to 100 with grace and purpose till his final days. In his essay on Kissinger, Eric Schmidt (former CEO of Google) explained the key: “How did Henry make it to 100? He never retired. Until shortly before his death, he was working as hard as he did when he was 70. From the moment he woke up, he was thinking, taking joy in following a new idea, a new strategy, a new challenge. He never lost his deep commitment to making the world safer and more prosperous” (The Wall Street Journal, December 2, 2023).
Harvard professor Arthur Brooks elaborates on Kissinger’s formula for successful aging. Brooks credits Kissinger with transforming into a senior role, becoming an “eminence” who wasn’t expected to “have the rigor and the focus and the energy to be putting in the grinding work of national and international governance… Nobody wanted to elect Kissinger as president of the United States; people just wanted his opinion on the issues of the day” (“The Essence of Retiring Well,” The Atlantic, July 5, 2024).
And finally, let’s hear it for country music legend Dolly Parton, a rockstar role model at age 78 who “shows no signs of letting up.” In “Dolly Parton on How She Succeeds in Business,” Deena Shanker reveals: “Dolly Parton is a live performer, recording artist, songwriter, novelist, philanthropist, Netflix producer, theme-park operator, and hotelier, just to name a handful of her business ventures. She sells everything from dog accessories to fragrances and even muffin mixes. How does she keep up the momentum? ‘I work my butt off,’ she says.”
Parton also believes you have to be present to win. She challenges the post-COVID world of remote working. “In an age where ‘quiet quitting’ has pervaded workplaces across the US and hustle culture is being criticized by the rising number of Gen-Zers shuffling into the office (or Zoom rooms), Parton works for her success, way past 9 to 5.”
So, for those like me who seek guidance on how to remain relevant till the end, let’s learn from Lou Barnett, Henry Kissinger, and Dolly Parton. In doing so, Arthur Brooks wisely admonishes us of the need to adjust to the role that best suits us, which changes over time. Brooks suggests that role may be more as a teacher than an innovator. Or, as my esteemed colleague Matt Wesley so powerfully describes—there comes a time when you need to move from being quarterback to being coach.
Henry Kissinger stayed on top of his game all the way to 100.
Three Role Models for Aging with Dignity Read More »
We are excited to announce that three of our attorneys were recognized with the 2025 edition of The Best Lawyers in America® Award, and one of our attorneys was recognized with the 2025 edition of the Best Lawyers: Ones to Watch® in America Award.
Both award lists are determined through a comprehensive peer-review survey, and according to Best Lawyers®, “This was a record-breaking year with more than 3.2 million evaluations collected for the 31st edition of The Best Lawyers in America® and over 1.2 million for the fifth edition of Best Lawyers: Ones to Watch® in America.”
We couldn’t be more pleased to be well-represented in the legal field. Congratulations to our honorees!
Four Blum Firm Attorneys Recognized with Best Lawyers® Awards Read More »
My recent post, “I’m a Graduate of Blum’s Café School of Hard Knocks,” focused on the lessons in life I learned from my hard-working father, Julius Blum. That post generated a heart-warming reaction from many of my readers. Although my dad’s been gone for 21 years, he’s very much alive in my heart.
I wrote of the hard-knocks world at Blum’s Café, nestled in Fort Worth’s smelly and sweaty meat packing district. One response summed it up and meant a lot to me: “The Blum family was an important piece of the packing house fabric in the stockyards. A sweet, hard-working family.” I chuckled at another line in his message: “Marvin was smart and got out of there ASAP.” True, but I took the lessons of that world with me.
My dear friend Lisa Mikus asked if my dad was part of “The Greatest Generation from the WWII era—I’m so in awe of that generation.” That swelled up my admiration for my dad’s service in the U.S. Army during World War II. As was typical of these men, he rarely spoke of it. He finally opened up during our nightly visits during his final year, dying of pancreatic cancer at age 77.
Julius Blum was a true patriot, pro-America all-the-way. I only knew him as strong and brave, but a letter we found after he died revealed the fear he masked as he was going off to war. In the letter, he confided to his sister Sophia the trepidation and home-sickness he felt as he was about to be shipped off overseas. I never saw that side of him. That was a powerful revelation.
As patriotic as my dad was, he didn’t want to see my brother Irwin or me shipped off to Vietnam. That was a different kind of war. When President Johnson called for a surge in troops, every young man (including Irwin and me) received a draft number. The higher the number, the better the odds for avoiding the draft.
I remember it like yesterday—December 1, 1969, the day draft numbers were chosen by lottery. A large glass vessel held 366 blue capsules, each containing a birth date from January 1 through December 31 (including one for February 29). We were all glued to the television to discover, day by day, the number corresponding to our birthday. Irwin (who was three years older) got a high draft number—big relief! I wasn’t so lucky—the number corresponding to August 8 was low.
This quote summed up my feelings: “The draft deepened the rift that already existed in our country; the divide, expressed in bumper stickers. America, Love It or Leave It was one; Hell No, We Won’t Go was another. I loved America, but I didn’t want to end up in a body bag. I didn’t want to leave the country, either, dodging the draft by fleeing to Canada. And I had no interest in burning things, whether it was the flag or my draft card.” Those are the eloquent words of Byron Gossett in his outstanding book, Expand the Frame.
My father, the patriot, shared my feelings. We sweated out the next few years until it was my time to be drafted, and then at the eleventh hour came the announcement that the draft was ending, just as they got to my turn. Once again, big relief!
The country survived the turbulence of Vietnam—And now, here we are again in turbulent political times. As we wrestle with political discord, I’ll share one more lesson from my dad. We can disagree, but let’s do so civilly. Harvard professor Arthur Brooks disclosed in a speech I attended that one in six families don’t talk to each other because of politics. That was April 27, 2023. It’s likely worse today. My father would never allow political views to tear apart a family. He was a role model for civility.
I’ll close with a simple illustration from my early memories. My dad was politically conservative. On the other hand, I was a youthful liberal, largely influenced by our staunch Democrat housekeeper, Nelsie, whom I adored. I vocally supported JFK to my Nixon-voting dad. It got more potent in the next election. I made a poster promoting LBJ and proudly displayed it in our front yard. To my dismay, my dad supported Goldwater. But whether it was JFK vs. Tricky Dick or LBJ vs. Au-H2O, it never affected our relationship and love for each other. And he never asked me to remove that poster from our yard!
In my quest to help families stay connected and build a meaningful family legacy, may the lessons of Julius Blum inspire us. Inevitably, we will disagree, mightily at times. But let’s discover and celebrate our commonalities, fighting the temptation to let discord tear us apart. It’s not worth it.
Marvin Blum’s father Julius Blum as a young soldier, a role model for patriotism and civility. May we learn from his example.
Julius Blum, a Role Model from “The Greatest Generation” Read More »
We’re proud to announce that Kaitlin Goddard has joined The Blum Firm as an Associate Attorney in our Fort Worth office!
Kaitlin is a North Texas native who earned her Juris Doctor at the University of Houston Law Center in 2016 and has been practicing probate law for the past seven years. Before joining The Blum Firm, she served as in-house probate counsel for a medical malpractice plaintiff’s firm.
Throughout her career, Kaitlin has handled hundreds of estate administrations across Texas and takes great pride in guiding families during their most difficult times. She also spent several years serving as a certified Court-Appointed Attorney Ad-Litem on probate and guardianship matters to serve both the courts and the people of her community.
Please join us in welcoming Kaitlin Goddard to The Blum Firm team!
Welcome Attorney Kaitlin Goddard Read More »
At last week’s Democratic National Convention, Kamala Harris delivered a stirring “New Way Forward.” Here’s what Kamala didn’t reveal: How do we pay for it? However, her campaign has quietly endorsed legislation to raise taxes, such as Senator Elizabeth Warren’s Bill to pay for the proposed housing program.
Click on this link for a recap of the key provisions of this legislation. But without diving into specifics, let’s focus on the benefits of “squeeze & freeze” planning using tools this new law would eliminate. Squeeze planning involves transferring assets to a Family Limited Partnership (“FLP”) and achieving a valuation discount. Freeze planning involves transferring your discounted FLP interests to certain trusts to remove the assets from your estate. Through proper squeeze & freeze planning, you can save estate tax and also protect assets from creditors, but retain control, access, and flexibility.
Squeeze & freeze planning can generate millions of dollars of tax savings. In one recent case, The Blum Firm actually saved a family over one billion dollars, which the IRS approved on audit of the estate tax return. If Harris gets her way, squeeze & freeze, along with other tax saving tools, will soon go away.
If you start planning soon, there’s still time to lock in the benefits. Similar legislation came within two votes of becoming law in 2021. Here’s an important takeaway from the lessons of 2021: if you completed your planning before the law change, you’d be grandfathered. In a new administration, law changes can happen fast. It takes time to do this planning, so it’s wise to get an early start.
Most of our clients are investors who are aiming to grow a portfolio. The goal is to maximize returns, but with the least possible risk (a concept known as “investment alpha”). In his July 2015 article “The Only Form of Pure Alpha,” Steven Lockshin defines pure alpha as “an increase in net results with zero increase in portfolio risk.” Per Lockshin, the only form of pure alpha is tax planning: “tax management can have a far greater effect on a wealthy family’s overall wealth” than investment returns. In particular, “‘estate tax alpha’ will almost undoubtedly dwarf long-term market gains.”
Lockshin illustrates with two hypotheticals, each investing a $10 million portfolio. Advisor A takes more risk and yields an 8% return, growing $10 million to $217 million over 40 years. Advisor A fails to do tax planning, resulting in an $82 million estate tax, netting the next-gen $135 million. Advisor B invests more conservatively, yields a lower return, but transfers assets in a discounted manner to a generation-skipping trust at inception. The outcome? Advisor B beats Advisor A by $80 million. It doesn’t have to be either/or—do both! Aim for higher returns and do tax planning.
Michael Sonnenfeldt, founder of TIGER 21, once commented at a speech I gave: “Return on investment is a rounding error compared to estate tax planning.” Similarly, my TIGER 21 chair Jack Mueller remarked: “Good estate planning trumps investment return any day.”
Per Lockshin, don’t count on your investment advisor or the media to tell you about tax alpha. It doesn’t generate commissions, and “the idea of beating the market is sexier.” Lockshin concludes that wealth “is only valuable to the extent that you can keep it in your family’s hands and out of Uncle Sam’s…. With no increase in risk, but significant increase in net results to your family, tax planning is the only form of pure alpha.”
I couldn’t have said it better myself. And given today’s political climate, I submit that the need to do tax planning is urgent. It may soon be too late.
At last week’s Democratic National Convention, Kamala Harris unveiled her “New Way Forward.” What she didn’t reveal is how to pay for it, but we know—the tax man is coming!
What Kamala Didn’t Say Read More »
I want to attribute this post to my wonderful work “family,” a term I use very sincerely. As the adage goes, “It takes a village,” and that cannot be more true. The Blum Firm was recently recognized as one of the Best Companies to Work For in Fort Worth 2024, and to say I am overwhelmed with gratitude is an understatement. Upon receiving the news, I couldn’t help but reflect on our phenomenal team and the path that got us where we are today.
To paint a picture of how richly blessed I am, I will start from the beginning, when I was at my first lawyer job in the Big Law world. It was not a happy fit for me, so when I left to form The Blum Firm, I made a vow to create a caring environment where people would be surrounded by coworkers who support each other and care about each other. And that is precisely what happened.
When I’m asked about my greatest professional accomplishment, the answer is easy: it’s the team I’ve assembled. We share a commitment to our clients and each other, and we strive for excellence in everything we do. No one here is flying solo. We know we can rely on the strengths of everyone in the firm to always be there to help, making each of us a better professional and a happier worker. When I left the big law firm, my father-in-law wisely said, “Don’t be mad at them. Send them a thank-you note.” And was Abe Kriger right! Every day, I send a mental thank-you note that I get to spend my work hours with a wonderful work family.
I am reminded of a quote from Albert Einstein, “Strive not to be a success, but rather to be of value.” Our team of attorneys, paralegals, legal assistants, and all the other members of our support team are successful because they focus on providing meaningful work and repeatedly go above and beyond to help us achieve our mission:
Each takes pride in bringing their best to work every day. And there’s no ego—we just want the best solutions for our clients.
Receiving the Best Companies to Work For in Fort Worth 2024 Award is a true reflection of our team and their hard work and dedication. As I said above, “It takes a village,” and boy, am I so thankful for my village!
Best Companies to Work For in Fort Worth 2024 Award Read More »
Last week’s post was about my 70th birthday, which I celebrated joyfully a few days ago, and I now embark on my eighth decade with renewed energy. In today’s post, I want to share another birthday we celebrated this month in our family. With my daughter Lizzy’s permission (indeed, her encouragement), I am grateful to rejoice in Lizzy’s 3rd “sobriety” birthday. As I’ve revealed in the past, Lizzy is waging a very successful but hard-fought battle against alcoholism. August 1, 2024, marks the completion of 3 years being sober.
Lizzy encourages me to tell her story with the hope it will help others who are battling addiction. I am proud of her willingness to be open and transparent about her struggle with alcohol dependency. So many are suffering in silence. Lizzy is a champion for saying you don’t have to live like that. She acknowledges that it’s a tough road, but there is help out there. Don’t try to fight this disease alone. Find a program that works for you, like Lizzy is doing.
Thanks to her program, Lizzy enjoys a very purpose-driven and meaningful life. In addition, her whole family benefits from her ability to be fully present and engaged with them. In fact, Lizzy, Ira, and their 3 kids just completed a three-week trip to Israel, where they brought comfort to families who are suffering from losses and injuries due to the war that began when Hamas attacked Israel on October 7, 2023. Their 3 kids are actively involved as well, providing love to these victims and to families of those still held hostage for 312 days now. Lizzy’s full-time mission is to fight antisemitism and support Israel through her social media platform, LizzySavetsky- work that wouldn’t be possible were it not for Lizzy’s sobriety. Laurie and I are very grateful and proud parents.
I learned this week that in some programs, a person with a sobriety birthday randomly selects a card that depicts a value to embrace for the coming year. The value one such person selected was the word “joy.” That person’s goal for the coming year is to experience joy.
That story brings to mind something that I experienced that I’d like to share. In one of my TIGER 21 meetings, we engaged in a “values exercise.” We were each presented with cards containing 56 values and directed to sort them into 3 stacks revealing how they apply to us: (1) always, (2) sometimes, (3) never. We then narrowed the “always” stack down to 10 and prioritized them, building a pyramid with our number one on top, followed by the next two, then the next three, then the next four. We assigned numerical weights and reported each of our results to the group. The group then constructed a group pyramid with the group’s top 10. It was fascinating to compare my individual pyramid to the group pyramid.
Here was my main takeaway: One of the group’s top 5 values was “joy.” The word “joy” was nowhere on my values pyramid. It never dawned on me that seeking joy was an appropriate goal. As a person who is (obsessively) productive, I never allowed myself to prioritize joy. Seeing how highly it ranked with the rest of my TIGER 21 group was a big wake-up call for me.
A values exercise like this is a very meaningful activity for a family meeting. As I continue to promote family legacy planning, the cornerstone of that process is the family meeting. I commend to you to bring your family together and engage in meaningful conversation and learning, and in doing so, reveal the values that your family holds in common. It’s a great unifying activity—what I often call “family glue.”
So, as I embark on my eighth decade, I am choosing the word “joy” as my new word of the year. It won’t replace my other values, but as I celebrate this 70th birthday, it’s time to smell the roses.
I do have some dissonance advocating the idea of “joy” during these very disturbing times, as my people are targets for unimaginable hate and terrorism. However, rabbis teach that G-d wants us to continue to celebrate life, even in the midst of our suffering. My heart is heavy, but I can still feel abundant gratitude, and yes—even “joy”—for all the blessings in my life.
Marvin Blum’s daughter Lizzy Savetsky (pictured here with her 3 kids) celebrated three years of sobriety, a golden gift to her and her loved ones.
Happy “Sobriety” Birthday to My Daughter Read More »
I turn 70 on August 8th. I used to think 70 was old—I don’t anymore. I don’t feel 70, maybe more like 50. But when I look in the mirror, it says 70.
Every birthday is a time for introspection and reflection, but especially those decade birthdays. As I engage in this self-assessment, questions abound about past, present, and future Marvin. How have past highs and lows shaped me? Where am I now in my life journey? Where am I going in (G-d willing) the days that lie ahead?
Some of my introspection is colored by a thought-provoking article by Anne Lamott, “It’s not so terribly strange to be 70” (The Washington Post, April 10, 2024). “Today, when I woke up, I was 70. Seventy! I think that I am only 57, but the paperwork does not back this up… When younger people ask me when I graduated from high school and I say 1971 [1972 in my case], there’s a moment’s pause, as if this is inconceivable and I might as well have said 20 B.C. That’s when I feel my age. But… I would not go back even one year.”
I have shared that the Blum Family Mission Statement focuses on Relationships, Productive Work, Spirituality, and Memorable Moments. I’ll use that framework to organize my reflections.
We are living in turbulent times. The attack on Israel on October 7, 2023, has impacted me forever, especially as we witness the extreme rise in antisemitism that it fostered. I am heartbroken but defiant. I lived through the turmoil of Vietnam and Watergate, and we survived. Today’s turbulence is worse for me, but once again, I have faith that we will survive it— we must.
As I start to wrap up, I’ll concur with some more of Anne Lamott’s age 70 wisdom.
Looking back on my own 70 years, my main regret is all the times I worried about things that ended up never occurring—so much time wasted. The things that did happen hadn’t occurred to me, but we always managed to get through them. Going forward, my goal is to worry less. Laurie, my ultra-wise wife of 45 years (and truly the rock in our family), always lifts me up with these words: “If it happens, we’ll figure it out.”
I’ll close with words from a poem, “The Valuable Time of Maturity,” sent to me by my law school “Canoe Brother,” Bill Parrish:
I feel like the boy that got a bowl of cherries —
At first, he gobbed them,
But when he realized there were only a few left,
He began to taste them intensely…
I do not intend to waste any of the remaining cherries.
As Marvin Blum turns 70 this week, it’s a time for serious introspection and reflection.
As last week’s post highlights, a Will is only one component of an estate plan. A proper estate plan also manages your affairs during incapacity, protects assets from creditors and divorce, provides business succession planning, and creates a lasting family legacy. Although August is “National Make-a-Will Month,” I urge all to broaden their thinking beyond just having a Will.
Of course, I don’t mean to minimize the importance of having a Will. Indeed, the statistics may shock you. More than half of Americans die without a Will. News stories abound of celebrities like Prince who died intestate, sparking years of legal battles among heirs (or those claiming to be an heir). Research shows that 73% of those who die in Texas each year die without a Will.
A Will not only addresses who inherits your assets, but it also designates an Executor to oversee the process. In Texas, if you use the term “Independent Executor,” the Executor can act free from court control, greatly simplifying the probate process.
A Will can also designate who will serve as guardian of your minor children, arguably the most important provision of an estate plan. It’s also an opportunity to make bequests to loved ones and charitable causes dear to you.
But don’t stop with just a Will. For many, the greater portion of their estate consists of retirement plans, life insurance, and assets in “pay-on-death” or “survivorship” accounts. In just 12 years since 2010, assets in workplace retirement accounts ballooned from $2.8 trillion to $6.8 trillion. These assets don’t pass under a Will. They pass according to a Beneficiary Designation. You can have a perfect Will, but if your Beneficiary Designations are out-of-date, your plans are thwarted.
Every year, we are privy to horror stories of outdated beneficiary designations. Here’s one reported by Ashlea Ebeling, “His Ex is Getting His $1 Million Retirement Account. They Broke Up in 1989.” (Wall Street Journal, June 8, 2024).
Ebeling tells the story of Jeffrey Rolison who dated Margaret Sjostedt in their early 20’s, but soon broke up. While dating Margaret, Jeffrey named her when filling out the beneficiary card for his Procter & Gamble retirement plan. Now almost 40 years later, Jeffrey’s $1.15 million retirement goes to his long-ago ex-girlfriend. Jeffrey’s only other assets are a $66,000 home, some used cars, and two cats.
Jeffrey’s two surviving brothers went to court arguing “it wasn’t fair.” Too bad, says the court. “The form is the form.” Ebeling warns: “The battle over Rolison’s money is a stark reminder that the beneficiary forms on retirement accounts, life-insurance policies, and bank accounts matter. In most cases, they trump the Will even if they were filled out decades prior.”
So as August approaches with its focus on making a Will, be sure all the other aspects of your estate plan are current—especially your beneficiary designation forms!
August is “National Make-a-Will Month”—But You Need More! Read More »
I once conducted a workshop on estate planning, and at the end, the moderator asked each attendee, “On a scale of 1-10, how’s your estate plan?” I had just explained that there’s so much more to an estate plan than just having a Will. As described below, a Will is just one component. As the room of participants gave honest answers (most of whom answered a 5 or below), it was my turn to answer. The room expected me to say “10.” When I answered “7,” the shock was palpable.
Why did I grade my estate plan a 7? I had a good Will and basic estate planning documents. But I had been listening to my own words that day and realized I had fallen short on some of the more sophisticated aspects of an estate plan.
My true confession was a harsh wake-up call for me. It was time for this cobbler to fly home and take care of my own shoes. And that’s what I did. I could then proudly answer, “My estate plan is a 10!”
However, I realize that over time, I’ve slipped back to an 8 or 9. The thing about estate planning is that you can never put it away and think “I’m all set.” Things change over time: your family, your assets, the law. To remain a “10,” an estate plan has to be regularly reviewed and updated.
For years, our rule of thumb at The Blum Firm has been to review your estate plan every four years, or sooner if changes necessitate. We conveniently tie it to presidential election years, as that’s an easy reminder. Well, here we are in just such a year. November is just around the corner.
If you need more persuasion, August happens to be “National Make-A-Will Month.” As August is now only days away, I hope that’s extra motivation to not only have a Will, but to update your overall estate plan.
To elaborate on my above assertion that an estate plan is more than a Will, here’s a slide from my workshop:
After conducting a workshop on estate planning, Marvin Blum shockingly graded his own plan a “7 out of 10.” Within weeks, Blum brought it up to a 10.
On a Scale of 1-10, How’s Your Estate Plan? Read More »
We are thrilled to announce that NINE of our attorneys were included in the list of 523 “Top Attorneys 2024” in 360West Magazine!
This is a nominated-based project in which fellow attorneys vote for their peers who exemplify excellence, and we couldn’t be more pleased to be well represented in the field.
Congratulations to all of our 360West Magazine Top Attorneys for 2024!
Nine Blum Firm Attorneys Recognized in 360West Magazine’s “Top Attorneys 2024” List Read More »
My son Adam is a voracious reader. He regularly feeds me fascinating stories that inspire many of my weekly blog posts. Such is the case today with Beth DeCarbo’s family business piece “My Mom and Dad Owned Competing Side-by-Side Hardware Stores. It Was a Lesson in Life,” (Wall Street Journal, May 8, 2024). It’s a fascinating account of a daughter growing up working in her family’s hardware stores.
Upon first reading it, I didn’t grasp its application to me. Then, it hit me. I also learned “lessons in life” growing up working at Blum’s Café. It was far from glamorous, but it instilled in me a work ethic that serves me well to this day.
My father, Julius Blum, had a hard-knocks upbringing, raised behind his family’s small neighborhood grocery store in an impoverished area of Fort Worth. He was the son of immigrant parents who barely escaped Hitler. Though living in America, they were never “Americanized,” speaking only Yiddish and associating only with other similar immigrant families. Miraculously, my dad (with the help of his older brother Sol) rose from that world and became the first college-educated member of the family. Though my brother and I were Longhorns, we respected our dad’s affection for Texas A&M. He was a proud Aggie with a degree in Mechanical Engineering.
As a newlywed with my mom Elsie, Julius put his degree to use working for Almar-York Air Conditioning. That didn’t last long. As seems to be in our DNA, my dad wanted to be his own boss. Julius used to say he’d rather own a lemonade stand than work for someone else. He took it one notch up and instead opened Blum’s Café, an industrial restaurant in Fort Worth’s meat packing district.
Julius awoke every day at 4:15 a.m. in order to open for business at 5:00. You have to start early to fire up the oven and griddle and get the coffee going. Any day we weren’t in school, my brother and I were right there with our mom and dad. That’s where we spent our summer and Christmas breaks. The days started early and ended late, loading the soda water cases before we could head home, tired and hot. There was no air conditioning.
Like DeCarbo’s article reports, I learned a lot of life lessons growing up in a family business. Here’s a sampling.
“If you take care of your business, it will take care of you.”
“The only helping hand you need is the one at the end of your arm.”
My upbringing at Blum’s Café has certainly influenced who I am today. It generated enormous gratitude I have for my law firm. It informs the second prong of the Blum Family Mission Statement: We embrace productive work, waking up each day to engage in meaningful activity. I am grateful this work ethic is equally embraced by my children Adam and Lizzy.
Along these lines, Laurie recently asked our handyman Don for a referral to a washing machine repairman. It was 7:30 a.m., and she asked Don, “Can I text him now, or do I need to wait?” Don’s reply was choice: “Text him now. Successful people are awake by now.”
To sum this up, my heritage of hard work gave me a unique connection to the comments by comedian Jerry Seinfeld in his recent commencement address at Duke. His number one piece of advice to the graduates was “Work hard.” Then he followed it up with words that resonated: “Bust your ass.” I can hear my dad saying that to me now.
I’m a Graduate of Blum’s Café School of Hard Knocks Read More »