Katie Nell

Giving Back: Don’t Just Write a Check, Roll Up Your Sleeves

When it comes to creating a family legacy, philanthropy can play a very powerful role. When a family comes together to support meaningful causes, it serves as very strong family “glue.” Even though not everyone has the skills to work in a family’s business or investments, everyone can play a role in family philanthropy. Managing a philanthropic vehicle (like a family foundation) is also a laboratory for learning life skills. In addition to the gratification that comes from helping those in need, family members learn how to make group decisions, build bridges of communication and trust, and may even learn some financial, investing, and tax concepts. Philanthropy definitely provides a “win-win,” benefitting not only the recipient of it, but also enriching the family who does the giving.

When we hear the word “philanthropy,” the first thing that usually comes to mind is writing a check. Giving of our financial resources is an important part, but there are more ways to give than just by giving money. Charities often promote the “Three T’s,” urging us to give not only of our Treasure, but also of our Time and Talent. I’ll add a “Fourth T:” Toil. By digging into a cause and “getting our hands dirty,” we expand the “win” that comes back to the one who is giving. 

The Case Bogart Perspectives essay “Why Give?” (www.casebogart.com) explains that heirs participating in philanthropic activities receive an “essential transformation in their development of empathy, character, leadership skills, and life purpose.” Empathy comes from witnessing firsthand the impact of their charitable work, “fostering a deeper understanding of social issues and true human need.” Organizing charitable events and doing legwork teaches leadership skills, as well as “project management and strategic planning.” The interaction with diverse individuals expands the volunteer’s network and teaches “teamwork, communication, and problem-solving.” All of these benefits build character and instill life purpose, inspiring “a person to get out of bed each morning with something they want to accomplish outside of themselves.”

The Case Bogart essay got me thinking of some examples from my own life experience. The Blum Family is a big proponent of “hands-on” philanthropy. A few come quickly to mind: Laurie’s work with Meals on Wheels, Lizzy’s interaction with hostage families and IDF widows and orphans in Israel, Adam’s work with Gov. Abbott to fight antisemitism in Texas. Allow me to share a couple more examples from me and from my mom Elsie.

For over 30 years, I’ve been active with Fort Worth’s Multicultural Alliance (MCA), participating in programs to promote acceptance and understanding of those different from us. One such experience particularly stands out. I took a week off work to serve (along with my daughter Lizzy) as a counselor at Camp Anytown (now called Camp CommUNITY). We bring together high school students from diverse backgrounds to break down barriers of prejudice, bias, and hate. Remarkably, over the course of that life-changing week, campers leave with newfound open minds and open hearts, understanding and embracing people they’d never have imagined knowing. I facilitated conversations in share groups, we learned of each other’s cultures and backgrounds, and I even taught an art class to an eager group of kids excited about exploring their talents. At the end, I confessed that I had been reluctant to serve as a counselor, for fear that as a very uncool lawyer, I’d never be able to connect with a bunch of high school kids. One of my favorite takeaways from Camp was when the kids responded resoundingly: “Marvin, you cool!” Who knew? Even I emerged from camp with a much more open mind and open heart. I applied those lessons later when I facilitated an MCA Table Talk program for diverse students at Texas A&M Law School, and again at a program I gave for financial executives “Conversations are the Currency for Change.” My hands-on experiences at MCA have been life-changing for me.

I’ll wrap up with a couple of examples from my personal hero, my mother Elsie. For my entire life, I’ve watched my mom roll up her sleeves and work tirelessly at our synagogue. When my dad died 22 years ago, I often said that my mom “remarried,” and the marriage was to our synagogue. She became a full-time volunteer, single-handedly overseeing the synagogue kitchen and catering operation, supervising adherence to the Jewish laws of kashrut (kosher food laws), and working there literally seven days a week. But there’s another volunteer activity she took very seriously that I’ve never mentioned: serving on the Chevra Kadisha to wash and dress deceased Jewish women to prepare them for burial. It’s an ancient ritual that happens in prayerful silence, concluding with closing the coffin and thanking the deceased woman for the opportunity to prepare her for her final journey. In the Jewish religion, it’s considered a sacred honor. As Rabbi Isadore Garsek explained to my mom when she joined the group, this is the most selfless of all volunteer work, because the woman you are doing it for can never thank you for it. It’s hard to imagine a more meaningful type of “hands-on” philanthropy.

In summary, philanthropy goes well beyond just taking out your wallet.   When the volunteerism involves committing your hands to an activity, you truly get back way more than you give.

Marvin Blum and daughter Lizzy as counselors at Camp Anytown (now called Camp CommUNITY), sponsored by the Multicultural Alliance (MCA) of Fort Worth.

Marvin facilitating an MCA Table Talk to help diverse law students achieve acceptance and cross-cultural understanding.
Marvin’s mother Elsie Blum (center) supervising the synagogue catering operation.

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Family Traditions: The Blum Passover Seder Is Much More Than a Meal

Four generations of Blums gathered this week to preserve Passover family traditions (matriarch Elsie; Marvin & Laurie; Adam & Brooke; Lucy, Grey, & Mia). Lucy holds a vintage Haggadah created 35 years ago by Adam and his sister Lizzy, still used to this day at Blum Seders to tell the Passover story.

“Tradition! Tradition! Without our traditions, our lives would be as shaky as a Fiddler on the Roof!” There’s a lot of truth in Tevye’s lyrics. Looking back over my 70 years, an annual Blum family tradition that helps keep our family steady is coming together to celebrate Passover. We are now in the week of Passover, rushing a lifetime of family memories into my mind.

Research shows that 90% of families fall victim to the adage “Shirtsleeves to shirtsleeves in three generations.” Shockingly, only 10% beat the odds. What are the best practices of those successful 10% that we can try to copy in our own families? In my own research, I compiled a list of the Top Ten Best Practices, as revealed in the slide below. Note that one of those 10 is Family Traditions, and the graphic next to it is an oak tree. Indeed, traditions keep us from falling off the roof, deeply rooted so we’re as steady as an oak tree when the winds of adversity blow our way.  

My dear friend Kasia Flanagan at everydaylegacies.com teaches this truth in her post “What Are Your Traditions?”: “Traditions—they are not simply what we do, they become who we are, affecting everything from our identity to our sense of belonging, and the purpose we feel in our lives.”

My Passover memories take me back to the earliest days of my youth. The Blum family gathered each year for a Seder at the home of my father’s sister, Aunt Sophie Weinstein. A long row of tables was pushed together running the entire length of the “front room,” with Uncle Max at the head leading the first night’s Seder supper. From very old to very young, everyone participated. We went person-to-person down the table, each reading aloud the next passage from the Haggadah, the Passover story. I remember counting ahead to identify my passage so I could practice in my head before it was my turn. There were some hard words in the text, as Moses shouted “Let my people go!” and Pharaoh obstinately refused until the last of the Ten Plagues.

The Blum’s kid-friendly Seder features eyeglasses depicting the Ten Plagues.

When Laurie and I married, we took over hosting the Blum Passover Seder. Our children, Adam and Lizzy, played major roles in the preparations. Most significantly, they compiled their own version of the Haggadah, a 41-page kid-friendly retelling of the Passover story. To this day, we use that Haggadah, as do a number of other families who have likewise fallen in love with the Blum version.

Another Seder memory was a skit performed every year by Lizzy and her best friend Sari Hochberger. It was unscripted and very clever, complete with numerous costume changes. It started with baby Moses hidden in a basket among the reeds by his sister Miriam, then to Pharaoh torturing a Jewish slave, and on to G-d (speaking through a burning bush) directing Moses to tell Pharaoh to “let my people go!’ They then graphically acted out each of the Ten Plagues, culminating in the death of the first born. The memories go on and on, and now we’re creating a whole generation of new Blum Passover traditions.

During this Passover holiday, Marvin Blum celebrates family traditions from Passovers past. Here (some 30 years ago), daughter Lizzy (right) portrays the burning bush through which G-d instructs Moses (acted by best friend Sari Hochberger) to tell Pharaoh: “Let my people go!”

Click HERE to revisit my post of Sept. 14, 2021, “Tradition, Tradition! Your Family Traditions Matter More Than You May Realize.” In it I quoted from Mitzi Perdue’s book What It Means to Be Us, describing traditions as the “lifeblood of a family’s identity” – “the more traditions, the more glue.” I also referred to Bruce Feiler’s book The Secrets of Happy Families, telling of a Duke family tradition from their weekly Shabbat dinners. Grandfather Duke would fling yarmulkes like a Frisbee onto each grandson’s head. Feiler asked, “Is this in the Torah?” The family replied, “No, it’s in the Duke Family Hall of Fame, and that’s much more important.”

Traditions such as these are more important indeed. They are essential to our survival as a family. I attended a Shabbat sermon by Rabbi Shlomo Farhi where he actually broke into song “I’m Still Standing.” Rabbi Farhi credits Jewish observance and practices as the reason we’re “still standing,” even after centuries of persecution (still occurring today at an alarming rate). Even on the way to the gas chamber, Holocaust victims sang in Yiddish, “We will outlive them.” Deeply rooted in our traditions and identity, no adversity will destroy us.

As I write the last paragraph of this post on the morning of tonight’s first Seder, two of my grandkids (Lucy and Grey) just happily interrupted my flow to ask how they’ll be able to find tonight’s Afikomen, the piece of matza we hide during the Seder so kids can find it and get a prize. I can see in their twinkling eyes the makings of lifetime memories and a new generation of Blum family traditions.

Wishing all of you a happy and meaningful Passover and Easter.

As the Blum Seder concluded, a very excited Grey & Lucy find the Afikomen (the hidden matza) and claim their prize, making more lifetime memories and family connection.

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Alright, Alright, Alright: Kay McConaughey, Anna Stucker, and Other Longevity Role Models

Today’s post wraps up a 3-part series on How to Add 7 ½ Years to Your Life. Let’s celebrate and learn from some role models.

  • Anna Stucker: I’ll start with this remarkable centenarian who turns 100 in two days on April 10. Anna is a vibrant role model of staying engaged and fit. She is also 100% mentally sharp and as smart as ever. Anna’s daily work-out regimen not only keeps her fit, it also provides interaction with a community of other fitness enthusiasts. Moreover, Anna can still fit into her Jayhawks cheerleader uniform from her days as a University of Kansas cheerleader!
  • Elsie Blum: I’ll turn next to the role model I know best, my mother Elsie. I’ve written often about her successful transition into her senior years. Now a vibrant 94 who is also still 100% mentally sharp, I credit her community involvement as the primary reason for her success. When my dad died 21 years ago, my mom took over the catering operation at our synagogue as a full-time volunteer. At 90, she moved into the Stayton, a fabulous senior community where she thrives in all their programs and social activities. With her ever-present smile and positive mental attitude, she declares (in her “Lady Bird Johnson” southern accent): “I’m living in the lap of luxury!” It’s not just that her apartment is beautiful, but what she really means is that her life is luxurious. 
  • Opal Lee: Fort Worth’s 98-year-old “Grandmother of Juneteenth” is another example of longevity propelled by purposeful living. Lee’s courage led to her being awarded the Presidential Medal of Freedom, the nation’s highest civilian honor. She single-handedly led the charge to get June 19 (“Juneteenth”) declared the 11th federal holiday. Lee overcame the adversity of seeing 500 white rioters burn down her home on Juneteenth in 1939. That spurred her to a life of activism. Upon receiving the 2023 Lifetime Achievement Award from Fort Worth’s Multicultural Alliance, Lee challenged us to “make yourself a committee of one” to fight for a cause meaningful to you, and others will join you. That passion not only sustains Opal Lee, it keeps her forever young.
  • John Scharffenberg: Another 100-year-old role model is this longevity expert. His M.O.? Exercise! “For every hour you exercise, you gain three additional hours of life.” Per Scharffenberg, working out not only extends life, it reduces risk of Alzheimer’s. It doesn’t have to be in the gym. Gardening or farming works just as well.
  • Jane Fonda: The Oscar-winning actress, now 87, is another fitness guru who recently revealed on the CBS “Sunday Morning” show her key to living longer. Per Fonda, it’s all about having a good attitude. The number one way to do that is to join a community, whether it’s painting, singing, dancing, exercising, or flower arranging. Doing so reduces stress, makes us braver, kinder to ourselves, and less judgmental.
  • Kay McConaughey: The 93-year-old mother of Matthew is a “razor sharp firecracker,” per Jennifer Birn’s recent Austin Lifestyle article “Life and Lessons from Kay McConaughey.” Her secret? “I eat clean. I exercise and I don’t stress… You are what you eat, and you are what you think… That’s why I think positive.” Her favorite food is salmon, reminding me of a TIGER 21 lecture from Dr. Jonathan Fialkow, a certified lipidologist, who declared salmon as the “number one food on the planet.” She also keeps up with current events and stays curious, a role model for Chip Conley’s definition of a “Modern Elder” as one who is as curious as you are wise.

McConaughey sees happiness as a choice. She overcame struggles with her mother and stepmother, determined to not be like them. “I’m a happy, happy, happy person… I don’t talk negative. I’ve chosen to be happy, in spite of the way that I was treated by those two women. You have a choice.”

I see some themes emerging here—community, mental and physical fitness, purpose-driven passions all making you “happy, happy, happy.” And as Kay’s son Matthew would say, “Alright, Alright, Alright!”

Marvin Blum with Anna Stucker, celebrating her 100th birthday this month. Anna is a role model for fitness and a positive attitude.

Marvin Blum and Opal Lee, the purpose-driven 98-year-old “Grandmother of Juneteenth.”
Kay McConaughey (Matthew's Mother) shares tips on staying "happy, happy, happy," to which her son would reply, "Alright, Alright, Alright!"

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Be a Block of Jade, Not a Blank Canvas

Based on the feedback from last week’s post, a lot of you want to learn more about how to live 7 ½ more years. I dug deeper into the science, this time from Professor Arthur Brooks’ weekly column “Happiness Is an Investment” (Dec. 2, 2024) and his recent speech at a TIGER 21 conference (Jan. 29, 2025). Here are more tips on how to live a longer, and happier, life.

As we strive for longevity, Brooks’ emphasis is on finding happiness in the second half of life. He describes the “U-Curve of Happiness.” We are actually happiest at the beginning and end of our lives. Happiness starts declining at age 16, bottoms out at 52, and then goes up again. The goal is for the curve to keep going up for as long as you live.

However, there’s a phenomenon at about age 70. Half keep getting happier, but the other half goes back down again. Research at the University of Texas described this as the “Striver’s Curse.” Those who were high achievers begin to feel irrelevant and unhappier late in life. Brooks gives the example of scientist Charles Darwin, world-famous by age 27, but after 50 with no new research he could do, he died 19 years later as a broken man.

When the fork in the road appears, the key to taking the high road rather than the low road is to celebrate a new kind of intelligence in later years. Shift from “fluid intelligence” (complex problem-solving and innovation, which declines with age) to “crystallized intelligence” (wisdom, judgment, and teaching skills, which increases with age). Per Brooks, that’s why teachers older than 65 get better teacher evaluations. When young, do innovation; when old, do instruction. Be the star lawyer at 30 and the managing partner at 65.

Brooks lauds Bach as a role model. The famous composer was the master of Baroque music in his fluid years. When Baroque fell from favor and gave way to classical music, Bach shifted from composer to professor, dying a happy man who was surrounded by his adoring students.

Another key to late life satisfaction is to reduce your “wants.” Satisfaction equals “haves” divided by “wants.” The better path to happiness is to reduce your “wants” (the denominator) rather than increase your “haves” (the numerator). Brooks contrasts Western civilization (where we treat life as an empty canvas on which we keep adding and adding paint) vs. Eastern civilization (where an intricate jade sculpture starts as a big block of jade, and the more you chip away, the more beautiful it becomes). Be a jade sculpture rather than a blank canvas. As we age, subtract rather than add.

In his article, Brooks also offers these tips:

  • Don’t smoke.
  • Watch your drinking.
  • Maintain a healthy body weight.
  • Prioritize movement.
  • Practice coping mechanisms.
  • Keep learning.
  • Cultivate long-term relationships.

All of this is common sense, but the science actually proves it. Following these tips improves the odds of a life that is not only 7 ½ years longer, but also more enriching.

Marvin and Laurie Blum with his mother Elsie Blum, now 94 and a role model for improved longevity.

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Add 7 ½ Years to Your Life

Want to add 7 ½ years to your life—and not just more years, but fulfilling ones? There’s actually science that tells you how. At a recent TIGER 21 conference, Chip Conley (CEO of Modern Elder Academy) was a wealth of information.

Exercise and stopping smoking both help, but research from Dr. Becca Levy at Yale reveals a tool that’s more than twice as powerful as those two combined—a positive mindset. The result is 7 ½ more years of life. Easier said than done, but Conley offers tips.

  • Become a beginner at something. If you’re no longer a beginner, you’re no longer learning. Ask yourself: “Ten years from now, what will you regret if you don’t learn it or do it now?” Jane Fonda (age 87) suggests art lessons. A National Endowment for the Arts study showed art classes improve mental engagement and physical activity, resulting in fewer doctor visits and making you less likely to fall. As a painter myself, I draw inspiration from other elder artists like George W. Bush, Bob Schieffer, and the late Winston Churchill.
  • Stay curious. Conley defines a “Modern Elder” as one who is as curious as he is wise. You can stimulate that curiosity at a Modern Elder Academy mid-life workshop “to fuel your gas tank for the later years.”
  • Cultivate “social wellness.” Join a community to exercise, paint, or volunteer. Also reconnect with friends from the past. Conley challenged us to take out your phone and text someone from long ago. I texted Jim Lipstate, my best friend from our freshman UT year. He responded instantly, and we’re back in touch after decades of living separate lives. I suggest you try it now.
  • Realize that our most valuable asset is time—edit out negativity in your life. In life’s later stages, it’s time to stop adding to our resume and start subtracting things that suck more juice than add.
  • Laugh at yourself. When laughing, it keeps us from being too self-critical.

Following these tips will improve our ability to handle life’s transitions, so we can go from “caterpillar” (the prior chapter’s ending stage) through “chrysalis” (the “messy middle”) and emerge a “butterfly” (the new beginning). It also helps us to find meaning, equipping us to solve a mystery posed by Mark Twain: The two most important days are the day you were born and the day you figure out why you were born. Solving that will help us live not only 7 ½ years longer, but also live those 7 ½ years with more purpose.

Marvin and Laurie Blum at a TIGER 21 conference, learning the tools to achieve longevity and putting them into practice.

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What’s in a Name? A Lot! (Especially When the Name is Juliet Georgie)

There is a Jewish tradition to name a child after a deceased loved one. Naming someone for an ancestor helps carry on the departed’s soul and memories “l’dor vador,” from generation to generation. Typically, the Hebrew name is the same as the loved one’s, and the English name is similar. When our daughter Lizzy Savetsky was expecting her second child (a daughter) she approached us about naming her after my deceased father Julius George Blum (Yehuda Getzel in Hebrew), as no one had been named for him yet. Rather than saving the name for a son they might never have, they wanted to go ahead and honor my dad. At the first Torah service following the birth, Ira declared his daughter’s name as Juliet Georgie (Yehudit Gital in Hebrew). Yehudit stands for the women of Judea, whereas Yehuda represented the men. I stood by proudly, filled with memories of her namesake.

A couple of weeks ago, each child in Juliet’s grade did a presentation on a deceased ancestor, featuring a meaningful artifact from that person. For her L’dor Vador project, Juliet Georgie chose to honor my father Julius George, highlighting the symbolism of his gold Rolex watch. It’s a proud and significant moment for me that I’d like to share with you.

I’ve written several times in this Family Legacy Planning blog about the importance of preserving family heritage. Research actually shows that the more we know of our ancestors, the higher our self-esteem. Knowledge of a family’s past (particularly stories overcoming struggles) arms us with resilience when adversity strikes. We know we come from stock who handled even worse things and survived, even thrived. I applaud Juliet’s school (SAR Jewish Day School in Riverdale, New York) for supporting this effort.

The irony is that Julius Blum was seemingly a very simple man. It didn’t dawn on me until after he was gone how special and significant he was. He was a hardworking, humble, and unassuming leader. Never once did I hear him brag about anything. Then, going through his papers, I discovered all kinds of youth, college, and adult leadership roles in the Jewish community. Those activities were overshadowed by his heavy work schedule. As Juliet so eloquently describes in her project (see photo attached), Julius was relentlessly committed to earning a living to provide his family with all the advantages he never had. On top of that, he never complained—not once!

Juliet chose his Rolex watch as a symbol of Julius’ success. “The watch was one of the few nice things my great-grandfather ever bought for himself. It was his way of saying he had made it.” He wore it quietly and proudly, as a reward for all his hard work, and never as a means of showing off. Juliet is taking an important lesson from that heirloom watch. To her, the watch symbolizes the importance of having a strong work ethic and taking care of your family. 

Juliet mentioned Julius’ love of bowling. He was in two bowling leagues: the Jolly Clowns on Wednesday nights, and a B’nai Brith Men’s League on Sunday mornings. At the end of each season, there was a trophy ceremony. Every year, Julius brought home a trophy from both bowling leagues engraved “Sportsmanship Award.”  I asked what that meant and he kind of blew it off as a “no big deal” thing. Well, now I know it was a very big deal. Everyone voted for him as the best sport, the nicest competitor, sort of a Mr. Congeniality. That says a lot about Julius Blum.

He loved to take care of our kids Adam and Lizzy. Julius was playful. He arrived at our house with a Big Chief writing tablet and a big fat (easy to hold) pencil to teach them to write their letters. He sat them on the bottom step and asked math problems, and every time they got one right, they got to advance up a step. On Saturday mornings he’d take Lizzy in his pickup truck to the Ol’ South Pancake House for salami & eggs, chocolate milk, and a tummy ache. Then on many of those Saturday nights, Lizzy would go with my parents to the Fort Worth Symphony where Julius bought her a bag of cherry sours to devour through the concert (and yet another tummy ache, but well worth it!). 

I remember when he was diagnosed with pancreatic cancer at age 76. He looked at the doctor and us and said, “I’ve had 76 wonderful years. Who could ask for more?” Adam was a college freshman, and I remember Julius saying, “Don’t let my illness interfere in any way with you having the best college experience. Go back to Austin, enjoy yourself, and make the most of it.” Throughout my dad’s final year fighting that dreadful cancer, he still never complained. What a role model of strength and positivity. I cling to all these memories now.

Juliet Georgie (Yehudit Gital), indeed you come from good stock. Julius George (Yehuda Getzel) is watching over you.

Marvin Blum’s granddaughter Juliet Georgie Savetsky proudly displaying her great grandfather’s gold watch as a symbol of the heritage he left to her.

Juliet’s L’dor Vador project honoring her namesake, Julius George Blum
Julius George Blum with his adoring granddaughter Lizzy, who grew up to become the mother of Juliet Georgie (as well as Stella and Ollie) Savetsky.

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Save Income Tax (and Actually Have Fun Learning How!)

I recently had the challenge of being lunchtime speaker in Lubbock on “Creative Income Tax Strategies.” The speech was to the South Plains Trust and Estate Council. I knew I couldn’t hold their attention by reciting a bunch of tax code sections and technical concepts. Solution? Turn each technique into a catchy story and keep them laughing. With my law partner John Hunter’s help in creating the stories, I pulled it off. No one was drifting asleep. Success!

My typical speech topics are about ways to save estate tax. Estate planners are so good at that, to the point some dub the estate tax a “voluntary tax” (paid by those who volunteer not to plan). I live in the world of “squeeze and freeze” transfers to DGTs, SLATs, and 678 Trusts. But in this speech, I shifted gears to saving income tax. The audience was all ears.

I understand why. As much as people want their family to avoid paying a 40% estate tax when the inheritance comes their way, people get even more excited about saving income tax—now, today, while they’re alive.

One way for people to save income tax is to own appreciated assets and get a stepped-up basis on them when they die. But once again, people prefer to save income tax without having to die. My speech revealed 10 ways to save income tax without having to die.

Some of these tools may sound “too good to be true.” That’s not the test under the law. Bottom line—if the law allows it, you can do it, regardless how it smells. Don’t take my word for it. The Fifth Circuit famously said it doesn’t use its “olfactory senses” in deciding tax cases. Furthermore, here’s the word from the esteemed Judge Learned Hand in Gregory v. Helvering (2nd Circuit Court of Appeals 1934): “Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”

You can click on this link to read my 10 stories in my PowerPoint on “Creative Income Tax Strategies.” Here’s a brief overview:

  • Overfund your Roth IRA. Transfer appreciating assets (like a carried interest in a private equity fund), to a Roth IRA and the permanent income tax avoidance will likely greatly exceed the temporary pain of excise taxes on the overfunded amount.
  • Section 1202 Qualified Small Business Stock. Almost any business owner (other than service businesses or oil and gas, including those who think they don’t qualify under Section 1202) can restructure their business and end up avoiding tax on gains ranging between $10 million and $500 million.
  • Private Placement Life Insurance (“PPLI”). Income earned on investments inside a PPLI can escape income tax forever.
  • Mixing Bowl Partnerships. Transfer high basis assets to a partnership, along with low basis assets (like a building), and achieve a “basis swap,” ending up with a high basis on the building that you can later sell or depreciate.
  • Installment Sales. Sell assets to a related party (like an S Corporation or Trust) for a 25 year, interest-only note, who then sells it two years later for cash. Defer paying income tax on the gain for 23 years.
  • Upstream Planning. Give an elder relative or friend a general power of appointment over your low basis assets and get a free stepped-up basis on the assets when they die.
  • Basis Bump Swap. Swap out low basis assets in a grantor trust in exchange for high basis assets of equal value, and get a step-up when the grantor dies.
  • Conservation Easements. Impose an easement on land you love to preserve it as is, achieving a charitable deduction now and saving estate tax later.
  • Charitable Remainder Trust (“CRT”). Before selling a low basis asset, transfer it to a CRT and let the CRT sell it, deferring tax on the gain.
  • Qualified Opportunity Zone (“QOZ”) Funds. Within 180 days after incurring a gain, transfer proceeds to a QOZ and defer tax. Hold the QOZ for 10 years and never pay tax on the QOZ gain.

This is obviously a quick overview. Don’t engage in these 10 tools without careful tax counsel to guide you through the ins and outs. The Blum Firm would be honored to assist you in your planning.

Marvin Blum speaks on “Creative Income Tax Strategies” to South Plains Trust and Estate Council in Lubbock.

Marvin Blum (right) with legendary Texas Tech professor Gerry Beyer, who expertly trained many estate planning attorneys at The Blum Firm.

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How to Raise Happy Kids

This post wraps up a four-part series on parenting tips. Last week’s post was How to Raise Entrepreneurial Kids. Today’s shifts focus to How to Raise Happy Kids. I’m not an expert on the topic, but just sharing things I’ve learned from those who are. In particular, I’m an avid fan of Arthur Brooks who teaches “Happiness” at Harvard. Today’s tips come from Brooks’ January 27, 2025, weekly column on “The Art and Science of Happiness,” as well as a speech he gave two days later at a TIGER 21 conference.

Brooks gives us hope. Even if we’re not perfect (and who is?), we can succeed at raising happy kids. Here’s how:

  • The science says that one-third of the job is to just be warm and loving. Warmth and affection from fathers gets even more weight.
  • Kids raised in faith fare better. A 2001 study shows the benefits of “parental religiosity.” Once again, a father practicing his faith carries even more weight than a mother.
  • Put the focus on being “happy” rather than “special.” Kids who grow up striving for fame or power struggle with happiness later. The brain gets wired to only be happy when you get the adulation of strangers, often leading to addiction. Per Brooks, the worst thing is for your kid to be a child Disney star.
  • Live a life with purpose. Engage in meaningful family activities.
  • Create a tight family unit. Thousands of aspen trees in a grove all share one root system. Happy people realize their individuality is an illusion. Don’t go it alone. We are all connected.
  • Most of all, “be the person you want your kids to become.” “What you say has very little impact on how kids turn out…. What does matter for their development and well-being as a parent is your behavior—what they see you doing.”

Brooks clarifies that happiness is different from joy. Joy is just evidence of happiness. Joy is the smell of the Thanksgiving turkey; happiness is enjoying the whole meal. Brooks identifies the four daily habits of the happiest people:

  • Faith– Be “little” in an enormous universe.
  • Family– Your true self is not the sum of your achievements, but the sum of the love for the people in your life.
  • Friends– Friends aren’t a “nice to have,” they’re a “need to have”—but you need “real friends,” not “deal friends” who only befriend you because you can benefit them.
  •  Meaning– Engage in daily activity that gives you purpose—a reason to get out of bed in the morning. 

Reflecting on this, I want to give a shout out to the way my daughter and her husband, Lizzy and Ira Savetsky, are raising Stella (12), Juliet (10), and Ollie (4). It brings Laurie and me great joy that they are checking all Brooks’ boxes, and the results are living proof of it. In particular, Lizzy describes their activism for the Jewish people as a “family business” that employs all five of them. Their kids are involved almost daily supporting Israel—putting up posters of hostages so the world won’t forget, meeting with family members of hostages to give love, visiting hospitals and army bases, serving meals, attending rallies and prayer vigils. Stella even asked for no Bat Mitzvah presents, preferring donations to “IDF Widows and Orphans” (Israel Defense Forces Widows and Orphans).

Brooks sums up the goal: may they grow up to be “good, responsible, compassionate, honest, faithful—and happy—people.” And to that I say, Amen!

Marvin and Laurie Blum with Harvard Professor Arthur Brooks, a leading authority on how to raise happy kids.

Second, Third, and Fourth Photos: Marvin Blum’s daughter Lizzy Savetsky, her husband Ira, and kids Stella, Juliet, and Ollie are role models for living with purpose.

How to Raise Happy Kids Read More »

How To Raise Entrepreneurial Kids

As an estate planning lawyer, I represent a lot of entrepreneurs. Most of them are first generation wealth creators who grew up in modest circumstances. Family advisor Tom Rogerson of GenLegCo. teaches that a modest upbringing provides the conditions to create an “entrepreneurial incubator.” When trying to make ends meet with limited resources, family members not only learn to stretch the dollar, they also become naturally inter-dependent and learn to work together with others. Those skills come in handy in growing a business.

Many first generation (“G-1”) business creators hope G-2 will follow suit, exhibiting the drive to likewise grow into an entrepreneur. Here’s the dilemma. Many of the G-2’s grow up in very different circumstances than G-1. They lack exposure to the struggle that generated G-1’s grit. Rogerson refers to this rise in resources as fostering family independence (as opposed to inter-dependence), creating an “entrepreneurial kill-zone.” Click here for more on this topic in my April 26, 2022 post, “Declaration of INTER-dependence.”

Rogerson illustrates this concept on a graph. The lower left corner, where wealth is low and family interdependence is high, is the “Entrepreneurial Incubator.” As you move to the right (where wealth is higher) and upward (from interdependence to independence), you hit the “Entrepreneurial Kill Zone.” Families in the “kill zone” lose training on how to interact and make decisions as a team, which is a detriment if you are starting and running a business.

My last two posts were devoted to parenting.  I described it as the hardest and most important job you’ll ever have. Today, let’s explore what can entrepreneurial parents do to improve the odds of raising entrepreneurial kids?

Family Business magazine addressed this topic in “The Entrepreneur Gene” (Sept. 16, 2024). Entrepreneurs grow up with “an appetite for risk and perseverance through adversity.” But as the business grows and focus shifts to an “emphasis on continuity and legacy preservation, it’s easy to become risk-averse—and that mentality can hinder innovation and evolution.” The next gen’s stewardship of the business is healthy, “but there’s a flipside.” “A fear of failure” can inhibit creative thinking, per Prof. Alisa Jno-Charles of Babson College. A child who is afraid to fail will have challenges growing a business. What can parents do?

Jno-Charles offers a solution. The key is to develop “a very trusting and open familial culture, where children feel like they can come to their parents with anything.” Babson professor Angela Randolph expands this concept: “the key for parents hoping to foster entrepreneurship is turning NextGen’s mistakes into teachable moments. After all, entrepreneurs must be able not only to accept failure, but also to take lessons from it.”

Randolph elaborates that parents can best create an entrepreneurial mindset in two ways: “1) they actively share their goals, values and aspirations with their children and 2) they lead by example.” As I quoted Warren Buffett last week: “Your children are watching you more than they are listening to you.”

I’ll conclude with a powerful example from a family meeting I facilitated. The entrepreneurial patriarch suggested that at the next meeting he would review his many success stories on how he built an empire. The kids had a different agenda in mind. They asked their dad to instead describe the times he failed and what he learned from those failures. At the next family meeting, the kids were all ears. That was the best lesson in entrepreneurship he could ever give.

Marvin and Laurie Blum with Tom Rogerson of GenLegCo., advocating the importance of family INTER-dependence in order to raise entrepreneurial kids.

How To Raise Entrepreneurial Kids Read More »

Marvin Blum & Austin Light Publish Article in Trusts & Estates Magazine

Marvin Blum and Austin Light have co-authored an article published in the February issue of Trusts & Estates magazine.

In this article, they dive into the importance of client communication from an attorney’s perspective and give a few practical tips for effective communication.

To learn more about enhancing attorney-client communication, read the full article here. 

Marvin Blum & Austin Light Publish Article in Trusts & Estates Magazine Read More »

Parenting: Part Two

In last week’s post, I discussed the job of parenting, the hardest and most important job we ever do. The feedback I received was super affirming. Every parent can relate to the challenges. In my mission to help families create a lasting legacy, it starts with our job as parents to try to raise responsible kids. I’m no parenting expert, but I’ll take a stab at sharing some more wisdom on this topic.

Our job starts when our kids are born. I’ll never forget what I learned from the esteemed Rabbi Haskell Lookstein at Congregation Kehilath Jeshurun in New York. We were attending a Simchat Bat ceremony to celebrate the birth of a friend’s daughter. Rabbi Lookstein admonished the new parents: “Your first job as parents is to teach your child to have gratitude.” He explained that a newborn quickly becomes accustomed to having everything given to them. Naturally, a kid can grow up expecting that free ride to continue. According to the Rabbi, the first task is to teach little ones to say, “thank you.” For starters, it’s as simple as that. As they get older, our job expands.

Legendary Fort Worth vice principal at I.M. Terrell High School, Hazel Harvey Peace, embraced this message when she accepted Fort Worth’s Multicultural Alliance Award. In her speech, she told of high school students who were about to make bad decisions. She asserted that sometimes kids aren’t ready to make certain decisions. She said it is our job as parents (and hers, as their vice principal) to step in and override them. As I said last week, parenting isn’t a popularity contest. The mission is to keep them on track until they have the maturity to make critical decisions. Let kids learn lessons of failure on small decisions, but protect them from major screw-ups until they’re old enough to make responsible decisions.

With Adam and Lizzy both now grown, Laurie and I breathe a sigh of relief. We gave it our all and did our best. We certainly weren’t perfect. Interestingly, Lizzy was interviewed for an article about her life story. Lizzy described my role as the dad who relentlessly pushed her to reach her full potential, and Laurie’s role as the strict disciplinarian pushing her to behave. The author portrayed our parenting approach in a negative light. Our friends were horrified by the negative depiction of our parenting style. Laurie and I were unfazed. In fact, we wear that description as a badge of honor. We’ll take that criticism any day.

I once had the privilege of asking Warren Buffett for his advice on raising responsible kids, especially kids raised in affluence. He instantly responded that the most effective way to parent is to set an example. As Buffett said, “Your kids are watching you more than they are listening to you.”

I see this playing out beautifully in the next generation of our family. At an “End Jew Hatred” event, Lizzy was asked for one piece of advice. Her answer was golden: “I want to talk to all the moms and dads in the audience. It’s our job to raise our kids to care. People ask how I got my kids to be invested in supporting the Jewish people. It’s action. They’re watching everything we do. It’s what we eat, sleep, and breathe in our house. They know this is who they are, and they know what’s expected of them.” It’s the “Savetsky Family Business,” and they grow up knowing they’re a part of it.

That was a mountaintop moment for me as a G-1 parent, to witness my G-2 daughter passing down our family’s values to G-3, l’dor vador, from generation to generation. Lizzy concluded: “As parents, we must prepare the next generation. We need them to be educated. We need them to feel empowered. We need them to be ready to take the reins, carry the torch, and light the way.”

Way to go, Lizzy. And as for Laurie and me, mission accomplished!

Marvin Blum’s daughter Lizzy Savetsky speaking at an End Jew Hatred event about the importance of parents passing down their values to their kids.

Parenting: Part Two Read More »

The Hardest Job You’ll Ever Have

For most jobs we do in the course of life, we go through some kind of training. Typically, there’s an orientation or at least a “how to” manual. But for one job (the most important of all), there is no schooling or instruction book. You’re thrown into the deep and it’s sink or swim. You’ve likely guessed by now—that job is raising kids.

Parenting is hard. You love with all your heart, but you’re not there to win a popularity contest or be best friends. I can think of lots of times I wasn’t the most popular or “coolest dad” to Adam and Lizzy. A couple of examples come to mind:

  • Lizzy discovered a love of performing in her second grade performance of “I’m Just a Girl Who Can’t Say No.” From that point, she wanted a career on stage, in the spotlight. I knew a relentless pursuit of performance would interfere with her Hebrew studies. I struck a bargain with her: “If you wait until after your Bat Mitzvah and devote yourself fully to your religious preparation, I’ll take you to every audition after that and support your dream.” Lizzy complied, and at age 13, only weeks after her Bat Mitzvah, I stood in a long line with her auditioning at the Johnnie High Country Music Revue (not exactly a Jewish hang out). The rest is history. Lizzy performed weekly on that stage for years, a great training ground for her career as a public speaker and advocate for all things Jewish and Israel. Remarkably, she ended up combining her love for the spotlight and her love for Judaism. 
  • When Adam was in his senior year as a business honors and accounting major at UT, he informed me of his decision not to take the CPA exam. He appreciated his accounting education but had no intention of ever practicing as a CPA. He already had a non-accounting job lined up on Wall Street and saw little value in spending his last semester studying for a test. My response: “Adam, you had the misfortune of being born into the wrong family. In the Blum family, taking the CPA exam is not optional.” Again, I wasn’t the popular dad. His answer: “It’s a waste.” Adam aced the exam, is still a CPA, and indeed never has practiced accounting. But he uses his accounting skills daily at his investment firm, and today Adam admits that his CPA designation has enhanced his credibility and has provided a meaningful benefit to him over the years as he’s built and grown his investment firm.

These stories bring to mind a similar time when my mom Elsie had to be the unpopular parent with me. In the summer leading up to my Bar Mitzvah, I was playing at a friend’s house and decided that was more fun than learning to lead the Shacharit service at my Bar Mitzvah. I called my mom at work to inform her I would just do the Torah, Haftarah, and Musaf portions at my Bar Mitzvah and let the Cantor lead Shacharit. Elsie wasn’t having it. To this day, at age 70, I think of Elsie’s insistence every time I recite Shacharit. I suppose I know the source of my own parental pushing. The apple doesn’t fall far from the tree.

I share these thoughts to help other parents who struggle with the toughest job on earth. But it’s also the most important job we ever do. We are raising tomorrow’s leaders. The future of the world depends on us to do our job, starting in our kids’ earliest years. Raising responsible kids is also critical to building a legacy and positioning a family for multi-generational success. As we learn in Ethics of our Fathers: “Train up a child in the way he should go, and even when he is old, he will not depart from it.” Sometimes that means telling your kids what they don’t want to hear, and then holding the line if they object. That’s our job.

Marvin Blum’s daughter Lizzy with Johnnie High in her first singing appearance on his show—the start of life in the spotlight.

Marvin’s son Adam Blum graduating college with the CPA exam already behind him.
Marvin (age 13) at his Bar Mitzvah, ready to lead Sabbath services start to finish.

The Hardest Job You’ll Ever Have Read More »

Attorneys Joshua Chandler and Mackenzie Cooper Join The Blum Firm  

Join Us in Welcoming Our New Attorneys!

We are excited to announce that Joshua (Josh) Chandler and Mackenzie (Mac) Cooper have joined The Blum Firm! We’re thrilled to have them as part of our team and look forward to the expertise and dedication they bring.

Josh joins The Blum Firm’s Dallas office, and Mac joins our Austin office.

Read their bios below to learn more about them!

Joshua Chandler, J.D. earned his Juris Doctor from Baylor University, where he received several honors, including the Dean’s Academic Excellence Full-Tuition Scholarship and placement on the Dean’s List for multiple semesters. He also holds a B.B.A. in Finance and Accounting from Baylor University as part of the Baylor Business Fellows program.

Josh has a history with The Blum Firm, having served as a Summer Associate in 2023. He married his wife, Mary, in May 2021, and he enjoys spending quality time with her, reading books by Brandon Sanderson, and is an enthusiastic San Antonio Spurs fan.

Mac Cooper, J.D. is a first-generation lawyer, earning his Juris Doctor from Baylor University. While at Baylor, Mac was a proud member of the Baylor Transactional Law Team, where they won the Best Draft for the Buyer at the 2023 UCLA Transactional Law Competition. Prior to his time at Baylor, Mac earned his bachelor’s in Comparative and World Literature from the University of Illinois at Urbana-Champaign.

Originally from the suburbs of Chicago, Mac enjoys playing both golf and disc golf, and he is a huge Chicago Bulls fan! 

Attorneys Joshua Chandler and Mackenzie Cooper Join The Blum Firm   Read More »

A Personal Growth Journey to the Stars 

Last week’s post told how our morning walking buddies, Barbara and Thurman Schweitzer, provided the inspiration for 2025 New Year’s Resolutions for me and for The Blum Firm. I shared how creating a mental “vision board” can help actualize your dreams.

In addition to last week’s wisdom from The Answer, the Schweitzers had another powerful recommendation: The Wealth Money Can’t Buy, by Robin Sharma. The title instantly resonated with my quest to promote the “heart” side of estate planning, along with the “head” side. It reminds me of my mentor James Hughes’ book Family Wealth: Keeping it in the Family. Hughes opens by saying that when he uses the word “it” in the title, he doesn’t mean money. Per Hughes, financial capital is only one of five capitals, outnumbered by human, social, intellectual, and spiritual capitals. 

Similarly, in Sharma’s list, “Money is only one of eight forms of wealth, overshadowed by Growth, Wellness, Family, Craft (or your Work), Community, Adventure, and Service.” In my goal to inspire The Blum Firm, I chose to focus on Sharma’s first source of wealth: Growth. My goal was to inspire each member of our team to strive for personal growth.

In explaining Sharma’s book, Barbara taught me that “humans are happiest and genuinely wealthiest when we are steadily realizing our personal gifts and primal talents. The regular pursuit of personal growth is one of your most valuable assets.”

Sharma’s book offers a treasure of tips to achieve personal growth. I selected these few to share with my team:

  • “The most important investment you can make is in yourself,” by my hero Warren Buffett.
  • “Small, daily, seemingly insignificant improvements, when done consistently over time, lead to stunning results.”
  • “All change is hard at first, messy in the middle, and gorgeous at the end.” [That one really strikes a chord, as many of us are naturally resistant to change (what we call the “C” word at The Blum Firm).]
  • “The way to start, is to start.” Just start and do so now.

When each of us embarks on a journey to achieve our full potential, imagine the outcome of the collective effort. The sky is the limit. Let’s reach for the stars.

This isn’t to say there won’t be meteors to dodge on our rocket ship ride to the heavens. My kids are fortunate graduates of Fort Worth’s Trinity Valley School, where the motto is, “Per Aspera, Ad Astra,” – “Through difficulty, to the stars.” By making the most of our gifts and talents, we empower ourselves to overcome obstacles and keep reaching for the stars. Here’s to the exciting personal growth journey ahead and all the possibilities it offers!

Marvin and Laurie Blum’s morning walks with Thurman and Barbara Schweitzer are a meaningful source of inspiration.

A Personal Growth Journey to the Stars  Read More »

Twelve Blum Firm Attorneys on the Fort Worth Magazine 2024 Top Attorneys List

As we step into the new year, we are excited to announce that 12 of our attorneys made it on the Fort Worth Magazine’s 2024 Top Attorneys List!

To be on the list, attorneys go through a peer-nomination process and are evaluated by a panel to ensure the highest standards and quality are upheld.

Please join us in congratulating our Fort Worth Magazine 2024 Top Attorneys! 

Twelve Blum Firm Attorneys on the Fort Worth Magazine 2024 Top Attorneys List Read More »

What’s On Your Vision Board for 2025?

As we wrap up the month for New Year’s Resolutions, I’m looking into my crystal ball to envision a meaningful and productive year, both for me personally and for The Blum Firm. In seeking inspiration for those resolutions, I found it on an early morning walk.

Laurie and I roll out of bed early (the older we get, the earlier that is). Our day starts with exercise. As Laurie advises, “move your body at least an hour a day.” On frequent mornings, we walk the hills in our neighborhood, often linking up with another couple. That couple has become good friends of ours, a fringe benefit of our workout routine. As it turns out, our walking buddies, Barbara and Thurman Schweitzer, provided that source of inspiration.

The Schweitzers are big-time students of motivational books to help inspire their team at Sotheby’s Reality. When I asked for their input, they were a treasure trove of ideas. 

Barbara was reading The Answer by John Assaraf and Murray Smith. As I was asking The Blum Firm to also look into a crystal ball and idealize the firm’s future, Assaraf and Smith offered great advice: When visioning the future as you’d like it to be, figure out what that looks like and get that into your mind. Doing so will automatically train your subconscious mind to take steps to make that vision happen.

The Answer tells how Assaraf grew up in modest circumstances, always wanting to live in a grand house. Assaraf gathered photos from Architectural Digest and created a “vision board.” Fast forward 15 years and Assaraf’s son saw that vision board and declared to his dad,” That’s our house now!” Without realizing it, Assaraf had actualized his vision. That only happened because he had planted that vision in his subconscious mind.

As our team embarked on an exercise to dream big, I asked everyone to close their eyes and envision the ideal Blum Firm of the future. In your mind’s eye, create a vision board with those images. I learned from Assaraf (actually, from Barbara), that’s the first critical step to manifesting your dreams.

When I help facilitate family meetings, I use this same crystal ball exercise. I ask the family to look into that ball and imagine how you want your family to be 25 years in the future. We then discuss steps to take to help you get there. But even without taking intentional steps, just creating that mental vision board will subconsciously help make it happen.

Thanks to the Schweitzers for this valuable lesson we can all use in our families and businesses. Next week, I’ll share round two of their wisdom. Here’s to activating our creative juices and generating some lofty vision boards!

Wishing all a meaningful and productive 2025!

What’s On Your Vision Board for 2025? Read More »

The Blum Firm Announces Two New Partners and a Senior Associate

We are excited to announce the addition of two Partners at The Blum Firm, Emily K. Seawright, J.D., and Lani Payne Sandu J.D., LL.M., as well as our new Senior Associate, Son T. Nguyen J.D., LL.M. Each of these professionals brings incredible talent, expertise, and dedication to our team.

We could not be more thrilled to have Emily, Lani, and Son at The Blum Firm! To learn more about each of them, read their bios below! 

Emily K. Seawright, J.D., received her J.D. cum laude from Texas Tech University School of Law. She earned a M.S. and a B.S. in Agricultural Economics from Texas A&M University, achieving a 4.0 GPA in both degrees. Emily is Board Certified in Estate Planning and Probate Law and has been with The Blum Firm since 2015. 

Lani Payne Sandu, J.D., LL.M., received her J.D., cum laude, from Southern Methodist University School of Law, and earned her LL.M. in Taxation from Georgetown University Law Center. She graduated magna cum laude from Baylor University with a double major in Economics and International Business. Lani is Board Certified in Estate Planning and Probate Law. She previously worked as a Tax Associate at Deloitte & Touche, LLP in Denver, Colorado, and KPMG, LLP in Dallas. Lani has been with The Blum Firm since 2016. 

Son T. Nguyen, J.D., LL.M., earned his J.D. from the University of Arkansas School of Law and his LL.M. in Taxation from the University of Florida Levin College of Law. He also holds a B.A. in Political Science from the University of Texas at Arlington. Previously, Son worked as an M&A Tax Associate at KPMG, LLP, and as an M&A Tax Manager at Aprio, LLP. Son has been with The Blum Firm since 2021.

The Blum Firm Announces Two New Partners and a Senior Associate Read More »

Trump’s Back—Now What?

In last week’s post, I made a plea for unity as the inauguration approached. The inauguration happened yesterday, the country is still surviving, now what? As a tax lawyer, the question I get most about Trump is, what tax legislation can we expect?

We’ve been here before. Let’s wind the clock back eight years to 2017, the last time we had a “triple R” government (Republican Senate, House, and White House). Like now, tax reform was on the priority list. By the end of 2017, we had the Tax Cuts and Jobs Act (often called the “Trump Tax Act”) that became effective on January 1, 2018. What can we learn from the 2017 Tax Act experience?

First, tax legislation is complicated. Last time, it took all year to make it happen, passing in December 2017. I expect the same this time, although Trump is trying to package up everything in one “big, beautiful bill.” There are legislative priorities (such as border security, energy, and increasing the defense budget) that will be easier to push through—expect them to go first. Even Senate Majority Leader John Thune expects tax legislation to lag until later in the year.

Second, the 2017 Trump Tax Act barely passed, receiving only 51 aye votes in the Senate. Unsurprisingly, not one was a Democrat. With razor thin Republican majorities in the House and Senate, I expect the same this time. If the tax legislation passes, it will likely pass very narrowly, without one Democrat vote.

Third, due to filibuster, it generally takes 60 votes in the Senate to pass legislation. To pass with only 51 votes, tax cuts have to be part of the budget reconciliation process. Here’s the rub. Reconciliation prohibits tax cuts that extend beyond a budget window (typically 10 years), unless the cuts are “paid for” with new revenue or spending cuts. That’s why most of Trump’s 2017 tax cuts had an expiration date at the end of this year. Expect the same this time around—tax cuts with an expiration date.

If these 2017 tax cuts expire next New Year’s Day here’s what will happen:

  • The top individual tax rate will increase from 37% to 39.6%
  • The estate tax exemption will cut in half from about $14 million to about $7 million
  • The Pease cut-back returns, causing high-income taxpayers to lose part of their itemized deductions
  • Passthrough businesses and sole proprietors will lose the 20% deduction of their qualified business income (“QBI”).

This leads to the big question on so many minds: with the Republican trifecta, will those cuts actually expire this year or will the sunset date be extended? And if extended, for how long?

We are painfully aware of the mounting federal debt, now at $36 trillion. Just extending the 2017 tax cuts adds $4.6 trillion to the deficit over 10 years. Additional proposed tax breaks would add considerably more (such as eliminating tax on tips, overtime pay, and social security, cutting the corporate income tax rate to 15%, and lifting the $10,000 “SALT” cap for state and local taxes). As the budget bargaining begins, don’t be surprised if the extension of tax cuts is far less than 10 years (some suggest a window of two to five years). Some Republicans will be concerned about the cost, and agreeing on “pay fors” will be a heavy lift in this Congress.

While we watch them duke it out, here’s a word to the wise: the day will come when these tax breaks (such as a doubled $14 million estate tax exemption) will go away. When the pendulum swings, “squeeze and freeze” transfers to Grantor Trusts will also likely go away. But as we’ve seen in prior legislative proposals, when that day of reckoning comes, those who already did squeeze and freeze planning will almost assuredly be grandfathered.

Even if there is an extension of the sunset, now is the ideal time to take advantage of the “Golden Age” toolbox of opportunities available today. You can shift assets into entities and trusts that will “squeeze” down the current value of your estate, and then “freeze” your estate at that discounted value. With careful planning, you can do this and still retain access, control and flexibility.

By acting now, you not only lock in the benefit of today’s tax cuts, you also immediately begin shifting future growth out of your estate. Waiting is costly and risky. As my TIGER 21 chair Jack Mueller wisely says, “The greatest return we can get from anything we do is estate planning.” You won’t regret it. In fact, years from now, your family and you will be giving you a big pat on the back.

With Trump back in office, Marvin Blum ponders what tax legislation will pass, and the impact it will have on the Internal Revenue Code.

Trump’s Back—Now What? Read More »

Don’t Let Politics Ruin Relationships: It’s Not Worth It. 

As we approach the inauguration, so many of us are on edge, grappling with our country’s polarization and tense political environment. We are tempted to team up with others who are like-minded, while we shut out those who aren’t. Even within our own friend groups, we bond with those who closely share our views and may shun those who don’t.

I am thankful to be a part of the Canoe Brothers, a group of 21 buddies from law school. We travel together frequently, canoe trips and other excursions, and we share lively text discussions daily. Even in this tightly knit brotherhood, we are about 50/50 divided on political views. That’s a recipe for friction.

However, soon after the election, Canoe Brother Pete Geren provided us with very insightful wisdom. Pete’s words fueled within our group a commitment to stay unified, in spite of our political differences. How did he do that? Pete urged us to stand in the other person’s shoes and understand where they are coming from. Their perspective may differ from yours, but that doesn’t make either right or wrong.

Doing so isn’t easy, but the effort is worth it. As my daughter Lizzy Savetsky posted on her Instagram account after the election:

“Many of us have strong issues we’re fighting for on both sides that we genuinely believe are life and death. To my friends, family members, mentors, and followers who voted differently than I did, I maintain love and respect for you. We can have healthy discussions and even arguments without writing each other off completely. We can hold space for each other’s fears and pains while still grappling with our own. No election should end relationships.”

I can never do justice to Pete’s words by paraphrasing them, so I’ll repeat them here:

“Neither party will grow beyond its base until it learns and takes to heart the truth that those on the other side are equally ‘good’ and equally worthy of respect. In trying to understand those with whom we disagree, we are quick to vilify, assign base motives, and look for personal shortcomings to explain away decisions inexplicable to us. And quick to disrespect, if not denigrate the benighted them who act as they do. For the most part, “we” are talking about people we don’t know, communities way outside our personal experiences, people who faced lives with choices very different from ours, equally intelligent but differently educated, equally self-interested and equally public-spirited, equally generous and equally venal, and with faith and cultural traditions beyond our experience. How much respect do they deserve? As much as we deserve. No more, no less.

Talmage [Boston] has taught us to look to our Presidents for wisdom. For that and so much more, including this conversation we are having, thank you, Talmage. I will close with Lincoln’s closing lines from his first inaugural. He spoke to a nation on the brink of war with itself.

‘We are not enemies, but friends. We must not be enemies. Though passion may have strained, it must not break our bonds of affection. The mystic chords of memory, stretching from every battle-field, and patriot grave, to every living heart and hearthstone, all over this broad land, will yet swell the chorus of the Union, when again touched, as surely they will be, by the better angels of our nature.’”

I took Pete’s words to heart and accepted them as a challenge. I pledged to work on having a better understanding of Canoe Brothers (and others) who see things differently than I do. Other brothers likewise accepted the challenge.

This pledge to see things through the other’s eyes and be open to their viewpoints is also important in creating a family legacy. We all know that family disagreements can lead to lasting feuds that destroy a family’s legacy. It’s not worth it.

I’ve written about this before. Click here to see my post of May 31, 2022, “Family Friction? Be Thankful for the Variety of Spices.”

Professor Adam Grant (U. Penn, Wharton School) concurs: “Great minds don’t think alike. They challenge each other to think differently….Diverging views introduce you to new answers.” As we embark on a new year and a new administration, let’s resolve to be open-minded and empathetic.

The Canoe Brothers, though outspoken in our lively conversations (some might call them debates), remain committed to staying unified. May we serve as role models for others to do the same.

Marvin Blum (front and center) enjoying a friendly Texas vs. Vanderbilt rivalry with fellow Canoe Brothers. Even with our divergent football and political viewpoints, we remain committed to staying unified.

Don’t Let Politics Ruin Relationships: It’s Not Worth It.  Read More »

Choose the Right Spouse: That’s What Friends Are For

Next week, Laurie and I will celebrate our 46th anniversary. When I was growing up, my mother Elsie repeatedly advised me: “The most important decision you make in your life is who you marry. If you get that right, you can handle anything that comes your way, and you’ll have a happy life.” I must’ve heard that from her 1,000 times. Evidently, I took that advice to heart. When I chose Laurie for my wife, boy did I get it right!

Laurie grew up in Memphis, Tennessee, but fortunately chose the University of Texas for college. As fate had it, she chose to live at Dobie, a new co-ed dorm where I was a Resident Advisor. We met on her first day. As the Beatles sang, “She was just 17, and you know what I mean…” But the romance didn’t happen so fast. Instead, we became good buddies, eating together with a group of friends every night. But then one Sunday night a couple of years later, I was eating out with a law school friend Paul, and he asked (as guys tend to do), “Who’s your idea of the perfect girl?” He answered first, and without hesitation, Paul said, “To me, the perfect girl is Laurie Kriger.” I was speechless. Duh! How could I have not seen that? I agreed 100%, but was too close to her to realize it. We were just friends. But I decided then and there to take it to the next level.

I returned to my apartment and called Laurie to ask her out on a date—not just one date, but two. “Are you free next Friday night and next Saturday night?” I never had any “game,” or knew how to play it cool with a girl. That Friday night, I told my roommate Talmage Boston not to come home till late, as I was going to have a serious conversation with Laurie and break the news to her that we were going to become more than just friends. I had the lights dim, and the setting just right for a romance to start on the spot. Well, I’m sure it’s no surprise to you that it didn’t go the way I planned. Laurie was shocked and nervous. There was no romance that night.

In the coming months, I backed off, or at least tried to. Laurie was dating another guy (super rich, by the way, and his last name was the same as a big jewelry store), but nothing would deter me. I knew what I wanted, and I wasn’t going to give up. I somehow had to win her over.

I saw a chance and I grabbed it. Right after my law school graduation and the Bar exam, I became aware that Laurie, her parents, and her sister Peggy were going to London for a vacation.  I decided a vacation to London was just what I needed before starting my job. I asked Talmage to join me, and being my best friend and knowing how much this meant to me, he agreed. So, the two of us (broke, but with borrowed money) “happened” to be in London at the same time as the Kriger family. Laurie’s parents took a liking to us. In particular, her dad, Abe, saw my potential, even if I didn’t have a jewelry store last name. Laurie’s parents gave Talmage and me their two tickets to go see the London Broadway show “Annie” with Laurie and Peggy. That’s when it happened – the ice finally melted. During the tender song “Something Was Missing,” sung by Daddy Warbucks, our hands clasped, and I could feel the magic happening. 

Within weeks, we were engaged and planning a wedding. There was no reason to wait. We’d been friends for five years and knew all there was to know about each other. So, on January 13, 1979, at Temple Israel in Memphis, we became Mr. and Mrs. Blum. Talmage stood right by me as we said our vows. He was a big part of how we made it to that wedding canopy, as there would have been no Marvin in London had Talmage not agreed to join me.

Talmage is a Presidential historian and was recently researching George Washington and his marriage to Martha. He sent me a page from Washington’s God (by Michael and Jana Novak) that describes how George “loved having Martha at his side, and they shared every aspect of each other’s lives…. They were soul mates.” George considered Martha “his dearest friend, who thought they were two in one soul.” Talmage said the image of “two people, one soul” made him think of Laurie and me.  He sent me a copy of the page where next to those words, Talmage had written “Marvin & Laurie” in the margin. Laurie and I are deeply touched by Talmage’s words.

When I selected the title of this post as “Choose the Right Spouse: That’s What Friends Are For,” I had in mind a double meaning. In Laurie becoming my wife, Talmage was an essential element in making it happen, as without him, there’d have been no London meltaway moment. That’s what friends do for each other. But there’s a second meaning. Very often, the right spouse may well be someone who is your friend. When choosing a spouse, don’t overlook your close friends. It may take some time to get both of you on the same page, but stick with it and the rewards will come. I can hear Dionne Warwick singing now: “In good times and bad times, I’ll be on your side forever more. That’s what friends are for.” For me, that’s Talmage, and that’s Laurie.

Marvin & Laurie Blum on their wedding day, January 13, 1979.

Marvin & Laurie Blum today, as they celebrate their 46th anniversary.

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2024’s Top Moments: Mia’s Birth and Stella’s Bat Mitzvah Speech

In this New Year’s Eve post, I urge all to reflect on 2024. If your year was typical, it brought lots of downs and ups. We learn more from the downs. Let’s discover those lessons and incorporate them into our legacy. When we recover from failures, we can use those stories to teach our heirs resilience.  So, let’s not sweep disappointments under the rug. Let’s turn the downtimes into teachable moments and pass those lessons down to our heirs. I was once working with a family who was planning the agenda for a family meeting. The patriarch wanted to present a recap of his successes. Instead, his kids asked him to identify the failures and talk about how he overcame them.

As I look back on 2024, I faced up to some challenges that just go with living—health, family, work. Laurie was always right there with me, and I feel good about the way we recovered from each challenge. On the world stage, 2024 brought a dramatic rise in antisemitism and attacks on Israel. Rather than crumble, I joined forces with others to raise our voices and raise awareness. I am hopeful the future will somehow be better. The hardest thing we confronted in 2024 was losing Laurie’s sister Linda, totally unexpected. But two things happened that tempered our sadness. The first was that right around that time, our 6th grandchild Mia was born. It was a circle of life moment—one life ends, another begins. Mia’s birth brings us enormous joy.  

The second salve to soothe our loss was that two weeks before losing Linda, the whole family had gathered in St. Louis for a cousin’s Bar Mitzvah. We had a glorious time. I wrote about this in a post dated June 25, 2024, “Family Matters: Farewell, Dear Linda.” I spoke about it in the eulogy I gave at Linda’s funeral, urging everyone that when presented with an opportunity to gather with family—GO! You never know; it may be the last chance to all be together. 

Later in 2024, we took advantage of just such an opportunity to all be together again. Our whole family gathered in New York for our oldest grandchild Stella’s Bat Mitzvah.  The experience was rewarding on so many levels. It provided us with magical moments of family connection and lifetime memories. Our dear friend Karen Reisman summed it up so well. As a child, Karen’s mother Anne Cortell was miraculously saved from the Holocaust, though many family members weren’t so fortunate. The impact on Anne was profound, but it empowered her to always give these words of advice: “You HAVE TO celebrate the good times.” (Karen adds a corollary: “because the bad times happen for free.”) As Karen emphasizes, you HAVE TO go celebrate. It’s not optional.

Of the many Bat Mitzvah highlights, the greatest of all was Stella’s speech at Sabbath services. I’ve never been more proud or grateful. Stella stood in front of a packed synagogue and confidently delivered a moving speech. Both her words and her powerful delivery will ring in my memory bank forever.  Here is Stella’s Bat Mitzvah speech:

I want to talk to you about Zionism. To me it means that the Jewish people and the land of Israel are one. This not a modern idea, it’s a biblical one, as we read about in this week’s Torah portion, Lech Lecha. 

This week’s parsha is really special because it is literally the birth of Zionism. Hashem tells Avraham to leave his birthplace, his father’s home, and to follow Him to a new land. Without any hesitation, Avraham packs his bags and goes. Hashem brings Avraham to the land of Israel and promises, “I will make you into a great nation in this land.”

This, right here in this Parsha, is the beginning of the Jewish people AND our connection to the land of Israel!!!! We have been one nation bound to the land of Israel and G-d from the very beginning of our story!! 

Now, I want to get personal for a minute. I had always known my Jewish identity was number one thanks to my family, my school, and of course my AMAZING synagogue (love you guys!). 

But on October 7th, I was in Israel, getting ready for shul, when my baby brother ran out of our hotel room. I went to go get him, and as I was in the hallway, I heard someone next to me banging on their dad’s door, shouting, “Dad, dad! Hundreds of rockets were just launched into Israel!” The dad ran downstairs to tell the hotel, and I went back to tell my mom. She told me, “You’re fine, don’t worry,” but then, just a minute later, the sirens went off. I grabbed my baby brother and we ran downstairs to the bomb shelter.

In that moment, the whole world changed for me—and for every Jew. Suddenly Zionism—our connection to Israel— wasn’t just something I heard my parents talking about all the time anymore. It became real. I understood the Jewish people’s responsibility to protect the land of Israel and stand with our people all over the world, no matter what. 

I saw the hatred against us, I saw my brothers and sisters suffering, and I realized how important it is to protect our home. I also saw how so many people turned on the Jews all over the world.

But I also saw something else. I saw the bravery of our soldiers, risking their lives to defend Israel, and I saw people all over the world, like my mom, standing up for what they believe in—even when they’re getting hate and death threats. She keeps fighting for what’s right, and I’m so lucky to have her as my role model.

That experience made me see Zionism in a whole new way. It’s not just about believing in Israel and loving Israel—it’s about protecting it, caring for it, and standing up for it. And the same thing goes for the Jewish nation. It’s our job to defend our people whether it’s in the battlefield, online, or in the streets. 

If we don’t, who will? 

And now that I’m becoming a bat mitzvah, I realize that this responsibility is part of what it means to grow up as a Jewish woman. It means taking responsibility—not just following the mitzvot, but being there for our people and for Israel. 

After my experience in Israel on October 7th, I decided to choose IDF Widows and Orphans as my bat mitzvah project. The soldiers of the IDF are like the protectors of the promise made in Lech Lecha. When they give their lives for Israel, we have to take care of their families. This is how we stand together as Am Yisrael—the Jewish nation. 

I got to meet and spend time with the orphans over the summer and just a couple weeks ago. These kids lost their parents in the war. I can’t imagine how hard that must be. This organization has camps, special events, and a bar and bat mitzvah program for the kids my age so they can feel special and supported by all of us. 

I am so blessed that today on my bat mitzvah I have both my mom and dad here, but these kids don’t. So we have a duty to support them as the Jewish nation. Their parents sacrificed their lives for all of us. Meeting them, hugging them, getting to know them, and supporting these programs for them has left a huge mark on my heart. 

Lech Lecha is the story of how we became a people and how G-d gave us our homeland. All in one breath. Just like Avraham answered G-d’s call to journey to Israel, today I’m becoming a bat mitzvah and taking on the responsibility to care for Israel and our people. G-d promised us we would be a great nation. He promised us the land of Israel. But he never promised us it would be easy. So I know I have a big job to do now as a Jewish woman. 

I will always remember the sacrifices made to protect our land, from the time of Avraham until today, and make sure they are never forgotten. Today, as I enter adulthood, I commit myself to doing whatever I can for the Jewish nation and the land of Israel. May I always go where G-d leads me to serve my people and my homeland, just like Avraham.

 

[For any who are interested, the website for the Israel Defense Forces Widows and Orphans can be found by searching IDFWO Organization. I’m thrilled to report that Stella has raised about $30,000 toward her goal of $36,000. She told everyone to make donations rather than give her gifts. That’s the kind of kid she is. Laurie and I are overwhelmed with gratitude.]

 

Here’s wishing all of you many good lessons from 2024!

Marvin Blum’s 12-year-old granddaughter Stella Savetsky delivered a Bat Mitzvah speech we’ll cherish forever.

As her Bat Mitzvah begins, Stella (joined by her mother Lizzy and sister Juliet) carries on the tradition of our matriarchs in lighting Shabbat candles.
The Blum Family is grateful to all be together at Stella’s Bat Mitzvah party, with the newest addition Mia held in her mother Brooke’s arms. You HAVE TO celebrate the good times!

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The Miracle of Ollie

Tomorrow night begins the Jewish festival of Chanukah, a holiday of miracles. We celebrate the miraculous victory of the Maccabean revolt against the Greek forces, the miracle of one day’s supply of oil lasting eight days, and the miraculous rededication of the Holy Second Temple of Jerusalem. Even the letters on the dreidel spinning top stand for Nes Gadol Hayah Sham, “a great miracle happened there.”  The holiday season seems the perfect time to celebrate miracles.

Do you believe in miracles? As a very practical person, I confess to my skepticism. That is, until four years ago, when my grandson Ollie was born. His birth was a complete miracle. I’ll share the story of Oliver Strong Savetsky to offer hope to all families struggling with something (and who isn’t?). Ollie’s life proves that indeed, miracles can happen. Never give up hope.

Wind the clock back a few years. Our daughter Lizzy experienced three miscarriages in one calendar year. Two were ectopic and nearly claimed her life. Although deeply grateful for two healthy daughters, after a pause (and at her husband Ira’s urging), Lizzy mustered the courage to try once more. Her IVF treatment was a success—pregnant for the sixth time.

And then came a familiar crushing blow—the heartbreaking report of yet another miscarriage. The doctor was a religious man and preferred to wait to let nature take its course. Then came the day to terminate the pregnancy, but wait—a pre-procedure sonogram revealed a startling announcement: “There’s a heartbeat!” Lizzy broke into tears: “I had a feeling my baby was still alive.”

It wasn’t an easy pregnancy. A month before her due date, Lizzy went to the hospital and was sent home as a “false alarm.” Laurie joined her the next morning with the premonition she needed to be with her daughter. Their intuition was right. Lizzy’s water broke and there was blood everywhere. Lizzy believed she was losing the baby. She was too nervous to tell Laurie how to get to the hospital, so Lizzy jumped into the driver’s seat and drove them there herself. The doctor’s diagnosis was the life-threatening condition of placenta abruption. Miraculously, Lizzy delivered a premature baby boy minutes later. Ira made it there too, barely in time.

They chose the Hebrew name “Yisroel” (Hebrew for Israel). He was named for my deceased brother Irwin, whose Hebrew name was also Yisroel. The baby’s English name was Oliver Strong Savetsky, a nod to the little fellow’s survival strength.

Jewish law calls for circumcision on the eighth day, but little Oliver Strong was in NICU growing stronger, so we had to delay the Bris a few weeks. Ira, a plastic surgeon, circumcised his own son just as our forefather Abraham did his son Isaac. 

At the Bris, Ira arrived with a mysterious gift-wrapped box and told this story. A few years earlier, Lizzy went to Poland to tour the concentration camps. Her group made a stop at Rabbi Elimelech’s grave to pray. Rabbi Elimelech taught that when you pray for something, pray as if you have the faith it will absolutely happen. Lizzy left the grave and immediately called Ira back in New York. She told him to go buy a gender-neutral baby outfit. Ira thought this request was crazy, but he complied. Ira rushed to a kids store and told the clerk, “I need a newborn outfit. I don’t know the size or the gender. Just pick something and wrap it up.” That box sat in the top of Ira’s closet, and he hand carried it to Dallas when they moved over a year later. Ira had no idea what was actually in that box.

Ira then opened the mystery package in front of the Bris attendees. Inside that box was a little boy outfit for a preemie baby just Ollie’s size. We were all aghast … Lizzy’s prayer had been answered, not on her schedule, but on G-d’s. Rabbi Elimelech was right. By taking action to prove they believed, their dream manifested in a newborn son. 

Following Jewish tradition, they waited until Ollie’s third birthday for his first haircut. At the “Upsherin” ceremony we attended in Jerusalem, Lizzy told her son, “Oliver Strong, you are small and strong, just like Yisroel, the land of Israel, your Hebrew name. And like Israel, you have the faith and fight in you that it takes to survive. Israel is a miracle, and Ollie, you are a miracle.”

I now believe in miracles.

 

Grandfather Marvin Blum and father Ira Savetsky rejoicing in the miracle of Ollie’s birth at his Bris (circumcision ceremony).

Ira reveals the contents of a surprise package at the Bris.
Three years later, the family gathered in Jerusalem for Ollie’s “Upsherin” (first haircut) celebration.
Moments later, at the Holy Temple Wall, Ira praises G-d for the miracle of his son Ollie.

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There’s No Place Like Home

As I’ve often stressed in this Family Legacy Planning blog, it’s important to identify significant lifetime moments, preserve them in some tangible way, and then pass them down to future generations as part of our story. Looking back on 2024, one of my most memorable moments was falling in love with my hometown at an event called Discover Fort Worth. In my upcoming year-end post, I’ll reveal more of the 2024 highlights that moved me. But I’ll start close to home with this one. As Dorothy discovered in “The Wizard of Oz,” and as I discovered too: “There’s no place like home.”

I am honored to serve on the national board of TIGER 21, an international peer learning network. Each year, we feature a city in a “Discover” program, a 3-day deep-dive into a city where important things are happening. This year, the featured city (at my urging) was Fort Worth. When we announced it, the membership’s reaction (as you might expect) was WHY FORT WORTH? For most of our 1,500 members, Fort Worth wasn’t on their radar. The registrations were trickling in until I began a big promo push. They were shocked to learn that Fort Worth is the 12th largest city in the US, and the fastest growing city too. When we announced the schedule of events, attendance picked up. We ultimately sold out and had a waiting list. After the 3-day “discovery,” comments went from “Why Fort Worth?” to “How can I invest here?” and “I want to move here.”  Planning Discover Fort Worth and proudly showcasing my city was one of my top highlights of 2024. In fact, in TIGER 21’s 25-year history, Discover Fort Worth is the first event to score a perfect “5 out of 5” in the post-event member surveys.  

We had to limit the size to 40 attendees, not only for intimacy, but also because one of the events (a behind-the-scenes tour of the F-35 fighter plane production assembly) had a strict cap of 40. Those 40 came from about 20 different cities, mostly outside of Texas. Our host hotel was the exquisite Michelin-awarded Bowie House, a perfect reflection of Fort Worth’s “Cowboys & Culture” moniker. Our first venture out was for a taste of Old Mexico with a mariachi-serenaded opening dinner at Joe T. Garcia’s patio paradise, a favorite of US Presidents and even Sir Paul McCartney. Dessert followed at Hotel Drover (also Michelin rated) in Fort Worth’s Historic Stockyards, featuring an all-out tribute to our Western heritage (even down to the longhorn steer and a branding station). We had a learning session with the team who recently redeveloped the area, making the Fort Worth Stockyards into the 15th most visited destination in America.

Day 2 started with an education program at Sotheby’s Realty on Fort Worth’s blossoming real estate industry, followed by a tour of the Modern Art Museum. Just the building itself is an art treasure, designed by Tadao Ando and designated by Travel & Leisure magazine as one of the World’s Most Beautiful Art Museums, and named by Architectural Digest as the Best Designed Building in Texas.  After an outdoor lunch at Quince overlooking the Trinity River, we headed to a VIP tour at Lockheed Martin. There we discovered Fort Worth’s role in the international defense industry and our contribution to protecting the world.  We not only toured the F-35 assembly, but also flew an F-35 simulator and discovered why you want me to plan your estate but not pilot your fighter plane. It’s harder than it looks.

That evening featured dinner at one of only two homes in the world designed by I. M. Pei, architect of the Louvre Pyramid in Paris, JFK Library, and dozens of other contemporary masterpieces. Our hosts, John & Cami Goff, opened up in a fireside chat where I coaxed John to tell of his remarkable rise from modest beginnings to prominence in the world of real estate and investing. They also revealed Fort Worth’s rising role as a TV and film mecca, as the night before John gave the speech at the Texas Business Hall of Fame to induct Fort Worth’s Taylor Sheridan (creator of Yellowstone, 1883, Landman, and other acclaimed shows starring the likes of Kevin Costner, Jeff Bridges, Angelina Jolie, Billy Bob Thornton, and Demi Moore). The Goffs are also spearheading efforts to create the Texas A&M Research Campus in downtown Fort Worth. John’s enthusiasm was so contagious that one of the TIGER 21 members from Chicago raised his hand on-the-spot and donated $100,000 to the project.

Day 3 concluded with a trio of Fort Worth Power Women: Mayor Mattie Parker, Rose Bradshaw (President/CEO of North Texas Community Foundation), and Elaine Agather (Central Region Head of JP Morgan). Mayor Parker revealed that, out of all US cities, Fort Worth has the second highest percentage of young families. During her tenure, Fort Worth has been named the most pro-growth city in America and the Best City in Texas for starting a business. By the way, while I’m unashamedly bragging, Texas is the eighth largest economy in the world and was named the number one state for business in America. Elaine Agather explained that the economic growth in Texas started in the 1970s with the Bass group in Fort Worth, due to what she described as “the Richard Rainwater effect.” Rose Bradshaw and Cullum Clark (Director of the George W. Bush Institute) put the cherry on top by spotlighting Fort Worth’s philanthropic story as we rank among the top for private giving in the country. In explaining Fort Worth’s success, Clark gave these five reasons why Fort Worth succeeds as an “opportunity economy:”

 

  • We focus on education and innovation.
  • We are commerce friendly—a great place to do business.
  • We’re a great place to live and raise a family (affordable, but not super cheap).
  • We invest in social capital and build a strong sense of community.
  • We welcome newcomers to our city.

I’ve bragged about Fort Worth before (click here for my blog post of June 13, 2023 “I’m Fort Worth Proud!”). Forgive me for going overboard again today about my hometown, but Discover Fort Worth just left me bursting with pride. Even better, all those out-of-towners realize why we’ve earned the nickname of “The Unexpected City.” We’re proud to also be known as “Cowtown” and “Where the West Begins,” but as our group “discovered,” we’re a lot more than that. With only three days, we had to leave out a lot of local treasures, but the wheels in my head are already spinning to come back in two years for “Rediscover Fort Worth.” My only worry is that, in letting the secret out, we don’t want Fort Worth to change. But please come visit—I’m happy to be your personal tour guide!

Marvin & Laurie Blum kick off the 3-day Discover Fort Worth event on a longhorn steer at Hotel Drover. Hook ‘em Horns!

Fort Worth’s Modern Art Museum is an architectural and artistic treasure, as described to us by expert docent, Gail Granek (center).
The TIGER 21 group heading into a behind-the-scenes F-35 assembly tour at Lockheed Martin.
Marvin & Laurie Blum joined by John Goff (left), Cami Goff (right), and Michelle & Jay Young at an evening fireside chat with the Goffs.
Marvin Blum with Power Women (from left) Laurie Blum, Rose Bradshaw, & Elaine Agather.
Marvin Blum with Fort Worth’s premier “Power Woman,” Mayor Mattie Parker.

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Spotlight on Dyann McCully, Our Guardianship Guru

While attending a Texas Tech seminar on estate planning, the opening speaker greeted us with these words: “If you ever see Dyann McCully, you need to give her a big thank you.” The topic was a Texas legislative update. The speaker continued: “Dyann McCully spearheaded the charge on updating the Texas law on guardianships. Thanks to Dyann’s tireless efforts, the legislature has adopted major improvements to the guardianship laws.” Hearing these words, I swelled up with pride. Do I ever see Dyann McCully? Only every day—Dyann heads up our litigation team at The Blum firm and her office is just one down from mine.

I love the story of how Dyann and her colleagues joined The Blum Firm eight years ago, creating our trust and estates litigation section. I attended the monthly meeting of the Tarrant County Probate Bar Association and had the good fortune of randomly sitting next to Dyann at the lunch. Dyann shared an interest in moving her firm’s litigation team to a new law firm, and I was instantly interested. She and I spoke later that day and got the wheels turning. Within a few months, Dyann joined us, along with David Bakutis, Beth Hampton, Cindi Adler, and Mary Ellen McMahon. Since that time, we have added many more to the team. We are grateful to have a vibrant and busy group of fiduciary trial attorneys now at The Blum Firm who not only know where the courthouse is, but who know what to do when they get there. My late father-in-law Abe Kriger used to refer to them as “real lawyers,” and often asked me when we planned to add some “real lawyers” to our law firm. Abe would join me in being super proud of our litigation section.

Dyann is truly a rockstar in the world of guardianships, as well as all aspects of trust and estate controversy.  She is a frequent speaker at probate and guardianship seminars, recognized by all as the “go to” expert in her field. She also testifies frequently at the Texas legislature to address needed changes in the law.  Recently, the State Bar of Texas invited her to be the Course Director for the 2025 Advanced Elder Law and Advanced Guardianship Law Course. Also, the Texas Guardianship Association Public Affairs Committee just asked her to join the committee to help with guardianship legislation issues for the upcoming legislative session. In this role, she will review proposed guardianship-related legislation and engage with legislators on finding solutions for these matters.

The mission of the Texas Guardianship Association (TGA) is the following:

  • To educate involved professionals, consumers and the general public regarding guardianship and its alternatives.​
  • To promote the development of guardianship and alternative programs to serve and protect vulnerable individuals.
  • To advocate for development and implementation of effective public policy regarding guardianship and related issues that are consumer sensitive.

And as if that’s not enough, Dyann is also a certified mediator in guardianship mediation, making her part of one of the first groups of attorneys to be certified in guardianship mediations. She mediates in contested guardianships, probates, and estates.

Having a robust litigation section at The Blum Firm has been a major “win-win” for us. The estate planners are grateful for the opportunity to consult with litigators on sensitive planning matters. And vice versa, the litigators welcome the trust, estate, and tax expertise our planners can provide for their complex cases. 

It’s my honor to shine this spotlight on Dyann McCully and sing out praises to her, loud and strong. Way to go, Dyann!

 

Marvin Blum is proud to shine a spotlight on his partner Dyann McCully, a rockstar in the guardianship and fiduciary litigation world.

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Don’t You Dare Steal My Aggie Ring

I’ve written before of life lessons I learned from my dad, Julius Blum. A man of simple yet strong words, he taught more by example then by narrative. In a powerful episode involving my dad’s prized Aggie ring, I learned lessons of courage and conviction I’ll never forget.

Julius Blum grew up in modest circumstances, living behind his family’s small neighborhood grocery store. He was a graduate of the School of Hard Knocks. Remarkably, that wasn’t his only degree. My dad was the first in his family to attend college, graduating from “The Agricultural and Mechanical College of Texas” in 1949 with a degree in mechanical engineering. Julius was rightfully proud of that achievement.

The fact my dad even went to college was remarkable in and of itself. There were two factors that propelled him to College Station. The youngest of four children, Julius had an older brother Sol who had big college dreams for his baby brother. Sol worked day and night to care for his family, seeing to it that Julius could receive the education others in the family couldn’t. The second factor was the GI Bill, earned from my dad’s World War II service in the army. Julius was forever grateful to both his brother Sol and this great country for his education.

Julius was an exceptional student in all things technical—a math and engineering whiz. I never confronted a math homework problem he couldn’t help me solve. But when it came to English—not so much. But let’s give him a break. He was raised by immigrant parents whose only language in the house was Yiddish, so making it through college English and earning that degree was an even bigger deal. That’s why the symbol of his degree, the iconic Aggie ring, meant so much to him.

That brings me to my story. When the ring became too tight on his finger, he carried it with him everywhere he went on his keychain. One day, a little boy Marvin happily joined his daddy on a father-son outing to University Car Wash. We watched through the window as his car went swish-swish down the line of water and suds. Returning home, he removed his key from the ignition and instantly realized his Aggie ring was gone! On a chain with many keys, the ring divided his car key from his house key, so he noticed immediately.

We instantly got back in the car and drove to the car wash. I followed him as he marched with purpose into the manager’s office. Julius wasn’t leaving without that ring. I thought that was mighty bold of him and I had my doubts. I underestimated him.

The manager knew Julius meant business. He temporarily shut down the car wash and gathered every employee in his office. I’ll never forget the manager’s words, “I’m going to leave this room and close the door. And when I return that ring better be on my desk, or everyone here is fired.” We waited outside the door with the bossman. After a moment, we re-entered his office. Lo and behold the Aggie ring was on the manager’s desk. Everyone returned to work, and I returned home with my dad and with a lesson I will never forget:

When something is precious to you, you fearlessly fight for it.

One more thing: In addition to my dad’s strength of character and integrity, another testament to his solid priorities was being a good sport when Irwin and I chose UT for college instead of A&M. Love of family came first, even when tested by some lively Longhorn/Aggie football experiences together. I cherish the memories. I even felt some of my dad’s Aggie spirit in my Longhorn body at last weekend’s rivalry game. Gig ’em Aggies and Hook ’em Horns!

 

Marvin Blum’s father Julius was the first in his family to graduate college, as evidenced by his prized diploma.

Marvin Blum at Texas A&M’s Kyle Field, cheering for his Longhorns but channeling his father’s Gig ‘em Aggie pride!

Don’t You Dare Steal My Aggie Ring Read More »

20 Questions for Your Thanksgiving Table Talk

By popular request, we are repeating the blog post from November 23, 2021.

Wishing all of you a meaningful and joyful Thanksgiving.

Here’s a suggestion for the conversation at your Thanksgiving table: use the time to discuss the “Do You Know?” scale. Arming your family with answers to these 20 questions reinforces family bonds and helps heirs become more resilient. This assertion is based on research by Dr. Marshall Duke and Dr. Robyn Fivush, psychologists on the faculty at Emory University, developers of the 20 question “Do You Know?” list.

This thesis was further tested and confirmed by Bruce Feiler, author of The Secrets of Happy Families. After years of research and interviews, Feiler arrived at this startling conclusion: “The more children knew about their family’s history, the stronger their sense of control over their lives, the higher their self-esteem and the more successfully they believed their families functioned. The ‘Do You Know?’ scale turned out to be the best single predictor of children’s emotional health and happiness.”

Enjoy a lively and thought-provoking table conversation with the help of these 20 questions:

  • Do you know how your parents met?
  • Do you know where your mother grew up?
  • Do you know where your father grew up?
  • Do you know where some of your grandparents grew up?
  • Do you know where some of your grandparents met?
  • Do you know where your parents were married?
  • Do you know what went on when you were being born?
  • Do you know the source of your name?
  • Do you know some things about what happened when your brothers or sisters were being born?
  • Do you know which person in the family you look most like?
  • Do you know which person in the family you act most like?
  • Do you know some of the illnesses and injuries that your parents experienced when they were younger?
  • Do you know some of the lessons that your parents learned from good or bad experiences?
  • Do you know some things that happened to your mom or dad when they were in school?
  • Do you know the national background of your family (such as English, German, Russian, Chinese, and so on)?
  • Do you know some of the jobs that your parents had when they were young?
  • Do you know some awards that your parents received when they were young?
  • Do you know the names of the schools that your mom went to?
  • Do you know the names of the schools that your dad went to?
  • Do you know about a relative whose face “froze” in a grumpy position because he or she did not smile enough?

The Blum Firm wishes you a meaningful Thanksgiving celebration with your loved ones.

From their home to yours, Marvin and Laurie Blum wish you a meaningful Thanksgiving.

20 Questions for Your Thanksgiving Table Talk Read More »

The Big Reveal: The Blum Firm’s Core Values

Do you, your family, or your business have a set of core values? What are they? And, more importantly, what do those values truly mean?

We recently held The Blum Firm’s Annual Meeting, where everyone comes together to review the past year, assess where we currently are, and dream about where we are going. The focal point of this year’s meeting was to identify our core values.

As the firm’s Human Resources Manager, Eric Evans, said, “Core values are a small set of vital and timeless guiding principles. They define culture and who we truly are as people.”

I have discussed this in previous blogs, but core values aren’t just company-based. In fact, the Blum Family’s core values are faith, family, hard work, and education. These values were born out of the experience of being raised by immigrants who came to America with nothing but their values. It was those four core values that enabled my grandparents to survive hardships and set our family on a course to achieve the American Dream.

But you may wonder, how do I define my business or my family’s core values? And let me tell you, it isn’t an overnight process. Our Senior Leadership Team spent many hours, over several days, trying to hone-in on core values. We came up with a long list including some of what you might expect to see, such as honesty, integrity, and respect. We ended up with over 40 words on the list.

Knowing we needed to narrow down the list to only a few, we decided which values were truly “CORE.” We ultimately landed on three core values and let them “simmer” for 30 days, understanding these values are not something we strive for, but values we live by every day. 

From there, we crafted definitions, being very intentional with wording and how we demonstrate them both within our firm and out in the community.

Here’s the big reveal of The Blum Firm’s core values:

  • Excellence:We exceed expectations by delivering superior work with unmatched client service; we expand knowledge, enhance skills, and refine processes to maintain the highest standards of performance and quality. 
  • Relationships:We connect with kindness and humility, actively listening to different perspectives, following through on commitments, and serving as a trusted advisor.
  • Collaboration:We partner with each other and outside advisors to achieve common goals by sharing ideas and leveraging strengths; we remain open to feedback and celebrate each other’s wins.

At the meeting, I shared a story about where The Blum Firm began—just my secretary, Sandy Stroman, and me. Now, 44 years later, the firm has grown and evolved beyond anything I could have imagined. The combination of faith, family, hard work, and education is what brought The Blum Firm to where we are today, a family of 68 dedicated team players who strive together to reach for the stars.

When we define our core principles—whether personally, for our family, or our business—we gain the ability to adapt while remaining true to our essence. This clarity aids in decision-making and unites us to grow and create the legacy we first envisioned.

Adversity will come—I can promise you that—but when it does, returning to your core values will give you the vision for moving forward.

My challenge to you is this: What are your core values?

The Big Reveal: The Blum Firm’s Core Values Read More »

My Granddaughter Stella Becomes a Woman 

Twelve years ago, our first grandchild Stella was born. It seems like yesterday Laurie and I were pacing nervously in the hall at New York’s Mt. Sinai Hospital, waiting to hear that first cry. Fast forward to November 10, 2024, and that little baby Stella became a Bat Mitzvah, the coming of age when a Jewish girl becomes a woman.

Jewish boys celebrate their Bar Mitzvah at age 13. But in traditional Jewish families, girls become a Bat Mitzvah, a daughter of the covenant, at age 12. The idea is that 12-year-old girls are at a maturity level comparable to 13-year-old boys (I might argue that girls hit that point long before age 12).

We celebrated Stella over the last weekend, kicking off with a Friday night dinner at New York’s Altneu Synagogue. As a very proud Zaidy (the Yiddish word for grandfather that my 6 grandkids call me), I had the privilege of speaking at the dinner. Since I’ve become so personal with you all in this Family Legacy Planning blog, I’ll share with you what I had to say.

To my dear granddaughter Stella, the oldest of our 6 grandkids: 

I want to talk to you about trees. You know I love trees and nature. Trees are significant in Judaism. Our Torah is called Etz Chaim, a tree of life, and also a tree of knowledge. But as we celebrate you becoming a Bat Mitzvah, I want to tell you about a different tree — a family tree. The Torah teaches that parents are the trunk of a tree and children are the branches. It also teaches that all future generations are embedded in that tree within their parents, so the tree represents a family’s past, present, and future.

I want to talk about a particular family tree that starts with your ancestors, my grandparents, Meyer & Pauline Oberstein, and goes down l’dor vador, from generation to generation. Stella, you are part of a family tree that has very deep roots. Those roots will keep you secure and grounded when the winds of adversity blow your way. You come from a long line of very strong women.

I want to start with the amazing and strong woman in the first generation in that family tree, my grandmother Pauline, your great great grandmother. Pauline and her family came to America from Ukraine where her family was persecuted because they were Jewish. She arrived in Ellis Island with nothing but her commitment to their Jewish values, joining her brother Joe in Montgomery, Alabama, a place where it wasn’t easy to be religious. Like Abraham and Sarah, they were really alone in their observance, pioneers of Judaism in a new land, as described in your Torah portion, Lech Lecha. 

But Mama Pauline created an observant Jewish home. She lit Shabbos candles every week, strictly observed kashrut and Shabbat,  and remained deeply committed to Jewish values. She was actively involved in their synagogue and establishing a Jewish community deep in the heart of Dixie. Her parents lived with her, also clinging to their Judaism. Her father, our Zaidy, never ate meat in America because he didn’t trust it to be kosher. Mama Pauline only served him fresh vegetables (which she pronounced “vege-TABLES”) because he mistrusted the kashrut of the canning process. When he died, Pauline had his body prepared at home and the funeral was in their living room. She didn’t want Zaidy’s body to ever enter a non-Jewish funeral home. 

The second generation of matriarchs is my mother Elsie, your great grandmother whom you call Bobbie, the same name she called her grandmother, Pauline’s mother Bobbie Leah. Bobbie is also a light unto the world. She is the dynamic force behind our shul in Fort Worth, Texas. Her Hebrew name is Sora Elke, like our matriarch Sarah. Also like our matriarch Sarah, Bobbie leads the way in creating a place for those seeking G-d to come and worship. My mother has devoted her life to strengthening our shul and preserving Jewish values in Fort Worth, Texas, far from the Old Country of her parents.

The next generation is me, along with my beloved bride of 45 years, your Mimi. You know very well how strong Mimi is and what a rock she is in our family.

Next comes your mother, Elizabeth Pauline, named after our matriarch Pauline. Both are named Pesha Ita, and like you, both are lights unto the world. We all know what a power house your mother is, giving her all to support Israel and fight antisemitism. She is a role model of leadership, strength, and courage.

This brings us to generation five. Stella, this is significant: you are the FIRST member of generation five in our family tree, a generation that will someday have more than 100 Jewish cousins in it, with all the Obersteins in our family. But Stella, you are the FIRST. You lead the way. 

Stella, your very birth as a little four pound bundle of joy was a miracle, a symbol that our family is growing and thriving, the start of a new rung on our family tree. As your dad’s Unkie said, your birth signifies that “We beat Hitler!” You were made for this moment. And you’re growing into such a dynamic role model, just like your matriarch ancestors Pauline, Elsie, Laurie, and Lizzy. 

Every week, I learn from your Torah Corner as you explain the week’s parsha in a way like no one else can do. I once filled in for you as the substitute teacher, and I can tell you that it’s a lot harder than it looks. I watched you interview Holocaust survivors in Israel, where you showed so much love and compassion. And I saw how much you care about our people as we toured Yad Vashem and other holy sites in Jerusalem. You have a gift—a gift of connecting with people and bringing light and Jewish values to the world.

My prayer for you is that you grow up strong and courageous, marry the right guy like your mom did, raise a family who carries on the heritage of our ancestors, and that you live a life of purpose, meaning, and fulfillment. 

Shine your light, baby!

With all my love,

Your Zaidy

Sharing this with you, I feel so full of love and gratitude. This weekend was a major link in the Blum Family Legacy chain. Here’s wishing you meaningful moments and milestone memories in your own family legacy journey.

Marvin & Laurie Blum make memories that will last forever at the Bat Mitzvah of their granddaughter Stella.

The Bat Mitzvah celebration continues with Stella and a very proud Zaidy!

My Granddaughter Stella Becomes a Woman  Read More »

The Blum Firm Has Been Recognized in the 2025 Edition of the Best Law Firms® Rankings

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 »

Is Your Mind Wired for a “Worst Case” or “Best Case” Scenario?

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 »

The Blum Firm Honors Breast Cancer Awareness Month

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 »

Buffett Changes His Will—Is It Time to Change Yours?

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 »

My 200th Post 

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.

My 200th Post  Read More »

Passing Down Legacy Real Estate—Family Glue or Family Feud? 

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:

  1. Transfer the real estate to an entity (such as an LLC) to limit liability exposure. If someone’s injured there, you want to insulate your other assets from being reachable.
  2. Consult with an insurance professional for optimum coverage.
  3. Create an LLC Operating Agreement to cover the rules for shared use.
  4. Transfer the LLC interests to a FAST trust (Family Advancement Sustainability Trust) to remove the real estate from your estate, avoiding a 40% estate tax at death. With the lifetime exemption at almost $14 million ($28 million for a couple), now is the ideal time to make that transfer, locking in the doubled exemption before it sunsets in half at midnight on December 31, 2025.
  5. Provide a governance structure in the FAST to insure selection of LLC managers who will honor the founders’ intent.
  6. Fund the FAST with assets that generate a sufficient cash flow to cover the ongoing cost of operations. In many cases, the ideal solution is a life insurance policy on the parents, with proceeds payable at their death to the FAST.
  7. Build in flexibility into the FAST and LLC agreements, so the plan is not set in stone. As Ludman cautions, “‘Families obviously evolve and expand, and circumstances can change.’”

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.

Whether you’re leaving your heirs a Texas ranch or a home in the Hamptons, Marvin Blum provides planning tips for shared use of a family’s legacy real estate.

Passing Down Legacy Real Estate—Family Glue or Family Feud?  Read More »

Seven Blum Firm Attorneys Featured in 2024 Super Lawyers Magazine

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 »

No Matter Who Wins the Election, Now Is the Ideal Time to Do Tax & Estate Planning 

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:

  • Most of the tax cuts in the 2017 Trump Tax Act (“Tax Cuts & Jobs Act”) will sunset at midnight on December 31, 2025. Plan now to lock in tax benefits before they expire.
  • Neither party is proposing to lower individual income tax rates. No matter who wins, income tax rates won’t go down.
  • The recent rise in interest rates and government spending has more than doubled the annual cost of US debt service. A day of reckoning is coming when we’ll have to deal with the soaring national debt.
  • No matter the election results, tax law change is coming. Take advantage of extraordinary opportunities in today’s “Golden Age of Estate Planning” before the window closes.
  • History tells us that those who plan under the current law, before new laws go into effect, will most likely be grandfathered.

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

  • Most tax cuts in 2017 Tax Act will sunset; it’s already baked into the law.
  • Ordinary income tax rate will increase from 37% to 39.6%. (Note: corporate tax stays at 21% but 20% 199A deduction expires).
  • Convert a traditional IRA to Roth in 2025, and pay income tax hit at lower rates.
  • Accelerate income/ take gains in 2025 rather than 2026.
  • Postpone SALT (state and local tax) payments/ property taxes exceeding $10,000 until 2026 (when $10,000 SALT cap is gone).
  • Make large cash gifts to public charities before AGI deduction cap sunsets from 60% to 50%; otherwise consider postponing contributions to 2026 when tax rates are higher.
  • Lock in the $7 million “bonus” lifetime exemption before it goes to zero.
  • Review formula gifts in estate plans tied to size of the exemption.

 

If We Have a Triple D Outcome

  • Quickly engage in “squeeze & freeze” transfers to trusts.
  • Use in-kind assets to repay balance due on notes from prior sales to grantor trusts.
  • Anticipate these possible changes (in addition to sunset):
  • Reduce lifetime exemption to $3.5 million.
  • Increase long-term capital gain rate from 20% to 28% (for investors with income over $1 million).
  • Increase NII (net investment income) tax from 3.8% to 5%.
  • Impose an annual tax on unrealized gains for taxpayers worth $100 million.
  • Increase corporate tax from 21% to 28%.
  • Increase estate tax rates from 40% to 55%, 60%, 65%.
  • Limit valuation discounts.
  • End use of grantor trusts.
  • Eliminate basis step-up at death.
  • Limit annual exclusion gifts to $10,000 per person and $20,000 per donor per year.

 

If We Have a Triple R Outcome

  • Anticipate efforts to make tax cuts in 2017 Act permanent.
  • $10,000 SALT (state & local taxes) cap likely to remain in place.
  • Expect efforts to reduce capital gains tax and corporate income tax.
  • Expect provisions to eliminate tax on tips and on social security benefits.
  • Do not anticipate efforts to reduce individual income tax rates. 

 

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 »

The Day That Changed My Life Forever   

“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.

Marvin’s daughter Lizzy and her two daughters Stella and Juliet (left) and son-in-law Ira (far right) praying in a Jerusalem bomb shelter after the October 7 attack on Israel.

The Day That Changed My Life Forever    Read More »

A Cost-Free Way to Supercharge the Charitable Gifts in Your Estate  

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:

  • Outright to your favorite public charities;
  • A Donor Advised Fund, where your family can designate the charities they would like to benefit and spread out the donations over the years following your death;
  • A Private Family Foundation managed by your family, which can be a powerful source of “glue” for future generations to stay connected.

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 »

“I Just Have One Simple Question” – NOT! 

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 »

Corporate Transparency Act Alert: Only Four Months Left for Compliance!

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 »

Three Role Models for Aging with Dignity

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.

 

Marvin Blum’s Interview of Lou Barnett—May 19, 2013

Henry Kissinger stayed on top of his game all the way to 100.

Dolly Parton achieves success at age 78 by merging the gift of creativity with plain old hard work.

Three Role Models for Aging with Dignity Read More »

Three Blum Firm Attorneys Recognized with Best Lawyers® Awards

We are excited to announce that two 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!

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Julius Blum, a Role Model from “The Greatest Generation”

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 »

Welcome Attorney Kaitlin Goddard

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 »

What Kamala Didn’t Say

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 »

Best Companies to Work For in Fort Worth 2024 Award

Marvin Blum pays tribute to The Blum Firm team for receiving the Best Companies to Work For in Fort Worth 2024 Award.

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:

  • Caring for our clients and each other;
  • Collaborating with other advisors and among ourselves;
  • Creating a community of character and talent.

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!

Marvin proudly holds the award plaque, showcasing his immense gratitude for his team achieving such an honor.

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Happy “Sobriety” Birthday to My Daughter

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.

Marvin expresses his immeasurable love for his daughter Lizzy.

Happy “Sobriety” Birthday to My Daughter Read More »

On Turning 70

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.

  • Relationships- My gratitude for the supportive and loving communities in my life is off-the-charts. I am richly blessed by my connection with family, friends, and faith. I can handle whatever adversity life throws my way because I’m not flying solo.
  • Productive Work- I am grateful to wake up each day with purpose. I’ve shared repeatedly my desire to keep working. Retirement isn’t in my vocabulary, as long as my mind and body cooperate.
  • Spirituality- It brings me great comfort to know I’m a link in a long, unbroken chain of family who cling tightly to our faith. But aside from religion, I feel powerful spirituality from walks in nature, cuddling with my six precious grandkids, and painting pictures. Whether at the easel or not, I am always painting in my mind.
  • Memorable Moments- Speaking of painting, Lamott writes of the beauty of shadows. “Shadows show us how life can gleam in contrast.” That’s true in all my paintings, but it’s also true in life experiences. The sweet moments are all the sweeter because they stand in contrast to the turbulent ones that taught me resilience, gratitude, and shaped me into the man I am today. So, as I reflect on births, weddings, Bar Mitzvahs, and graduations, I also recall life’s tornadoes (like the literal one that destroyed my law office in 2000 and the figurative ones like the deaths of loved ones). 

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.

  • “I know how little I know.” Boy, as I age, I realize that more and more!
  • “I know everything is in flux…so I don’t sweat feeling a little disoriented some days.”
  • “I know that people and pets I adore will keep dying…I know the cycle is life, death, new life.”
  • “Age is just a number when you still know how to shine.”

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.

On Turning 70 Read More »

August is “National Make-a-Will Month”—But You Need More! 

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!

Photo: Jeffrey Rolison’s outdated beneficiary designation form leaves his $1.15 million retirement to a “cohabitor” Margaret who broke up with him 35 years ago. Lucky Margaret!

August is “National Make-a-Will Month”—But You Need More!  Read More »

On a Scale of 1-10, How’s Your Estate Plan?

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 »

Nine Blum Firm Attorneys Recognized in 360West Magazine’s “Top Attorneys 2024” List

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!

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I’m a Graduate of Blum’s Café School of Hard Knocks

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. 

  • My dad never complained. Though the work was hard, he was grateful we made a good living.
  • Julius treated every customer with the same dignity and respect. Upon buying the café, he terminated the prior practice of segregation where white customers ate in the front and black customers ate in the back. He brought everyone together. I noticed.
  • Though he worked hard seven days a week, my dad found time to volunteer at our synagogue, proudly serving as an officer as well as cooking all the synagogue dinners. His example taught me that you have to give back.
  • I learned to be self-reliant. Two of my dad’s favorite sayings were:

“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.”

  • I interacted with all walks of life, gaining an openness and awareness different from all my friends who never engaged with folks like packing house workers. I learned to see the value in every person.

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. 

First photo: Marvin Blum grew up working at Blum’s Café, an industrial restaurant in the stockyards. It wasn’t glamorous, but it provided important lessons in life. Second photo: A young Julius Blum (Marvin Blum’s father) who set an example for a strong work ethic and a positive attitude.

I’m a Graduate of Blum’s Café School of Hard Knocks Read More »