Gregg Garofalo is the Founding Partner at Garofalo Law Group, he has been practicing law for 20 years with a strong focus on probate matters and estate planning. Gregg talks about when it’s right to do estate planning and what are some basic estate planning one should have outright. 

Gregg also talks about estate planning if you have a special needs child, how you can maximize their benefit to give them the best care they can receive from both your estate and the government. Lastly, he talks about how estate planning must be revisited at least annually to review how it can be adjusted to changes in the family’s life, decisions, circumstances, or just life in general. 

Key moments:

  • When is a good time to consider estate planning? (7:35)

  • A guardianship estate for your college kids(12:35)

  • Setting up a special needs trust (14:39)

  • Estate planning and COVID, Cryptocurrency, and other changes (22:35)

     

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MEMORABLE QUOTES

“It’s never early to start planning – literally, we tell parents that when your kids turn 18, they should come in and do the basic estate plan…” – Gregg Garofalo

Greg Garafalo

ABOUT GREGG GAROFALO

Gregg Garofalo, Founding Partner at Garofalo Law Group

Estate Planning

Gregg has been practicing law for the past 20 years with a strong focus on probate matters and estate planning. As a father of a daughter with special needs, he is passionate about educating families on how they can achieve their estate planning goals. As a result of Gregg’s vast experience, character and devotion to clients, the families he serves can rest assured that he will do everything he can to meet all of their expectations. Gregg is frequently appointed by the Court to serve as a Guardian ad litem in Guardianship matters. He is also routinely appointed by the Court as a Special Administrator in complex probate matters.

Gregg is an active member of the legal community, where he is serving or has served in several leadership roles within the Illinois Bar Association and the Chicago Bar Association. Gregg is a past Chair of the Chicago Bar Association’s Probate Practice Committee, where he served two years as Chair. Gregg is also a past Chair of the Illinois State Bar Association’s Young Lawyers Division, a member of the Trusts & Estates Council, and starting his third term as a member of the General Assembly after taking the mandatory one year off between terms.

Gregg serves as a member of the Illinois State Bar Association’s mentor program, and a speaker in the area of probate and trusts and estates.

In addition to his passion for law, Gregg works with professional and civic organizations. Gregg has worked with the Children’s Assistance Fund and the Illinois Bar Foundation chairing their annual holiday party, which has grossed over $150,000 during his ten-year involvement. Gregg is also a Past President of the Justinian Society of Lawyers, a past board member of the Italian American Political Coalition, and a board member of the Justinian Society Children’s Endowment Fund. In addition, Gregg volunteers for the Central Illinois Sheltie Rescue.

 

Website: www.glgfirm.com

Twitter: https://twitter.com/GreggGarofalo

LinkedIn: https://www.linkedin.com/in/gregg-garofalo/

 

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“The 1958 Lawyer and his 1938 Dollar” still defines the business of law…
It’s time for a change.

If you’re a lawyer, you’re familiar with the ABA article “The 1958 Lawyer and his 1938 Dollar” which gives our podcast its title, and its inspiration. That article was the start of the billable hour for law firms…And the last major change to the business of law, 70+ years ago now. Well, it’s past time for another change.  

This podcast is all about bucking the status quo of the business of law. Your host Ron Bockstahler runs Amata Law Office Suites, providing law firms an alternative to the traditional fixed-cost business model that places unwanted stress on attorneys to work long hours that often-times lead to burn out, broken relationships and in many cases substance abuse. Each week he’ll discuss alternatives to the 12 hours days, endless rotation of clerks and paralegals, and the expensive offices leased to impress clients who rarely show up in person anymore. He’ll interview successful lawyers who are doing law differently, and finding a work-life balance while still running a successful firm.  

Do you want to find a better way to run your law firm? It’s time for the next big change in the business of law, and you’ll get it here on The 1958 Lawyer.

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