FEATURE: Business tips for freelancers

By Megan Rogers

While flexibility and independence are strengths of freelancing, they also introduce complications. Managing personal business affairs while developing professionally and finding a balance between life and work can be challenging. Fortunately, these skills can get better with practice, and experienced court reporters are a great resource for business tips.

Marketing

For a freelancer, the best marketing strategy involves using a variety of cost-productive tools. The first step is to prepare the court reporter’s equivalent of a portfolio. “Prepare a professional one-page resume and be sure it is grammatically correct,” says Christine Phipps, RPR, a freelancer and firm owner from West Palm Beach, Fla. “Also list the writer you use along with the CAT software with version number,” she adds, so firm owners can see the reporter uses up-to-date, reliable technology. Phipps also suggests including a sample excerpt of an ASCII transcript of approximately 20 pages in length, removing any personal details or information that’s confidential under HIPAA, and to include the steno notes for that section. This portfolio can be emailed to firm owners so they have an idea of what to expect from potential new reporters.

Networking is an important part of a marketing strategy, as well as a great way to improve skills. “You want to make sure you network with other court reporters and firm owners at association events so that you can become known in your local market,” says Kim Neeson, RPR, CRR, CBC, CCP, a freelancer and firm owner from Toronto, Canada. “Participate on a committee of your local association, so people can get to see your competencies firsthand, even if it’s not as a court reporter per se.”

Having a personal connection to a network could also lead to more work. According to the 2014 Firm Owners Economic Benchmark Survey, about 56 percent of court reporting firms’ client base comes from other court reporting firms and colleagues, suggesting that freelancers should make connections to firms in their area even if they aren’t regularly accepting work from that firm.

Phipps agrees, adding that while conventions provide great learning opportunities, their value goes beyond the sessions: “Conventions are about surrounding yourself with people in the field and learning from them.” She emphasizes that volunteering for a local, state, or national association is also a great way to develop professionally. “I have met some amazing, wonderful, brilliant people who have taught me not to look at things in a vacuum. From this, I’ve learned so many tips and tricks that others do that I never could have learned anywhere else,” continues Phipps.

New connections, however, lose their value if they end with the initial conversation. Lisa Migliore Black, a freelancer and firm owner from Louisville, Ky., emphasizes that any marketing materials need to look professional. “It’s better to have no marketing materials than to have something that represents your company poorly or looks like it was thrown together,” she says. If you’re not comfortable with design, for either print or Web, it might be worthwhile to hire someone to help. Alternatively, think more creatively for marketing materials. For example, “many people may dispose of a business card or flyer, but few throw away a pen,” Black says.

Any marketing strategy should at least consider social media, although using social media should be done thoughtfully. For an individual, a social media account on a site like LinkedIn, Facebook, or Twitter might suffice, or it might be worthwhile setting up a website. But, as Black points out, then the trick is getting traffic to the site. Having a blog can help, says Black, because then there’s content for potential clients to read and to share on social media. But Phipps warns that even though many people use sites like Facebook for more personal reasons, anything that can be seen by the public needs to be professional.

Ultimately, however, the best way marketing tactic is providing excellent client service. “Word-of-mouth referrals are more effective for bringing business to the door than any print ad or client testimonial on my website,” says Black. And when you find those clients, “underpromise and overdeliver,” Black advises. Neeson agrees: “The more agency clients request you for your work, the more you build up your business and value to those you serve.”

Finances

The key to managing business finances is organization. Keep records not just on expenses like meals, parking, and office supplies, but also track all income. “Many firms pay via direct deposit, and you are able to get your payroll sheets from within the online office program,” says Phipps. “You should download these and save for your records. I have seen firms that have cut reporters off from their online office access when the reporter no longer works for the firm, and then that information is no longer available.” Then use separate files – whether on the computer or in hard copy – to organize those documents into categories.

Because finances can be tricky, this is another area where it’s a good idea to invest in some help. Bookkeeping software like FreshBooks or QuickBooks can help with tracking income and expenses and, depending on the product, may also help with creating reports and determining quarterly taxes. Many of them include tools on mobile devices as well. An accountant can also help with bookkeeping.

The 2015 Freelancer Survey Report makes it clear that getting paid in a timely manner is a main concern for freelancers, but the situation depends on whether the money comes through a firm or directly from the clients. For freelancers accepting work by firms, it’s crucial to have a clear understanding of the firms’ policies. “If a new firm is contacting you to cover for them, I would do your best to check their references with friends or whatever connections you have available to you to make sure there are no payment issues,” says Phipps. “You should at least have an email confirming the firm’s policy for payment to reporters and what your responsibilities are. If the firm hasn’t paid in the specified time, contact the accounting department.” And, as with all legal issues, make sure to keep all conversations about payment in writing.

For freelancers who are acting as one-person firms and taking work directly from clients, have a payment timeline in place. Thirty days is a common threshold to send a reminder invoice, possibly with a late fee (although this should be clear in the original contract), and call the client to confirm they received the second invoice and understand that payment is expected. For long overdue accounts, the next step may be legal action, which could mean small claims court or a collection attorney. Again, keep a written record of the entire transaction.

Professionalism

The value in attending court reporting events cannot be understated. Conventions are not only a networking tool for marketing; they’re also important for professional development. In industries like court reporting, captioning, and legal video that are always changing, continuing education is crucial to remain a valuable professional, which is why NCRA credentials require continuing education and offers so many methods of earning those CEUs. Conferences and similar events are also great places to get one-on-one advice from colleagues. Interacting with other professionals provides the opportunity to find anything from a solution for a single problem or a long-term mentor and guide. This is especially important when it comes to staying on top of technology; conferences are a great place to meet with vendors and discover new products (or even a few new features) or to find tech-savvy colleagues who are happy to share knowledge, in person or via social media networks.

Events are not the only place to find professional development, however. The Internet can be a great place to find a network of like-minded professionals or resources.  The U.S. Small Business Administration offers dozens of articles about starting and running a small business, which is essentially what freelancers are doing. The SBA recommends, for example, freelancers give themselves a regular review just as they would get if they were on a more traditional office. Consider setting specific professional goals throughout the year and using personal reviews to track them. Feedback from clients and firms, which sometimes need to be solicited, can help with developing specific goals.

Finding a balance between life and work

One of the trickiest aspects of being a freelancer is finding a balance between professional and personal responsibilities. Unlike other areas like marketing or finances, which have more general tricks, finding the right balance comes down to what works for the individual. First and foremost, set boundaries. “Know how long it takes you to scope and proofread work,” says Phipps. “You should know your limits and be clear with the firms you’re working with on the maximum amount of pages you can take in a week.” And be sure to schedule breaks, both large and small. For large depositions, Black sets a daily page goal and small percentage goals through the day and takes short breaks in between. She also suggests using a tablet to proofread so she can do so while sitting outside or eating a meal. And don’t underestimate the value of a longer break when necessary. “I gave up too many vacations only to realize that it’s just as important to recharge as it is to be present at work,” Neeson says.

Even though proofreading takes time, there are a few ways to make the task more manageable. At the basic level, write clean and know your software. “I made it my mission to always try to write as clean as possible and thereby reduce my scoping and proofreading time,” says Neeson. Black suggests using dead time during the day to scope and proofread. “The biggest efficiency is editing while I’m taking down live testimony. Every correction I make from my writer or on my realtime screen saves me valuable time later.” The right software can make these tasks easier too. Phipps suggests using Connection Magic because then reporters “can invite a scopist into their file to scope and the court reporter can simultaneously proofread at the same time.” Black makes sure to bring a touchscreen laptop on jobs to quick tap the screen and add missing punctuation on-the-job. She also suggests taking advantage of software training sessions, either one-on-one or in a group setting.

In many ways, however, finding a balance comes down to finding help when necessary, whether this is using a trusted scopist or proofreader, delegating household tasks to other family members or to a cleaning service, finding service professionals who are flexible about accommodating last-minute appointments, or prioritizing daily events, like making sure to eat dinner as a family. For freelancers with children, however, sometimes the biggest hurdle to finding a balance is to not feel guilty about missing things here and there.

The same things that make freelancing challenging can also be advantages. Having personal responsibility over marketing and finances also means having a measure of control. This is especially true in marketing since word of mouth still prevails, even in the digital age, and freelancers definitely have control over the quality of their customer service. Some of the same tactics that can business development can also help with individual professional development, especially by attending local, state, or national conferences. And while achieving a true balance between work and life is tricky, having a more flexible schedule can help shift responsibilities around when something comes up. The biggest tip for a freelancer, however, is to stay active in a network of like-minded colleagues to continue to share information and support with each other.

 

Megan Rogers is NCRA’s Communications Assurance Specialist. She can be reached at mrogers@ncra.org.

Business tips for freelancers

Freelancer business tipsWhile flexibility and independence are strengths of freelancing, they also introduce complications. Managing personal business affairs while developing professionally and finding a balance between life and work can be challenging. Fortunately, these skills can get better with practice, and experienced court reporters are a great resource for business tips.

Marketing

For a freelancer, the best marketing strategy involves using a variety of cost-productive tools. The first step is to prepare the court reporter’s equivalent of a portfolio. “Prepare a professional one-page resume and be sure it is grammatically correct,” says Christine Phipps, RPR, a freelancer and firm owner from West Palm Beach, Fla. “Also list the writer you use along with the CAT software with version number,” she adds, so firm owners can see the reporter uses up-to-date, reliable technology. Phipps also suggests including a sample excerpt of an ASCII transcript of approximately 20 pages in length, removing any personal details or information that is confidential under HIPAA, along with the steno notes for that section. This portfolio can be emailed to firm owners so they have an idea of what to expect from potential new reporters.

Networking is an important part of a marketing strategy, as well as a great way to improve skills. “You want to make sure you network with other court reporters and firm owners at association events so that you can become known in your local market,” says Kim Neeson, RPR, CRR, CBC, CCP, a freelancer and firm owner from Toronto, Canada. “Participate on a committee of your local association, so people can get to see your competencies firsthand, even if it’s not as a court reporter per se.”

Having a personal connection to a network could also lead to more work. According to the 2014 Firm Owners Economic Benchmark Survey, about 56 percent of court reporting firms’ client base comes from other court reporting firms and colleagues, suggesting that freelancers should make connections to firms in their area even if they aren’t regularly accepting work from that firm.

Phipps agrees, adding that while conventions provide great learning opportunities, their value goes beyond the sessions: “Conventions are about surrounding yourself with people in the field and learning from them.” She emphasizes that volunteering for a local, state, or national association is also a great way to develop professionally. “I have met some amazing, wonderful, brilliant people who have taught me not to look at things in a vacuum. From this, I’ve learned so many tips and tricks that others do that I never could have learned anywhere else,” continues Phipps.

New connections, however, lose their value if they end with the initial conversation. Lisa Migliore Black, a freelancer and firm owner from Louisville, Ky., emphasizes that any marketing materials need to look professional. “It’s better to have no marketing materials than to have something that represents your company poorly or looks like it was thrown together,” she says. If you’re not comfortable with design, for either print or Web, it might be worthwhile to hire someone to help. Alternatively, think more creatively for marketing materials. For example, “many people may dispose of a business card or flyer, but few throw away a pen,” Black says.

Any marketing strategy should at least consider social media, although using social media should be done thoughtfully. For an individual, a social media account on a site like LinkedIn, Facebook, or Twitter might suffice, or it might be worthwhile setting up a website. But, as Black points out, then the trick is getting traffic to the site. Having a blog can help, says Black, because then there’s content for potential clients to read and to share on social media. But Phipps warns that even though many people use sites like Facebook for more personal reasons, anything that can be seen by the public needs to be professional.

Ultimately, however, the best marketing tactic is providing excellent client service. “Word-of-mouth referrals are more effective for bringing business to the door than any print ad or client testimonial on my website,” says Black. And when you find those clients, “underpromise and overdeliver,” Black advises. Neeson agrees: “The more agency clients request you for your work, the more you build up your business and value to those you serve.”

Finances

The key to managing business finances is organization. Keep records not just on expenses like meals, parking, and office supplies, but also track all income. “Many firms pay via direct deposit, and you are able to get your payroll sheets from within the online office program,” says Phipps. “You should download these and save for your records. I have seen firms that have cut reporters off from their online office access when the reporter no longer works for the firm, and then that information is no longer available.” Then use separate files – whether on the computer or in hard copy – to organize those documents into categories.

Because finances can be tricky, this is another area where it’s a good idea to invest in some help. Bookkeeping software like FreshBooks or QuickBooks can help with tracking income and expenses and, depending on the product, may also help with creating reports and determining quarterly taxes. Many of them include tools on mobile devices as well. An accountant can also help with bookkeeping.

The 2015 Freelancer Survey Report makes it clear that getting paid in a timely manner is a main concern for freelancers, but the situation depends on whether the money comes through a firm or directly from the clients. For freelancers accepting work by firms, it’s crucial to have a clear understanding of the firms’ policies. “If a new firm is contacting you to cover for them, I would do your best to check their references with friends or whatever connections you have available to you to make sure there are no payment issues,” says Phipps. “You should at least have an email confirming the firm’s policy for payment to reporters and what your responsibilities are. If the firm hasn’t paid in the specified time, contact the accounting department.” And, as with all legal issues, make sure to keep all conversations about payment in writing.

For freelancers who are acting as one-person firms and taking work directly from clients, have a payment timeline in place. Thirty days is a common threshold to send a reminder invoice, possibly with a late fee (although this should be clear in the original contract), and call the client to confirm they received the second invoice and understand that payment is expected. For long overdue accounts, the next step may be legal action, which could mean small claims court or a collection attorney. Again, keep a written record of the entire transaction.

Professionalism

The value in attending court reporting events cannot be understated. Conventions are not only a networking tool for marketing; they’re also important for professional development. In industries like court reporting, captioning, and legal video that are always changing, continuing education is crucial to remain a valuable professional, which is why NCRA credentials require continuing education and offers so many methods of earning those CEUs. Conferences and similar events are also great places to get one-on-one advice from colleagues. Interacting with other professionals provides the opportunity to find anything from a solution for a single problem or a long-term mentor and guide. This is especially important when it comes to staying on top of technology; conferences are a great place to meet with vendors and discover new products (or even a few new features) or to find tech-savvy colleagues who are happy to share knowledge, in person or via social media networks.

Events are not the only place to find professional development, however. The Internet can be a great place to find a network of like-minded professionals or resources. The U.S. Small Business Administration offers dozens of articles about starting and running a small business, which is essentially what freelancers are doing. The SBA recommends, for example, freelancers give themselves a regular review just as they would get if they were in a more traditional office. Consider setting specific professional goals throughout the year and using personal reviews to track them. Feedback from clients and firms, which sometimes need to be solicited, can help with developing specific goals.

Work/life balance

One of the trickiest aspects of being a freelancer is finding a balance between professional and personal responsibilities. Unlike other areas like marketing or finances, which have more general tricks, finding the right balance comes down to what works for the individual. First and foremost, set boundaries. “Know how long it takes you to scope and proofread work,” says Phipps. “You should know your limits and be clear with the firms you’re working with on the maximum amount of pages you can take in a week.” And be sure to schedule breaks, both large and small. For large depositions, Black sets a daily page goal and small percentage goals through the day and takes short breaks in between. She also suggests using a tablet to proofread so she can do so while sitting outside or eating a meal. And don’t underestimate the value of a longer break when necessary. “I gave up too many vacations only to realize that it’s just as important to recharge as it is to be present at work,” Neeson says.

Even though proofreading takes time, there are a few ways to make the task more manageable. At the basic level, write clean and know your software. “I made it my mission to always try to write as clean as possible and thereby reduce my scoping and proofreading time,” says Neeson. Black suggests using dead time during the day to scope and proofread. “The biggest efficiency is editing while I’m taking down live testimony. Every correction I make from my writer or on my realtime screen saves me valuable time later.” The right software can make these tasks easier too. Phipps suggests using Connection Magic because then reporters “can invite a scopist into their file to scope and the court reporter can simultaneously proofread at the same time.” Black makes sure to bring a touchscreen laptop on jobs to quick tap the screen and add missing punctuation on-the-job. She also suggests taking advantage of software training sessions, either one-on-one or in a group setting.

In many ways, however, finding a balance comes down to finding help when necessary, whether this is using a trusted scopist or proofreader, delegating household tasks to other family members or to a cleaning service, finding service professionals who are flexible about accommodating last-minute appointments, or prioritizing daily events, like making sure to eat dinner as a family. For freelancers with children, however, sometimes the biggest hurdle to finding a balance is to not feel guilty about missing things here and there.

The same things that make freelancing challenging can also be advantages. Having personal responsibility over marketing and finances also means having a measure of control. This is especially true in marketing since word of mouth still prevails, even in the digital age, and freelancers definitely have control over the quality of their customer service. Some of the same tactics that can increase business development can also help with individual professional development, especially by attending local, state, or national conferences. And while achieving a true balance between work and life is tricky, having a more flexible schedule can help shift responsibilities around when something comes up. The biggest tip for a freelancer, however, is to stay active in a network of like-minded colleagues to continue to share information and support with each other.

 

Megan Rogers is NCRA’s Communications Assurance Specialist. She can be reached at mrogers@ncra.org.

Lawyer says court reporter must give free e-transcript

Jackie Patterson, a defense attorney in Georgia, has made a motion to require the court reporter to provide a free digital copy of a criminal trial transcript. Patterson cited new rules of the Judicial Council of Georgia that affect transcripts ordered after Jan. 1, 2015. Patterson claims that the cost of transcripts “can effectively deny defendants the right to appeal.” Clayton County State Court Judge Morris Braswell will rule on the motion on April 22.

Read more.

What to do when you can’t pay your tax bill in full

In an article for Forbes, Kelly Phillips Erb has seven suggestions if a taxpayer is unable to pay his or her entire tax bill. Solutions range from making monthly installments to asking for additional time, although Erb stresses that it’s important to file anyway.

Read more.

Small businesses: SBA loans can be a viable option for business owners

Photo by: epSos .de

Photo by: epSos .de

Small business owners and entrepreneurs seeking financing to help start a business or expand one should consider the many resources the Small Business Administration offers, including loans that are often more flexible and tied to a lower interest rate than conventional loans.

The SBA recognizes companies with fewer than 500 employees as small businesses and attributes them with generating more than half of the nation’s nonfarm private gross domestic product. In addition, the administration notes that small businesses account for nearly half of all jobs in the private sector.

According to the NCRA, freelance court reporters and captioners comprise approximately 70 percent of its membership. In addition, hundreds of court reporting firms throughout the United States provide an array of services including court reporting, broadcast captioning, assistance to people who are deaf and hard-of-hearing, legal videography, business and corporate reporting, and more.

“When I was looking for a loan to buy a business, I knew that the typical standard loan was available, but I also knew I could get better interest rates and the potential for better terms if I used the SBA,” said NCRA member Cregg Seymour, president of CRC Salomon, Inc., a court reporting firm in Baltimore, Md.

Seymour said he interviewed three different banking representatives when searching for his loan and presented each one the terms and conditions he was looking for. He finally settled on working with an institution that has an internal SBA department.

“My pitch to the bank was that I wanted to establish a relationship because I want to do multiple deals over time. I was actually able to name my terms for the loan, something a lot of people don’t realize. Most people think terms need to be five, 10, or 15 years, but through the SBA you can construct them to have their own life,” Seymour said.

He advises those seeking SBA loans to find a banking institution that does a lot of SBA loans such as one that offers an in-house specialist. He also said borrowers should have patience because they might find more boxes to check to qualify since the SBA is a government-sponsored entity and tends to be more tenacious in regards to due diligence.

According to Melanie Samoska, a business banking relationship manager for a branch of SunTrust Bank in Baltimore, Md., the SBA loan process can be just as easy as qualifying for a conventional loan. She also noted that SBA loans can be a great option for business owners who might have had past bad credit issues since the program offers a lower credit score requirement for certain types of loans. However, she emphasizes, bad credit issues should not be the primary reason to apply for a SBA loan.

“There is a misconception that SBA loans take longer than conventional loans. An SBA non-real-estate loan can close within 60 days if all documentation has been presented in a timely manner. If the SBA loan involves real estate, the loan process from beginning to end will typically take on average 120 days,” Samoska said.

NCRA member Teresa Rider, RPR, CRR, president of Rider & Associates, Inc. in Vancouver, Wash., said that after speaking to several more traditional financial institutions and considering the state of the economy at the time and high interest rates on commercial property loans, she was pointed in the direction of SBA to secure a loan when she was looking to purchase a building.

“The paperwork seemed more tedious and extensive than purchasing residential property which I had gone through in the past. However, the SBA was willing to give me a second loan for improvements that were needed in the office building. This helped me tremendously,” Rider said.

Rider said she would recommend SBA loans to other small business owners but would caution them to understand all aspects of the loan first. While conventional loans require borrowers to have liquidity collateral to place against a loan, the SBA will accept the borrower’s house or even a life insurance policy.

“One of the issues that we encountered was that the lender put a lien on our personal residence. This became troublesome when we wanted to refinance our home,” said Rider.

“The company that held the SBA loan was not willing to lift the lien long enough for us to refinance. It also would have made it difficult to sell our home. In the end, we refinanced the SBA loan on the office instead,” she added.

Whether securing a loan from a conventional lender or SBA, borrowers should do their own due diligence and be sure to weigh the pros and cons of all terms of the loan, including what type of loan product fits their needs the best.

“I found the SBA pretty easy to work with. I have the experience of doing large loans so I went in with the proper expectations. Have your ducks in a row. It is relatively easy to obtain a loan through the SBA if you have good financials, good tax records, and profit and loss information in place to tell a good story,” Seymour said.

“This is a great time for folks to be seeking capital. Banks have private venture groups looking for ways to loan money to good people, and the SBA wants to work with good candidates,” he noted.

Prepare for tax season now

Before the end of the year is a great time to get ready for tax season and maximize any tax savings you get from deductions for the past year.

Some of the top tax write-offs for self-employed people and business owners, according to TurboTax, are IRAs and using part of a home for business purposes.

Any and all equipment/supplies purchased for office or home [office]; i.e., printers, laptops, cases of paper, and ink,” top the list of Candy Morgan, RPR, a court reporter in Orlando, Fla. In addition, Morgan reminds others that the federal rate for mileage is 56 cents a mile (although confirm current rates).  “We just have to keep a log with numbers from the odometer. We cannot write off driving to and from the office from home, but the trip to the office can be in the middle of the day. And, definitely, all parking and tolls,” Morgan reminds.

“The accounts receivable that I’ve struggled getting paid for over the last several months I write off as bad debt expense at the end of the year,” says Linda C. Larson, RPR, CRI, a freelancer and agency owner in Carlisle, Pa.

“Maximize your tax savings by taking advantage of purchasing new equipment. Don’t forget that machine maintenance, software upgrades, and service contracts can be considered tax breaks. In addition, in states that require licenses or certifications, those fees as well as any fees that support continuing education requirements for those licenses also can be used as a tax deduction,” reminds Phil Liberatore, owner of Philip Liberatore, CPA, a company based in La Mirada, Calif

Finally, if you have questions about what you can and cannot claim as tax breaks, be sure to contact a certified accountant or tax preparer.

Lessons from NCRA’s 2013 Firm Owners Economic Benchmark Survey

NCRA’s 2013 Firm Owners Economic Benchmark Survey released in February as part of its Firm Owners Executive Conference, paints an overall picture that court reporting firms are continuing to grow. According to the survey, about 46 percent of firms responding reported growth, while 23 percent said their financial picture remained about the same. Only 16 percent reported a decline in revenue, and only 5 percent of those reported a substantial decline of more than 20 percent.

Learn more about the survey findings in an e-seminar hosted by NCRA CEO Jim Cudahy where he discusses the trends in today’s marketplace that can help members be better placed for the challenges and opportunities that present themselves in the future.  For more information about the e-seminar, visit NCRA’s catalog of online continuing education resources.

The complete survey will also available for purchase at the NCRA store (under the “Promoting Court Reporting” category) beginning Fri., April 25. The cost is $295.00.

Court reporter shortage backs up cases in North Carolina

WFMY News 2 (N.C.) ran a story about how a 50 percent pay cut of transcript rates has led to a disappearance of court reporters and a backlog of cases in the state’s court system.  NCRA member Lori McCoin Jones, RPR, pointed out that when faced with the cuts, many court reporters found jobs “doing other things.” Sen. Stan Bingham, co-chair of the Senate Judicial Appropriations Committee, plans to bring up the issue at the state legislature’s short session in May.

Read more (includes video).

L.A. county judges cope with budget crisis

A March 19 article in the Courthouse News Service highlighted how the Los Angeles Superior Court is still trying to operate with closures, reduced staff, and budget cuts since the 2008 financial crisis. Supervising Judge Daniel Buckley says the court has hit “rock bottom” and funding cannot remain at current levels. However, balancing the budget and investing in “new cost-cutting technology” is a “step in the right direction.” The court also is in need of a new case management system.

Read more.

NCRF’s Legacy Society offers many benefits

The National Court Reporters Foundation offers NCRA members and other interested parties the opportunity to become part of its Legacy Society, a planned giving program. By including NCRF in their wills, many reporters have already taken this critical step to support the professions of court reporting and captioning.

Including charitable giving in a will offers many benefits, such as protecting assets, reducing estate taxes, and avoiding capital gains taxes. Becoming a part of NCRF’s Legacy Society may have important income or estate tax benefits. Here are a few of the ways to support NCRF through its Legacy Society.

  • Outright Gifts:   Outright gifts can be used immediately.  A gift of appreciated stock or mutual fund shares can be particularly advantageous from a tax standpoint since capital gains tax is avoided.
  • Bequests: A bequest to NCRF’s Legacy Society in a will allows a person to leave a particular asset, a percentage of an estate, or a portion of assets remaining after other specific bequests for family members have been made.  A bequest to NCRF’s Legacy Society is fully deductible for estate tax purposes.
  • Life Insurance:  Naming NCRF as the beneficiary of all or a portion of a life insurance policy is another option. Amounts left to NCRF are fully deductible for estate tax purposes.

Members of NCRF’s Legacy Society say there is a deep satisfaction of knowing that you’re returning something to a profession that has been good to you.

For more information, contact B.J. Shorak, NCRF’s Deputy Executive Director, at 800-272-6272, ext.126, or by email on bjshorak@ncra.org.