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Robert C. Dortch, Jr. | Sellers Hinshaw Ayers Dortch & Lyons PA | Charlotte

William Stroud
William Stroud is President of Lawyers Insurance and has managed the NC Bar Association Health Benefit Trust since its inception in 2002. Contact William at wstroud@lawyersmutualnc.com or 800-662-8843.
Lawyers Mutual has been providing malpractice coverage for the attorneys of North Carolina since 1977. This year, we are celebrating our 40th anniversary.
For the past 15 years, Lawyers Insurance has helped meet attorneys’ healthcare needs through the NC Bar Association’s Health Benefit Trust. Our program was designed by North Carolina lawyers for North Carolina lawyers.
The NCBA Health Plan is for firms of all sizes, serving sole-practitioners to firms over 100 employees. We are self-funded through the Health Benefit Trust, which provides the financial strength and flexibility to meet your needs.
Since 1977, health spending has grown from $530 billion and 8.8% of the U.S. economy, to over $3 trillion and 18% of the U.S. economy. Along the way have come incredible advancements.
A 2016 article in Modern Healthcare gave the results of a survey on the 40 top health milestones of the last 40 years. In no particular order, here are 10 interesting ones:
- Sequencing the human genome. The initial sequencing of the human genome was announced in June, 2000, well ahead of schedule.
- Magnetic Resonance Imaging. A medical team in Scotland obtained the first useful image of internal tissues using an MRI on August 28, 1980. Technological developments led to widespread use by the mid-1990’s.
- Smallpox eradicated. The WHO declared smallpox eradicated on May 8, 1980.
- Seat belts. Seat belts weren’t required in cars until 1969. Tougher seat belt laws enacted at the state level have saved a quarter million lives since 1975, according to CDC estimates.
- Advance Directives or living wills. Making sure your healthcare wishes are fulfilled.
- FDA Approves direct-to-consumer advertising. The FDA decision in 1997 made it legal; it seems the floodgates have truly opened in the last few years.
- Genetically targeted cancer therapies. The first was approved in 2001, many more since, and it appears to be one of the best future routes of cancer therapy.
- Statin Drugs. Lovastatin was approved by the FDA in 1987. Combined with angioplasty, stents and other therapies developed over the last 40 years, heart disease, though still an enormous health concern, is much less deadly and life-limiting than it was 40 years ago.
- The HIV/AIDS triple cocktail. FDA approval of protease inhibitors in 1996 enabled three-drug combination therapy, turning a fatal disease into a manageable condition.
- The orthopedics revolution. Colonel Steve Austin – We can re-build him, we can make him better than he was before! The Six Million Dollar Man! Which, by the way, was on TV in 1977.
Healthcare has truly made significant progress in the past 40 years. It is exciting to think about what innovations the future holds.
Lawyers Insurance is here to help protect your future by meeting all your healthcare coverage needs. Contact us with any questions you have regarding healthcare coverage at 800.662.8843.
Lawyers Mutual has been providing malpractice coverage for the attorneys of North Carolina since 1977. This year, we are celebrating our 40th anniversary.
For the past 15 years, Lawyers Insurance has helped meet attorneys’ healthcare needs through the NC Bar Association’s Health Benefit Trust. Our program was designed by North Carolina lawyers for North Carolina lawyers.
The NCBA Health Plan is for firms of all sizes, serving sole-practitioners to firms over 100 employees. We are self-funded through the Health Benefit Trust, which provides the financial strength and flexibility to meet your needs.
Since 1977, health spending has grown from $530 billion and 8.8% of the U.S. economy, to over $3 trillion and 18% of the U.S. economy. Along the way have come incredible advancements.
A 2016 article in Modern Healthcare gave the results of a survey on the 40 top health milestones of the last 40 years. In no particular order, here are 10 interesting ones:
- Sequencing the human genome. The initial sequencing of the human genome was announced in June, 2000, well ahead of schedule.
- Magnetic Resonance Imaging. A medical team in Scotland obtained the first useful image of internal tissues using an MRI on August 28, 1980. Technological developments led to widespread use by the mid-1990’s.
- Smallpox eradicated. The WHO declared smallpox eradicated on May 8, 1980.
- Seat belts. Seat belts weren’t required in cars until 1969. Tougher seat belt laws enacted at the state level have saved a quarter million lives since 1975, according to CDC estimates.
- Advance Directives or living wills. Making sure your healthcare wishes are fulfilled.
- FDA Approves direct-to-consumer advertising. The FDA decision in 1997 made it legal; it seems the floodgates have truly opened in the last few years.
- Genetically targeted cancer therapies. The first was approved in 2001, many more since, and it appears to be one of the best future routes of cancer therapy.
- Statin Drugs. Lovastatin was approved by the FDA in 1987. Combined with angioplasty, stents and other therapies developed over the last 40 years, heart disease, though still an enormous health concern, is much less deadly and life-limiting than it was 40 years ago.
- The HIV/AIDS triple cocktail. FDA approval of protease inhibitors in 1996 enabled three-drug combination therapy, turning a fatal disease into a manageable condition.
- The orthopedics revolution. Colonel Steve Austin – We can re-build him, we can make him better than he was before! The Six Million Dollar Man! Which, by the way, was on TV in 1977.
Healthcare has truly made significant progress in the past 40 years. It is exciting to think about what innovations the future holds.
Lawyers Insurance is here to help protect your future by meeting all your healthcare coverage needs. Contact us with any questions you have regarding healthcare coverage at 800.662.8843.
Last year about this time I got a voicemail from someone who called me ‘William Richard,’ a dead giveaway that it was from my pre-1974 childhood, eastern North Carolina, double-name calling past. It turned out to be my little league buddy, Harold, who went by Coochie. He called around Father’s Day to reminisce and tell me he often thought about my dad. He remembered the time we did some pretty nominal yardwork, and Dad took us down to the Western Auto and bought us each a new glove.
I had always remembered that too. Little things like that can leave a lasting mark. I was lucky to have great parents, and to have been exposed to many friends and mentors who are great parents also. Here are some of the things they have in common.
They say ‘no’ rarely. About the only play in the playbook of the exasperated parent is the immediate ‘NO!’ Can I play with my friends – “No.” Can I go to the movies – “No.” Can I buy a new video game – “No.”
Well, why the heck not? It’s a lot more fun to answer “Yes!” Great parents show their child respect by pondering the question, and think about why they shouldn’t be allowed to do what they ask. More times than not, they decide, “Sure, that’s fine, have fun!” The more times they say yes, the more reasonable the requests become. The child is learning to think through the feasibility of their request before they ask.
Of course, parents can’t be like Jim Carey in ‘Yes Man’ and say yes to everything. But they can virtually never say ‘no.’ Almost every “Can I” question can be countered with a question. “What friends are you playing with and where?” “What’s on at the movies and who are you going with?” “Have you saved up for the video game? What game is it? If you spend your money on a video game, will you be bummed you don’t have money to go to the movies with your friends?”
Every child’s request is a potential conversation starter, as long as it’s answered with kindness, respect, curiosity and patience. Those conversations will lead them to understand the pro’s and con’s of decision-making and enhance their maturity.
When ‘no’ is the obvious and only answer, hemming and hawing is a great alternative. Let the child know gently why it might not be a good idea. Most times they’ll understand. If you must have the final word, tell them that it’s just not a good idea and that you’re sorry you can’t accommodate them.
On the other hand, to shut down conversation, build a wall and stunt their maturity, not-so-great parents just go with: “Because I say so.”
And finally, most automatic ‘no’s’ by parents soon turn into grudging ‘yes’s’ anyway. That just puts another brick in the wall between you and your child, and you’re a sap as well!
They seldom show anger. Addressing anyone with anger just teaches them to avoid you. Addressing your child with anger is much worse. It teaches him to use anger to deal with people. More important, it’s toxically inconsistent with unconditional love. Showing anger toward your child can have a major impact on their psychological make-up.
You won’t find a better definition of love than in Corinthians. “Love is patient, love is kind.” Anger is the opposite.
They play with their kids. Card games, board games, puzzles, teatime, dress-up, kicking a ball, shooting hoops, throwing the football, riding bikes, having a catch.
Play reveals a child’s personality. They open up and talk as their self-consciousness is distracted by play.
Competitive games can be a challenge. They might lose their cool – great parents keep theirs. They might argue with their siblings. Take a break and let it blow over.
There’s no better way to spend time with them and to teach them than through play.
They have their kids’ friends around frequently. I was chatting with a very nice lady at a conference, and we got to talking about children. She lamented that she wished her daughter would spend more time just with her, but she always had a friend along.
Whoa! Parents have plenty of time alone with their kids. When their friends are around, you get to see a completely different side of their personality. They also see a different side of you. They see an adult who treats their friends kindly and with respect, and who is curious about their friend’s interests.
If it’s either the parent or the friends, it is only a matter of time before friends win out. If their friends aren’t perfect (neither you nor your child are either), use the opportunity to model the kind of behavior toward others that you’d like your child to emulate. Their friend will likely emulate it too.
They speak to their kids like an adult but not about adult things. Parents that speak to their kids like adults explain things to them, put things in perspective and listen to what their child has to say. They treat them as equals, at least by showing the kind of respect they’d like to receive.
But don’t forget they’re not adults yet. They will be soon enough, and unfortunately they’ll be exposed to adult things long before they get there. They need to know where their mom or dad stands and where the line is drawn. They certainly don’t need a parent pushing them over the line. Meddling in adult matters too early can stunt maturation – doing it with a parent’s blessing or encouragement can warp it.
They are very reluctant to punish. Kids know when they screw up. They impose self-punishment knowing they have disappointed. Parents that punish too quickly and too frequently let their kids off the hook. Rather than examining their own behavior, kids who are punished too much just ‘rage against the man.’ They may try to avoid future punishment, but they don’t learn to be better. They just learn to work the system.
Punishment is sometimes unavoidable. Tennis great Bjorn Borg had his tennis racket taken away for six weeks by his father for unacceptable behavior during a match. He became an emotionless assassin on the tennis court. Save punishment for when it’s really needed – maybe it won’t be.
They show affection and tell their kids how much they love them. They wake them up in the morning with a back rub and kiss them on the head, even when they’re 15 and grumpy. They walk by their child sitting on the couch, watching TV, and give them a quick shoulder and neck massage, and tell them what a great kid they are. They give them a hug for any reasonable excuse – because they are going to a friend’s for a sleepover, or off to camp. They tell them they love them every day…
They let them speak for themselves. This is one spot where great parents really go the extra mile. Plenty of very good parents still can’t resist the temptation to speak for their child. They want to brag on them, they want to make sure to set the record straight.
If that’s you, the next time someone speaks to your child, take a step back, pretend you’re not there, muzzle yourself. You may be proud and impressed at what comes out of your child’s mouth. And if they don’t have the smoothest conversational and interpersonal skills, well then they could sure use the practice!
They understand their kids are separate human beings. This ought to be pretty obvious…. but not so fast!
When you were young, did you ever blow a test because you were just in a fog, just not with it that day? Did you ever forget your homework? Did you ever play very poorly in a game, or just not hustle because the energy was not there? Did you ever get an older kid to buy you beer because you were underage, or at least find yourself in a crowd that was up to something like that?
Or worse… were you actually the perfect child living the charmed life, with little or no working knowledge of the landmines kids face every day growing up?
Your child is not you, an extension of you, nor the idealized version of himself that you’d like him to be. Kids respond pretty well to the right expectations and encouragement. But you have to be able to step out of your perfect parent shoes and into their normal kid shoes. Then you won’t sweat the occasional slip-up, and the less you sweat stuff with your kids, the more self-assured and independent they will become.
They know their kids listen to everything they say. Have you ever said (if not, then you have certainly overheard): “My child just doesn’t listen to a thing I say!”
Newsflash – they hear every single thing you say, so you need to be very careful how you say it.
My dad constantly preached that the tone of your voice was just as important as what you had to say. I’m sure he got that from his mother and one of her favorite poems, which begins like this…
It’s not so much what you say, as the manner in which you say it;
It is not so much the language you use, as the tone with which you convey it…For words always come from the mind, and grow by study and art;
But tones leap up from the inner self, and reveal the state of the heart…
Last year about this time I got a voicemail from someone who called me ‘William Richard,’ a dead giveaway that it was from my pre-1974 childhood, eastern North Carolina, double-name calling past. It turned out to be my little league buddy, Harold, who went by Coochie. He called around Father’s Day to reminisce and tell me he often thought about my dad. He remembered the time we did some pretty nominal yardwork, and Dad took us down to the Western Auto and bought us each a new glove.
I had always remembered that too. Little things like that can leave a lasting mark. Here are some of the things great parents have in common.
They say ‘no’ rarely. About the only play in the playbook of the exasperated parent is the immediate ‘NO!’ Can I play with my friends – “No.” Can I go to the movies – “No.” Can I buy a new video game – “No.”
Well, why the heck not? It’s a lot more fun to answer “Yes!” Great parents show their child respect by pondering the question, and think about why they shouldn’t be allowed to do what they ask. More times than not, they decide, “Sure, that’s fine, have fun!” The more times they say yes, the more reasonable the requests become. The child is learning to think through the feasibility of their request before they ask.
They seldom show anger. Addressing anyone with anger just teaches them to avoid you. Addressing your child with anger is much worse. It teaches him to use anger to deal with people. More important, it’s toxically inconsistent with unconditional love. Showing anger toward your child can have a major impact on their psychological make-up.
You won’t find a better definition of love than in Corinthians. “Love is patient, love is kind.” Anger is the opposite.
They play with their kids. Card games, board games, puzzles, teatime, dress-up, kicking a ball, shooting hoops, throwing the football, riding bikes, having a catch.
Competitive games can be a challenge. They might lose their cool – great parents keep theirs. They might argue with their siblings. Take a break and let it blow over.
There’s no better way to spend time with them and to teach them than through play.
They have their kids’ friends around frequently. Parents have plenty of time alone with their kids. When their friends are around, you get to see a completely different side of their personality. They also see a different side of you. They see an adult who treats their friends kindly and with respect, and who is curious about their friend’s interests.
They speak to their kids like an adult but not about adult things. Parents that speak to their kids like adults explain things to them, put things in perspective and listen to what their child has to say. They treat them as equals, at least by showing the kind of respect they’d like to receive.
They are very reluctant to punish. Kids know when they screw up. They impose self-punishment knowing they have disappointed. Parents that punish too quickly and too frequently let their kids off the hook. Rather than examining their own behavior, kids who are punished too much just ‘rage against the man.’ They may try to avoid future punishment, but they don’t learn to be better. They just learn to work the system.
Save punishment for when it’s really needed – maybe it won’t be.
They show affection and tell their kids how much they love them. They wake them up in the morning with a back rub and kiss them on the head, even when they’re 15 and grumpy. They walk by their child sitting on the couch, watching TV, and give them a quick shoulder and neck massage, and tell them what a great kid they are. They give them a hug for any reasonable excuse – because they are going to a friend’s for a sleepover, or off to camp. They tell them they love them every day.
They let them speak for themselves. This is one spot where great parents really go the extra mile. Plenty of very good parents still can’t resist the temptation to speak for their child. They want to brag on them, they want to make sure to set the record straight.
If that’s you, the next time someone speaks to your child, take a step back, pretend you’re not there, muzzle yourself. You may be proud and impressed at what comes out of your child’s mouth. And if they don’t have the smoothest conversational and interpersonal skills, well then they could sure use the practice!
They understand their kids are separate human beings. When you were young, did you ever blow a test because you were just in a fog, just not with it that day? Did you ever forget your homework? Or worse… were you actually the perfect child living the charmed life, with little or no working knowledge of the landmines kids face every day growing up?
Your child is not you, an extension of you, nor the idealized version of himself that you’d like him to be. Kids respond pretty well to the right expectations and encouragement. But you have to be able to step out of your perfect parent shoes and into their normal kid shoes. Then you won’t sweat the occasional slip-up, and the less you sweat stuff with your kids, the more self-assured and independent they will become.
They know their kids listen to everything they say. Have you ever said (if not, then you have certainly overheard): “My child just doesn’t listen to a thing I say!”
Newsflash – they hear every single thing you say, so you need to be very careful how you say it.
Any other qualities of great parents that resonate with you? Join the conversation and let us hear about them.
William Stroud is President of Lawyers Insurance and has managed the NC Bar Association Health Benefit Trust since its inception in 2002. Contact Willaim at wstroud@lawyersmutualnc.com or 800-662-8843.
“Asset allocation.” These have been the buzz words for successful investing for at least a generation. Maintain the correct allocation based on your risk tolerance and your age to maximize long term return and manage risk. Generally, this means some mix of equities and fixed income assets (stocks and bonds). A more aggressive investor might have an 80/20 mix of equities to fixed income, a more conservative investor with less exposure to the stock market and more in bonds.
However, there are good reasons to believe that there is now excess risk on both sides of the typical asset allocation coin. Robert Schiller of Yale maintains a stock market valuation measure (based on 10 year trailing P/E ratios, also called the Schiller PE ratio) that has been highly reliable. It currently finds the stock market’s value has only been higher in 1929, 1999 and 2007. He points out that the stock market can maintain an elevated valuation for longer than many assume, but eventually there must be a ‘reversion to the mean.’
On the fixed income side, bond returns are at historic lows, which means that not only are we not earning much on fixed income assets, but there is very little room for rates to fall. Falling rates increase the value of bonds – rising rates decrease their value. Added to the bleak outlook for returns from fixed income assets are rumblings in the marketplace about penalties for pulling out of bond funds, which are the most common way to invest in fixed income assets. If rates were to rise precipitously, there would be a ‘run’ by consumers to sell bond funds, and bond fund managers would have difficulty finding buyers for the underlying bonds themselves. As a result, bond funds are raising the specter of redemption fees or waiting periods to sell during a market disruption.
When your only investment options are stocks and bonds, eventually the market will put you in a ‘no win’ predicament. So this may be the perfect time to add fixed income annuities to your asset allocation mix, especially if you are within 10-15 years of retirement. Fixed indexed annuities will increase in value during years when the stock market rises by some agreed percentage of the market’s return, but they can never lose value. This guarantee of principal is backed by the insurance company’s surplus, and large life insurance companies are among the most financially secure entities in the world.
In addition to safeguarding against loss, annuities have features unlike any other asset class. First, they shield the appreciation from taxation until it is paid out as income. Second, in the payout phase only annuities shift the risk of longevity to the insurance company, guaranteeing income for life – no other asset can do this. Third, you can maintain the tax advantaged status of 401K or other qualified funds by rolling them into an annuity. Finally, there are numerous other features to meet particular needs like income for long-term care, or in the case of a terminal illness.
The Brookings Institute released a study which concluded that given the value many people placed on having a secure lifetime income, it was irrational not to include annuities in your retirement asset allocation mix. Since fixed index annuities offer the opportunity for greater returns than bonds, while protecting you from the risk of loss, it makes sense to make annuities a third leg of the asset allocation stool. And based on elevated risk in the stock and bond markets, now may be a great time to do it.
William Stroud is President of Lawyers Insurance and has managed the NC Bar Association Health Benefit Trust since its inception in 2002. For a quote from the NC Bar Association plan, contact Delores Hunter at dhunter@lawyersmutualnc.com or call us at 800-662-8843. If you have other questions about our plan you can contact me at wstroud@lawyersmutualnc.com.