Estate Planning in Kansas City – Prepaid Funeral Plans

Prepaid funeral plans may not provide peace of mind The cost of a funeral has increased steadily during the past two decades. In fact, once all funeral-related costs are factored in, the typical traditional funeral service will cost an average family $8,000 to $10,000. To relieve their families of the burden of planning a funeral, many … Continued

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Estate Planning in Overland Park – Think Twice about Joint Ownership

Owning assets jointly with children or other heirs is a common estate planning “shortcut.” There are two potential advantages to joint ownership: convenience and probate avoidance. But, it can also create a number of problems, such as unnecessary taxes. Adding a child’s name to the title may be considered an immediate taxable gift of one-half … Continued

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Understanding Portability

Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the deceased spouse’s unused portion of the $5.45 million gift and estate tax exemption amount. This article explains how married couples … Continued

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Avoid Probate and Keep Your Affairs Private

Probate is a legal procedure in which a court establishes your will’s validity, determines your estate’s value, resolves creditors’ claims, provides for the payment of taxes and transfers assets to your heirs. Downsides to probate are that it’s time consuming, expensive and public. You can avoid or minimize probate by designating beneficiaries where possible and … Continued

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Charitable Giving – What You Need to Know

Many taxpayers with charitable intentions struggle with the decision of whether to donate property to charity during their lifetimes or to make a charitable bequest in their wills that will be fulfilled from property included in their estates (testamentary bequests). While taxpayers frequently base their choice between lifetime charitable gifts and testamentary bequests on nontax … Continued

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Avoid Probate to Keep Your Estate Private

  Circumventing the probate process is usually a good idea, because its public nature can lead to family disputes over asset distribution. But it’s possible to keep much (or even all) of an estate out of the probate process (and the public eye) by using the right estate planning techniques. This article describes several tools … Continued

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Properly Funding Your Revocable Trust

  One of the key components of an efficient living trust is to make sure your assets are properly funded into the trust (either at the time of creation or upon your passing. The article below provides more details.   Trust Funding Questions

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Using the “Titanic” Clause in Your Will.

We were recently interviewed for an online article on the wealth management website Investopedia. Whether you call it the Titanic clause or just a contingency clause, having a plan for all “what-ifs” is key.  Read more here. Why Your Will Needs a Titanic Clause, Investopedia.com    

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Do You Have Questions About Naming an Executor?

Explore all of your options when appointing the executor of your estate The executor’s role is critical to the administration of an estate and the achievement of estate planning objectives. So your first instinct may be to name a trusted family member as executor (also referred to as a personal representative). But that might not … Continued

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