Tax Strategies

Use a Tax Strategy to maximize basis planning even if estate taxes aren’t a threat For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — currently $5.49 million ($10.98 million for married couples) — means that fewer people are subject to … Continued

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Deferral of Estate Taxes for Small Business

Estate tax relief for family businesses is available … in the form of a deferral If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay federal estate taxes. If that’s the case, your heirs … Continued

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Using Inherited IRA’s

Inherited IRA: Stretching the power of an IRA Most people are aware of the value of IRA’s as a retirement asset. Traditional IRA accounts accumulate interest and income on a tax-deferred basis while Roth IRA’s compound tax-free. Each help to build retirement wealth. For those that may not use their IRA for retirement, it can … Continued

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Electing to Minimize Your Tax Burden

IRS simplifies procedure for obtaining extension to make portability election Last month, the IRS issued a Revenue Procedure that allows certain estates to make a late portability election without first filing a ruling request. Portability is a tax law provision that permits a surviving spouse to take advantage of the deceased spouse’s unused combined gift … Continued

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Estate Plans in Kansas City – Valuing Your Estate

Asset valuations and your estate plan go hand in hand If your estate plan calls for making noncash gifts in trust or outright to beneficiaries, you need to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, … Continued

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Will Donald Trump Change Your Estate Plan?

Estate Plans in Kansas City may be impacted by the Trump Presidency. The election cycle created a number of questions for estate planning attorneys in Overland Park and throughout the metro area. Each candidate presented their views on estate tax, which as one commentator noted where completely opposite of each other. Now that the election … Continued

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