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

READ MORE

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

READ MORE

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

READ MORE

Charitable Giving in Kansas City

If your estate plan includes charitable donations, be sure to discuss any planned gifts with the intended recipients. Some charities have policies of rejecting gifts that come with strings attached; they accept only unrestricted gifts. Others may not accept certain types of assets, such as real estate. If a charity rejects your gift, the property … Continued

READ MORE

Legacy Planning – Paying for Grandchildren’s College

Grandparents often want to help finance their grandchildren’s education. A simple technique is to make tuition payments on behalf of your grandchild. So long as you make the payments directly to the educational institution, they avoid gift and generation-skipping transfer (GST) taxes without using up any of your $5.49 million gift or GST tax exemption or … Continued

READ MORE

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

READ MORE

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

READ MORE