Estate Planning Overland Park – Charitable Trusts

Is now the time for a charitable lead trust? Families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable. Although interest rates have crept up … Continued

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Estate Planning Olathe – Family Business

Reviewing your company’s buy-sell agreement If you own a business and follow professional advice, you’ve likely established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. Assuming this is true, remember that it’s not enough to draft an agreement and put it in a safe place. You need to … Continued

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Protecting Your Retirement Account

Are your retirement savings secure from creditors? A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed, it won’t do much good if you wind up with no wealth to share with your family. If you have significant assets in employer-sponsored retirement plans or IRAs, … Continued

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Estate Planning in Leawood – Using Family Loans the Right Way

A family bank professionalizes intrafamily lending If you’re interested in lending money to your children or other family members, consider establishing a “family bank.” These entities enhance the benefits of intrafamily loans, while minimizing unintended consequences. Upsides and downsides of intrafamily lending Lending can be an effective way to provide your family financial assistance without … Continued

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Estate Planning in Overland Park – Using Trusts to Guide Children

It’s a matter of principle — and trust — when using a principle trust For many, an important estate planning goal is to encourage their children or other heirs to lead responsible, productive lives. One tool for achieving this goal is a principle trust. By providing your trustee with guiding values and principles (rather than … Continued

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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 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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