Estate planning attorneys and others in the wealth management community have known since mid-December that the amount clients can pass without taxation is now, temporarily, doubled. The new tax law doubled the exclusion until the end of 2025. On January 1, 2026, the exclusion reverts to $5 million (adjusted for inflation from 2011). Each year we get inflation adjustment figures from the Department of the Treasury in the form of a Revenue Procedure.The exclusion amount for 2018 was set to be … [Read more...] about Treasury Releases New Inflation Adjustment
Basis is Important in Estate Planning
When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation.This article examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death.What does income tax basis have to do with estate … [Read more...] about Basis is Important in Estate Planning
Medicaid Planning Can Protect Your Assets
Most people who are considering the potential need for Medicaid benefits to cover long-term care have the misconception that becoming eligible means giving away all of your property to your family. The unfortunate reality is that there are laws meant to discourage people from doing just that. The rule is that if you transfer any assets within five years of your application for Medicaid benefits, it is likely that your benefits will be delayed for a certain “penalty period.” The good news is, … [Read more...] about Medicaid Planning Can Protect Your Assets
When is the Right Time to Access your IRA?
Although generally speaking, you can access the funds in your IRA at any point, the issue is whether you will be charged a penalty. Because an IRA is meant to be a "retirement account," the laws are made to discourage you from raiding your IRA funds until retirement. However, as with most things, there are exceptions. Our estate planning attorney can explain when it is the right time to access your IRA.Planning your retirement with IRAsHave you created your retirement plan yet? It's not … [Read more...] about When is the Right Time to Access your IRA?
A Special Option for Special Kids
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26.Planning for beneficiaries with special needs requires unique attention. Public benefits can be an essential way to provide for the specialized care these beneficiaries require to allow them to lead … [Read more...] about A Special Option for Special Kids
Missouri’s 2017 Budget Cuts Medicaid Benefits
You may have heard by now that the budget that became effective in July of this year includes some cuts to Medicaid benefits that many disabled Missouri residents are very concerned about. Governor Eric Grietens' first budget includes cuts to certain Medicaid benefits as well as funding to some in-state human services agencies. This is just another reason why Medicaid planning is so important.Consequences of Medicaid budget cutsA non-profit agency in Kansas City, The Whole Person, reports … [Read more...] about Missouri’s 2017 Budget Cuts Medicaid Benefits
Do I Need a Will and or a Trust?
If you have thought at all about your estate plan, you know that a will and a trust are two of your options. However, many clients want to know, what’s the difference between a will and a trust? Although a will and a trust are both very helpful estate planning tools, they do have different characteristics and their purposes are not the same. Nevertheless, as our Overland Park estate planning attorneys agree, both of these tools can be used together to create an effective estate plan.Our … [Read more...] about Do I Need a Will and or a Trust?
Trust Attorneys Describe the Many Benefits of Trusts
If you ask trust attorneys whether a trust is a beneficial estate planning tool, the answer will most likely be yes. Trusts are beneficial in minimizing estate taxes and in avoiding probate. There are many other benefits as well. Here are some common examples.What is a trust?Trusts are essentially fiduciary agreements based on the trust and confidence that exists between the trustee and the person making the trust, known as the trustor. The trust agreement authorizes the trustee to … [Read more...] about Trust Attorneys Describe the Many Benefits of Trusts
Overland Park Doctor and Opioid Company Face Federal Charges
The founder of an opioid medication manufacturer, Insys Therapeutics, is being prosecuted for fraud and racketeering based on allegations that he was pushing prescriptions of his company’s powerful painkillers. This case brings to light the dangers and complications of Medicare and Medicaid fraud.Kickbacks to Overland Park physician part of the investigationThis case follows an investigation into the patient records of Overland Park physician Steven Simon. The physician served as the most … [Read more...] about Overland Park Doctor and Opioid Company Face Federal Charges
Missouri Estate Planning Lawyers Discuss Estate Taxes
A major issue for many clients, when it comes to estate planning, is trying to eliminate estate taxes. However, the reality is that most people do not ultimately have to pay estate taxes. Although the federal estate tax rate is 40%, most estates are exempt. Furthermore, as our estate planning lawyers can explain, Missouri estate taxes are no longer imposed so most clients don't need to worry about a state estate tax.Missouri estate taxes have been eliminatedSome clients don’t realize that … [Read more...] about Missouri Estate Planning Lawyers Discuss Estate Taxes
