Who doesn’t love saving money? If you raised your hand, we’re going to assume you’re either a saint or haven’t seen your latest tax bill. But here’s the good news: Setting up a trust in Kansas or Missouri might just be the financial life hack you didn’t know you needed.Let’s break down the surprising tax benefits of trusts—and how they can help keep more money in your family’s pocket.1. Avoiding Estate Taxes: The Myth and the RealityGood news for Kansans and Missourians: neither … [Read more...] about Can a Trust Save You Money? The Surprising Kansas and Missouri Tax Benefits You’re Missing
tax planning
What the Trump Administration Could Mean for Your Estate Plan
What the Trump Administration Could Mean for Your Estate PlanThe election has concluded giving former President and now President-Elect Donald J. Trump control of the White House come January. The Republican Party will have a majority in the Senate. As of the writing of this blog, they have 53 seats with one race uncalled. The Republican Party also leads the Democratic Party in seats in the House of Representatives, now controlling 219 seats with 3 races uncalled. Given these numbers, the … [Read more...] about What the Trump Administration Could Mean for Your Estate Plan
Pumpkin Kisses and Harvest Wishes
As the cool breeze of October rolls in, it brings with it the season of fall, pumpkin spice lattes, and of course, all things spooky. But as November looms, it’s time to swap out our ghosts, skeletons, and witches for leaves, turkeys, and those delightful cornucopias. Personally, I love this shift from the eerie to the cozy, and this year, I propose a similar transition in our personal lives—going from the terrifying (dying without an Estate Plan) to the wickedly wise (finally creating … [Read more...] about Pumpkin Kisses and Harvest Wishes
Estate Planning: There’s Something Here for Everyone – Part I
I have often heard someone say they "didn’t need an Estate Plan", or needed only a “simple plan” because they didn’t have much in the way of assets, or they only had relatively few beneficiaries. Other potential clients indicated that they didn’t need a plan because they added a beneficiary to all their assets. None of these circumstances means that an individual doesn’t need an Estate Plan. In fact, individuals whose estates are modest, who have few beneficiaries, or who have added … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
Estate Planning: There’s Something Here for Everyone – Part II
Recently, this blog examined the benefits of creating an Estate Plan and made the point that while many individuals think that they need only a “simple plan” because they don’t have significant assets or have few beneficiaries, that’s simply not true, see Estate Planning – There’s Something Here for Everyone Part I. This second part of the series will examine the most common mistakes that occur in an Estate Plan and how to avoid them.Of course, any individual who fails to create an Estate … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
Understanding and Manipulating Estate and Gift Taxes
After that title, who doesn’t want to read this blog? Here’s the disclaimer – this blog was written by a nerd for other nerds. Non-nerds may continue reading at their own risk…of becoming a nerd. Any practitioner in the Estate Planning world considers the impact that estate, gift, generation-skipping transfer, and inheritance taxes will have on a plan. Clients inquire about tax impact during consultation and beneficiaries wonder not only if taxes will result from their inheritance but also who … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
Tis the Season for Giving
As we wind down 2022 and begin planning for 2023, it’s a great time to consider your 2022 individual income taxes and explore ways to position yourself favorably for those taxes. There are still a few days left to make last-minute charitable gifts before December 31, 2022. While certain benefits like the special provision included in the Coronavirus Aid Relief and Economic Security (‘CARES’) Act and subsequently extended by the Taxpayer Certainty Disaster Relief Act of 2020 that allowed anyone … [Read more...] about Tis the Season for Giving
