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WAEstate

Creating Comprehensive Estate Plans in Kansas & Missouri

Connect with us today(913) 262-2000

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Communities We Serve – Lansing, KS

We would like to thank our neighbors in Lansing, Kansas for visiting our website.  If you are looking for a licensed estate planning attorney in the Kansas City metropolitan area, you have found a reliable local resource.

Lansing’s Historical Presence

Lansing, located along the Missouri River in the eastern part of Leavenworth County, is the second largest city in the County with a population of more than 11,000. Lansing is now a part of the Kansas City metropolitan area. Founded by William Lansing and his friend John C. Schmidt, Lansing started merely as a ninety-acre plot of land. The area was transformed into town lots back in 1878. The streets were donated by Lansing and Schmidt and named the Town of Lansing.

“The City with a Future”

Because of its rapid and continuous growth, Lansing is widely known as “The City with a Future.” As the largest employer in Lansing, the Lansing Correctional Facility has played an important role, not only in Lansing’s history but also in its economic growth. With more than 1,000 employees, the former Kansas State Penitentiary (now Lansing Correctional Facility) is the State’s largest and oldest facility for detention and rehabilitation.

Additionally, Lansing offers many economic development incentives including various tax rebates and credits meant to help revitalize neighborhoods encourage investment in new businesses.

The Neighborhood Revitalization Plan

business chartThe purpose Lansing’s Neighborhood Revitalization Plan is to promote the revitalization and development of the city by encouraging new construction and by rehabilitating, conserving, or redeveloping certain areas.  The city offers various incentives, including tax rebates. Income tax incentives are also available to eligible companies in Lansing, Kansas: the Enterprise Zone Program and the High Performance Incentive Program.

High Performance Incentive Program

The High Performance Incentive Program provides a 10 percent corporate income tax credit on any qualified capital investment for eligible businesses. This 10 percent tax credit is awarded to companies that operate an eligible business, pay above-average wages and invest in employee training. The corporate income tax credits can be used to reduce 100 percent of corporate income tax liability each year.

Machinery and Equipment Property Tax Exemption

The city of Lansing, Kansas also provides a property tax exemption for any commercial or industrial machinery and equipment acquired through a qualified purchase or lease, and for property transferred into the state after June 30, 2006.  Such qualified property is exempt from state and local property tax. This exemption applies to machinery and equipment used in the establishment of a new facility and the expansion of an existing facility. This particular exemption applies to machinery and equipment used in manufacturing, warehousing or distributing commercial equipment, computers, desks and chairs, copiers and fax machines.

Planning for Your Retirement

old retired coupleHere at Gaughan & Connealy, we take our commitment to our neighbors in Lansing, Kansas to heart. If you haven’t started creating your retirement plan yet, it’s not too late to start.  If you want a comfortable retirement, you can’t simply rely on your Social Security benefits.  Instead, you must plan ahead and create a comprehensive retirement plan that will meet your future needs and allow you to relax comfortably in your golden years.  Individual Retirement Plans (IRAs) are an easy way to start your plan while saving and investing in your future.

How an IRA Works

An IRA, or individual retirement account, is basically an investment account with various tax benefits.  An IRA provides a dependable way to set aside money for retirement. With individual IRAs, you do not have to pay taxes on the earnings from the retirement account. Those earnings can instead be reinvested in order to allow your account to grow exponentially.  Then after you reach retirement age and begin to make withdrawals, your tax obligation will depend on the type of IRA you own, your current income and the amount of your withdrawals.

Understanding the Different Types of IRAs

There are four kinds of IRAs with various benefits.  Traditional and Roth IRAs are established by individuals, whereas Simplified Employee Pensions (SEPs) and Savings Incentive Match Plan for Employees (SIMPLE) are sponsored by employers. Regardless of the type you choose, all IRAs are “fully vested.” This means all of the contributions you make and earnings you accumulate belong to you, including the contributions made by your employers.

Limitations on Contributions Depend on the Type of IRA

The IRS has established limitations on the total amount of annual contributions you can make to an IRA account. These limitations are subject to changing each year.  For that reason, you should always consult with your estate planning attorney to determine the current limitations for that year.

If you have questions regarding IRAs, or any other retirement planning matters, contact Gaughan & Connealy for a consultation either online or by calling us at (913) 262-2000.

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Testimonials

“Chris and his staff were awesome to work with. I felt like I was their only client with the personal attention and time they spent with me setting up a trust. Chris did an excellent job of making sure I understood everything I needed to and things were being set up for our families specific needs and desires. I look forward to having Chris continue to be our estate planning attorney.”
jan–
“Chris and his staff have been very accommodating, answering every question, e-mail or phone call in a timely manner. They made our Estate planning easy and comfortable-no question unanswered or looked down upon. Thank you, all.”
glenda–
“Chris and his team led us through what we felt was a complicated process in a very organized manner. Everything was explained to our satisfaction and then our decisions were executed quickly. All we had to do was sign documents. Most important, the after support has been excellent. If we have a question, the answer is always.....let us take care of that for you! Everyone in this firm is unpretentious, helpful and very knowledgeable.”
carla–
“For about 10 years my husband and I kept saying, "we need to prepare a trust or a will. We had already planned and paid for our funerals but trying to figure out the will or trust was overwhelming to us. We received an invitation in the mail to attend a seminar. After meeting with Chris we both agreed that Chris and his firm were whom we wanted to execute our Trust documents.”
kay–
“My wife and I took advantage of the free evening program put on by Gaughan and Connealy back in 2013 and later hired Chris Gaughan to do our estate planning. First thing that sold us was not only Chris's professionalism, but his knowledge and his passion for what he does. The process was very easy and thorough. Chris brought up scenarios/issues that were unforeseen but were important to have in our plans. ”
darryl–

Where We Are

OVERLAND PARK
4400 College Blvd, Ste 190
Overland Park, KS 66211
Phone: (913) 262-2000
Fax: (913) 904-1348

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Where We Are

KANSAS CITY
7280 NW 87th Terrace, Ste 210
Kansas City, MO 64153
Phone: 816-974-3030
Fax: (913) 904-1348

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Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
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