Series LLCs in Kansas and Missouri

Series LLCs are an important new business law tool. I recently enjoyed co-presenting a seminar on series LLCs in Kansas and Missouri. We had a great discussion of series LLC pros and cons, and how best to tailor a series LLC to meet a client’s needs.

Series LLCs can be a great idea for entrepreneurs, serial entrepreneurs, and business owners, but some questions aren’t answered yet, so series LLCs should be approached carefully and thoughtfully with your attorney and accountant. Check out the series LLC seminar materials here for free, courtesy of NBI.

My law firmJohnson Law KC LLC, has experience working with Kansas and Missouri clients on series LLCs, along with helping executives, entrepreneurs, and business owners with other estate planning and business law needs. We know how to tailor legal documents to meet your needs, big or small. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

Executive Estate Planning

Timothy Golas has these helpful ideas on executive estate planning – how should a business owner or executive do their estate plan.

Some key takeaways:

  • Who are you beneficaries are – life insurance, 401(k)s, bank accounts, etc (beneficiary designations trump your will when they conflict)
  • How does your stock pass – including stock options and equity compensation plans
  • Trust or no trust? Avoiding probate might be good, or a Will might work just fine
  • U.S. and State Estate Taxes? Kansas and Missouri residents only have U.S. estate taxes, not state estate taxes

My law firmJohnson Law KC LLC, has years of experience helping executives, entrepreneurs, and business owners with their estate planning and probate needs. We know how to tailor legal documents and an estate plan to meet your needs, big or small. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

 

Don’t Just Transfer Wealth – Transfer Values Too

Robert Schein has this helpful insight about transferring family values (more than just money) to children and grandchildren, to give them a more holistic inheritance. Good, open, honest commuication about expectations and the famiy’s values are a great way to transfer values (and money) from one generation to another.

Think about including children or grandchildren in talks about money, the family business, or the values that guide you and make your family unique. Mr. Schein looks at constrasting results from two wealthy families: one (Gina Rinehart, an Australian mine owner) where the children are now fighting in court over an inheritance, another (Warren Buffett, of Berkshire Hathaway) where the children are harmonious and peace and were given a limited inheritance to use for philanthropy (while the rest goes to a designated non-family philanthropy). Buffett values thrift and hard work, and has shared with his children his belief that inherited wealth can corrupt people, which he doesn’t want for them, so his estate plan (and family’s response) shows his values.

Communication about money, values, and expectations is vital – heirs often cooperate better and can help ensure the family’s  values and ethos continues  for generations if they know what they will (or won’t) get, and have had those conversations early and often with parents or grandparents. Rinehart’s children don’t appear to have had those vital conversations, while Buffett has clearly shared his value with his children.

My law firmJohnson Law KC LLC, enjoys helping clients transfer their wealth and values to the next generation. My firm works with clients on various estate planning and probate needs to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of legal issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

Estate of Nesler

From the Kansas Court of Appeals comes this recent, interesting unpublished opinion in the Estate of Nesler. Ms. Nesler died March 28, 2014 in Douglas County, Kansas, leaving 3 surviving adult children. The children found their mother’s Will, but submitted it for probate late (more than 6 months after their mother had died), so the Probate Court wouldn’t admit the Will to probate. And the Court of Appeals affirmed the Probate Court’s 6 month deadline application.

My law firmJohnson Law KC LLC, works with clients on various estate planning and probate needs to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of legal issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

 

 

Everyone Needs a Will

Tax season is finished, so we can all breathe easy this weekend and enjoy spring. We’ve talked before how every adult needs a will, whether you’re 18 and going to college or entering adulthood, or more seasoned in life and enjoying time with precious grandchildren or great-grand children. Following David Rockefeller’s recent death at the grand age of 101, Forbes has this fascinating article about his will. (Mr Rockefeller was a multi-billionaire, prominent banker and philanthropist, consummate New York gentleman, and the last grandchild of oil titan John D. Rockefeller.) And while Mr Rockefeller’s assets and estate plan are much more complex and extensive than most other people’s, his will covers all the usual things you’d expect (and want in your own will) – house and car, bank accounts, charity, family, arts and furniture, personal property and collections (including insects he had collected since childhood), clothes, books, and cleaning out the ole attic or basement storage.

As the saying goes, where there’s a will, there’s a way. My law firmJohnson Law KC LLC, works with clients on various estate and charitable planning needs to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of legal issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

The Titanic Clause

Kelli B. Grant of CNBC has this helpful article recommending different estate plan pieces to think about in preparing for the unthinkable: if you and your immediate family and/or heirs die suddenly or together. The article recommends several things: (1) a simultaneous death clause, (2) a survivorship clause, (3) the Titanic clause, (4) double checking beneficiary designations, (5) titles on jointly owned assets, (6) property distribution, and (7) special needs trusts for beneficiaries as needed.

My law firmJohnson Law KC LLC, works with clients on various estate and charitable planning needs to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of legal issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

Heckerling 2017

The ABA’s RPTE section has these Heckerling Reports from the Jan 9-13, 2017 conference in Florida: intro 1 and 2, nos. 1, 2, 3, 4, 5, and 6.

My law firmJohnson Law KC LLC, works with clients on estate, trust, and elder law needs. Call (913.707.9220) or email (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

Kansas Trust Modification

Happy New Year! Hot off the presses on this cold winter 2017 morning, we have this Kansas Court of Appeals decision about standing and trust modification, from Marysville, Kansas (a small north eastern town). In Re Trust of Clarence Hildebrandt asks if a successor trustee to a Kansas trust has standing to ask the court to modify the trust (pp. 4-5).  Is changing to a different successor trustee (an independent, 3rd party) violating a material purpose of the trust (pp. 5-9)? And does asking a court to modify a trust trigger a no contest clause (p. 9)? The Court answers these questions and more in a brief 9 page opinion.

My law firmJohnson Law KC LLC, works with clients on various estate and trust issues to help clients take care of their legal needs quickly and inexpensively, protect clients’ interests in litigation, and has years of experience counseling clients on a variety of legal issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2017, Stephen M. Johnson, Esq.

Salvation Army Charitable Giving CLE

Happy Thanksgiving from The KC Estate PlannerThe Salvation Army partnered with the NCF Heartland Chapter to host this fall’s 24th annual Salvation Army Gift & Charitable Planning seminar. After the event, the Salvation Army provided video along with speaker materials. Prof Sam Donaldson and Ann Burns, both great speakers and excellent attorneys, discussed the IRS’ proposed 2704 regulations and Form 8971, along with providing invaluable tools for practitioners, such as a sample estate plan flowchart and worksheet.

My law firmJohnson Law KC LLC, works with clients on various estate and charitable planning needs to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of legal issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) today to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.

Helping Families After a Loved One’s Death

Losing a spouse, family member, or close friend is a very difficult experience. Wealth Management magazine has this article with some helpful tips for advisors guiding families through those hard moments of life. Helping individuals and families get their financial and legal affairs in place before death can also be invaluable.

My law firmJohnson Law KC LLC, works with clients on various estate and probate law needs to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of legal issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.