Category Archives: Estate Planning

5 Reasons to Have an Estate Plan

Posted on by under Estate Planning, Estate Tax, Family Business, Kansas, Missouri, Small Business, Trusts, Wills

From Texas Tech law professor Gerry Beyer, a noted estate planning scholar and author of the Wills, Trusts & Estates Prof blog, here are 5 reasons to have an estate plan.

Many people think that only wealthy married couples need estate plans. Nothing could be further from the truth. If you are an adult or have children, you need an estate plan. Every adult needs at least a will, a living will, a durable medical power of attorney, and a durable financial power of attorney. Many adults greatly benefit from using a trust to shield their hard-earned wealth from taxes and protecting assets or a professional practice (e.g. law, medicine, engineering, accounting). If our law firm, Johnson Law KC LLC, can help you with your estate planning needs, call (913-707-9220) or email us (steve@johnsonlawkc.com) for a convenient appointment and a free 1/2 hour consultation.

(c) 2012, Stephen M. Johnson, Esq.

Special Needs Trusts for Veterans and Military Families

Posted on by under Estate Planning, Gifts to Minors, Kansas, Missouri, Special Needs Trusts, Trusts, Wills

Via the Wills and Trusts Prof blog, Bernard Krooks, a New York lawyer who spoke very persuasively on long term care planning at the 2012 KC Estate Planning Symposium, has this article in Forbes on a new provision to allow military veterans and active service members to start special needs trusts for their severely disabled children, to ensure their families receive better care. Great idea, advocated by Sen. Jerry Moran, who hails from the great state of Kansas (my home state).

If our law firm, Johnson Law KC LLC, can help you and your family with a special needs trust to provide for your family member, please call (913-707-9220) or email us (steve@johnsonlawkc.com) for a convenient appointment.

(c) 2012, Stephen M. Johnson, Esq.

Facebook: to prenup or not?

Posted on by under Business Succession Planning, Estate Planning, Family Business, Kansas, Missouri, Prenups, Trusts, Wills

Last week’s Facebook IPO made several early investors billionaires or millionaires – kudos to them on having a nice payday from their investment. Donald Trump offered some indirect advice –  get a premarital agreement – to Mark Zuckerberg, Facebook’s co-founder, official face, and the world’s youngest billionaire. As it turns out, Zuckerberg married his long time girlfriend the day after the IPO in a private ceremony – congratulations to the happy couple!

So do estate planners recommend premarital agreements for their clients? It depends on the lawyer. I recommend couples consider premarital agreements when it’s a 2nd marriage for both spouses, to help resolve potential inheritance issues with their children from previous marriages. But I don’t usually advise couples to get premarital agreements in cases of wealth inequality or some other circumstances. What do you think? To prenup or not?

(c) 2012, Stephen M. Johnson, Esq.

KC Estate Planning Symposium

Posted on by under Estate Planning, Family Business, Kansas, Missouri, Small Business, Trusts, Wills

I’m looking forward to attending the KC Estate Planning Symposium Thursday in Overland Park. I hope to post some insights from what promises to be a great program of nationally renown speakers on timely estate planning topics. If my firm, Johnson Law KC LLC, can serve your estate planning needs, please call me (913-707-9220) or email (steve@johnsonlawkc.com) for a convenient appointment.

(c) 2012, Stephen M. Johnson, Esq.

Heckerling Insights: Part 3

Posted on by under BDITs, Business Succession Planning, Business Transitions, Dynasty Trusts, Estate Planning, Estate Tax, Family Business, Family Limited Partnerships, Generation Skipping Tax, Gift Tax, Income Tax, Kansas, Missouri, Probate, QPRTs, Small Business, Trust protector, Trusts, Wills

Here are some interesting insights from our colleagues at the Heckerling Institute from this year’s conference. Among other topics, beneficiary defective inheritor’s trusts (BDITs), generation skipping tax planning (GST), trust protectors, qualified personal residence trusts (QPRTs), grantor trusts, and various probate planning issues are discussed. If we can help you and your family with any of these issues or address other estate planning or small business issues you have, please call (913-707-9220) or email us (steve@johnsonlawkc.com) for a convenient appointment.

Our firm, Johnson Law KC LLC, is developing a practice in Missouri inheritor’s trust and other beneficiary defective inheritor’s trusts (BDITs) and excited about sharing this new tool with clients to help meet their estate planning needs now and for generations to come.

(c) 2012, Stephen M. Johnson, Esq.

Happy Tax Day!

Posted on by under Business Succession Planning, Business Transitions, Digital Estate Planning, Estate Planning, Financial Powers of Attorney, Income Tax, Kansas, Living Wills, Medical Powers of Attorney, Missouri, Trusts, Wills

Happy tax day and many happy returns (or refunds, as the case may be)!

In unrelated news, the Daily Mail (UK) has this article about the dangers of using Google to find medical treatments and self-medicating without seeing a doctor about medical issues. A parallel problem exists in the legal world: many people use the Internet to try and solve their legal issues without consulting with an attorney. Remember, if you use an online legal form, you’re doing so at your own risk. If it’s anything important, or that could affect your rights,  your finances, or your family, you should consult with an attorney. Only an attorney has been through three years of law school, passed a bar exam, and become well versed in handling your particular issue. Some online legal resources have useful insights, but many are riddled with errors, hopelessly obsolete, filled with misstatements of the law, or  misleading or incomplete documents that won’t hold up in court (and aren’t worth the paper they’re printed on).

At Johnson Law KC LLC, we constantly review and revise our documents and keep up to the moment on new legal developments to ensure our clients always get the best representation and legal advice. If we can help you or your loved ones, please call (913-707-9220) or email (steve@johnsonlawkc.com) for a convenient appointment.

(c) 2012, Stephen M. Johnson, Esq.

Lump Sum Retirement Planning

Posted on by under Business Succession Planning, Business Transitions, Dynasty Trusts, Estate Planning, Family Business, Family Limited Partnerships, Kansas, Missouri, Probate, Small Business, Trusts, Wills

This video from Smart Money has useful strategies for lump sums from early retirement. If you’ve taken early retirement, you need to review and revise your estate planning documents as well. Call (913-707-9220) or email (steve@johnsonlawkc.com) us and we’d be happy to work with you on your early retirement needs.

(c) 2012, Stephen M. Johnson, Esq.

Shhhh … You’ve Inherited Money

Posted on by under Business Succession Planning, Business Transitions, Dynasty Trusts, Estate Planning, Estate Tax, Family Business, Generation Skipping Tax, Kansas, Missouri, Small Business, Trusts, Wills

Smart Money has this interesting video about how to interact with family and friends when you inherit money or have a large financial windfall. Our law firm has decades of experiencing advising wealthy individuals and families. Affluent people don’t always look the same either – some look like a socialite, while others may be a small business owner or farmer. If you have inherited money or had a windfall, be humble and quiet about it, and talk with your financial advisor and attorney ASAP. If we can help you deal with an inheritance and related estate planning needs, call (913-707-9220) or email us (steve@johnsonlawkc.com) for a convenient appointment.

(c) 2012, Stephen M. Johnson, Esq.

To Retire or Not to Retire, That is the Question

Posted on by under Digital Estate Planning, Estate Planning, Family Business, Kansas, Missouri

The WSJ has this insightful article about the differences in philosophy that married couples may have about retiring. What happens when John and Jane have been married 40 years and he wants to keep working, but she’s ready to retire, or vice versa? As the article discusses, things can get dicey, unless couples work together and communicate about their financial and retirement planning needs, goals, and values.

Nobody likes to talk about money: it’s one of those taboo topics in polite society. But financial planning, like estate planning, conversations are crucial for couples to have as they travel through life together. And they’re also good conversations to have if you’re dating or exploring a relationship at some other time in life. If our office can help have a good conversation about estate planning with your spouse, give us a call (913-707-9220) or email us (steve@johnsonlawkc.com) to schedule a convenient appointment. You and your spouse will be grateful that you had the money talk and communicated clearly.

(c) 2012, Stephen M. Johnson, Esq.

Small Business Tax Strategy

Posted on by under Business Succession Planning, Business Transitions, Estate Planning, Family Business, Family Limited Partnerships, Kansas, Missouri, Small Business, Trusts

So if you’re like millions of Americans, you own, work for, or are part of a small business. America has long been defined by a vibrant entrepreneurial excitement and stream of thought in its economic life. But just like with trusts, setting up a small business may be a matter of tax strategy. Which state will charge you the lowest formation and maintenance costs (e.g. setting up your corporation or LLC and maintaining the required filings)? What is the state’s business income tax? These factors and more are all important for the financially savvy small business owner or entrepreneur to consider.

Bloomberg Businessweek has this article exploring the tax benefits and costs of having a small business in various states. It’s crucial to remember that you don’t have to be a resident of a state to have a business or trust there. In fact, some of the best deals from a tax standpoint may be available outside of your home state. And other things, like friendliness of corporate law and sophistication of the business law courts can be important too. Consider that many large U.S. companies are incorporated in Delaware. Why? Because Delaware has long been considered the friendliest state to businesses in America and its Chancery Court has a long and distinguished history of providing protections to business owners and shareholders from various corporate lawsuits and liabilities.

So if you’re setting up a small business or trust, be smart about taxes! Call (913-707-9220) or email (steve@johnsonlawkc.com) and we can explore the best place to start your small business or trust.

(c) 2012, Stephen M. Johnson, Esq.