Category Archives: Trusts

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.

Who Inherits Your Debt?

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

An interesting discussion on CNBC’s website of what happens when you die with different types of debt. Spring is the perfect time of year to review and update your estate plan. Give me a call or email me if I can help you with the estate planning process this spring.

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

The Demographics of Wealth Concentration

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

The Wall Street Journal has this story about the latest demographic study of wealth concentration. The WSJ notes that (1) the concentration of multi millionaires mainly tracks the population and (2) the number of high network individuals in a community and their relative concentration within that community may be very different. As always, if we can help with your estate planning or small business needs, call or email us for a convenient appointment.

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

Bad Demographic News for Baby Boomers

Posted on by under Business Succession Planning, Business Transitions, Dynasty Trusts, Estate Planning, Estate Tax, Family Business, Family Limited Partnerships, Generation Skipping Tax, Gift Tax, Gifts to Minors, Kansas, Missouri, Small Business, Trusts, Wills

If you’re a member of the Baby Boomer generation, you would be well advised to read this demographic study regarding investment returns and retirement planning. If we can help you optimize your estate plan for your retirement needs, please give us a call or send us an email, and we look forward to meeting with you.

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

When Does “Forever” Mean Forever and Donor’s Intent

Posted on by under Business Succession Planning, Estate Planning, Family Business, Trusts

Here’s an interesting Wall Street Journal story regarding a colonial era gift to a Massachusetts school and the meaning of forever as it applies to the donor’s intent. Clearly expressing donor intent in charitable giving or in your estate planning documents is vital. If I can help you clearly express your charitable intent or discuss your estate plan with you, please call or email me to schedule a convenient appointment.

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

Offshore estate planning

Posted on by under Business Succession Planning, Dynasty Trusts, Estate Planning, Estate Tax, Family Business, Family Limited Partnerships, Generation Skipping Tax, Gift Tax, Gifts to Minors, Illiquid Assets, Income Tax, Kansas, Missouri, Small Business, Trusts

The Wall Street Journal has this interesting article on offshore estate planning tactics with reference to Mitt Romney’s IRA. If I can help you with offshore or domestic estate planning issues, please call me at your convenience.

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

Passing on Your Vacation Home

Posted on by under Dynasty Trusts, Estate Planning, Estate Tax, Family Limited Partnerships, Generation Skipping Tax, Gift Tax, Illiquid Assets, Kansas, Missouri, Trusts

The Wall Street Journal offers some interesting insights about different ways families can keep a vacation home or similar special property in the family for generations to come while minimizing taxes. If I can help you pass your vacation home on to the next generation in your family, give me a call at your convenience.

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

“Mom/Dad, I need some money…”

Posted on by under Business Succession Planning, Business Transitions, Dynasty Trusts, Estate Planning, Estate Tax, Family Business, Family Limited Partnerships, Generation Skipping Tax, Gift Tax, Gifts to Minors, Illiquid Assets, Income Tax, Kansas, Missouri, Small Business, Trusts

CNBC offers this advice to parents whose children want more money. If you need counsel on estate planning or gifting options to your children, give me a call to schedule a convenient appointment.

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

The Diverse 1%

Posted on by under Business Succession Planning, Dynasty Trusts, Estate Planning, Estate Tax, Family Business, Generation Skipping Tax, Trusts

As much as some populists would like us to think that the 1% fit into a mold and are as predictable and uniform as the rising sun each morning, the New York Times provides a more nuanced portrait of the wealthiest 1% of Americans.

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

The Politics of Estate Planning

Posted on by under Business Succession Planning, Dynasty Trusts, Estate Planning, Estate Tax, Family Business, Generation Skipping Tax, Trusts

Estate planning tactics look to become a hot political issue this election cycle. The Daily Mail reports on rumors that former Gov. and Republican Presidential Candidate Mitt Romney may have a small fortune in offshore bank accounts. Of course, affluent Democrats and Republicans alike engage in estate planning, including some controversial tactics. Having an offshore bank account or trust is perfectly legal assuming that the formalities and tax reporting requirements are followed. But in politics, facts often matter less than perceptions, feelings, and opinion. If I can help you with questions about trusts, estate planning, or offshore bank accounts, please call me at your convenience.

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