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Benefit Controlled Trust May Be Answer to Protecting Legacy

“Life is messy sometimes. Divorce, bankruptcies and lawsuits happen. They can potentially wipe out the inheritance you’ve carefully set aside for your loved ones. However, there are many trust options to help keep life from ruining your legacy.” When beneficiaries receive their inheritance in their own names, a legacy becomes... Continue reading

Posted May 18, 2022 at Johnson County Estate Planning

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You Need a Buy-Sell Agreement for Your Business

“What happens at your company when a shareholder dies or becomes disabled, or wants to leave? These are just two of the potential scenarios that can be properly addressed with a buy-sell agreement.” Every business should have a buy-sell agreement to protect the owners, their families, employees and the company.... Continue reading

Posted May 16, 2022 at Johnson County Estate Planning

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Can You Make Heirs Behave from the Grave?

“There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my... Continue reading

Posted May 11, 2022 at Johnson County Estate Planning

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Mega-IRAs Could Be a Source for New Public Policies

“Congressional Democrats are weighing a new type of required distribution from individual retirement accounts, based on the account value instead of age, according to a discussion list of policy ideas obtained by CNBC.” There are few specifics but owners of “mega” IRA accounts worth more than $5 million might be... Continue reading

Posted May 9, 2022 at Johnson County Estate Planning

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How Does Probate Work?

“A probate judge is an official of the county court system and a judicial official of the state, who decides civil court cases that involve the probate process.” Probate is a court-directed process to examine the last will and testament, authorize the executor named in the last will and give... Continue reading

Posted May 6, 2022 at Johnson County Estate Planning

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How to Protect an Estate from a Rotten Son-in-Law

“Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.” If you’ve been working for a while, you have an... Continue reading

Posted May 4, 2022 at Johnson County Estate Planning

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Prepare for Changes in Tax Laws and Possible Retroactivity

“As we enter into a new era of tax code proposals from the Biden administration, it’s important to be thinking about what those changes may mean when planning for the upcoming tax season and retirement.” The proposed tax increase on capital gains may be applied to taxpayers with annualized realized... Continue reading

Posted May 2, 2022 at Johnson County Estate Planning

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It Is Wise to Plan Carefully before Taking Out Retirement Funds

“If you think saving for retirement is complicated, try figuring out how to withdraw retirement funds while minimizing taxes.” As much as 70% of your retirement funds could evaporate after income tax, estate and state taxes, says a recent article titled “9 smart ways to withdraw retirement funds,” from Bankrate.com.... Continue reading

Posted Apr 29, 2022 at Johnson County Estate Planning

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Can You Have Bitcoin in IRA?

“The cryptocurrency market climbed to more than $2 trillion over the weekend. Investors who want to get in on those gains may want to add those assets to their IRA.” Experts on both sides of the cryptocurrency world agree on one thing: it’s still early to put these kinds of... Continue reading

Posted Apr 27, 2022 at Johnson County Estate Planning

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Choose Wisely and Protect Yourself When Naming a Power of Attorney

“Children may have moved away or lost touch. Old contacts may have died or become disabled. You cannot trust everyone and criminal cases based on misuse of a power of attorney do exist.” Deciding who to name as your power of attorney, or “agent” is not an easy decision. However,... Continue reading

Posted Apr 25, 2022 at Johnson County Estate Planning

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States with the Best Tax Rates for Retirees

“The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It's up to $11.7 million for 2021 ($23.4 million for a married couple).” For the moment, fewer Americans are concerned about the federal estate... Continue reading

Posted Apr 22, 2022 at Johnson County Estate Planning

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Common Estate Planning Mistakes and How to Avoid Them

“Even those with the best of intentions can fall into the trap of estate planning misinformation. Estate planning attorneys frequently hear rumors and ill advice disguised as facts.” Every family has one: the brother-in-law or aunt who knows everything about, well, everything. When the information is wrong, expensive problems are... Continue reading

Posted Apr 20, 2022 at Johnson County Estate Planning

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What Kind of Trust Is Right for You?

“Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.” Everyone wins when estate planning attorneys, financial advisors and accounting professionals work together on a comprehensive estate plan. Each of these professionals can provide their... Continue reading

Posted Apr 18, 2022 at Johnson County Estate Planning

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What Happens to Social Security Payments after a Person Dies?

“The Social Security Administration should be notified as soon as possible after a beneficiary dies. Depending on your relationship to the deceased, you may be entitled to benefits for survivors.” How does the federal government know to stop sending Social Security payments when a recipient has died? What if the... Continue reading

Posted Apr 15, 2022 at Johnson County Estate Planning

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Do I Need to Update My Estate Plan?

“Even though it is critical for your assets, family and legacy, estate planning tends to fall to the bottom of people’s to-do lists. What new parent wants to draft a will, while finalizing a nursery paint color?” Given a choice, most people will opt to do almost anything rather than... Continue reading

Posted Apr 13, 2022 at Johnson County Estate Planning

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How to Avoid Medicaid Estate Recovery

“If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.” Medicaid is a government program that helps seniors and others pay for long term care. However, it’s not always... Continue reading

Posted Nov 23, 2021 at Johnson County Estate Planning

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Should Inherited Money Be Equally Split Between Family Members

“When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.” Leaving an equal amount to adult children works for many families, but equal is not always equitable. In those cases, leaving different amounts to heirs can lead to irreparable... Continue reading

Posted Nov 22, 2021 at Johnson County Estate Planning

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Britney Spears’ Conservatorship Battle Continues

“The legal controversy surrounding Britney Spears is no secret. Her father has controlled her career and finances since 2008, a position she's been fighting against for years.” The release of a documentary following the star’s rise to fame, public breakdown, and recent comeback has put the spotlight back on Spears... Continue reading

Posted Nov 19, 2021 at Johnson County Estate Planning

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What Is a SLAT in Estate Planning?

“If you have been thinking about making large gifts to take advantage of the current $11,700,000 lifetime federal estate tax exemption, you have probably been contemplating a spousal lifetime access trust, commonly known as a SLAT.” A SLAT is a type of irrevocable trust that can only be used by... Continue reading

Posted Nov 18, 2021 at Johnson County Estate Planning

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How Do I Talk to the Children about My Estate Planning?

“Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.” Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the... Continue reading

Posted Nov 17, 2021 at Johnson County Estate Planning

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Estate, Business and Retirement Planning for the Farm Family

“Planning is one of the most important aspects of managing any business. This is especially true for farms and agribusinesses, due to their complexity and the inherent uncertainties associated with agriculture.” The family is at the center of most farms and agricultural businesses. Each family has its own history, values... Continue reading

Posted Nov 16, 2021 at Johnson County Estate Planning

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Can You Increase Your Social Security Benefits?

“All you have to do is type ‘maximize Social Security’ into Google or any other search engine and you will get hundreds, if not thousands, of hits.” The desire to get the largest possible benefits from Social Security is a relatively new phenomenon. For decades, people received their monthly benefit... Continue reading

Posted Nov 15, 2021 at Johnson County Estate Planning

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How Do You Handle Probate?

“Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.” While you are living, you have the right to give anyone any property of... Continue reading

Posted Nov 12, 2021 at Johnson County Estate Planning

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Estate Battle with Millions at Stake in New Orleans

“The widow of car-dealership magnate Ray Brandt filed court papers to evict her family from their Old Metairie compound on Tuesday, the latest escalation of a bitter family battle over control of the massive estate that Brandt left behind when he died in late 2019.” Jessica Fussell Brandt filed an... Continue reading

Posted Nov 11, 2021 at Johnson County Estate Planning

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Planning Future for Nontraditional Families

“Some people are concerned that the new conservative 6-3 majority on the Supreme Court will roll back protections for non-traditional families. Regardless of the decisions at the Supreme Court, or the impact on the state family courts, there are many ways that non-traditional families can maintain control.” Today’s non-traditional family... Continue reading

Posted Nov 10, 2021 at Johnson County Estate Planning

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