Facts of life: Most retirees will be single for some period of time, and most of those singles will be women. Throughout the life cycle, financial planning for singles differs from planning for couples. Obviously, there is only a single set of assets to work with, and no surviving spouse to plan for. Less obviously, […]
Read MoreCategory: Thursday Thoughts
The Federal Estate Tax Exemption Doubled. Now What?
PUT YOUR BENEFICIARIES FIRST The traditional “hot button” that has motivated people to see their lawyers about estate planning is taxation. Death taxes, such as inheritance and estate taxes, federal taxes, and state taxes have taken a notorious toll on unplanned estates over the years. With sound planning, that burden can be minimized or even […]
Read MoreKeeping a Family Business in the Family
One of the most important responsibilities we have when helping families with closely held businesses is to help them realize potential estate planning opportunities and/or problems. A classic example is with the Green Bay Packaging Inc. that was founded in 1933 by George Kress. The firm manufactures corrugated packaging, folding cartons, coated labels, and related […]
Read MoreAsk a Trust Officer: Stock Market Highs
Dear Trust Officer: The S&P 500 stock index has reached new highs. Should I consider selling now? — Prosperous but worried DEAR PROSPEROUS BUT WORRIED: Passing a stock index milestone is not a signal to buy or sell. However, it does focus attention on the market, and it may cause some investors to evaluate their […]
Read MoreNonprofit Service by TCK Team Members
Last week, Stephen A. English, C.T.F.A., Chairman & CEO of The Trust Company of Kansas (TCK), shared information in an article titled Charitable Giving is Growing Nicely. In it, we learned that total gifts to charities exceeded $400 billion for the first time ever, totaling $410.02 billion in 2017. We also learned that nearly a […]
Read MoreCharitable Giving is Growing Nicely
The nonprofit sector did very well in 2017, according to the June 2018 report issued by Giving USA. Total gifts to charity exceeded $400 billion for the first time ever, totaling $410.02 billion in 2017. Gifts from individuals are the largest component, and were $14 billion ahead of the 2016 pace. All giving sectors grew, […]
Read MoreA Novel Way to Beat Estate Taxes?
The longest recorded human lifespan is 122 years, 164 days. The record is held by Jeanne Calment, who lived in Arles, France. Born in 1875, Jeanne reportedly had an encounter with Vincent Van Gogh at her uncle’s shop. When Jeanne was 90 years old, she had outlived her daughter and her grandson, and had no […]
Read MoreAsk a Trust Officer: Companion Animal Planning
Dear Trust Officer: Can I provide something for my pets in my will? Didn’t Leona Helmsley set up a trust for her dog? — THOUGHTFUL ANIMAL LOVER DEAR THOUGHTFUL ANIMAL LOVER : Yes, Mrs. Helmsley did create a $12 million trust to care for her pet, Trouble. However, the probate court subsequently reduced the size […]
Read MoreHow do Certified Trust and Financial Advisors Differ from Other Types of Financial Services Providers?
A good number of individuals, businesses, and charitable organizations rely on us to help them grow their wealth, protect their assets, and safeguard their legacies, so that they can command their futures and enjoy their successes. Others rely on us to invest significant sums of money that they have received as a result of an […]
Read MoreTax or Penalty?
When you owe money to the IRS, does it matter whether it is a tax or a penalty? That question was put to a bankruptcy court recently. John Chesteen filed for bankruptcy in June 2017. The IRS filed a proof of claim for $5,100 in taxes owed. The Service later amended the claim to add […]
Read More