Resource Center

July 1 marks the halfway point before all corporations, LLCs, and other entities formed through a filing with a Secretary of State’s office that were in existence before 2024 must file beneficial ownership information (“BOI”) with the Financial Crimes Enforcement Network (FINCEN). This is despite a district court ruling from […]

On January 1, 2021, Congress enacted the Corporate Transparency Act (CTA). The main purpose of the CTA is to protect the United States financial system from being used for money laundering and other illicit activities. Effective January 1, 2024, nearly every corporation, limited liability company, and limited partnership must file […]

FDIC Insured Amounts for Common Types of Accounts While most Americans know that their bank deposits are insured by the Federal Deposit Insurance Corporation, also known as the FDIC, few understand how their coverage is determined.  Fewer still know that the FDIC insures beneficiaries of accounts.  This alert summarizes the […]

Warning! Your ILIT Could Become Subject to Estate Tax Death of the Irrevocable Life Insurance Trust (ILIT) The proposed tax legislation in Washington includes a lurking surprise for many who have used an irrevocable life insurance trust (ILIT) to shift the death benefit of life insurance policies out of their […]

House Committee Reconciliation Bill Requires Clients to Act Now to Lock In Estate Tax Savings To read this alert as a PDF, click here.  The House Ways and Means Committee recently submitted its proposed language for the massive reconciliation bill to the House Budget Committee.  The bill provides insight into […]

For 2021, the gift and estate tax exemption under current law is $11.7 million per person. Many pundits and articles have warned people about making gifts in 2021 that could become taxable if tax reform legislation is made retroactive to January 1, 2021. However, there is a trap lurking if […]

Now that Biden has been sworn in as the President of the United States AND the House and Senate are controlled by the Democrats, creating a unified government, many people are asking, “Now What?” when it comes to various estate tax planning strategies. Current Environment Under the Tax Jobs and […]

While interest rates continue to stay low, now is the time to look to these techniques for an effective estate tax planning strategy. We can help. Contact our Estate Planning team at 316-631-3131 to get started. Irrevocable Grantor Trusts (“IGTs”) – Sale to irrevocable grantor trust leverages the use of […]

ACTION ALERT:  Estate Planning If there is a change in control in Washington following the November election, there will likely be significant changes to the estate and gift tax systems based on Mr. Biden’s published tax policy proposals. This is not a message in support of either candidate, or a […]

The anxiety that has been caused by the new coronavirus has sparked numerous conversations about what documents a person needs as part of an estate plan.  A quality estate plan should encompass more than just a Last Will or Revocable Trust Agreement.  The estate plan should also include incapacity documents, such […]