In review, here are the five Blog Posts from this past week for your convenience. I welcome your feed back regarding any of these posts and your input regarding any of these areas of practice which you would like for me to address.
Have You Considered a Conservation Easement for Your Land? Especially in Overland Park, KS?
When you make a charitable contribution of anything other than money or marketable securities, there will always be a valuation issue. At least, it will usually be clear what it is that you are giving away. A conservation easement is different. You are keeping the property as it is and giving up all the hypothetical possibilities.
A New Outlook on the “Trust Fund Baby” – especially in Overland Park, KS
Many wealthy people worry about the potentially corrosive effect of making their children superrich. Not Larry Ellison. The Oracle founder and CEO, the third richest man in the United States — worth $43 billion, according to FORBES’ latest estimates — has never pretended that his son David, 30, and daughter Megan, 27, were anything but trust fund babies.
Asset Planning with a Digital Twist – even in Overland Park, KS
Much has been written about how family members struggle to get access to the e-mail and social network accounts of loved ones who have died. They have sentimental value much the way photo albums and personal letters do. But far less attention has been paid to the logins, passwords and answers to security questions that will give access to an online financial life.
A Beneficiary Blunder: Can Your Ex-Spouse Inherit Your Life Insurance? Even in Overland Park, KS?
Words to the wise: keep beneficiary forms up to date. To change a beneficiary — for example, if you get married or divorced or your spouse dies — make sure to file an amended form. Even if your state has a law designed to cover oversights (or procrastination), you can’t always count on it to work.
Taking Care of Your Elderly Parents’ Finances – especially in Overland Park, KS
"When they are having trouble understanding bills and writing checks it might be time to step in, slowly, at the ground level," Kolinsky said adding that if parents initiate a discussion, the ideal time would be when they are in their 70s and still healthy.
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