Kansas and Missouri Revocable Trusts What is a trust? A trust, often times known as either a “revocable trust”, a “living trust” (because your trust is created during your lifetime), or an “inter vivos trust” is an arrangement spelled out in a trust document wherein a person creates a trust, the creator often known as a “grantor” or a “settlor”, and then the creator of the trust transfers assets into the trust to be...

Proper estate planning allows you to determine who will receive your property and in what amounts. What happens if I die without a will? In Kansas and Missouri, if you die without a will, your property will be distributed according to state “intestacy” laws. The intestacy law in Kansas and Missouri gives your property to your closest relatives, beginning with your spouse and children.  If you have a spouse and children,...

Pursuant to the Adoption laws within the Kansas Probate Code, specifically K.S.A. 59-2139 et seq., adult adoptions allow families to formally cement parent-child bonds between individuals who wish to establish legally recognized familial relationships, establish legally recognized surnames of the adopting parent, establish survivorship benefits, and countless other reasons. The statutes provide for court discretion on the issue of providing...

As 2018 nears the end of the year, the IRS is publishing the new 1040 tax returns and the benefits of the Tax Cuts are now transparent and visible to the lay eye. The 1040 tax returns for 2017 and previous years was approximately 78 lines long and took up 2 full pages. The new 2018 1040 tax return is 23 lines long and fits on half of an 8×11 piece of paper if printed front and back. Gone are the 1040EZ and the 1040A. Everyone will file...

Temporarily creates 7 new tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Increases Standard Deductions: Single $12,000, Married Filing Jointly $24,000, Head of Household $18,000. Repeals deductions for personal exemptions. Increases Child Tax Credit to $2,000 ($1,400 refundable), subject to phase out. Eliminates all 2% itemized deductions (bottom of Schedule A) Limits Itemized Deductions for non-business taxes to $10,000 for SALT (State...

The IRS determined that because cryptocurrencies, like bitcoin, are not issued by a sovereign, bitcoin and its brethren are not currency.  The IRS holds that cryptocurrencies are personal property in much the same manner as owning shares of stock in Amazon or Ford Motor Company.   Therefore, the IRS treats cryptocurrencies as a capital asset, subject to either short-term or long-term capital gains and losses. Each time you acquire...