How to Update Your Estate Planning Documents From Kansas City Lawyer Mindy Ward
Friday, February 3rd, 2012
By Mindy Ward
Kansas City lawyer Mindy Ward of Van Osdol & Magruder shared the following advice for those who may be considering some changes or updates to their current estate planning in 2012. Mindy Ward has extensive knowledge in the fields of estate and business planning and has been an important part of our team since 2003. Read her full bio here: http://www.vomer.com/attorneys/melinda-ward/
Keeping Everything Up To Date In Kansas City
Most people put a lot of thought into creating an extensive estate plan to save their family from the complexities that can accompany death or incapacity. However, many assume that once their plan has been executed, that’s it. They file the documents away safely and forget about them. While most attorneys attempt to draft a plan that is built to last, those documents that were proper a few years ago may no longer be appropriate today. It is important to review your estate planning documents at least every three to five years to make sure that they accurately reflect your current wishes. An estate plan should be reviewed more frequently when changes in the law or life circumstances dictate.
Some common situations when you should dust off that Will or trust include 1) major life changes, such as birth, illness or death or divorce or disability for you, a beneficiary or fiduciary; 2) change in financial status (receipt of inheritance can change things or decline in your estate value may dictate a simpler plan); 3) change in assets (are the assets titled properly or do they affect the overall distribution of your estate, especially true with business interests?); 4) change in residence (estate planning is governed by state laws and can need revising if you move to another state or, in Kansas, maybe even across the street); and 5) changes in existing tax laws (lots of changes have occurred over the last three years in this area and there will be more changes in the next few years).
As part of this review process, it is important to revisit the naming of beneficiaries on life insurance and retirement accounts as well. At the same time, it is always good to examine titling of assets if you have a revocable trust to determine if assets are properly titled in trust name. Estate planning is a lifelong, dynamic process. It is important to review your plan as your life, the lives of your beneficiaries and fiduciaries and the laws change. If it has been a while since you reviewed your documents, take some time to do this. You can always contact us to visit with you and review your overall plan to ensure that your assets, your spouse and your children are best protected.
Kansas City Law Firm Van Osdol & Magruder P.C. Reviews Kansas City Business Journal Article: Google Can Follow Numerous Paths To Kansas City-Area Suburban Customersumerous Paths To Kansas City-Area Suburban Customers
Friday, June 3rd, 2011
Posted By: Shawn Stogsdill
Google officials announced last month that Google was to expand its high-speed fiber network into Kansas City Mo. This expansion will hopefully create jobs as well as benefit area businesses and technology.
Google can follow numerous paths to Kansas City-area suburban customers
When Google Inc. announced last month that it would add Kansas City, Mo., to Kansas City, Kan., as the site for its first ultra-high-speed Internet network, company officials said they weren’t done expanding the project.
Google won’t comment on which other communities in the metropolitan area might be next in line for the 1-gigabit network. But that hasn’t stopped others from handicapping the field.
“What I don’t know is whether Google is going to build a completely new network or utilize an existing network,” said Rex Schick, president of Olathe-based K&W Underground Inc., which lays fiber-optic cable.
The Kansas City Star Announces: Missouri launches five-year campaign to nurture economic development
Tuesday, April 12th, 2011
Posted By: Shawn Stogsdill
Here is an article from the Kansas City Star written by Kevin Collison. The article breaks down the economic development campaign implemented by Gov. Jay Nixon. The five-year campaign will focus on multiple industries for economic growth.
Missouri launches five-year campaign to nurture economic development
Gov. Jay Nixon laid out a five-year plan Monday to improve the Missouri economy that identifies biosciences and financial services as among the more promising areas.
The Missouri Strategic Initiative is a result of an 11-month effort that kicked off last May at the Ewing Marion Kauffman Foundation. More than 600 business, labor, education and economic development officials participated.
The report identified seven target clusters:
•Advanced manufacturing.
•Energy solutions.
•Biosciences.
•Health sciences and services.
•Information technology.
•Financial and professional services.
•Transportation and logistics.
Nixon said much of the economic development agenda identified by the task force could be implemented quickly.
“We do not see this as a legislative economic plan,” he said. “We see this as a state economic development plan with the direct help of businesses and economic development professionals.”
Other highlights of the report included development of a science and technology innovation fund in Missouri to help finance promising initiatives, and a potential tuition-forgiveness program for qualified state high school seniors to attend Missouri colleges and universities.
Although the governor said he backed proposed changes that would lower the amount available for a state historic tax-credit program, he did support new tax-credit programs for research and development, and so-called “angel” investment support for promising new companies.
Kansas City Business Journal Announces: Country Club Plaza lands Zócalo Mexican Cuisine and Tequileria
Wednesday, March 30th, 2011
Posted By: Shawn Stogsdill
Here is an article from the Kansas City Business Journal written by Krista Klaus, about a new mexican restaurant opening up in the Country Club Plaza, Zócalo Mexican Cuisine and Tequileria.
Country Club Plaza lands Zócalo Mexican Cuisine and Tequileria
Kansas City’s Country Club Plaza has been without a Mexican restaurant since Baja 600 closed in the summer, but the dry spell will end in the spring.
Zócalo Mexican Cuisine and Tequileria is under construction and will take the former Mi Cocina space at 48th and Jefferson streets, Zócalo spokesman Will Gregory said.
Owner Chris Ridler, who owns Sol Cantina in Midtown, is opening the restaurant and bar concept.
Zócalo will offer “an enticing blend of tradition and innovation that defies the normal conception of Mexican dining,” according to the Country Club Plaza’s website.
The new restaurant will include an open-air patio and indoor lounge, as well as main and private dining areas. The bar menu will include handcrafted margaritas and tequila flights.
Zócalo will feature live music and will serve lunch and dinner daily, as well as Saturday and Sunday brunch.
Becky Goodman of Block & Co. Inc. negotiated the deal with Plaza owner Highwoods Properties Inc. (NYSE: HIW) on behalf of Ridler.
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Kansas City Star Announces: Business tax proposal meets resistance
Thursday, March 17th, 2011
Posted By: Shawn Stogsdill
Here is an article from the Kansas City Star, written by Diane Stafford, about the recent business tax proposal.
Business tax proposal meets resistance
A White House proposal to shore up state funds for jobless benefits is getting a cool reception from business groups, including the state chambers of commerce in Missouri and Kansas.
The proposal would raise costs for businesses in 2014 by increasing the wage base for jobless insurance taxes.
It also would give the states a two-year penalty-free period to repay money they borrowed from the federal government when their state unemployment funds ran dry.
At least 31 states, including Missouri and Kansas, have borrowed money to continue paying jobless benefits. Missouri’s federal debt is slightly more than $789 million. Kansas owes $100.7 million.
The White House proposal would raise the taxable payroll threshold to $15,000 per employee, up from $7,000.
The White House plan somewhat echoes a proposal last year from the Government Accounting Office, the auditing agency for Congress, which said raising the taxable wage base was a good option to shore up jobless funds.
Many states, in an attempt maintain solvent funds, have raised their state taxable wage bases, some three to five times the federal base. The current federal tax rate is 6.2 percent on $7,000, the wage base in effect since 1983.
Missouri’s current taxable base is $13,000, adjustable by $500 on an annual basis. A spokesman for the Missouri Chamber of Commerce and Industry said the chamber is against any tax increase on employers as the nation tries to escape the economic downturn.
The Kansas base is set at $8,000. A spokesman for the Kansas Chamber said that group would reject the White House proposal in favor of a state bill that would raise the taxable base incrementally to $11,000 over the next three years.
Nationally, states have borrowed $42 billion from the federal government to be able to pay unemployment benefits after their state funds ran dry.