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Kansas City 2010 Five Star Wealth Managers

We are very pleased and proud to announce that attorney Jennifer L. Finch has been selected as a 2010 Five Star Wealth Manager by KC Business Magazine (January 2010 issue). This elite award was given to just 284 of the more than 7,000 wealth managers in the Kansas City area. The selection process, based upon extensive surveys and peer review, is designed to find out which wealth managers "successfully satisfied key client satisfaction criteria and scored the highest in overall client satisfaction." Congratulations to Mrs. Finch on her receipt of this prestigious designation for the second year in a row!

[From Our Winter 2010 CLIENT UPDATE]

Family member $200 special fee reduction has been extended

Family members of Austin Living Trust® clients are still eligible to get a complete simple living trust for only $490 provided they start the process before March 31, 2010. To qualify they only need to schedule an appointment and provide us with the name of the Austin client. Client referrals receive $100 fee reduction: Non-family members referred by an Austin client receive a $100 fee reduction when they set up an Austin Living Trust® estate plan prior to March 31, 2010. All they need to do is give us Austin client's name when they schedule their appointment. Family members and friends of our clients can become safe and secure from probate expense and delays and enjoy the peace of mind that comes with an Austin Living Trust®. As you already know, our fees are very competitive and our living trust services represent quality and added value. Click here for our fee schedules.

[From Our Winter 2010 CLIENT UPDATE]

What Congress giveth, Congress can taketh away

First, estate taxes and probate are not the same. Your trust avoids probate. If you have a tax planning trust it also reduces or eliminates estate taxes. The media, and even elected officials, are proclaiming that the estate tax has been repealed. Before you start cheering too loudly, we regret to inform you that this is not the case. In 2009 the estate tax exemption was $3.5 million dollars per estate ($7 million dollars for married persons with tax planning trusts) with a 45% estate tax rate, but in 2010 the estate tax law no longer applies. Instead, for 2010 only, it is replaced with a capital gains-style tax on inherited assets when they are sold. Then, in 2011, the same old estate tax law springs back into effect. Even worse, the exemption for 2011 and thereafter, drops to just $1 million dollars per estate with a 55% estate tax rate. As we go to press Congress claims it will reinstate the estate tax in 2010 retroactive to January 1st, but this faces several challenges. In the meantime our advice to you is: Don’t assume you have no estate tax liability just because your estate is under the 2009 exemption amount. Review your potential estate tax liability annually, right along with your basic trust estate plan to make sure you stay on top of avoiding both taxes and probate.

[From Our Winter 2010 CLIENT UPDATE]

Health care reform is still a work in progress

Massachusetts election of Republican Scott Brown to the Senate has turned the health care reform effort on its head. Fate of the Senate passed bill and possible effects on Medicaid spend down rules, other living trust estate planning issues, etc., are unknown at this time. Stay tuned for new developments.