Personal Business

Should You Sign that Severance Agreement?

Your department head schedules a meeting in the conference room. When you arrive, she is sitting there with your HR representative, who has a pile of paper in front of him. She tells you that your position is being eliminated and today is your last day of employment. As the shock sinks in, the HR…

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Could Your Estate Plan Ruin Your WBE Certification?

In previous blog articles, we have mentioned the importance of estate planning for business owners. We have discussed the options of using a Business Power of Attorney to handle business operations during incapacity and Transfer-on-Death designations to transfer business ownership interests outside of probate. While these approaches should be considered in every estate plan involving…

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Estate Planning in your LLC – Using “Transfer on Death” Member Beneficiary Designations

As we discussed in an earlier blog, beneficiary designations can be effective estate planning tools. “Transfer on death” (TOD) designations are particular beneficiary designations allowed under both Missouri and Kansas law. TOD designations are used for many types of property, including vehicles, stocks, mutual funds, and other securities. Use of a TOD designation is available…

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Digital Assets: What’s Your Plan?

The state of Kansas recently enacted the Revised Uniform Fiduciary Access to Digital Assets Act.  This act defines a “digital asset” as “an electronic record in which an individual has a right or interest.”  I bet you use a digital asset every single day!  Here are a few examples (and there are many others): Personal…

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Before You Put Your Tax Records Away, Focus on Your Estate Plan

The government imposes an annual deadline for collecting a year’s worth of income and asset information and sharing much of it with the government.  You can’t put that off.  Estate planning is easier to put off – you don’t know what your real deadline is, and you’d like to think it is far in the…

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Are You a Business Owner Without a Succession Plan?

Wikipedia defines succession planning as “a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die.” This definition seems just right, provided the term “leaders” encompasses business owners and managers alike. There are several million privately-held U.S. businesses that are owned by Baby Boomers who are set…

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