When people establish an estate or designate a gift, they are doing so with good intentions. However, they may not always be informed about related tax consequences for the recipient. It’s important to know the dollar limitations and amounts that qualify as a tax-free gift, and when those amounts trigger tax payments. We have the knowledge and experience to provide guidance as these gifts are being made to minimize recipient taxes.
When making a financial gift, it’s important to partner with an attorney or accountant you trust to assist with fund management. Seek out trusted referrals to ensure you are working with someone qualified to set up an estate or trust correctly.
If you are the beneficiary of an estate or trust, be sure you know: who has control of the money; what you are entitled to; whenyou will receive distributions and who has oversight of the funds to ensure they are used as directed.
If you want to discuss how we can help provide oversight and reconciliation responsibilities for your estate or trust, call us anytime at (913) 888-9100. We can also recommend a wealth management professional, if you need financial planning guidance as well.
Richard Adams is a graduate of Benedictine College in Atchison, Kansas, with dual majors in Accounting and Business Administration. He is also a graduate of Wentworth Military Academy in Lexington, Missouri.