Using Smart Tax Planning For Higher-Asset Estates

If you own a closely held business or just have assets that go beyond the typical, the average estate plan will not suffice. You need to take a close look at how your assets will be managed in the event of your death or incapacitation. This means considering business succession plans, buy-out options, and how to protect your heirs and beneficiaries from the potential costs of asset transfer.

Attorney Robert Vancrum of Vancrum Law Firm, LLC, has a unique mix of experience in estate planning, tax planning, business planning and real estate. This is of great benefit to clients with higher assets in the Kansas City metro area — clients who need straightforward, business-minded counsel as it relates to their personal and professional interests.

Protecting The Assets You Have Worked Hard To Build

Before you settle on a simple will or a casually drafted estate plan, make sure you consider the issues that are often overlooked. For example:

  • What tax penalties will my beneficiaries incur when my assets are transferred to them (income taxes, gift taxes, estate taxes, generation-skipping transfer taxes, etc.)?
  • How can annual gifting or charitable giving be employed to save my estate from taxation?
  • How much of my assets could be eaten up by probate and other legal fees?
  • What can I do to influence how beneficiaries use assets after they're transferred?

When you contact our firm in Overland Park, you will be able to work one-on-one with an attorney who has an advanced degree in Taxation. This provides the foundation for more than 35 years of experience in law — something few lawyers can offer.

Every estate, even ones of average size, is different and requires a specific analysis. Do not make the mistake of taking a cookie-cutter approach to your estate planning needs. A qualified and professional analysis may provide more than just asset protection, it may help you secure an even brighter future for your loved ones than you expected.

Contact our office in Overland Park, Kansas, to arrange a no-obligation consultation with attorney Bob Vancrum. Our firm can be reached online or by telephone at 913-948-9400.