The Problem with Entrepreneurs

Estate Planning for Families

According to the Small Business Administration, about 90% of all US businesses are family-owned or controlled. Yet, approximately 70% of these businesses will not pass successfully to the second generation, 85% won’t make it successfully to the third generation, and less than 5% are successfully passed to the fourth generation. Without proper planning the family may be forced to sell … Read More

The Loan that Keeps on Giving

elder law

Betty had been a client for over 15 years. Her only daughter and her husband were deceased. Betty had two grandchildren whom she cared for deeply. Betty is a very smart woman and over the years she had come to rely heavily on her estate planning attorney for guidance. So much so, that she would travel over 45 miles to … Read More

The Tough Choice of Disinheriting an Heir

It’s  never  an  easy  decision  for  a  parent  to  disinherit  a  child. However,  in  some  cases,  a  child’s behavior  is so reprehensible,  or the relationship  has been so damaged, that a  parent feels  it is necessary.  The  first  thing  to  remember  is  that  your  children do  not  have  a  legal  right  to  your estate.  You earned the money and built … Read More

Pros and Cons of Business Entities

Advantages and Disadvantages of Sole Proprietorships A sole proprietorship is a business owned by a single individual.  There is no formal separation of the business assets and operations apart from the individual.  The greatest advantage of the sole proprietorship is its ease of start-up.  You, as proprietor, simply begin doing business.  It is less expensive to establish a sole proprietorship … Read More

The Plight of the Disabled Entrepreneur

Most successful entrepreneurs have a large reserve of confidence that has been honed through successful ventures.  And confidence is good as long as it isn’t confused with indestructibility. None of us as business owners can predict the future with any certainty.  So what happens if we are faced with a situation like Tom’s? Tom Bellows was a Type A personality … Read More

Divorcing, Children and Asset Protection

For parents, it is difficult to watch children or grandchildren go through a failed marriage. But even worse might be the knowledge that money you left for their inheritance ends up in the hands of an ex-son or daughter-in-law. The good news is that you can take steps today to protect the assets passing to family members from divorcing spouses … Read More

You Are Being Sued

Just reading those words is enough to make you break out in a sweat. Even if it’s your business, and not you personally, or even if it’s someone in your family, notice of a lawsuit is among the most stressful events you’ll ever experience. You’ll no doubt go through the normal emotions – surprise, indignation, anger, frustration, and even depression. … Read More

2016 Client Update Program

There is still time to register for the 2016 Client Update Program.  The Client Update Program is required every other year to reinstate your trust.  If it is your year to update, please contact our office to get registered for one of the following dates: Friday, July 8, 10:00 a.m., Overland Park Friday, July 8, 2:00 p.m., Overland Park Saturday, … Read More

The Importance of a Buy-Sell Agreement

When  you’re  starting  a  new  business  venture  with  new  partners,  you  tend  to  think  about  financial contributions,  roles  that  each  partner  will  play,  and  how  you  will work  together  to  make  the  business succeed.    You’re  usually  not  thinking  about  the  eventual  end  of  the  business  because  you figure  you’ll have 20 years or so to worry about that later.  But … Read More

Planning for Art and Collections

Art is estimated to be a $40 Billion industry.  There are approximately 17,500 museums, 25,000 galleries, 25,000  historical  societies,  and  50,000  art  shows  in  the  United  States alone.    Business  Week  recently reported that approximately 1/3 of families with a net worth in excess of $10 million are art collectors.  And those personal collections, valued at $4 – $6 Trillion nationally, … Read More