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The Works Everything you need to know for greater peace of mind.
January 2018
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www.kcestateworks.com
The Importance of Proper Goal Setting
our clients. Our new staff will also give us the capacity to host more client-centric events, such as client gatherings and education seminars. I have never been much for resolutions. I prefer to set small, incremental goals for self-improvement that will hopefully manifest as habits. For example, to help with productivity, I forced myself to create a to-do list at the end of each day for the following day. For high-importance items, I schedule a chunk of time the next day to give all of my focus to that particular item. I am constantly trying to break down larger goals into a system of implementations — things I can consistently work toward. During the process, I evaluate myself to make sure I am cultivating the right daily habits to ultimately reach the bigger-picture goal. The idea is that I will be incrementally closer to obtaining my goals at the end of every day. When I help my clients set goals for their businesses and estate plans, I use a similar process. Whether it’s contingency planning, financial planning, or estate planning, it’s a fluid process, and goals can change. We don’t have to have the perfect plan in place for all situations. We just need to have the perfect plan in place for a particular moment in time. We make sure our basics are covered and do what makes sense currently for each individual client. As time continues, we reevaluate and adjust according to life changes, economic changes, and family growth. It’s never a straight line. It’s a series of moving targets. Your goals must change as your life changes.
I’m winded! Upon reaching a certain age, it starts to seem like the years just mush together with no real end or beginning. Life just marches on. 2017 was not one of those years for me. With a new kid and a growing practice, 2017 was truly life-changing. My wife takes more care of me than I do of her, so this year was the first time in my life that I was truly beholden to another human. Gone are the days when I was able to work all weekend or stay late at the office to catch up on work. Those hours are now officially reserved for dad duty. With a growing practice and time now at a premium, 2017 “We don’t have to have the perfect plan in place for all situations. We just need to have the perfect plan in place for a particular moment in time.”
has pushed me to take a hard look at how I spend my workday and what systems I need to implement in my practice to optimize efficiency. On that note, I want to take a moment to say thank you to all of my clients, friends, and colleagues who have sent referrals my way. I’ve had the opportunity to meet many great people through my work, and I truly appreciate that you trust me enough to recommend me to your family, friends, and clients. I look forward to continuing to provide excellent service as time goes on. Thank you to everyone who has referred my services to their loved ones. The business couldn’t grow without you. This year, I look forward to adding more teammembers to our Kansas City office to better serve our clients. By January, we plan on having a client-relationship manager in place so that we remain fully accessible to
Here’s to a wonderful 2018.
-John Thompson
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The choice of a lawyer is an important decision and should not be based solely upon advertisements.
WANT TO SEE BETTER REPORT CARDS IN 2018? Every parent wants to see their child do well in school, and there’s one fun activity that benefits students of all ages: reading. but it’s designed specifically for children. Talk to other parents and create a network of friends
can even create a big end goal to really cement those reading habits. Better yet, set a combined goal that the entire family can work toward. Don’t be afraid to pull out all the stops. If your kids know that reading one book per week through June means an extra-special summer vacation, their enthusiasm won’t wane come spring.
In a world with so much stimulation, however, it can be difficult to motivate kids to put down a screen and pick up a book. New Year’s resolutions are the perfect opportunity to make reading a priority. Here are a few tips to make 2018 the year your kids become bookworms. solidarity! Plus, we’re guessing everyone in your household could stand to read a little more. You don’t have to read the same books or set identical goals, but it’s a lot more fun when everyone participates. Schedule weekly reading discussions so everyone can share the cool stories they’ve read. Stack your completed books in your house somewhere as a monument to all the knowledge your family has gained. Set Reward Milestones Positive reinforcement will propel your kids to keep reading long after the calendars have turned. For a certain number of books completed or hours spent reading, offer them a prize. You Make It a Family Resolution There’s no better motivator than
and classmates. After all, nothing is cooler to a kid than what their friends are doing.
Avid readers tend to do better academically from kindergarten through college. In fact, a study from the Journal of Education and Practice found that reading
Use Reading Apps Goodreads is a social network for bibliophiles. You can find
recommendations, share ratings, and create lists of both completed and to- be-read books. Users also create reading lists based on topic, genre, decade, and more. With over 2 billion books added, you’ll never run out of inspiration. Biblionasium offers the same services,
comprehension predicted success in other subjects more than any other factor. If you want to see improved report cards, make a reading resolution for your entire household.
Did You Know We Also Help Businesses?
Your Referrals Make a Difference
Did you know that in addition to helping families with their estate planning, I represent a number of business owners with legal issues that arise throughout the complete life cycle of their business? I currently assist entrepreneurs and family businesses with startup and formation issues, capital raising, employment matters, mergers and acquisitions, real estate transactions, succession and exit planning, general contracts and governance matters, and business disputes. For the majority of my clients, their businesses represent their entire livelihood, so I know just how important these matters are to them. If you have family, friends, or colleagues looking to start a business or in need of legal assistance with growing and managing their business,
At KC Estate Works, we are dedicated to your estate, tax, and business succession plans. We’re here to help you achieve peace of mind by getting your affairs in order and minimizing the burden placed on your loved ones. That’s why every referral you send our way makes a difference. We get to help even more people. And for that, thank you for your referrals and thank you for placing your trust in us — not only to help you, but to help the people you care about.
I would love to talk to them. As always, thank you for your referrals and for placing your trust in me to help your family, friends, and clients.
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Sole Proprietorship vs. LLC
For this reason, almost all businesses start out as sole proprietorships. Accounting for taxes is also relatively simple. For legal purposes, the sole proprietorship is not considered separate from the owner. They are one in the same. Income generated by the business is reported on a Schedule C of the owner’s Form 1040. Because the owner and the business are legally considered one entity, the owner will be personally liable for any and all of the obligations of the business. This is the biggest drawback of the sole proprietorship, and one must decide if the simplicity and cost savings of operating as a sole proprietorship outweigh putting the owner’s personal assets at risk. Single-Member LLC For risk-averse solo business owners, the limited liability of the single-member LLC may outweigh the higher formation costs and formality requirements of a limited liability company. Unlike sole proprietorship, a single-member LLC is
considered a separate legal entity. The owner of the LLC generally
will not be held personally liable for obligations
created
on behalf of the LLC. However, limited liability is not absolute, and the owner of a single member LLC must ensure that the LLC is treated as a distinct entity. Forming an LLC does not, by itself, grant the owner liability protection. The owner must expend time and energy ensuring that the formalities of operating as an LLC are met. This includes adequately capitalizing the LLC, keeping business and personal funds separate, following proper voting procedures, filing annual reports, holding annual meetings, and recording company minutes.
If you are a sole business owner, you have
three primary choices when it comes to the best kind of entity for your business:
s ole proprietorship, single-member LLC, and
corporation . Let’s take a closer look at sole proprietorship and single-member LLC.
Sole Proprietorship This is the simplest and cheapest business entity to form. In fact, as soon as you commence business solo, you will be operating as a sole proprietorship by default.
PISTACHIO GOJI BERRY GRANOLA
Laugh Out Loud
Ingredients
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1/3 cup pistachios, chopped
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1 cup rolled oats
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1/2 teaspoon salt
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1/4 cup coconut flakes
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1 tablespoon coconut oil
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1 teaspoon cinnamon
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1/3 cup goji berries
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3 tablespoons maple syrup
Directions
1. Heat a large skillet over low heat. Add oats in a thin layer and toast for 1–2 minutes. Add coconut oil and salt, then stir. Continue toasting for 5–7 minutes, stirring occasionally. 2. Add maple syrup 1 tablespoon at a time; stir to coat. 3. Once oats are toasted, add pistachios, coconut flakes, and cinnamon. Cook slowly until pistachios and coconut flakes are toasted but not burned, about 5 minutes. 4. Remove from pan and stir in goji berries. 5. Let cool and enjoy as a snack or on top of your yogurt!
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(Recipe inspired by LoveAndLemons.com.)
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
5350 College Blvd Overland Park, Kansas 66211
I nside T his I ssue
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Are Your Goals Fluid and Flexible?
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The Resolution That Leads to Better Grades Your Referrals Make a Difference What Kind of Business Entity Makes Sense for You? Start the Day Right With This Granola
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Books to Inspire You in the New Year
Your Reading List for 2018
Overcome a Harrowing Year Few have done more to earn the title of modern-day hero than Scott Kelly, who has served as a military fighter pilot, an engineer, an astronaut, and now, an author. “Endurance” is Kelly’s memoir, and it recounts the year he spent on the International Space Station. From sharing everyday space adventures to letting us in on the physical toll space takes on the body, Kelly helps us understand what it’s really like to be in the great unknown. If you’re looking for inspiration in the new year, reading about Kelly’s harrowing year of challenges will surely give you the courage to overcome your own. If You Loved the ‘Divergent’ Series Veronica Roth brings us a new sci-fi/fantasy series with “Carve the Mark.” Roth whisks us to a planet where each person has a “currentgift,” a special power they develop. But for heroes Cyra and Akos, currentgifts are more of a curse. The two must work to overcome their distinctly different pasts and unite to save their world — or die trying.
Can you believe 2017 is behind us? Elections, weather, and just about everything on the news left us feeling uncertain. We could all use a dose of optimism in the new year. Here are some books that celebrate the triumph of the human spirit, even in the most challenging situations. Finding Forrest When an actor tries their hand at other creative mediums, the results are varied, but the buzz about Tom Hanks’ new book, “Uncommon Type,” has been largely positive. His literary debut is a collection of 17 short stories, all featuring, in some way, a typewriter. At their heart, though, the stories are about human relationships, and Hanks manages to inject his most memorable character’s charm into his writing. As NPR reviewer Heller McAlpin puts it, “In a world where the news is unrelentingly bleak and much fiction tends toward the dystopian, postapocalyptic, dark, or edgy, this is a gentler, sweeter kind of storytelling than we’ve come to expect.”
When You Need a Hero School is tough, and no one knows it better than George Heffley. In installment 12 of the “Diary of a Wimpy Kid” series, titled “The Getaway,” Jeff Kinney takes us on a tropical vacation with the Heffleys as they attempt to escape the cold weather and frenzy of the holidays. But the island isn’t the relaxing sanctuary it’s supposed to be. The suggested reading age is 8–12 years old, but this book would make an excellent listen for the whole family during a road trip of your own.
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The choice of a lawyer is an important decision and should not be based solely upon advertisements.
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