Here’s what we cover in this episode:

⚖️ Property Systems: The difference between common law property and community property

📈 Basis Step-Up: Why the distinction can matter for appreciated assets

🧾 Trust Setup: What is required to establish and maintain this type of trust

💡 Potential Benefits: Why highly appreciated assets may be the strongest fit

⚠️ Trade-Offs: Creditor exposure, divorce consequences, and uncertain federal tax treatment

🚫 Poor Fits: Why retirement accounts and certain family situations may not belong in this strategy

Your Guide:

💼 Want expert help in planning for your financial future?

Apply for a consultation here 👉 https://calendly.com/erg-kc/introductory-phone-call-with-erg

Tyler welcomes estate planning attorney Connor Kelly of Kelly Law Firm to break down the new Kansas Community Property Trust Act under House Bill 2590. Connor explains the trade-offs and benefits and why it may be worth a closer look for some families. For the right couple, this could open a valuable planning opportunity, but only if they understand exactly what they’re signing up for.

Dive Into This Episode:

0:00 – Intro

0:42 – New Kansas Legislation

1:42 – Common Law vs. Community Property

2:30 – The Double Step-Up (Illustrated)

3:47 – Common Statutes

4:22 –Property Trust Act (And Setting It Up)

6:40 – Pros & Cons

8:37 – Who This Benefits

9:15 – 4 Key Takeaways

10:05 – Q&A with Connor Kelly