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 The law firm of Kirkland Woods & Martinsen LLP is very pleased to announce that Robert J. Selsor has joined its St. Louis office as a partner. Mr. Selsor, who previously chaired the estate litigation practice group of a national law firm, brings more than three decades of experience and will continue his practice in fiduciary litigation as well as alternative dispute resolution.
“We are absolutely thrilled to add Bob to our team,” said John Challis, Managing Partner of Kirkland Woods & Martinsen LLP. “I have had the pleasure of knowing and working with Bob for a long time, and we firmly believe that Bob joining KWM will be a huge benefit to our firm and our clients. He is an incredible attorney and an even better person.” “I have known and respected the attorneys of Kirkland Woods & Martinsen for a long time, and I am very excited to join them,” said Bob Selsor. “The smaller size and defined focus of KWM will provide some cost savings to my clients, but more importantly allow us to leverage the largest group of fiduciary litigators in the State of Missouri and one of the deepest bench of trust and estates expertise in the region.” Mr. Selsor earned his Bachelor’s degree in Economics and his Juris Doctorate from the University of Missouri, where he was also selected as a Fulbright Scholar. Bob is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and has been selected for inclusion over multiple years by Chambers USA in its Private Wealth Guide, by Best Lawyers in the fields of Trust and Estate Litigation and Commercial Litigation, and by SuperLawyers as one of its Top 100 Lawyers in Missouri and Top 50 Lawyers in St. Louis. Bob is a frequent author and speaker, and is also heavily involved with The Missouri Bar, where he has drafted several estate-related statutes and previously served as Chair of the Fiduciary Litigation Committee. Kirkland Woods & Martinsen LLP has offices in St. Louis, Missouri; Liberty, Missouri; Springfield, Missouri; and Overland Park, Kansas. Since its founding in 2000, the firm has concentrated its practice in trusts and estates law, with capacity in closely-held corporate and real estate law as well. Eight attorneys with the firm are active Fellows of the American College of Trust and Estate Counsel (ACTEC). Bob Selsor can be reached by telephone at 314-944-5204, by email at [email protected], or by visiting his profile here.
 Kirkland Woods & Martinsen is pleased to announce that Andrew M. Mitchell, a partner in the firm’s St. Louis office with expertise in estate planning and administration, has been elected as the firm's seventh Fellow in The American College of Trust and Estate Counsel ("ACTEC"). ACTEC is a nonprofit association of lawyers and law professors skilled and experienced in estate planning and probate. Its more than 2,400 members are called "Fellows" and practice throughout the United States, Canada and other foreign countries. To qualify for membership, a lawyer must have no less than 10 years' experience in the active practice of probate and trust law or estate planning and are elected based on their outstanding reputation, exceptional skill, and substantial contributions to the field by lecturing, writing, teaching and participating in bar activities. To learn more about ACTEC, please visit its website. Kirkland Woods & Martinsen has four offices in Missouri and Kansas. Since 2000, the firm has concentrated its practice in trusts and estates law, as well as corporate and real estate law. To learn more about Andrew's practice, visit his bio or contact him at [email protected] or 314-944-5202.  The law firm of Kirkland Woods & Martinsen LLP is very pleased to announce the promotion of Aaron Kirkland to Partner. Aaron will continue to focus on estate and trust litigation from the firm’s Overland Park, Kansas office.
"We are very happy to welcome Aaron as a Partner in the firm, and we look forward to his continued excellence in providing legal services to our clients,” said John Challis, Partner with Kirkland Woods & Martinsen. Aaron received his J.D. from the University of Missouri-Kansas City, summa cum laude, in 2008, where he served as Editor-in-Chief of the UMKC Law Review. Aaron was selected by Super Lawyers in 2020 and 2021 and recently graduated from the Heart of America Fellows Institute of the American College of Trust and Estate Counsel. He is licensed to practice in Missouri and Kansas. Since joining Kirkland Woods & Martinsen in 2017, Aaron has tried trust contest cases in multiple Missouri courtrooms and handled appeals in the Missouri Courts of Appeal for the Western, Eastern, and Southern Districts in matters involving no-contest clauses, powers of attorney, trust administration, and breach of fiduciary duty. On the Kansas side, Aaron recently obtained summary judgment in two separate cases involving claims against a trustee for breach of trust and allegations of damages exceeding $10 million. To learn more about Aaron's practice, please visit his bio or contact him at [email protected] or 913-469-0900 Kirkland Woods & Martinsen LLP has offices in Liberty, Missouri, Springfield, Missouri, Clayton, Missouri and Overland Park, Kansas. The firm has, since its founding in 2000, concentrated its practice in trusts and estates law, with capacity in closely-held corporate and real estate law as well. Six of the firm’s eighteen attorneys are active Fellows of the American College of Trust & Estate Counsel (“ACTEC”).  Kirkland Woods & Martinsen LLP is pleased to announce that nine of our attorneys have been selected to the 2021 Missouri & Kansas Super Lawyers list: Bob Kirkland, Dick Woods, Scott Martinsen, Dan Wheeler, Emily Kembell, John Challis, Alice Haseltine, Andrew Mitchell, and Aaron Kirkland.
All nine KWM attorneys were recognized by their peers for being in the top five percent of lawyers in Missouri and Kansas. Additionally, several KWM attorneys received special recognition: Bob Kirkland, Dick Woods, and Scott Martinsen have all now been recognized by Super Lawyers for more than fifteen consecutive years, while Dan Wheeler and John Challis have been recognized for more than five straight years. Alice Haseltine was recognized as a “Rising Star,” while John Challis was also named to the Top 50 Attorneys in St. Louis and the Top 100 Attorneys in Missouri and Kansas lists. "We are thrilled with the recognition of our attorneys by this esteemed publication," says KWM founding partner Bob Kirkland. "These honors are a testament to our firm and our attorneys' continued commitment to client and community service." Those attorneys recognized, and the areas in which they were named, were as follows:
Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. Each year, no more than five percent of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor. The result is a credible, comprehensive and diverse listing of exceptional attorneys. The Super Lawyers lists are published nationwide in Super Lawyers Magazines and in leading city and regional magazines and newspapers across the country. Super Lawyers Magazines also feature editorial profiles of attorneys who embody excellence in their practice of law. For more information about Super Lawyers, go to SuperLawyers.com To learn more about any of the KWM attorneys referenced above, please click on their names to be taken to their bio pages. To learn more about any of our professionals, click here. If you need to contact us by telephone or visit us in person, please see information about our offices here.  Kirkland Woods & Martinsen partner Dan Wheeler and attorney Michelle Burge will presenting at the Kansas City Metropolitan Bar Association's Probate and Trust Litigation CLE on Friday, November 12. Dan will be co-presenting with with Anne-Linton Pond Hendrickson of Complete Estate & Probate Law on the topic of "Accounting Statutes in Kansas and Missouri, Powers of Attorney and Trust Accountings." Michelle will be co-presenting with Rochelle Falk of Poslinelli and Amy DeGraeve of The Counts Law Firm on the topic of "Marriage, Divorce and Death: Impacts to Beneficiary Designations and Inheritance Rights"
To learn more about KCMBA's Probate and Trust Litigation CLE, including how to register and watch Dan and Michelle's presentations, please visit their website or review the meeting brochure. To learn more about Dan's practice, please visit his bio or contact him at [email protected] or 816-792-8300 To learn more about Michelle's practice, please visit her bio or contact her at [email protected] or 913-469-0900. On September 13, 2021, the U.S. House of Representatives Ways and Means Committee introduced a bill (the “Proposed Tax Act”) proposing changes which could significantly impact estate planning. Although the Proposed Tax Act is still awaiting a vote in the House, some of the changes summarized below may be effective as of the date of introduction (September 13, 2021), if the bill is signed into law. Other key provisions will either become effective the date on which the bill is signed into law by President Biden or on January 1, 2022. The key tax proposals that may affect estate plans are summarized below.
Reduction of Estate and Gift Tax Exemption The estate and gift tax exemption may be reduced from $11,700,000 to $6,000,000 (figures to be adjusted for inflation), effective on January 1, 2022. In order to take advantage of part or all of the “disappearing exemption,” an individual would have to make a gift in excess of $6,000,0000, up to $11,700,000, and must do so prior to December 31, 2021, or to obtain the current benefits of gifting strategies utilizing Grantor Trusts (described below), by the date of enactment, which may be as soon as late October or early November. Grantor Trust Reformation The Proposed Tax Act will change “Grantor Trust” tax law, which has long been a useful estate planning technique for those with potentially taxable estates. The current Grantor Trust rules allow the taxpayer (i) to remove assets from his taxable estate by gifting assets to an irrevocable trust that may benefit a spouse during the taxpayer’s lifetime (Spousal Lifetime Access Trust or “SLAT”), (ii) to leverage the gift tax exemption and remove assets from his taxable estate while providing an income stream to the taxpayer (Grantor Retained Annuity Trust or “GRAT”), and (iii) to sell an asset to a Grantor Trust without triggering capital gains tax while removing the future appreciation of the asset from the taxpayer’s estate (sale to an Intentionally Defective Grantor Trust or “IDGT”). The Proposed Tax Act will significantly and negatively impact the benefit of these estate planning techniques by including Grantor Trusts in the taxpayer’s estate; by causing distributions from the trust, or turning off the trust’s “grantor trust status,” to be treated as taxable gifts (if done during the taxpayer’s lifetime); and by treating transactions between the taxpayer and his Grantor Trust to be recognized for income tax purposes, thus triggering immediate income tax consequences. Although not required to be structured as a Grantor Trust, many irrevocable trusts that own life insurance policies (“ILIT”) are structured as such. As stated above, because the Proposed Tax Act will cause Grantor Trusts to be included in the taxpayer’s estate, it is important to seek legal advice prior to making any new gifts to an ILIT. As proposed, the Grantor Trust law changes may take effect as soon as the bill is signed into law (which may be as early as late October or early November) and may not only be applicable to Grantor Trusts established after the effective date, but also to transfers made after the effective date to or from pre-existing Grantor Trusts. If your estate plan includes a Grantor Trust, such as a SLAT, ILIT, IDGT or GRAT, or you are interested in implementing these techniques before the effective date of the Grantor Trust law changes, you should seek legal counsel as soon as possible. Elimination of the Valuation Discounts The current tax law permits ownership interests in certain entities such as limited liability companies and limited partnerships that hold non-business assets to be valued at a “discount” for gift and estate tax purposes. Some of the discounts include a reduction for ownership of a minority interest and for lack of marketability of an ownership interest in the entity. The Proposed Tax Act will eliminate the valuation adjustments of ownership interest in entities that own “non-business” assets. Transfers of such interests will be valued as if the asset itself were transferred directly the to the individual. Income Taxation for Individuals, Estates and Trusts The Proposed Tax Act brings back the 39.6% tax rate that was eliminated by the 2017 Tax Act. Married couples filing jointly with taxable income over $450,000 ($400,000 for single taxpayers) will now be in the 39.6% income tax bracket. Non-grantor trusts will once again be taxed at 39.6% on income exceeding the $12,500 threshold. This change is anticipated to take effect on January 1, 2022. In addition to the 39.6% income tax rate, married couples filing jointly with a modified adjusted gross income over $5,000,000 and for trusts and estate income over $100,000, a 3% surcharge will be assessed on the income over such thresholds. This will be in addition to the 3.8% Affordable Care Act surcharge that is currently in effect. Another significant income tax proposal is an increase in the 20% capital gain tax rate to 25% for single taxpayers with taxable income over $400,000 and married taxpayers with taxable income over $450,000. The 25% capital gain tax rate will apply to non-grantor trusts with income over $12,500. As the Proposed Tax Act is currently drafted, this change will be effective September 13, 2021. Changes in IRAs and Qualified Retirement Plans The Proposed Tax Act will also change contribution and distribution rules for retirement plans for taxpayers with more than $10,000,000 in IRAs and qualified retirement plans, if the taxpayer’s AGI exceeds certain thresholds. For those taxpayers, in addition to the current required minimum distribution rules, an additional distribution must be taken of 50% on balances that exceed $10,000,000. Additional rules are proposed for those taxpayers with IRA and qualified retirement plans balances that exceed $20,000,000. Taxpayers with IRA’s valued in excess of $10,000,000 will no longer be able to contribute to a qualified retirement plan. Married taxpayers with taxable income in excess of $450,000 (or $400,000 if single) will no longer be able to convert their traditional IRAs to Roth IRAs effective January 1, 2022. Conclusion Please note that the above summary is in reference to the Proposed Tax Act introduced by the U.S. House of Representatives Ways and Means Committee, which has not yet been enacted into law. If you would like more information regarding your estate plan and how that may be impacted by the Proposed Tax Act or any other matters being considered by Congress, please do not hesitate to reach out to us. We also recommend that people seek legal counsel prior to taking any action given the fluid nature of these potential changes. Disclaimer Kirkland Woods & Martinsen LLP provides this material for informational purposes only. The material provided herein is general and is not intended to be legal advice. Nothing herein should be relied upon or used without consulting a lawyer to consider your specific circumstances, possible changes to applicable laws, rules and regulations and other legal issues. Receipt of this material does not establish an attorney-client relationship. Kirkland Woods & Martinsen LLP is very proud of the results we obtain for our clients, but you should know that past results do not guarantee future results; that every case is different and must be judged on its own merits; and that the choice of a lawyer is an important decision and should not be based solely upon advertisements.  Kirkland Woods & Martinsen LLP is pleased to announce that ten of its attorneys have been recognized by The Best Lawyers in America® as leaders in the legal profession for 2022. Eight of those KWM attorneys were listed in the 2022 Best Lawyers list. Of those eight, KWM partners Emily Kembell and Dan Wheeler were also recognized as the "Lawyers of the Year" in their respective practices and locations. Finally, two KWM attorneys were listed in the 2022 Best Lawyers: Ones to Watch list. In addition to the individual recognition, KWM was the "Top Listed" law firm for Litigation - Trust and Estates in Missouri having more attorneys (5) ranked by Best Lawyers in that practice area than any other firm.
Since it was first published more than three decades ago, Best Lawyers has become a definitive guide to legal excellence, earning the respect of the profession, the media, and the public as the most reliable, unbiased source of legal referrals. Lawyers on The Best Lawyers in America list are reviewed by their peers on the basis of professional expertise, and undergo an authentication process to make sure they are in current practice and in good standing. Best Lawyers: Ones to Watch recognizes associates and other lawyers who are earlier in their careers for their outstanding professional excellence in private practice in the United States. "We are thrilled with the recognition of our attorneys by Best Lawyers" says KWM founding partner Bob Kirkland. "These recognitions are a testament to our firm and our attorneys' commitment to client and community service." Those attorneys recognized by Best Lawyers are:
Those attorneys recognized as "Ones to Watch" by Best Lawyers are:
Those attorneys recognized as "Lawyers of the Year" by Best Lawyers are:
To learn more about any of the KWM attorneys referenced above, please click on their names to be taken to their bio pages. To learn more about any of our professionals, click here. If you need to contact us by telephone or visit us in person, please see information about our offices here.
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