If you're a business owner or you work in a high-risk profession, asset protection may be a source of concern for you.You could potentially consider the creation of a self-settled asset protection trust to proactively shield your resources. These trusts are alternately referred to as domestic asset protection trusts.Future CreditorsThe first thing to understand about a self-settled asset protection trust is the fact that you cannot decide to establish the trust after you know that you … [Read more...] about An Asset Protection Trust Can Provide a Solution
Estate planning is a basic responsibility of adulthood, but unfortunately, most Americans are unprepared. When you fail to plan ahead for something that is inevitably going to happen, you are doing your loved ones a disservice.In this post, we will share five reasons why you should definitely work with an attorney from our firm to put an estate plan in place.Facilitate Timely and Efficient Asset TransfersDo you want your loved ones to wait around for many months to receive their … [Read more...] about Five Reasons You Need an Estate Plan
The subject of taxation on inheritances can be confusing for someone who is not in the field. You may have heard the terms “inheritance tax” and “estate tax,” and you will naturally have questions.Are these two different ways of describing the same tax, or are they separate taxes? Do the terms refer to income taxes on inheritances? What about the distinction between federal and state taxes?These are good questions, and we will provide the answers in this post.Income TaxesThe terms do … [Read more...] about Is There an Inheritance Tax in Kansas?
Even wealthy families are often most concerned about the possessions which they have around them. They may have financial accounts with lots of zeros, yet they are most concerned about the things which they have collected or been given over the years. At first glance, this may not make much sense because the items may not be of great financial value. But folks may have developed great emotional attachment to these items. In fact, there is a psychology of stuff and the attachment people have to … [Read more...] about How to Dispose of “Stuff”
If you're married, your estate plan can be jointly created with your spouse (and most couples would go in this direction). However, people who get married later in their lives and enter the marriage with children and considerable resources may decide to plan their estates separately.In this post, we are going to look at the shared estate plan option, with an emphasis on the joint living trust.Joint WillBefore we focus on the shared living trust, we should explain why you would do well to … [Read more...] about Consider a Shared Living Trust
A lot of people who do not have estate plans in place say that they know they should take action, but they don’t know where to start. If you answer the questions we will ask in this post, an estate planning outline will start to take shape.Do you have concerns about the money management capabilities of your heirs?Asset distributions through the terms of a simple will would be provided in direct lump sums, and there would be no safeguards going forward. The inheritors would be in possession … [Read more...] about Answer These Questions to Shape Your Estate Plan
Let's be honest, some of our kids just aren't ready to handle large sums of money (like their inheritances)…Under these circumstances, you might consider making these particular family members the beneficiaries of an incentive trust.Useful GuidanceTo implement an incentive trust, you'd fund the trust and name a trustee to act as the administrator. Any competent adult who is willing to assume the role can technically act as a trustee from a legal perspective. However, you want to engage a … [Read more...] about Incentives Can Be Part of Your Estate Plan
We pay close attention to estate planning surveys, and Caring.com has been leading the way over recent years. They have consistently conducted annual studies, and their results for 2021 have been released.COVID Has Gotten the Attention of Younger AdultsGiving someone advice is one thing, but there is no substitute for real world experiences that paint a compelling picture. The COVID-19 pandemic has gripped the world for over a year at this point, and we have all seen how an unexpected event … [Read more...] about New Estate Planning Survey Reveals a Surprising Reversal
In a general sense, life insurance can enhance your estate plan, and it can satisfy a couple of specific objectives. We will provide an overview here, but first, we will explain the two most commonly used forms of life insurance.1. Whole LifeWhole life insurance is coverage that will pay a death benefit, and it accumulates a cash value. There is a guaranteed rate of return, so it serves as an investment instrument.This is permanent life insurance that will remain in place unless you … [Read more...] about Is Life Insurance Part of Your Estate Plan?
They say that the only constant is change, and this reality can affect your estate planning efforts. Your original actions will reflect your mindset and your family dynamic at that time, but as life goes on, circumstances can change in many different ways.With this in mind, we will look at the matter of trust revocation in this post.Revocable Living TrustsThe most commonly used trust is the revocable living trust, and the name is self-explanatory to a large extent. This type of trust … [Read more...] about Can You Change Your Mind and Dissolve Your Trust?