As estate planning and elder law attorneys, we focus on the eventualities of aging. Unfortunately, they are not always the most pleasant things in the world to consider, but they are facts of life, nonetheless. If you take the right steps, you can make a difficult situation as manageable as possible.With this in mind, we will look at the importance of incapacity planning in this blog post.Incapacity Among EldersWe have all heard of Alzheimer’s disease, but many people are surprised when … [Read more...]
What is a GST Trust?
What if you could give your children assets in a trust and they could use them and yet they’d avoid estate taxation at their deaths? That’s what a “Generation-Skipping Transfer” Trust, or “GST” trust does. It is a trust which is designed to avoid estate taxation at the death of the beneficiary.How “GST”s WorkDuring the life of the beneficiaries, the assets in the trust are used for their health, education, maintenance, and support. After the beneficiary’s death, the assets go to his … [Read more...]
Estate Planning: Cover All of Your Bases
We have the opportunity to provide our clients with peace of mind, and this is a very gratifying part of our job. There are a number of different estate planning and elder law concerns that people typically have, and we help them craft plans that address them appropriately. In this blog post, we will look at some of the different matters that our clients care about and share the solutions that are typically utilized.Nursing Home Asset ProtectionThis sounds like an instance in overstating the … [Read more...]
Planning is Critical
58% of American adults have no will, no trust, and no estate plan at all, according to a recent study by Caring.com. Unfortunately, whether you plan for it or not, death is inevitable.Laws of IntestacyIf you have no plan, your state of residence has a plan for you, it’s called “intestacy.” With intestacy, your assets go to those the state has pre-determined. They may or may not be the people whom you love and who love you. Each state’s intestacy laws are slightly different. But, … [Read more...]
Living Trusts: How They Work and Why You Might Need One
One of the most common estate planning tools with many benefits is the living trust. Creating a living trust is a very useful way to avoid the time and expense of probate. If you are considering including a living trust as part of your estate plan, you should know more about the living trust benefits you can expect. Our Overland Park living trust attorneys will explain those to you here.What is a Living Trust?A "living trust" is a particular type of trust that becomes effective while you … [Read more...]
Kansas City Trust Attorneys Explain the Difference Between Testamentary and Living Trusts
If you are like most people, you may not be familiar with the different types of trusts available in estate planning. The basic difference between testamentary and living trusts is when they become effective. A testamentary trust is a special type of trust that does not become effective until after your death. On the other hand, a living trust goes into effect when you create it and remains in effect during your lifetime. If you need help deciding which type of trust will best suit your estate … [Read more...]
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal.Income TaxRepresentative Alexandria Ocasio-Cortez (D-NY), one of the new class of legislators in the House of Representatives has suggested the rate of income taxation for high-earners be raised. She is suggesting a top rate for those making over $10 million per year be increased to 60% or 70%. She’s suggesting the proceeds could be used for a “Green New Deal” or other … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD (Transfer on Death) designations, POD (Pay on Death) designations, and beneficiary designations can be useful in the right circumstances. Each of these tools allows for an automatic transfer to the named beneficiary at the death of the owner. But these tools can have a few shortfalls. First, if the named person predeceases the owner, typically it will not be effective to transfer the assets. Sometimes, you could name a contingent beneficiary and then it would go to that person. But, if there … [Read more...]
Living Trust Benefits You Should be Sure to Consider
A living trust is an estate planning tool that is commonly used by clients. Establishing a living trust has become a way to avoid the time and expense of probate. If you are considering including a living trust as part of your estate plan, you should know more about the living trust benefits you can expect.Understanding a Living Trust and How it WorksA "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being established by your will upon your … [Read more...]
Can You Transfer a Mortgaged Home to a Living Trust?
A living trust is one of many important components of a good estate plan. Clients often have very important questions about how a living trust works and how you can benefit from including one in your estate planning. One question clients often ask is whether they can include their residence in a living trust even if that home is mortgaged. The Kansas City living trust attorneys at Gaughan & Connealy can answer this question and many others.Can Mortgaged Real Estate Be Placed in a … [Read more...]
