When most people think of estate planning, wills and trusts are often the first things to come to mind. There are so many different types of wills and trusts that you may have a lot to consider before choosing your estate planning strategies. A living trust is one of many important components of a good estate plan. But there are many myths surrounding this particular estate planning tool. The Overland Park living trust lawyers at Gaughan & Connealy are here to dispel some of the common … [Read more...]
Why Should I Include a Testamentary Trust in my Estate Plan?
Most people are aware of the many different types of trusts available in estate planning. A testamentary trust is a specific type of trust that does not become effective until after your death. This is quite different from a living trust, which goes into effect when you create it and remains in effect during your lifetime. If you are trying to determine whether a testamentary trust is what you need to include in your estate plan, let our Kansas City estate planning lawyers help you … [Read more...]
Overland Park Estate Planning Attorneys Discuss Inheritance
For those who receive, or may need to apply for, income-based government benefits, there is always a risk that receiving a substantial inheritance may jeopardize eligibility for those benefits. For example, recipients of Medicaid or SSI benefits must maintain a limited amount of financial resources in order to maintain eligibility. Therefore, if a recipient is receiving an inheritance, steps need to be taken pursuant to the applicable inheritance laws to protect his eligibility. Our Overland … [Read more...]
6 Important Estate Planning Considerations – Part 3: Your Kids
An estate plan considers not just to whom assets should go, but also how. Each beneficiary is unique, and the estate plan should consider their unique situation. This article looks at a couple with three very different children and how they might leave the assets for them in three very different ways.Often, when people think of “estate planning” they think it’s only about deciding who gets the assets. However, how they get the assets may be even more important.The default under state … [Read more...]
Is a Living Trust the Best Estate Planning Tool?
A living trust is a very common element of estate planning. 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. Our living trust lawyers will explain those to you here.What are living trusts and how do they work?A "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being … [Read more...]
Estate Planning Lawyers Discuss Satisfying Estate Debts
One of the main responsibilities of a personal representative is to handle the debts of the decedent. Each state has its own established order of priority when it comes to paying the debts and creditors of an estate. The personal representative is required to pay any outstanding medical expenses, but only from the decedent’s final illness. Also, funeral costs, debts to creditors, and applicable taxes need to be paid. If you have questions about these steps, let our estate planning lawyers … [Read more...]
Estate Planning: The Simplest Plan is Usually Not the Best
Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits?During both time periods, you could have a very simple estate plan: Do nothing. Let’s see how the simplest plan works.If you … [Read more...]
Age-Related Retirement Milestones
There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help you determine your progress as you plan for retirement.But, there are certain age-related milestones you need to remember as … [Read more...]
Estate Planning: Simple is not Always Better
Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits?In this blog, we’ll look at a plan which is very simple, but which does not include a trust.A simple, common plan without a … [Read more...]
The Pros and Cons of a Medicaid Trust
Kansas Medicaid is a very helpful health care assistance program. The program is run on the state level pursuant to federal requirements. It is a need-based benefits program that covers medical care that is deemed medically necessary by a physician. For that reason, there are income and financial resource limitations imposed on applicants. So, if your assets exceed $2,000 then you may not be eligible for Medicaid benefits. That is where Medicaid planning comes in. As part of your Medicaid … [Read more...]
