According to at least one article, there are many reasons to retire in Missouri. But what good is finding a great place to retire if you don’t have sufficient financial resources to do so comfortably? If you haven’t created your retirement plan yet, it’s not too late. Instead of relying on Social Security Benefits, you can have a comfortable retirement if you engage in comprehensive retirement planning. Individual Retirement Plans (IRAs) are an easy way to start your plan while saving and … [Read more...]
How is a Testamentary Trust Different from a Living Trust?
Most people are aware that there are 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 Overland Park trust lawyers help you decide.How … [Read more...]
Will or Trust? Kansas City Probate Attorneys Explain
If you have thought at all about your estate plan, you may know that a will and a trust are two of your options. However, many clients want to know what’s the difference between a will and a trust? Although a will and a trust are both very helpful estate planning tools, they do have different characteristics and their purposes are not the same. Nevertheless, as our Kansas City probate attorneys agree, both of these tools can be used together to create an effective estate plan.Our Kansas City … [Read more...]
Estate Planning vs Will: Which Do I Need?
You may be wondering the difference between estate planning vs a will? But the truth is, the last will and testament is simply one of several tools used in the estate planning process. The purpose of estate planning is to provide the opportunity to prepare yourself and your family for death and the possibility of incapacity during your lifetime. There are several different options when it comes to estate planning. Choosing the right one will depend on your individual goals for the future. Your … [Read more...]
Can I Protect My Assets With a Trust?
Although business owners and those who own commercial property are usually most concerned about asset protection, the truth is you don’t have to own special property to want to protect your assets. There may be potential legal claims in the future you have to defend against. If you don’t want to run the risk of losing everything you own as a result of an unexpected situation, you need asset protection. Irrevocable trusts are one way to accomplish that. Let our Kansas City asset protection … [Read more...]
Addressing Capacity Issues in Your Estate Plan
Clients who are concerned about an elderly loved one whose behavior has changed or whose ability to accomplish everyday tasks has become more limited often have questions about capacity. Some common signs that your loved one may need formal assistance include trouble remembering to take medication or pay bills and disorientation. If you have any of these concerns, contact one of our Kansas City estate planning attorneys.What is capacity?The term “capacity” can be difficult to define as there … [Read more...]
Overland Park Medicaid lawyers Discuss Protecting Your Home from Recovery
Although you may still qualify for Medicaid benefits and own your home, you should understand that Medicaid still has the option of imposing a lien on your home if you receive benefits for nursing home services. Medicaid can also collect against your estate after you pass away. For that reason, it is important to understand the different options in Medicaid planning that are available to you. If your goal is to protect your assets for your heirs, one of the best options is an irrevocable … [Read more...]
Overland Park Asset Protection Trusts: DAPT
There are various types of trusts that can be used as part of your estate planning strategy. Domestic Asset Protection Trusts are one of those great options. However, not every state has a statute that recognizes the use of these types of trusts. In fact, only 16 states currently have this law in place. Missouri joined that list in 2005 but Kansas has not. Here is what you need to know about Overland Park asset protection trusts, in particular, Domestic Asset Protection Trusts.What are … [Read more...]
What Can an Elder Law Attorney Do For You?
With so many different types of attorneys out there, with different specialties, you may be wondering whether an elder law attorney is the type of attorney you need for your specific legal issues. An elder law attorney primarily handles issues relating to seniors. This can include nursing home issues, estate planning, and guardianships, just to name a few. So, when would you need an elder law attorney?The training and experience of an elder law attorneyElder law attorneys receive special … [Read more...]
How to Handle Estate Disputes Between Siblings
Estate planning involves more than just deciding who will receive your cash and personal property after your death. A mistake that some clients make is overlooking the potential for family disputes, particularly over heirlooms. Heirlooms often have more sentimental value than monetary value. Part of determining how to distribute your assets after death includes distributing heirlooms that need to be kept in the family and passed on through the generations. More importantly, it is important to … [Read more...]
