Estate planning attorneys emphasize the importance of personalized attention, because each family is different. There is no one set estate plan that is right for everyone, and this is why you should discuss your unique situation with a licensed lawyer from our firm.The above being stated, there is a basic framework that is applicable to everyone, and we will take a look at it here.Asset Transfer MethodClearly, the facilitation of postmortem asset transfers is at the core of the estate … [Read more...]
LGBT Planning: Edith Windsor Changed the Playing Field
Our firm is very receptive to the needs of members of the LGBT community, and estate planning has traditionally been especially important to committed gay couples. This was before same-sex marriages were recognized by the federal government. At that time, legal steps were necessary to protect rights that should have been inherent.For example, if you were to die without any estate planning documents at all, the probate court would step in to provide clarity. A personal representative would be … [Read more...]
Many Reasons to Plan
Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the first of a series on the ways we can ease the transition through planning. This first article focuses on privacy. The next article will focus on how you leave assets to your loved ones.Let’s look at two people who die in the same car accident. It’s a tragedy for both of them and their families. But, the … [Read more...]
Clarity is Key to Planning
When problems arise in an estate plan, often the source is a lack of clarity.Tom Petty died in 2017 and left a fortune estimated by Newsweek to be around $38 million. Petty did some things right, but he could have done better.What did Tom Petty do right? First, he planned. Most people just let nature take its course and fail to plan. There’s an old adage: when you fail to plan, you are planning to fail. That’s usually as true in estate planning as with most things. Each state has a … [Read more...]
Incapacity Planning Can Prevent a Guardianship
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...]
