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...]
Estate Planning Attorneys Discuss Inheritance Planning
Many clients mistakenly assume that creating an estate plan is the only way to deal with inheritance choices. They also believe that inheritance planning and estate planning are one in the same. While the two planning strategies certainly go hand in hand, they are not synonymous. Let our estate planning attorneys explain inheritance planning and how it is different from estate planning.What does inheritance planning involve?Inheritance planning is basically a strategy involving various … [Read more...]
Medicaid Planning Can Protect Your Assets
Most people who are considering the potential need for Medicaid benefits to cover long-term care have the misconception that becoming eligible means giving away all of your property to your family. The unfortunate reality is that there are laws meant to discourage people from doing just that. The rule is that if you transfer any assets within five years of your application for Medicaid benefits, it is likely that your benefits will be delayed for a certain “penalty period.” The good news is, … [Read more...]
When is the Right Time to Access your IRA?
Although generally speaking, you can access the funds in your IRA at any point, the issue is whether you will be charged a penalty. Because an IRA is meant to be a "retirement account," the laws are made to discourage you from raiding your IRA funds until retirement. However, as with most things, there are exceptions. Our estate planning attorney can explain when it is the right time to access your IRA.Planning your retirement with IRAsHave you created your retirement plan yet? It's not … [Read more...]
A Special Option for Special Kids
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26.Planning for beneficiaries with special needs requires unique attention. Public benefits can be an essential way to provide for the specialized care these beneficiaries require to allow them to lead … [Read more...]
Missouri’s 2017 Budget Cuts Medicaid Benefits
You may have heard by now that the budget that became effective in July of this year includes some cuts to Medicaid benefits that many disabled Missouri residents are very concerned about. Governor Eric Grietens' first budget includes cuts to certain Medicaid benefits as well as funding to some in-state human services agencies. This is just another reason why Medicaid planning is so important.Consequences of Medicaid budget cutsA non-profit agency in Kansas City, The Whole Person, reports … [Read more...]
Do I Need a Will and or a Trust?
If you have thought at all about your estate plan, you 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 Overland Park estate planning attorneys agree, both of these tools can be used together to create an effective estate plan.Our … [Read more...]
Trust Attorneys Describe the Many Benefits of Trusts
If you ask trust attorneys whether a trust is a beneficial estate planning tool, the answer will most likely be yes. Trusts are beneficial in minimizing estate taxes and in avoiding probate. There are many other benefits as well. Here are some common examples.What is a trust?Trusts are essentially fiduciary agreements based on the trust and confidence that exists between the trustee and the person making the trust, known as the trustor. The trust agreement authorizes the trustee to … [Read more...]
Overland Park Doctor and Opioid Company Face Federal Charges
The founder of an opioid medication manufacturer, Insys Therapeutics, is being prosecuted for fraud and racketeering based on allegations that he was pushing prescriptions of his company’s powerful painkillers. This case brings to light the dangers and complications of Medicare and Medicaid fraud.Kickbacks to Overland Park physician part of the investigationThis case follows an investigation into the patient records of Overland Park physician Steven Simon. The physician served as the most … [Read more...]
