A major issue for many clients, when it comes to estate planning, is trying to eliminate estate taxes. However, the reality is that most people do not ultimately have to pay estate taxes. Although the federal estate tax rate is 40%, most estates are exempt. Furthermore, as our estate planning lawyers can explain, Missouri estate taxes are no longer imposed so most clients don't need to worry about a state estate tax.Missouri estate taxes have been eliminatedSome clients don’t realize that … [Read more...]
The Purpose of a Pour Over Will
For many clients, a primary goal of estate planning is avoiding probate. If that is the case for you, consider a "pour over" will. Typically, a pour over will is used in conjunction with a living trust, which allows selected property or assets to "pass through" your will upon your death, and then be "poured" into a trust. Once that happens, the property can be distributed to the beneficiaries named in the trust. If you have questions about this special type of will, ask one of our Kansas City … [Read more...]
Wonders of Wildlife to Open in Springfield, Missouri
Springfield will become home to Wonders of Wildlife, an anticipated world-class attraction opening in the busy intersection of Sunshine Street and Campbell Avenue. The attraction will be surrounded by many businesses which, as one developer hopes, will bring a great deal of traffic and business in the area. Another source of heavy traffic is the fishing and hunting mega-store, Bass Pro Shop. When it comes to businesses, it is important for owners to take advantage of the many asset protection … [Read more...]
Tips for the Executor of a Will
Being chosen to serve as the executor of a will for someone you know is an important fiduciary obligation. Before the time comes to actually administer that loved one's estate, there are a few basic things you need to know about estate administration and asset distribution. If you have been chosen to be an executor of a will and need some advice, consult with one of our Kansas City estate planning lawyers.What is actually required in probate administration?In order to start the probate … [Read more...]
Tips for Avoiding Trust Litigation
Trusts are a great estate planning tool that allow you to organize how your property should be distributed to your heirs and beneficiaries. Much like a last will and testament, you can use a trust as your instructions on which property goes to whom after your death. However, with a trust, you can also decide when they receive certain property. If there are any issues concerning your trust or any objections to its provisions, then trust litigation may be necessary to resolve those disputes. When … [Read more...]
Why Kansas City Asset Protection Trusts are Useful
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. You may have to defend against potential legal claims in the future. If you don’t want to run the risk of losing everything you own as a result of an unexpected situation, you may need asset protection. Kansas City asset protection trusts are one easy way to accomplish that and our trust … [Read more...]
Overland Park Medicaid Planning Can Help Avoid Fraud
The unfortunate reality is that Medicaid fraud and abuse exist and they cost billions of dollars each year in diverted funds that should have been used for legitimate health care services. Because of the fraud and abuse, the cost of Medicaid is unnecessarily increased, as is the risk of harm to patients who are unwittingly exposed to unnecessary medical procedures. However, with proper Overland Park Medicaid planning, you can avoid many of the transactions that appear to be fraudulent.What are … [Read more...]
Trust Attorneys Explain the Basics of Trust Administration
Although a trust is a very important estate planning technique because of its usefulness in reducing or eliminating taxes and avoiding probate, administering a trust can be a challenge. Nevertheless, the benefits of a trust cannot be overlooked. Understanding the basics of trust administration can be helpful if you are ever called upon to serve as a trustee. Let our trust attorneys explain the basics.What is the legal definition of a trust?A trust is basically a fiduciary agreement between … [Read more...]
Local Business Owner Assesses Damage After Flooding
The recent flash flooding in Kansas City in late July resulted in swelled creeks and water damage to many buildings in south Kansas City. Luckily there were no serious injuries reported. However, one local business owner returned to assess the damage to her business. This reminds us of the need for asset protection, whether you are a business owner or an individual.Missouri flash flooding leads to water rescuesBoth Cass County and Jackson County in Missouri were under flash flood warnings in … [Read more...]
Two Reasons You Need an Estate Plan
Estate planning is one way to prepare yourself and your family for death and even for the possibility of incapacity during your lifetime. There are several different options when it comes to estate planning tools. Which ones are best for you will depend on your unique goals for the future. Our Overland Park estate planning attorneys can help.No. 1: Being prepared for possible incapacityThe legal definition of incapacity is the ability to comprehend the consequences of certain legal … [Read more...]
