A living trust is a common estate planning tool for many clients. When it comes to living trusts and probate, you may be able to avoid the time and expense of probate with an appropriate living trust. 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.What is a living trust and how does it work?A "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being … [Read more...]
Planning for Frequent Flyer Miles
This article examines the transfer of frequent flyer mile accounts to beneficiaries. It looks at Anthony Bourdain’s will and its disposition of his miles. The article points out that these are contractual rights and you may or may not be able to transfer them at death.Frequent Flyer miles and other reward points can be valuable resources. Many credit card companies give tens of thousands of miles or points for opening an account and then give miles or points for each purchase. The typical … [Read more...]
What Type of Trust Protects Assets?
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. One good thing to know is what type of trust protects assets.Understanding the primary … [Read more...]
Strategies Recommended by Overland Park Asset Protection Lawyers
You may not be thinking about asset protection yet, but regardless of how much wealth you may have accumulated, there are certain asset protection strategies that you should consider. This is particularly true when you are receiving an inheritance, proceeds from a lawsuit, the sale of stocks or securities, or any other circumstance that will potentially increase your wealth. Our Overland Park asset protection lawyers can explain these various strategies to you and help you make a … [Read more...]
Planning for the International Client
Estate planning for the international client can be tricky. This article looks at the estate tax treatment of U.S. citizens and non-resident aliens. The article then looks at an example of someone who lived in the U.S. and then departed.Today’s world is increasingly mobile. It’s increasingly common for estate planning attorneys to have clients who weren’t born in the United States or who own property outside of the United States. As estate planning lawyers, how do we meet the needs of these … [Read more...]
6 Important Estate Planning Considerations – Part 6: Taxes
An estate plan considers many important aspects. One of the many aspects to consider is the impact of taxes. This article examines some of the many ways consideration of taxes might impact an estate plan.When planning, taxes are an important consideration. Of course, that does not mean they are the only consideration, or even the most important consideration. That’s the reason taxes appear as the final estate planning consideration on the list. Taxes really break down into two components: … [Read more...]
Dead Hand Control: How Much is Too Much?
This article examines trying to exert control over your beneficiaries after death. Sometimes, our clients try to dictate the exact manner in which funds are used. Usually, it is a better course to give the trustee discretion.Often, clients want to continue to control their beneficiaries after death, just as they’ve done during lifetime. They want to etch in stone the exact circumstances under which distributions should be made to the beneficiaries. Sometimes they think the beneficiary will … [Read more...]
Planning for the Unexpected
This article examines the death of Charlotte Fox, one of the most famous mountain climbers ever, who fell down her stairs at home. You never know what risks might be around the corner, so you should be prepared. The article looks at the elements of a basic plan.Charlotte Fox was an adventurous woman. She was a serious mountain climber and reached the summit of some of the world’s tallest mountains. She became the first American woman to climb three peaks above 8,000 meters, including the … [Read more...]
Using a Domestic Asset Protection Trust
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. Our asset protection lawyers can explain these trusts and how they work.What are Domestic Asset Protection Trusts?A Domestic Asset … [Read more...]
Living Trust Lawyers’ Tips for Estate Planning
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...]
