Most people think “estate planning” is something you do later.After retirement.After the kids are grown.After life slows down.Here’s the truth: your estate plan isn’t just about what happens after you’re gone. It’s about protecting your life, your family, and your peace of mind right now.At Gaughan & Connealy Estate Planning Attorneys here in Overland Park, Kansas, we’ve seen how powerful an up-to-date plan can be — and how risky it is to wait.Why “Now” Matters More Than You … [Read more...] about Your Estate Plan Isn’t Just for After Life—it’s the Anchor for Your Life Right Now
Why You Should Review Your Will or Trust
A well-drafted estate plan is one of the most important steps you can take to protect your family, your assets, and your peace of mind. But creating your will or trust isn’t a “set it and forget it” event. Life changes — and so do the laws that affect your estate.That’s why we recommend reviewing your estate plan every five years (and sooner if you experience major life changes). Here’s why that timeline matters.1. Your life evolves — your plan should, too.Over the course of just a few … [Read more...] about Why You Should Review Your Will or Trust
What Football and Estate Planning Have in Common
I really wanted to watch the Sunday night football game, and I really needed to write this blog, so I thought I’d do both and write a blog about what football and Estate Planning have in common. Turns out it’s more than you think. Both Estate Planning and football focus on strategy, teamwork and preparing for the future. Both require assembling the right team, adapting to changes, and defining clear goals. To reach the desired conclusion, both Estate Planning and football require foresight, … [Read more...] about What Football and Estate Planning Have in Common
Preparing for FinCEN Real Estate Reporting
For years, the Department of the Treasury was concerned that all-cash residential real estate transactions offered an opportunity to launder illicit funds. Bank-financed purchases already fall under lender Anti-Money Laundering (“AML”) obligations, but transfers that bypass institutional financing historically received far less scrutiny. Financial Crimes Enforcement Network (“FinCEN”)’s new residential real estate reporting requirement closes that gap by requiring reporting for … [Read more...] about Preparing for FinCEN Real Estate Reporting
Hulk Hogan and Disclaimers…?
What do “Hulk Hogan” (born Terry Gene Bollea) and Disclaimers have in common? Potentially, Hulk’s daughter, Brooke Hogan (“Brooke”), if sources portray the situation accurately. I recently read an article asserting that Hulk Hogan had his affairs in order and had created a Revocable Trust prior to his death. For the curious, the terms of a Revocable Trust generally do not become public, which means that Hogan’s plan may remain a mystery. That changes if someone initiates a lawsuit. In this … [Read more...] about Hulk Hogan and Disclaimers…?
“Let’s Go Crazy” … Over Prince’s Estate
Earlier this week I was preparing for a seminar and came across an article regarding Prince (born “Prince Rogers Nelson”) which got me “Delirious” over his Estate. A small idea took root and as I researched, I discovered that despite the near decade that has passed since his death, Prince’s Estate remains a “Controversy.” Just this week, his former protegee and co-star in the 1984 film, Purple Rain, Apollonia (Patty Kotero) sued Paisley Park Enterprises, LLC accusing the company of using … [Read more...] about “Let’s Go Crazy” … Over Prince’s Estate
Demystifying Death and Disability: The Conversations Your Family Can’t Afford to Avoid
By Chris & Casey, Gaughan & Connealy Estate Planning AttorneysLet’s be honest: Nobody likes to talk about death or disability. These are the conversations that make even the bravest among us want to change the subject. But here’s the reality—avoiding the topic doesn’t make the risk go away. It just makes things harder on the people you love.So let’s cut through the discomfort and demystify these two topics that affect everyone: death and disability.Why Talk About This … [Read more...] about Demystifying Death and Disability: The Conversations Your Family Can’t Afford to Avoid
How Specific Devises Impact Inheritance
Sometimes even the best laid plans do not work out. Most everyone has certain goals in mind for their Estate Plan, including detailed disposition of their assets upon death. Often, these goals reflect long-standing plans to reward a beneficiary for their devotion to the business or even to follow through on a promise to gift a particular asset to a beneficiary. The ideas may seem straight-forward; however, these simple bequests can prove difficult, if not impossible, to implement if the assets … [Read more...] about How Specific Devises Impact Inheritance
National Make-a-Will Month
I can’t believe it’s August and that means “National Make-a-Will Month.” Learning of August’s title as National Make a Will month after leaving private practice stunned me. As an Estate Planning professional, I embrace dedicating a month to encouraging individuals to make a Will. I will endeavor to spread the word to as many Trusts and Estates Practitioners and centers of influence as possible.According to a recent report issued by Trust and Will, a mere 31% of Americans have a Will and just … [Read more...] about National Make-a-Will Month
Graduation . . . What’s Next?
Summer brings longer days, hotter temperatures, thoughts of vacation, and graduation parties. For those hosting graduation parties, or for those in whose honor those parties are held, it’s an opportune time to consider Estate Planning. Many high school graduates head off to college in the autumn and these newly minted adults need to have some of the most basic Estate Planning documents in place before their departure. Although some clients put off Estate Planning for themselves, sometimes it’s … [Read more...] about Graduation . . . What’s Next?
