When it comes to drafting your will on your own using a DIY plan, you may want to think again. If you want to remodel your bathroom, do-it-yourself may be a great way to go. But when it comes to estate planning tools, Missouri DIY estate plans are really not the best choice. Despite their low cost and simplicity, they may not provide the accuracy and security that you should be able to rely on when creating an estate plan.The essential requirements for drafting a WillThe Last Will and … [Read more...] about The Risks of Using Missouri DIY Wills
Elder Law Attorney Dispels Common Myths
When Kansas City residents consider creating an elder law plan or need answers to elder law questions, there are certain myths that usually become an issue. The reason there are misconceptions regarding elder law is that most people are not familiar with this particular area of the law. In this article, we will dispel many of the common myths regarding elder law issues.Spouses are not always automatically authorized to handle each other's affairsA common fallacy is that spouses will … [Read more...] about Elder Law Attorney Dispels Common Myths
Fatal Crash in Kansas City Reinforces the Need for Estate Planning
Sadly, a recent fatal car crash in Kansas City, Missouri reminds us of the need for estate planning. The reality is that we never know when tragedy may strike, but for our families' sake we need to be prepared just in case. Earlier this month, a serious car crash occurred at 63rd Street and Prospect Avenue in Kansas City, leaving one victim dead and two others injured. The severe collision left debris scattered on the roadway. The driver of one of the vehicles involved had to be extricated from … [Read more...] about Fatal Crash in Kansas City Reinforces the Need for Estate Planning
Living Trust Benefits You May Not Know About
A living trust is a common estate planning tool for many clients. Creating a living trust has become a 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.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 established by your will upon your death. As with other … [Read more...] about Living Trust Benefits You May Not Know About
Asset Protection Strategies to Avoid
Whether you are a small business owner or not, asset protection is something to consider as part of your overall estate planning. Anyone can be at risk of facing a legal judgment or creditor at some point. The best move is to be proactive and put protections in place early for your assets. That is why an asset protection plan should be included in your goals. Asset protection strategies are widely varied, so discussing your options with your estate planning attorney before settling on any … [Read more...] about Asset Protection Strategies to Avoid
Do I Need a Third-Party Special Needs Trust?
For anyone who has a loved one with special needs or a disability, a special needs trust is something very useful to consider as part of their estate plan. A special needs trust can be used in order to provide resources for your loved one so you can be sure to continue providing their support and care in the case of your death or incapacity.What is a Trust?The basic purpose of a trust is to protect the assets you place in trust for the future benefit of your heirs or beneficiaries. Using a … [Read more...] about Do I Need a Third-Party Special Needs Trust?
Kansas City Missouri Power of Attorney Varieties
Though most of us have heard the term "power of attorney," few know what a power of attorney is and what it can do. Not every power of attorney functions the same way and some types are better suited than others, depending on your needs. Here is what you should know about a Missouri power of attorney for Kansas City residents.The basic definition of a power of attorneyA Power of Attorney is a legal document that authorizes one person, referred to as the agent, to act on behalf of another, … [Read more...] about Kansas City Missouri Power of Attorney Varieties
Four Tricks for Avoiding Probate
Although many clients seek an estate plan that will help them avoid the probate process, most clients do not really understand what the probate process actually involves. One misconception is that avoiding probate means eliminating estate taxes. Another misconception is that your estate only goes through probate if you die without a will. If avoiding probate is really what you want, you should first know what you are avoiding. Once you have decided, here are four methods for getting it … [Read more...] about Four Tricks for Avoiding Probate
What Exactly is a Power of Attorney?
An estate planning attorney has many tools in his arsenal. A power of attorney is one of those invaluable tools. Every power of attorney is unique and should be drafted specifically to accomplish the needs of each client. Each power of attorney also has its own terms and limitations. But what is a power of attorney, exactly?The legal definition of a power of attorneyA power of attorney is a legal document that gives one person the authority to act on behalf of another. The “principal” is … [Read more...] about What Exactly is a Power of Attorney?
Planning Your Retirement with IRAs
Have you created your retirement plan yet? It's probably not too late to start. If you want a comfortable retirement, you can't simply rely on your Social Security benefits. Instead, you must plan ahead and create a comprehensive retirement plan that will meet your future needs and allow you to relax comfortably in your golden years. Individual Retirement Plans (IRAs) are an easy way to start your plan while saving and investing in your future.How an IRA works in retirement planningAn … [Read more...] about Planning Your Retirement with IRAs
