Trusts are an important component to every good estate plan. There are several types of trusts you can choose from. Knowing which type of trust you need is also important. It is often suggested that, as your financial situation or other aspects of your life change, you should review the terms of your trust and make changes as necessary. In order to do that, you must have a revocable trust. The flexibility of revocable trusts is one of their most important benefits.How do I know it’s a … [Read more...] about What You Should Know about Revocable Trusts
How Irrevocable Trusts Protect Assets
Business owners and owners of commercial property are typically concerned about asset protection, but you don’t have to own special property to want to protect your assets. We all have creditors of some type. There may also be potential legal claims in the future you may 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. Irrevocable trusts are one way to accomplish that.The primary goal of … [Read more...] about How Irrevocable Trusts Protect Assets
5 Things You Need to Know About a Pour Over Will
Many clients ask us, “what happens if I have an asset outside the name of my trust at the time of my death? Is there any way to transfer it to my trust at that point?” The answer is YES. Typically, a pour over will is used in conjunction with a living trust, which allows selected property or assets to “pour" into a trust. Once that happens, the property can be distributed to the beneficiaries named in the trust.Advantages of Pour Over WillsMany estate planning attorneys believe that … [Read more...] about 5 Things You Need to Know About a Pour Over Will
Why You Need Asset Protection
Estate planning can accomplish many things, including protecting your assets. Guarding your property against creditors is essential to preserving your estate for your heirs. Creditors include bill collectors and anyone else who may have a legal judgment against you. Everyone can benefit from an asset protection plan, but you must create that plan before it is too late.The purpose of asset protectionCreating an asset protection simply means analyzing your assets and organizing them in a … [Read more...] about Why You Need Asset Protection
Estate Administration and Distribution of Assets
Estate administration is an important fiduciary duty. If you have been named as executor of a loved one's estate, then you should have some basic knowledge about the requirements of estate administration and distribution of assets. Fiduciaries, in the probate and estate context, are usually executors or trustees. Here are some of the basics.The basic steps required in probateThe first step in probate involves initiating the court proceedings by filing a petition. This petition should be … [Read more...] about Estate Administration and Distribution of Assets
Overland Park Farmers’ Market Signifies a Booming Kansas Industry
The Farmers' Market in Overland Park, Kansas has created a great sense of community for its residents. Located at 7950 Marty Street, the Farmers' Market has provided "farm-to-table food" for more than 30 years, with more than 70 quality vendors. The market offers its customers a huge selection of fresh produce, local foods, and unique specialty items. This hugely successful industry demonstrates the strong agricultural tradition that exists in Kansas, where agriculture continues to be a … [Read more...] about Overland Park Farmers’ Market Signifies a Booming Kansas Industry
