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?
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
If you are thinking about drafting your will on your own, you may want to reconsider. 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, a DIY will is 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 basics of drafting a WillThe Last Will and Testament, or will for short, is a very … [Read more...] about Do You Really Want to Use a DIY Will?
While basic estate planning is important for all of us, Kansas residents who have been prosperous and successful in creating a strong financial footing for themselves and their families, legacy planning is even more important. Without it, your hard work may be in vain. Legacy planning is necessary for preserving a family’s wealth using such as wills, powers of attorney, living trusts and other basic estate planning tools, as well as more advanced tools like Family Limited Partnerships and … [Read more...] about Legacy Planning in Kansas
When it becomes time to start planning for your future and the future of your family, the advice of an estate planning attorney can be of great value. Here is what to look for in an estate planning attorney Kansas City, Missouri residents can benefit from.The type of legal work an estate planning attorney performsEstate planning attorneys are experts in preparing their clients for death, as well as the potential for incapacity. An estate planning attorney Kansas City, Missouri residents … [Read more...] about An Estate Planning Attorney Kansas City, Missouri Residents Can Benefit From
A primary goal of estate planning, for most clients, is minimizing or avoiding estate taxes. There is no Kansas estate tax as of 2016, but that is not true for every state. So check with your state revenue department to find out for sure. Regardless, the current federal estate tax rate is 40 percent. Now, if your gross estate does not exceed $5.49 million, as of 2016, then you will not be required to pay estate taxes. If you cannot take advantage of the estate tax exclusion, then it will be … [Read more...] about Avoiding Estate Taxes
When people think of basic estate planning, wills and trusts often 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 strategy. 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. Kansas estate planning attorneys at Gaughan & Connealy are here to dispel some of the common myths about the living … [Read more...] about Dispelling the Common Myths about a Living Trust
Have you heard the news? Kansas City is home to some of the wealthiest neighborhoods in the country! According to a study conducted by Stephen Higley, urban geography professor at the University of Montevallo, there are four metro neighborhoods in Kansas City that are among the nation's 1,000 wealthiest neighborhoods and incorporated suburbs. Higley based his findings on 2010 Census data. If you are among the wealthiest residents in Kansas City, then hopefully you are familiar with legacy … [Read more...] about The ABCs of Legacy Planning
A durable power of attorney can be used in estate planning in order to choose someone to take over and manage your affairs in the event you become incapacitated for some reason. Regardless of whether your incapacity is permanent or merely temporary, a power of attorney can work for you. However, the power of attorney must be designated as "durable," if you want it to remain in effect after you are determined to be incapacitated.What is a power of attorney?A general power of attorney … [Read more...] about 4 Major Benefits of a Durable Power of Attorney
No matter how old you are or what your status is in life, you should prepare yourself and your family for the chance that you become incapacitated in some way, as well as, for the eventuality of death. Estate planning is the best way to do that. Wills and trusts are two of the most common tools you can include in your estate plan. Your estate plan should be customized to fit your specific needs and to protect the future of your family.Why is it so important to plan ahead?Planning … [Read more...] about Using Wills and Trusts in your Estate Plan