Those with special needs have unique challenges in life. But, there are special accounts available to individuals who were disabled before age 26. The Achieving a Better Life Experience or “ABLE” Act created ABLE accounts under section 529A.As discussed in a previous blog, 529 accounts give preferential tax treatment when the accounts are used for educational expenses. ABLE accounts are similar in structure to the 529 educational accounts. The income earned on the assets in ABLE accounts is … [Read more...] about Special Accounts for People with Special Needs
Estate Planning
Estate Planning is for You, Not Just Your Parents or Grandparents
Often, people think estate planning is just for those who are elderly. While the elderly certainly need estate planning, estate planning is for people who care what happens to them, their stuff, or their family.For someone who is young and healthy, estate planning may be the furthest thing from your mind. You may be thinking about how to enjoy autumn by playing in the leaves or about an upcoming ski vacation. How could you need estate planning when you have such an active lifestyle? … [Read more...] about Estate Planning is for You, Not Just Your Parents or Grandparents
How is a Testamentary Trust Different from a Living Trust?
Most people are aware that there are many different types of trusts available in estate planning. A testamentary trust is a specific type of trust that does not become effective until after your death. This is quite different from a living trust, which goes into effect when you create it and remains in effect during your lifetime. If you are trying to determine whether a testamentary trust is what you need to include in your estate plan, let our Overland Park trust lawyers help you decide.How … [Read more...] about How is a Testamentary Trust Different from a Living Trust?
Estate Planning vs Will: Which Do I Need?
You may be wondering the difference between estate planning vs a will? But the truth is, the last will and testament is simply one of several tools used in the estate planning process. The purpose of estate planning is to provide the opportunity to prepare yourself and your family for death and the possibility of incapacity during your lifetime. There are several different options when it comes to estate planning. Choosing the right one will depend on your individual goals for the future. Your … [Read more...] about Estate Planning vs Will: Which Do I Need?
Addressing Capacity Issues in Your Estate Plan
Clients who are concerned about an elderly loved one whose behavior has changed or whose ability to accomplish everyday tasks has become more limited often have questions about capacity. Some common signs that your loved one may need formal assistance include trouble remembering to take medication or pay bills and disorientation. If you have any of these concerns, contact one of our Kansas City estate planning attorneys.What is capacity?The term “capacity” can be difficult to define as there … [Read more...] about Addressing Capacity Issues in Your Estate Plan
How to Handle Estate Disputes Between Siblings
Estate planning involves more than just deciding who will receive your cash and personal property after your death. A mistake that some clients make is overlooking the potential for family disputes, particularly over heirlooms. Heirlooms often have more sentimental value than monetary value. Part of determining how to distribute your assets after death includes distributing heirlooms that need to be kept in the family and passed on through the generations. More importantly, it is important to … [Read more...] about How to Handle Estate Disputes Between Siblings
Estate Planning: It’s Not Just About the Estate Taxes
When we plan our lives and our estates, it’s not all about the estate taxes. Of course, estate taxes should be taken into consideration, but there are many more important factors. That’s why the temporary doubling (until the end of 2025) of the amount which can be passed free of estate tax (to $11.18 million in 2018) does not remove the need for estate planning. Whether the exclusion amount is $5.59 million or $11.18 million is irrelevant to the vast majority of people.Here are some … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes
Incapacity Planning
People plan to die. We know it’s going to happen. Perhaps we have life insurance to cover our financial responsibilities and care for our loved ones. We may have a Will to divvy up our assets at death. It’s usually not something we look forward to. But, we know it’s going to happen.But, we don’t expect to become incapacitated. Nobody wants to be unable to manage their affairs. But, each year countless people become unable to manage them. For some, it’s a temporary illness or injury which … [Read more...] about Incapacity Planning
What is a Revocable Living Trust?
A revocable 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 revocable living trust as part of your estate plan, you should know more about the living trust benefits you can expect.What is a revocable living trust and how does it work?A revocable "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being established by … [Read more...] about What is a Revocable Living Trust?
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...] about Planning for Frequent Flyer Miles
