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?
Estate Planning
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
Planning for the International Client
Estate planning for the international client can be tricky. This article looks at the estate tax treatment of U.S. citizens and non-resident aliens. The article then looks at an example of someone who lived in the U.S. and then departed.Today’s world is increasingly mobile. It’s increasingly common for estate planning attorneys to have clients who weren’t born in the United States or who own property outside of the United States. As estate planning lawyers, how do we meet the needs of these … [Read more...] about Planning for the International Client
6 Important Estate Planning Considerations – Part 6: Taxes
An estate plan considers many important aspects. One of the many aspects to consider is the impact of taxes. This article examines some of the many ways consideration of taxes might impact an estate plan.When planning, taxes are an important consideration. Of course, that does not mean they are the only consideration, or even the most important consideration. That’s the reason taxes appear as the final estate planning consideration on the list. Taxes really break down into two components: … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
Dead Hand Control: How Much is Too Much?
This article examines trying to exert control over your beneficiaries after death. Sometimes, our clients try to dictate the exact manner in which funds are used. Usually, it is a better course to give the trustee discretion.Often, clients want to continue to control their beneficiaries after death, just as they’ve done during lifetime. They want to etch in stone the exact circumstances under which distributions should be made to the beneficiaries. Sometimes they think the beneficiary will … [Read more...] about Dead Hand Control: How Much is Too Much?
Planning for the Unexpected
This article examines the death of Charlotte Fox, one of the most famous mountain climbers ever, who fell down her stairs at home. You never know what risks might be around the corner, so you should be prepared. The article looks at the elements of a basic plan.Charlotte Fox was an adventurous woman. She was a serious mountain climber and reached the summit of some of the world’s tallest mountains. She became the first American woman to climb three peaks above 8,000 meters, including the … [Read more...] about Planning for the Unexpected
Living Trust Lawyers’ Tips for Estate Planning
When most people think of estate planning, wills and trusts are often the first things to 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 strategies. 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. The Overland Park living trust lawyers at Gaughan & Connealy are here to dispel some of the common … [Read more...] about Living Trust Lawyers’ Tips for Estate Planning
Why Should I Include a Testamentary Trust in my Estate Plan?
Most people are aware of the 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 Kansas City estate planning lawyers help you … [Read more...] about Why Should I Include a Testamentary Trust in my Estate Plan?
Overland Park Estate Planning Attorneys Discuss Inheritance
For those who receive, or may need to apply for, income-based government benefits, there is always a risk that receiving a substantial inheritance may jeopardize eligibility for those benefits. For example, recipients of Medicaid or SSI benefits must maintain a limited amount of financial resources in order to maintain eligibility. Therefore, if a recipient is receiving an inheritance, steps need to be taken pursuant to the applicable inheritance laws to protect his eligibility. Our Overland … [Read more...] about Overland Park Estate Planning Attorneys Discuss Inheritance
Estate Planning is Too Important to Procrastinate
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important.Most of us recognize that estate planning is the loving and responsible thing to do. Yet, only 44% of adult Americans even have so much as a simple Will, according to a Gallup poll.Our world is increasingly complex. It seems our lives are busier than ever. Interestingly, this may not be what leads us to … [Read more...] about Estate Planning is Too Important to Procrastinate
