Estate Planning

If you have thought at all about your estate plan, you know that a will and a trust are two of your options.  However, many clients want to know, what’s the difference between a will and a trust? Although a will and a trust are both very helpful estate planning tools, they do have different characteristics and their purposes are not the same.  Nevertheless, as our Overland Park estate planning attorneys agree, both of these tools can be used together to create an effective estate plan.Our … [Read more...] about Do I Need a Will and or a Trust?

If you ask trust attorneys whether a trust is a beneficial estate planning tool, the answer will most likely be yes.  Trusts are beneficial in minimizing estate taxes and in avoiding probate.  There are many other benefits as well.  Here are some common examples.What is a trust?Trusts are essentially fiduciary agreements based on the trust and confidence that exists between the trustee and the person making the trust, known as the trustor.  The trust agreement authorizes the trustee to … [Read more...] about Trust Attorneys Describe the Many Benefits of Trusts

A major issue for many clients, when it comes to estate planning, is trying to eliminate estate taxes.  However, the reality is that most people do not ultimately have to pay estate taxes.  Although the federal estate tax rate is 40%, most estates are exempt.  Furthermore, as our estate planning lawyers can explain, Missouri estate taxes are no longer imposed so most clients don't need to worry about a state estate tax.Missouri estate taxes have been eliminatedSome clients don’t realize that … [Read more...] about Missouri Estate Planning Lawyers Discuss Estate Taxes

For many clients, a primary goal of estate planning is avoiding probate.  If that is the case for you, consider a "pour over" will. Typically, a pour over will is used in conjunction with a living trust, which allows selected property or assets to "pass through" your will upon your death, and then be "poured" into a trust.  Once that happens, the property can be distributed to the beneficiaries named in the trust. If you have questions about this special type of will, ask one of our Kansas City … [Read more...] about The Purpose of a Pour Over Will

Being chosen to serve as the executor of a will for someone you know is an important fiduciary obligation. Before the time comes to actually administer that loved one's estate, there are a few basic things you need to know about estate administration and asset distribution.  If you have been chosen to be an executor of a will and need some advice, consult with one of our Kansas City estate planning lawyers.What is actually required in probate administration?In order to start the probate … [Read more...] about Tips for the Executor of a Will

Trusts are a great estate planning tool that allow you to organize how your property should be distributed to your heirs and beneficiaries.  Much like a last will and testament, you can use a trust as your instructions on which property goes to whom after your death. However, with a trust, you can also decide when they receive certain property. If there are any issues concerning your trust or any objections to its provisions, then trust litigation may be necessary to resolve those disputes. When … [Read more...] about Tips for Avoiding Trust Litigation

Although a trust is a very important estate planning technique because of its usefulness in reducing or eliminating taxes and avoiding probate, administering a trust can be a challenge.  Nevertheless, the benefits of a trust cannot be overlooked.  Understanding the basics of trust administration can be helpful if you are ever called upon to serve as a trustee. Let our trust attorneys explain the basics.What is the legal definition of a trust?A trust is basically a fiduciary agreement between … [Read more...] about Trust Attorneys Explain the Basics of Trust Administration

Estate planning is one way to prepare yourself and your family for death and even for the possibility of incapacity during your lifetime.  There are several different options when it comes to estate planning tools.  Which ones are best for you will depend on your unique goals for the future.  Our Overland Park estate planning attorneys can help.No. 1: Being prepared for possible incapacityThe legal definition of incapacity is the ability to comprehend the consequences of certain legal … [Read more...] about Two Reasons You Need an Estate Plan

As our Kansas City estate planning attorneys can tell you, a personalized estate plan is more important these days.  One reason is the more recent need for digital estate planning.  What exactly is that?  Digital assets are essentially any asset that is based on computers or involves the internet.  For example, email accounts, social media accounts, and online businesses are considered digital assets.  So, when you are working on your estate plan be sure not to overlook these unique … [Read more...] about Kansas City Estate Planning Attorneys Can Help with Digital Assets