Estate Planning

Most people use living trusts as part of their estate planning in order to avoid probate.  That is easy to understand, as the probate process can be a lengthy and costly court proceeding.    Before deciding whether you need to create a living trust, you should consider the advantages and disadvantages of having a living trust.  Remember, there are many other options if you are looking to avoid probate. Speak to a Kansas City living trust attorney if you have questions.What is a Living … [Read more...] about Living Trusts: The Good, the Bad, and the Useful

Heavy traffic in the Kansas City metro area has led to far too many road rage incidents. According to a 2014 study, 8 out of every 10 drivers in the United States showed some form of anger or aggression on the roadway, at least once.  For example, nearly 25 percent of drivers admit to intentionally blocking another driver from changing lanes. Another 12 percent say they have cut off another driver in a fit of anger. These terrible events remind us that the unexpected can happen, so we need to be … [Read more...] about Tragic Road Rage Incident Reminds Us of the Need for Kansas City Estate Planning

Trusts are a very important element of any comprehensive estate plan. What some clients may not realize is that there are several kinds of trusts from which they can select. For example, all trusts are categorized as either revocable or irrevocable. You may be wondering, what is the difference between them and which one do you need to meet your estate planning goals? As Kansas City trust attorneys, we can explain the differences.What is the basic purpose of a trust?A trust is essentially a … [Read more...] about How is a Revocable Trust Different from an Irrevocable One?

Most clients are at least familiar with the fact that there are several different types of trusts available to include in their estate plan. A testamentary trust is the type that does not become effective until after your death, hence the name. As Overland Park trust attorneys, we know this is quite the opposite of a living trust, which remains in effect during your lifetime. Here is what you need to know, in order to decide whether a testamentary trust is what you need to include in your estate … [Read more...] about Do I Need a Testamentary Trust in my Estate Plan?

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.  As your Overland Park estate planning attorneys, we can help.Estate planning can help you be prepared for possible incapacityThe legal definition of capacity is the ability to comprehend the consequences … [Read more...] about Overland Park Estate Planning Attorneys Explain the Goal of Estate Planning

When you are contemplating which estate planning tools to use, be sure to consider a durable power of attorney. This important tool allows someone else to take control over and manage your affairs in case you are ever incapacitated for any reason. It does not matter whether that incapacity is temporary or permanent. It is important to remember to specifically designate the power of attorney as “durable” so that it will remain in effect once you become incapacitated.The purpose of a power of … [Read more...] about Why Do I Need a Durable Power of Attorney?

The most common advice for people considering estate planning is that you need a will.  Without a will, your state’s laws regarding inheritances will determine who receives your property upon your death.  More importantly, a judge who knows nothing about you or your family will decide who will take care of your minor children.  So, when you decide that you are ready to start your estate planning, here is what you need to know about creating a will.The essential requirements for creating a … [Read more...] about What You Should Know about Creating a Will

No matter what your economic status may be, having an estate plan is a great idea.  For people, fortunate enough to have established significant wealth for themselves and their families, it is certainly important to have a plan.  One way to protect your family's future is by creating a revocable family trust.  Your estate planning attorney can help.  Before you get started, here are six things you should know about a revocable family trust.1. Why you should include a revocable family trust in … [Read more...] about 6 Things You Should Know about a Revocable Family Trust

Though most of us have heard the term "power of attorney," few know what a power of attorney is and what it can do.  Not every power of attorney functions the same way and some types are better suited than others, depending on your needs.  Here is the scoop on powers of attorney Kansas residents should know.The basic definition of a power of attorneyA power of attorney is a legal document that authorizes one person, referred to as the agent, to act on behalf of another, known as the … [Read more...] about Types of Powers of Attorney Kansas Residents Can Choose From

Trusts are a beneficial estate planning tool that provide many advantages to the trust beneficiary.  Trusts are very useful in minimizing estate taxes and in avoiding probate.  There are many other benefits as well.  Here is what you should know as a trust beneficiary.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 grantor.  The trust agreement authorizes the trustee to … [Read more...] about What You Should Know as a Trust Beneficiary