Estate Planning

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

While you may not be considering the need for asset protection now, if you have substantial wealth, there are several asset protection strategies that you should know. This is also true if you anticipate receiving an inheritance, lawsuit settlement or judgment, sale of stock options, or there is some other situation that will dramatically increase your wealth.Increase your liability insuranceYour first line of defense against potential litigation, especially if you own a business or work in … [Read more...] about What are the Best Asset Protection Strategies?

If you are thinking about drafting your will on your own, you may be wondering whether it is a good idea to use DIY wills. The truth is, when it comes to estate planning tools, DIY wills are not typically 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 useful legal document describing to … [Read more...] about Is it Alright to Use DIY Wills?

While a living trust is a commonly used estate planning tool not everyone knows what it is and how it works. Creating a living trust has become a way to avoid the time and expense of probate, but there are other important benefits of which you should be aware. If you are considering including a living trust in your estate plan, you should know more about living trust benefits.A living trust and how it worksA "living trust" is basically a special kind of trust that goes into effect during … [Read more...] about Are You Missing Out on Living Trust Benefits?

Abandoned in a Kohl’s department store in Wichita, a 5-year-old has been placed in foster care when no one claimed him at a custody hearing.  It has been reported that a relative was raising the boy, but left him in the department store after attempting to shoplift and fleeing the scene. This unfortunate story reminds parents of the importance of having a plan for who will take care of your minor children if something happens to you.Planning to avoid abandoned childrenThe abandoned child was … [Read more...] about Abandoned 5-year-old in Kansas Placed in Foster Care

When most 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 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.  This article will discuss some of the common myths about establishing a trust.How a living trust is createdThe process … [Read more...] about Myths about Establishing a Trust

The most common tool to be included in your estate planning is a will.  If you do not have 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.No. 1 – What is required for creating a will?In … [Read more...] about 6 Things to Consider When Creating a Will

Estate planning is one of the best ways to prepare yourself and your family for death, but that is not the only purpose of estate planning. Estate planning can also help you prepare 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.  Your Kansas City estate planning attorney can help.The basic elements of an estate planAn appropriate … [Read more...] about What Can a Kansas City Estate Planning Attorney do for you?

Although you have likely heard the term "living will," you may not know exactly what it is. A common misconception is that a living will is the same as the traditional last will and testament. It is not. Nor is a living will like a trust. Instead, a living will is a set of instructions regarding the type of medical treatment you want to receive if you are ever unable to express your desires yourself.The general purpose of a living willThe basic purpose of a living will is to provide specific … [Read more...] about How Do I Know Whether I Need a Living Will?