Estate Planning

No matter what your income level happens to be, or how much savings you may have accumulated, when it comes to financial planning, you should not put it off.  Unfortunately, most of us are focused more on maintaining financial stability than actually planning ahead.  Yet, living from one paycheck to the next is never really anyone's goal.  In order to assure long term financial stability, you need to plan ahead.Purpose of estate planningEstate planning is one way to prepare yourself and your … [Read more...] about How Do I Start my Financial Planning?

When it comes to drafting your will on your own using a DIY plan, you may want to think again.  If you want to remodel your bathroom, do-it-yourself may be a great way to go.  But when it comes to estate planning tools, Missouri DIY estate plans are really not 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 essential requirements for drafting a WillThe Last Will and … [Read more...] about The Risks of Using Missouri DIY Wills

Sadly, a recent fatal car crash in Kansas City, Missouri reminds us of the need for estate planning. The reality is that we never know when tragedy may strike, but for our families' sake we need to be prepared just in case. Earlier this month, a serious car crash occurred at 63rd Street and Prospect Avenue in Kansas City, leaving one victim dead and two others injured. The severe collision left debris scattered on the roadway. The driver of one of the vehicles involved had to be extricated from … [Read more...] about Fatal Crash in Kansas City Reinforces the Need for Estate Planning

A 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 living trust as part of your estate plan, you should know more about the living trust benefits you can expect.What is a living trust and how does it work?A "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being established by your will upon your death.  As with other … [Read more...] about Living Trust Benefits You May Not Know About

Whether you are a small business owner or not, asset protection is something to consider as part of your overall estate planning. Anyone can be at risk of facing a legal judgment or creditor at some point.  The best move is to be proactive and put protections in place early for your assets.  That is why an asset protection plan should be included in your goals.  Asset protection strategies are widely varied, so discussing your options with your estate planning attorney before settling on any … [Read more...] about Asset Protection Strategies to Avoid

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 what you should know about a Missouri power of attorney for Kansas City residents.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, … [Read more...] about Kansas City Missouri Power of Attorney Varieties

An estate planning attorney has many tools in his arsenal.  A power of attorney is one of those invaluable tools. Every power of attorney is unique and should be drafted specifically to accomplish the needs of each client.  Each power of attorney also has its own terms and limitations.  But what is a power of attorney, exactly?The legal definition of a power of attorneyA power of attorney is a legal document that gives one person the authority to act on behalf of another.  The “principal” is … [Read more...] about What Exactly is a Power of Attorney?

Have you created your retirement plan yet?  It's probably not too late to start.  If you want a comfortable retirement, you can't simply rely on your Social Security benefits.  Instead, you must plan ahead and create a comprehensive retirement plan that will meet your future needs and allow you to relax comfortably in your golden years.  Individual Retirement Plans (IRAs) are an easy way to start your plan while saving and investing in your future.How an IRA works in retirement planningAn … [Read more...] about Planning Your Retirement with IRAs

If you are thinking about drafting your will on your own, you may want to reconsider.  If you want to remodel your bathroom, do-it-yourself may be a great way to go.  But when it comes to estate planning tools, a DIY will is really not 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 … [Read more...] about Do You Really Want to Use a DIY Will?

While basic estate planning is important for all of us, Kansas residents who have been prosperous and successful in creating a strong financial footing for themselves and their families, legacy planning is even more important.  Without it, your hard work may be in vain.  Legacy planning is necessary for preserving a family’s wealth using such as wills, powers of attorney, living trusts and other basic estate planning tools, as well as more advanced tools like Family Limited Partnerships and … [Read more...] about Legacy Planning in Kansas