Estate Planning

When it becomes time to start planning for your future and the future of your family, the advice of an estate planning attorney can be of great value.  Here is what to look for in an estate planning attorney Kansas City, Missouri residents can benefit from.The type of legal work an estate planning attorney performsEstate planning attorneys are experts in preparing their clients for death, as well as the potential for incapacity.  An estate planning attorney Kansas City, Missouri residents … [Read more...] about An Estate Planning Attorney Kansas City, Missouri Residents Can Benefit From

A primary goal of estate planning, for most clients, is minimizing or avoiding estate taxes.  There is no Kansas estate tax as of 2016, but that is not true for every state.  So check with your state revenue department to find out for sure.  Regardless, the current federal estate tax rate is 40 percent.  Now, if your gross estate does not exceed $5.49 million, as of 2016, then you will not be required to pay estate taxes.  If you cannot take advantage of the estate tax exclusion, then it will be … [Read more...] about Avoiding Estate Taxes

When 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 strategy.  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.  Kansas estate planning attorneys at Gaughan & Connealy are here to dispel some of the common myths about the living … [Read more...] about Dispelling the Common Myths about a Living Trust

Have you heard the news?  Kansas City is home to some of the wealthiest neighborhoods in the country!  According to a study conducted by Stephen Higley, urban geography professor at the University of Montevallo, there are four metro neighborhoods in Kansas City that are among the nation's 1,000 wealthiest neighborhoods and incorporated suburbs.  Higley based his findings on 2010 Census data.  If you are among the wealthiest residents in Kansas City, then hopefully you are familiar with legacy … [Read more...] about The ABCs of Legacy Planning

A durable power of attorney can be used in estate planning in order to choose someone to take over and manage your affairs in the event you become incapacitated for some reason.  Regardless of whether your incapacity is permanent or merely temporary, a power of attorney can work for you.  However, the power of attorney must be designated as "durable," if you want it to remain in effect after you are determined to be incapacitated.What is a power of attorney?A general power of attorney … [Read more...] about 4 Major Benefits of a Durable Power of Attorney

No matter how old you are or what your status is in life, you should prepare yourself and your family for the chance that you become incapacitated in some way, as well as, for the eventuality of death.  Estate planning is the best way to do that.  Wills and trusts are two of the most common tools you can include in your estate plan.  Your estate plan should be customized to fit your specific needs and to protect the future of your family.Why is it so important to plan ahead?Planning … [Read more...] about Using Wills and Trusts in your Estate Plan

We all dread the day when a parent or other loved one becomes too ill or injured to care for themselves.  While it doesn't happen to everyone, it does happen.  But, if that time has come for you, and a loved one needs help handling their own affairs, it may be time to consider a guardianship.  Understanding what that means exactly can make the decision much easier.  Here is what you need to know.#1 - How a guardianship is establishedThe process of creating a guardianship requires court … [Read more...] about 6 Important Facts about Guardianship

When it comes to estate planning, save your do-it-yourself kits for remodeling your home.  Although it has become so easy to find do-it-yourself estate planning products, resist the urge.  While these products may seem like a money-saver, the reality is computer generated forms simply do not compare to estate planning through an experienced attorney.  Even if the document you purchased comes with assurances that it will work as you expect, there truly is no guarantee.  Estate planning simply is … [Read more...] about Do-it-Yourself Estate Planning

If you ask someone about estate planning, their first thought will be creating a last will and testament.  That is probably the most common estate planning tool there is.  The will must have the appropriate language to accomplish the goals you have for your own estate plan.  The best way to ensure your will is drafted correctly, you need to have the assistance of a Missouri or Kansas estate planning attorney.Drafting the Last Will and TestamentThe Last Will and Testament, or “will” for … [Read more...] about Drafting Your Last Will and Testament

Trusts are an important component to every good estate plan. There are several types of trusts you can choose from. Knowing which type of trust you need is also important.  It is often suggested that, as your financial situation or other aspects of your life change, you should review the terms of your trust and make changes as necessary.  In order to do that, you must have a revocable trust.  The flexibility of revocable trusts is one of their most important benefits.How do I know it’s a … [Read more...] about What You Should Know about Revocable Trusts