Estate Planning

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

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