**Why You Should Put Your House in a Trust in Missouri and Kansas: The Simple Economics of Not Wasting Your Money on Probate**By Casey Connealy, Gaughan & Connealy Estate Planning AttorneysLet’s cut to the chase. If you're reading this, you’ve probably already heard that probate is a long, expensive process—and you'd be right. But you might be wondering, "Is it really that bad here in Missouri and Kansas?" Oh, yes, yes it is. If you're the type who enjoys spending unnecessary time … [Read more...] about Not Wasting Your Money on Probate: The Simple Economics
Estate Planning
A Classic Foot-Shooting Move in Estate Planning
Hey there, it’s Chris Gaughan, partner at Gaughan & Connealy Estate Planning Attorneys. Let’s talk about a little phrase I hear all too often in my line of work: “I just need to think about it.” If you’re planning your estate, this phrase might seem like a smart play, but let me tell you, it’s more like the classic foot-shooting move of estate planning. Here’s why taking too much time to “think about it” can backfire—big time.1. **Information Overload Can Make You Feel Like a Cat with a … [Read more...] about A Classic Foot-Shooting Move in Estate Planning
3 Reasons You Don’t Need an Estate Plan
When people hear the words "estate plan," their minds often jump to wealthy individuals or elderly folks organizing their affairs. But truthfully, an estate plan is something every adult should consider, regardless of their age or income level. However, if you're reading this and thinking, "I don’t need one," perhaps one of these reasons applies to you. If so, you can certainly skip this crucial task. But, before you make that decision, let's take a closer look at these *reasons* and what they … [Read more...] about 3 Reasons You Don’t Need an Estate Plan
Estate Planning: There’s Something Here for Everyone – Part I
I have often heard someone say they "didn’t need an Estate Plan", or needed only a “simple plan” because they didn’t have much in the way of assets, or they only had relatively few beneficiaries. Other potential clients indicated that they didn’t need a plan because they added a beneficiary to all their assets. None of these circumstances means that an individual doesn’t need an Estate Plan. In fact, individuals whose estates are modest, who have few beneficiaries, or who have added … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
A Message from the Murdochs
Regular readers know that celebrity estates gone wrong often become the subject of this blog. Given the numerous sources that detail the consequences of failed Estate Plans, it surprises me that anyone, let alone a person with any degree of fame, would fail to implement a proper Estate Plan prior to their death. Sometimes, it’s because they died an untimely death and never created the plan or created a convoluted plan. Other times it’s because they neglected to update the plan as family … [Read more...] about A Message from the Murdochs
What Independence Day Teaches Us About Estate Planning
Anyone who has seen my house at Christmas knows that it tops the list as my favorite holiday. We deck the halls, make cookies, exchange presents, look at light displays, and revel in the Christmas spirit as long as possible. Christmas in July seems like a great idea except we can’t celebrate Christmas in July until Independence Day has passed! While Christmas is my favorite holiday, the 4th of July ranks a very close second. Now you really may be wondering where I’m headed in this blog dedicated … [Read more...] about What Independence Day Teaches Us About Estate Planning
Courts Allowing More Flexible Trust Amendments
Just about a year ago, this blog examined the case of In Re Gregory Hall Trust, No. 361528 (Mich. Ct. App. March 16, 2023) (Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?). In Hall, the upper court affirmed a lower court opinion holding that a spreadsheet created by the decedent years after executing his Estate Plan and prior to his death constituted an amendment to his Trust, notwithstanding that the document was not in the form of a typical Trust amendment and … [Read more...] about Courts Allowing More Flexible Trust Amendments
The Purple Onion…an ode to Tangible Personal Property
Some of my earliest memories of my grandmother center around her barn, The Purple Onion. I found many treasures in that barn and loved to visit my grandmother just to explore its contents. My favorite part was when she would invite me into the barn and show me her beautiful collections. I remember exquisite glass that sparkled in the sunlight, simple toys that I didn’t see in the store, and furniture that gleamed from polish. My grandmother was a collector and sold her wares at flea markets. … [Read more...] about The Purple Onion…an ode to Tangible Personal Property
The “Juice” and an Executor’s Duties
The recent death of Orenthal James (“O.J.”) Simpson brought back some interesting memories. I recalled the media’s fascination with the “Trial of the Century” starring O.J., himself, the “Dream Team” of lawyers representing him, and the victims, his beautiful ex-wife, Nicole Brown Simpson (“Nicole”), and her friend, Ronald Goldman (“Ron”). The media seemed to give the trial around-the-clock coverage. Looking back now, it’s easy to see why. Prior to the trial, O.J. had an impressive career as a … [Read more...] about The “Juice” and an Executor’s Duties
What You Should Know About Conditional Gifts
Clients desiring to make gifts often ask about the conditions that they can place upon the gift thereby requiring or forbidding some act prior to receipt. Requests run the gamut from prohibition on tattoos to no children outside of wedlock to divorce of a spouse. If the condition goes against public policy, for example, requiring divorce or a criminal act, or is otherwise impossible to meet, for example, transmuting into an inanimate object, then it will be ignored. Recently, a Michigan … [Read more...] about What You Should Know About Conditional Gifts
