A lot of people assume you should use a last will as your asset transfer vehicle if you are not really wealthy. In reality, this is not the case at all.A revocable living trust is a very versatile estate planning tool that can be your ideal alternative to a last will. Let’s look at four reasons why you may want to choose this type of trust as the centerpiece of your estate plan...#1 Probate AvoidanceYou may envision a scene that you have seen in a movie or on a television show. After a … [Read more...] about A Living Trust Will Provide These Four Benefits
Estate Planning
Take These Steps to Prevent Estate Challenges
When you are planning your estate, you may have concerns about someone in the family not being happy with your decisions. Clearly, a contested estate can be a messy situation, and you can take these steps in advance to minimize the possibility of a successful challenge.Don’t ProcrastinateThe worst thing that you can do is nothing at all. If you die intestate or without an estate plan, the probate court would supervise the administration process. A personal representative would be named, … [Read more...] about Take These Steps to Prevent Estate Challenges
Five Reasons You Need an Estate Plan
Estate planning is a basic responsibility of adulthood, but unfortunately, most Americans are unprepared. When you fail to plan ahead for something that is inevitably going to happen, you are doing your loved ones a disservice.In this post, we will share five reasons why you should definitely work with an attorney from our firm to put an estate plan in place.Facilitate Timely and Efficient Asset TransfersDo you want your loved ones to wait around for many months to receive their … [Read more...] about Five Reasons You Need an Estate Plan
Is There an Inheritance Tax in Kansas?
The subject of taxation on inheritances can be confusing for someone who is not in the field. You may have heard the terms “inheritance tax” and “estate tax,” and you will naturally have questions.Are these two different ways of describing the same tax, or are they separate taxes? Do the terms refer to income taxes on inheritances? What about the distinction between federal and state taxes?These are good questions, and we will provide the answers in this post.Income TaxesThe terms do … [Read more...] about Is There an Inheritance Tax in Kansas?
How to Dispose of “Stuff”
Even wealthy families are often most concerned about the possessions which they have around them. They may have financial accounts with lots of zeros, yet they are most concerned about the things which they have collected or been given over the years. At first glance, this may not make much sense because the items may not be of great financial value. But folks may have developed great emotional attachment to these items. In fact, there is a psychology of stuff and the attachment people have to … [Read more...] about How to Dispose of “Stuff”
Consider a Shared Living Trust
If you're married, your estate plan can be jointly created with your spouse (and most couples would go in this direction). However, people who get married later in their lives and enter the marriage with children and considerable resources may decide to plan their estates separately.In this post, we are going to look at the shared estate plan option, with an emphasis on the joint living trust.Joint WillBefore we focus on the shared living trust, we should explain why you would do well to … [Read more...] about Consider a Shared Living Trust
New Estate Planning Survey Reveals a Surprising Reversal
We pay close attention to estate planning surveys, and Caring.com has been leading the way over recent years. They have consistently conducted annual studies, and their results for 2021 have been released.COVID Has Gotten the Attention of Younger AdultsGiving someone advice is one thing, but there is no substitute for real world experiences that paint a compelling picture. The COVID-19 pandemic has gripped the world for over a year at this point, and we have all seen how an unexpected event … [Read more...] about New Estate Planning Survey Reveals a Surprising Reversal
Biden Administration Could Reduce Estate Tax Exclusion
The estate tax exclusion is the amount you can give without facing an estate tax. Under current law, you may give this amount during life or at your death and after that amount is used, you face a federal tax of 40% on assets beyond that amount. The amount has fluctuated a great deal over the years. It was $675,000 as recently as 2001. In 2021, the exclusion is a whopping $11.7 million per person. This exclusion consists of a “permanent” exclusion of $5 million, adjusted for inflation since a … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion
Updating Your Plan: Powers of Attorney
This is the first in a two-part series of articles on updating your plan. This first article examines the importance of updating Powers of Attorney, both Financial and Medical. The second part of the series looks at the importance of updating your primary estate planning documents, such as your Trust or Will. Together, these documents are the keystone in even the most basic estate plan and it’s important to keep them up-to-date.First, what’s a Power of Attorney? It’s a document by which you … [Read more...] about Updating Your Plan: Powers of Attorney
Tax Planning for 2021
As 2020 draws to a close and a new year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. While 2020 held plenty of surprises with coronavirus and an election, it was a relatively quiet year for legislative changes. Still, even in a quiet year, some things change due to inflation increases, etc.Estate Tax PlanningApplicable Exclusion rises from $11.58 million in 2020 to $11.7 million in 2021.GST Exemption rises from $11.58 million in 2020 … [Read more...] about Tax Planning for 2021
