Everyone needs to plan ahead for what happens when they can no longer be called upon longer call the shots. Too many people only become concerned with estate planning near the end of their lives, but the truth is that it’s something they should be thinking about long before it may potentially be needed. Estate planning allows you to determine how your medical decisions will be made in the event that you can’t voice your wants and needs and it also uses different techniques to facilitate the transfer of your assets after you pass away. It’s essential to begin planning for the future, and there’s no time to do so like the present.
Each and every situation is unique, so your plan must be as well. Here are some of the ways that the Law Offices of Gaughan and Connealy can help you secure your future and the futures of the ones you love most.
Asset & Business Planning
When you work hard to acquire assets, you must take steps to protect what you’ve earned, and business owners are especially vulnerable to litigation. An experienced attorney can assist you in choosing an appropriate structure for your organization, set up contracts to protect your personal investment in the business, and keep your personal assets safe. Don’t leave the future of your business—your personal future—to chance.
Family-Owned Businesses & Farms
You have worked hard for your entire life to leave behind a legacy, but unfortunately, more than 70% of family businesses won’t survive a transition to the next generation. The probate process and fighting among heirs can both undermine business operations, but the one issue that most commonly plagues a business are estate taxes. By using strategic methods of transferring ownership, Medicaid planning, incorporation, trusts, and joint-ownership, we can help to prevent your loved ones having to face selling off what they inherited in order to pay taxes for it. We can help you to create a plan today that will protect your family legacy tomorrow.
Financial Planning Assistance
Earning and accumulating money can give you financial freedom and allow you to provide for your family—but you need to take care of what you earn. This means thinking ahead to what long-term goals you hope to accomplish and to the legacy you plan to leave behind and developing a plan for now that will help you to build a strong future. Good financial planning is they key to success for everyone whether they are single or married and have families or not. A skilled attorney can help you protect your money and assets from creditors, plan for the transfer of a family business, develop effective tax strategies, protect your children’s inheritance, and more.
LGBTQ Estate Planning
For lesbian, gay, bisexual, and transgendered people in the Overland Park area, the question of what is available to you when you decide to create an estate plan is often complicated. Not only are the laws surrounding this area changing on a nearly daily basis, but LGBTQ individuals and couples often have issues they must make sure they adequately address in their estate plans that heterosexual individuals and couples do not have to worry about. Be 100% prepared for whatever comes your way with incapacity planning and inheritance planning designed by the pros.
IRA & Retirement Planning
Your golden years should provide you with the opportunity to travel, indulge in hobbies, spend time with your grandkids, and do the things you love. This should, and can be, a time that is free of financial worries—if you begin planning ahead when you are young. When you get help from a retirement planning lawyer, your attorney can assist you to identify your goals for retirement, review your current situation to determine if you are on track, and explore different types of retirement accounts. Get started on a comprehensive plan to secure your retirement today.
Legacy Planning Services
Perhaps your goal is to leave a strong and stable family with generational wealth, or perhaps you want to give to a charity that is important to you so you can make a difference in many lives. The bottom line is that when you pass away, you do not just want to leave behind money and assets—you want to leave behind a legacy. We know that you have clear ideas on what you want to be remembered for and how you hope to take care of your family, friends, and causes you care about long after you are gone, so by listening carefully to your dreams and applying our unique knowledge of the law, we can help to make your legacy a strong one.
Trust Administration & Probate
Dealing with the death of a loved one is never easy. It is also a situation that can become far more stressful when a probate or trust administration issue arises. Most people have little experience with, or knowledge of, either probate or trust administration. These two areas of the law can require a lot of time, attention, and expertise.
Power of Attorney
A power of attorney is the single most important legal tool that gives you control over what happens to you when you can no longer speak for yourself. A Overland Park power of attorney lawyer at the Law Offices of Gaughan and Connealy can help you to take action now, creating a power of attorney that will let you determine who acts on your behalf to manage things quickly and privately when you can no longer manage your own affairs. Everyone should have a power of attorney in place long before they ever need one.
Elder Law & Medicaid Planning
Considering the realities that come with age, especially the legal implications, is what elder law is all about. Whether you are nearing retirement, have an elderly parent you are worried about, or are simply interested in learning more about the legal issues that you might face as you age, talking to an attorney that specializes in elder law and Medicaid issues is a necessity.
Special Needs Planning
When someone you care about is disabled, planning for their future is of utmost importance. Unfortunately, providing for the needs of someone who is disabled can be complicated for many reasons, so a qualified attorney to help you ensure the money is used appropriately for the benefit of the disabled individual, ensure you are leaving enough money behind, and ensure the money and assets you leave to the disabled individual do not jeopardize government benefits. Make sure they are provided for tomorrow and start planning today. There are strict requirements and specific steps to take to create a special needs trust, so you should get in touch with a legal professional today who can help you to provide for a disabled relative or loved one.
Loss of a Loved One
Death is a traumatic experience for those who are left behind, but unfortunately there may be legal issues to address—we want to take that burden off your shoulders. A knowledgeable attorney can give you the legal tools necessary to protect the interests of the deceased, and to protect your own interests as an heir by going through probate court for estate administration, administer a trust, contest of challenge a will, and deal with insurance companies and financial institutions so you can stay focused on yourself and your loved ones during this difficult time.
It’s a common misconception that estate planning is something only the elderly need to consider, but this couldn’t be farther from the truth. In fact, it is essential for families with young children to consider their options for caregivers and to have their financial affairs in order in the event they are unable to continue providing for their small kids. Be prepared, come what may, and set your children up for success today with a solid estate plan.