Gaughan & Connealy is a full-service elder law and estate planning firm that offers legacy planning services in Overland Park, in Kansas City, and in surrounding locations in Kansas and Missouri. Our legal team is proud of helping people of all ages plan ahead to leave the world a better place when they are gone.
Your legacy can be whatever you want it to be, and you control how you are remembered and what impact you have on the world. You owe it to yourself to have a plan for your loved ones and for the causes you want to support when you are gone. Call today to find out how you can create a plan that will give you control over your future. Gaughan & Connealy will not only assist you with creating your personalized legacy plan but can also answer some of the questions you are most likely to have about legacy planning including:
- Does everyone need to create a legacy plan?
- What should be a part of my legacy plan?
- How can an Overland Park or Kansas City legacy planning lawyer help me?
Does Everyone Need to Create a Legacy Plan?
The creation of a legacy plan is something that is very important for everyone to do. Whether you want to make sure you leave your money to a charitable cause you believe in, provide for your loved ones, or do both, you will need to create a plan to ensure you can achieve your goals.
You will work your whole life to acquire money and property, and you deserve to know what will happen to the fruits of your labor. When you create a legacy plan, you get to have control even after you are gone so you can make sure the assets that you have worked so hard for are not wasted. You can also establish goals during your life to make sure you are putting aside money to leave a legacy and can take steps to protect the assets you have acquired so you don’t end up losing all of the money you’ve worked hard to save.
While many people mistakenly think only the wealthy need legacy planning, this is simply not true. In fact, people who have worked hard to own a house or build a small nest egg may need even more help to protect their assets and make sure they aren’t vulnerable to creditor’s claims or nursing home costs.
What Should Be a Part of My Legacy Plan?
When you begin to create a legacy plan, you need to think about what you hope to leave behind as your mark on the world. The sooner you begin your legacy planning, the better opportunity you will have to achieve your goals.
If you create a plan when you are young, for example, you can determine what you want to be able to do with your money and can set specific financial goals or milestones that you hope to achieve. If you want to pay for your grand kids to go to college or fund a scholarship at your Alma Mater, you’ll need to know what these things cost and be able to put aside enough money during your working life to have the cash to achieve your goals.
Once you have created a plan for your legacy and devised an investment and savings strategy, you will begin to amass property and assets. Asset protection and estate planning become essential at this point.
With the help of your legacy planning lawyer, you may wish to use tools like an irrevocable trust; a living trust; a power of attorney; a charitable remainder trust; and a last will and testament. These and other legal tools can give you the ability to make sure your wealth and assets are kept safe and protected and to dictate what will happen to the property in case of your incapacity or death.
How Can a Kansas City or Overland Park Legacy Planning Lawyer Help?
Gaughan & Connealy is dedicated to helping clients in Overland Park, in Kansas City, and in surrounding locales throughout both Missouri and Kansas. Our goal is to make sure you can achieve your full potential and leave behind a legacy that you can be proud of. No matter your age, we can help you to set and achieve goals for caring for the people you love and providing aid to the causes that you believe in. To learn more about how we can help with legacy planning, give us a call today.