The word "trust" gets used quite broadly, creating potential confusion. While a "living trust" is a widely discussed instrument for estate planning, it's crucial to understand that not every trust is a living trust. Below our Kansas City estate planning lawyers break down the key distinctions.
Buying a new home is more than just a significant financial investment; it's a key component of your overall estate. As you embark on this exciting journey, it's crucial to consider how this asset will be managed, both now and in the future. One effective strategy for managing real estate assets is setting up a trust, a tool that a knowledgeable Kansas City trust attorney can help you navigate.
Two common types of trusts are revocable and irrevocable trusts, each with its own set of features and benefits.
One of the most critical components of any estate plan is preparing for the possibility of incapacitation.
When you're working with a Lenexa trust attorney, it's crucial to understand what you can include in your trust document. Let's explore the variety of instructions or restrictions that can make your trust truly yours, ensuring your legacy is managed just the way you envision.
Your life insurance policy is a dynamic tool that can be adjusted as your life changes. While you have the flexibility to change beneficiaries, it's essential to do so thoughtfully and with a clear understanding of any potential implications.
Having witnesses for your will is not just a formality; it's a crucial step in ensuring your final wishes are honored. By understanding the importance of this process, you can ensure that your estate planning efforts stand the test of time and any potential legal challenges.
Your Kansas Will and Trust Lawyer Explains How to Navigate Estate Planning Without Heirs Heir: noun, plural noun heirs: a person legally entitled to the property or rank of another on that person's death. Many people mistakenly believe that without direct heirs—like children or grandchildren—there's no need for estate planning. However, the reality is quite [...]
How It Affects You and Your Retirement Account Beneficiaries On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act signed in 2020 made several changes to retirement planning: It increased the required beginning date (RBD) for required minimum distributions (RMDs) [...]
Planning for the unthinkable - naming a guardian for your minor children in your estate plan.
Health Care Planning In Your Estate Plan Your estate plan can and should include advance medical directives such as a Power of Attorney for Medical Decisions, Living Will, and a general HIPPA release. These documents will allow family and medical providers to know your wishes when it comes to your health care and end of [...]
Yes, every Kansan 18 years and older should have an estate plan What estate planning documents does a young adult need? A majority of 18 year-olds will only need some basic estate planning documents. These documents will focus on the what ifs: what if the young adult is in a vehicle accident and incapacitated, what [...]
Everyone needs an estate plan. But, what does estate planning mean? Estate noun: all the money and property owned by a particular person, especially at death. Plan noun: a detailed proposal for doing or achieving something. Plan verb: decide on and arrange in advance. Your estate plan consists of the planning and documents you prepare [...]