How to Avoid Probate

Probate and How to Avoid It

When your time on this planet finally comes to an end, your family and closest friends will already be suffering from immense grief due to your loss. For this reason, probably the last thing you want to do is to cause them more stress and trouble, which is likely what will happen if you don’t make final arrangements ahead of time. According to a 2016 Gallup poll, 55% of Americans don’t have a will, which means their loved ones will be stuck trying to pick up the pieces after they pass.

Unfortunately, even with a properly drafted will, it’s most likely that your estate will still have to go through probate court proceedings in order to transfer your assets to your designated heirs. The problem is that probate can be a time-consuming, expensive, and often confusing process. Luckily, you have options to ensure your loved ones don’t have to go through the probate process.

Avoiding Probate with a Living Trust

Although it is quite similar to a will in many ways, a living trust is an effective method of ensuring that your assets don’t have to go through probate court to be transferred. With a living trust, you designate one or more trustees to oversee your assets within the trust.

  • When you create a trust, you are essentially transferring ownership of all trust property from yourself to the trustees.
  • For this reason, it is always a good idea to name yourself as one of the trustees to ensure that you still retain control over your property until your death.
  • When your time finally does come, the remaining trustee(s) will gain full legal control and ownership of the trust.
  • The trustee is then authorized to transfer the assets as you’ve specified.

Create Beneficiaries

Another simple way to avoid having some of your assets go through probate is to designate someone as a beneficiary upon your death.

  • While most people commonly name beneficiaries for things like retirement accounts and life insurance policies, many states also give you the option to name beneficiaries for your bank accounts and other investment accounts.
  • These ‘payable-on-death’ or ‘transfer-on-death’ accounts ensure that your beneficiary will immediately become the holder of such of an account when you die without having to first go through probate.
  • Some states also allow you to do the same thing with real estate property through the use of a so-called life estate deed. With this type of deed, you can designate a beneficiary to whom the property will immediately be transferred in the event of your death.

Joint Property Ownership

Another way you can avoid probate on real estate, vehicles, and other types of property is to choose joint ownership. There are several different types of joint ownership options available depending on where you live and who you wish to designated as a co-owner of your property. However, they all basically work in the same way.

  • As you will co-own the property with another person, the property will automatically pass to the co-owner in the event of your death.
  • Similarly, you will become the sole owner should your co-owner pass away.

Giving Property Away Before Your Time Comes

If you have already  decided who will receive your property after you pass away, you may want to consider giving it to them as a gift before you pass. Divesting assets beforehand will lower the overall costs of the probate proceedings, since these tend to be higher for larger estates. This will save costs for your beneficiaries and it’s possible that the recipient might be able to avoid paying federal tax on what they inherit. However, check with a probate or estate lawyer Sacrament relies on to be sure how your estate might be taxed.

As you can see, you actually have quite a few options that can allow you to prevent your estate from going through probate. Although it may require some effort on your part, an estate planning attorney or probate lawyer can do the heavy lifting for you, including filing the necessary paperwork.

Thanks to our friends and contributors from Yee Law Group for their insight into estate planning and probate practice.

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Estate Planning is More than Just Taxes

Gratitude and Estate Planning

Below is a really good article on estate planning and how it is more than just a tax review.  As they say, not only the wealthy need estate planning.  It goes through some of the nuts and bolts of the estate planning process and, most importantly, talks about gratitude at the end.

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Estate Planning ퟀ�” It’s Not Just Taxes

By Ray and Dana Brandon

Ray’s Take: Many people think estate planning is only for the super wealthy, but that’s not the case. Do you have a home? Children or grandchildren? Elderly parents? Bank accounts or other assets? If you have any of these, you need an estate plan. And it’s about more than just taxes.

An estate plan helps protect your family when ퟀ�” not if ퟀ�” you pass away. There are a number of things to include in estate planning.

A big item is a last will and testament. According to a Gallup poll, only 44 percent of Americans had a last will and testament in 2016. This is the document that tells everyone your final wishes and yet over half of Americans have not made a will. That leaves a lot up to chance, court fees and possible legal battles.

You can name beneficiaries on tax-deferred accounts, and those will pass directly to the specified individual outside of the will. Things like life insurance and retirement accounts fall into this category as well. But you can’t name minors. Further, a pile of cash with no strings attached falling into the hands of a college student may not be in their best interest. Without a named beneficiary on these accounts, they will pass into probate, and if you don’t have a will, your state will write one for you, and you might not like it.

It’s important to review your estate planning documents regularly to make sure you’ve designated people where needed and want to keep the same beneficiaries. For example, if your executor, trustee or guardian has moved across the country, you’re likely better off naming someone local. You’ll also want to review your estate plan every time there’s a major life event, such as the birth of a child or grandchild, the death of a parent or a divorce.

These are only a few of the items in a good estate plan. An attorney or financial expert can help you set up your estate plan so that your assets go where you want rather than where a judge designates.

Dana’s Take: Estate planning is planning what to leave behind and to whom. But what about the impressions and memories you will leave with family and friends?

I read about a retired CEO who made a mission to thank all of the people in his life who helped him along the way. First, he wrote to each person and asked to meet face-to-face. Then he flew or drove to meet each one. Imagine the joy he spread by expressing his gratitude.

Ray’s father, Denby Brandon Jr., also made a lifelong habit of expressing appreciation to clients, friends and loved ones.

It’s never too late to create a legacy of gratitude.

Estate Planning Lawyers in Leawood

Estate Planning is all about peace of mind. What estate planning is all about is finding the right tools to implement your fundamental requirements. We do this using the most up to date devices so that we can prepare a customized strategy at the least expensive possible cost.
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The Eastman Law Firm is an estate planning law practice. We concentrate on estate planning so that you can be ensured that you are getting the most up to date methods.

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The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

See our directory page here and here and our lawyers.com profile here.

Some Complications on Estate Planning without Heirs

Estate planning without spouse or children can get complicated

When a person dies, his or her possessions usually pass to the spouse or children. However, when someone with no immediate family dies, the process can become complicated.

Stephen Rudolph, president of HW Financial Advisors in Cleveland; Barbara Bellin Janovitz, estate planning chair at Reminger Attorneys at Law in Cleveland; and Linda Delacourt Summers, member of the estate planning council at Ulmer & Berne in Cleveland, all said many things must be considered when planning an estate.

“In this case, I see people without a spouse or child name charities (in their will),” Rudolph said. “They want money to go to the causes they deeply care about. That can be done either through state documents at death or depending on their wealth, they can set up a fund.”

Rudolph said it’s important to consider life planning and estate planning hand-in-hand.

“Life planning is also involved, depending on ages and where they are at in life,” he said. “If you don’t have an estate plan because you figure you don’t need one because you don’t have dependents or spouses, it could end up going to their parents. And sometimes, they could be the last people that would need the money.”

A significant other could be listed as a beneficiary, but Rudolph said that could be risky – especially when there is no legal commitment to them.

“Depending on the relationship, you could break up and forget to change the will,” he said. “And suddenly, they are getting everything out of the estate.”

Janovitz said estate planning could prove to be more important for those who don’t have children.

“If you don’t have an estate plan, the estate will come up with one for you,” she said. “And that’s usually not what you want. Your items would go to your next of kin and family members. You don’t want the court or state to do that work for you.”

Janovitz said a person should control what happens to the property.

“The key is that you want to make all of the same decisions, whether or not you’re married,” she said. “You don’t want to leave (your estate) up to chance. You’re the maker of your own destiny.”

Janovitz said a list of potential inheritors could be large and less obvious and when one is married, children probably would be the beneficiaries.

“If you’re single, and have no children, the world is your oyster in terms of who you want to designate to,” she said. “You could leave property to a close friends or even to charity. But those decisions tend to be more difficult when you don’t have someone ‘cut and dry’ to leave it to.”

Summers said when someone has no immediate family, it “opens up a different dynamic in estate planning because they are not confined by the social norm of leaving assets to a spouse or child.”

Summers said this is when charities are heavily considered in the estate planning process, along with other family members that aren’t necessarily immediate. “The single individual has to think of the broader spectrum of people in their lives that may be better equipped to fill important roles,” she said. “You need to leave behind a road map so those people have an understanding of what it is you want.”

Summer said the right questions must be asked when estate planning.

“You have to think about who would be best equipped to serve in those important roles,” she said. “They have to think about different plans because no one ever knows what the future holds for us. It’s an open-ended question in a way.

“It’s a gift to do estate planning, because it takes the weight off their shoulders and provides answers to questions they may ask, before they ask them.”

Father’s Day Estate Planning

Some Father’s Day estate planning advice for you

So, it’s father’s day.  The day we get to celebrate our fathers.  I recently lost my father and sat down to talk to my family members about estate planning – not the most exciting subject for father’s day, but all the more relevant now that my own father is gone.

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Father’s Day: Estate Planning

June 16, 2017 10:32 AM By Dee Lee

BOSTON (CBS) �” According to a recent Rocket Lawyer survey, a surprising 32% of Americans would rather do their taxes, get a root canal, or give up sex for a month than create or update their will. And even more Americans find it difficult to have conversations about their estate planning.

So talking to your elderly dad about estate planning could be a disaster. Dad may think you are after his money or he may be embarrassed to let you know how little he has.

But you could be one of the lucky ones and dad has already done everything needed and will tell you where the papers are. Mention to him that you heard this financial planner on the radio and you realize you need to get your affairs in order.

Ask what has he done to get his affairs in order? If he says “nothing”, offer to help referring to the documents I have listed. If he says “yes”, ask where are the documents?

Estate planning does not need to be complicated. A will allows you to give your assets, the stuff you own, to your heirs. If there is a complicated situation such as second or third marriage with kids from each marriage or lots of money involved then you need to do some fancy estate planning.

A living trust you use while you are alive and upon your death your assets are distributed to your beneficiaries by your trustee and bypasses the probate process. This makes it very easy on the heirs and avoids probate.

Naming someone as the beneficiary of your IRA, retirement plan, insurance policy or annuity also supersedes the will and bypasses the probate process.

A Durable Power of Attorney is a legal document used while one is still alive. It allows you to choose someone to act as your attorney-in-fact to make decisions legally or financially if you are not able to do so.

A Medical Directive, allows you to tell the medical community how you want to be treated if you cannot make medical decisions for yourself. In Massachusetts it is a Health Care Proxy, which allows you to choose someone to make those decisions for you.

One more thing: When choosing someone to act as your power of attorney or health care proxy choose one person with a second as an alternate. If you have two children do not put both their names on the document. If they fought about the jellybeans in their Easter basket they will fight about your health care.

And do speak with the person you would like to be your proxy before putting their name on the document.

Also, a new book: Check List for my Family: a Guide to my History, Financial Plans and Final Wishes. Helps you put your life in order by gathering in one place your online accounts. Finances, legal documents, wishes about medical care and more. It tells you what you need and why and what’s missing and where to get it.  Available at AARP, bookstores or amazon

Estate Planning Lawyers in Leawood

Estate Planning is all about peace of mind. What estate planning is all about is discovering the right devices to execute your fundamental needs. We do this using the most up to date devices so that we can prepare a personalized plan at the lowest possible expense.
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The Eastman Law Firm is an estate planning law practice. We concentrate on estate planning so that you can be guaranteed that you are getting the most approximately date techniques. We train extensively so that we can supply the specific right match for your wants and desires. We do not force everyone into a single mold. Instead, we attempt and make certain that everyone is treated with the most customized solution that best fulfills their needs.

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The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

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See our directory page here and here.

3 Life-Changing Events That Should Prompt the Creation or Revision of a Will

Three Life-Changing Events That Should Prompt You to Revise, or Create, a Will

While a creating a will might be stressful or upsetting to some, having a will in place can help ensure that your loved ones are secure. A will makes sure that your final wishes are be clearly planned out and that your intended recipients will receive the assets you’ve determined.

Even if you think it might be too early to be thinking about managing end of life dealings, there are several major events that can happen in almost any season of life that may call for writing (or updating) a will. A will can be updated whenever necessary so there is no reason to put it off. In addition, a Peoria IL probate attorney or estate planning attorney can make the process of writing a will very straightforward and legally sound.

Purchasing a Major Asset

If you recently invested in a valuable asset, you may want to consider having your will include who is going to inherit that asset. Major purchases can include vehicles, expensive pieces of artwork, jewelry, or a real estate property.

Having a Child

A will can also ensure that your property is passed along to your children or heirs. While minors cannot legally own property, it’s possible to establish a trust fund where your assets may remain until your child is legally capable of managing them. An estate planning attorney can help you establish a trust fund and explain possible tax saving options that you can take advantage of as well.

Wedding - get your estate plan updated

Marriage

A marriage changes many aspects of one’s life, and it may affect who you want included in your will, especially if you’ve been married before. Some states actually require you to rewrite your will after getting married again — or else your first spouse might inherit your estate as if you had no will at all. The exceptions to that law are if you did one of the following:

  1. You had a premarital agreement specifying a different arrangement with regard to what and how much they will inherit.
  2. You provided for the spouse (by name) in the will and specified how much of what assets they will inherit.
  3. You stated specifically in the will that your spouse will not inherit your estate.

Contact an Attorney

Creating or updating a will does not have to be overwhelming. It’s simply planning for the security and well-being of your loved ones, especially if you’re going through some exciting and life altering event. Contact a lawyer today,

Thanks to our friends and contributors from Smith & Weer, P.C. for their insight into estate planning.

Estate Planning Lawyers

The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

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Just Do It – Get your Will Drawn Up

Get Your Will Drawn Up – Just Do It

As Shia LeBeouf said, Just Do it. The need for a good will or trust is imperative for all people.  The Wall Street Journal just ran an article on how you should not delay, but instead work hard to get the will drafted. See our estate planning attorneys for more.

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Why You Should Get Around to Drawing Up a Will

No one likes to think about dying �” and that is probably one reason most Americans lack wills.

Fewer than half of American adults (42 percent) have a will, according to a survey published this week on Caring.com, a website that offers resources for older Americans and their caregivers.

The most common excuse given for not having a will (or an alternative legal tool called a living trust) was, “I just haven’t gotten around to it,” cited by nearly half of survey participants who lacked one.

“Most people run from, and don’t want to think about, their own death,” said Arthur Kovacs, a clinical psychologist in Santa Monica, Calif.

People are more likely, though, to have important estate planning documents as they age. Just one in five millennials �” adults 18 to 36 �” has a will, the survey found. But 81 percent of people 72 and older have one.

The survey, by Princeton Survey Research Associates International, questioned more than 1,000 adults by telephone in January. The margin of sampling error was plus or minus four percentage points. (Caring.com makes money from advertising and from referrals to senior care facilities.)

Having a will is important to ensure that your money and belongings are distributed according to your wishes after you die, said Sally Hurme, an elder-law attorney affiliated with AARP. “It determines how anything you own is going to be distributed to people you want to receive it, after your death,” she said.

If you die without a will, your estate will be settled in accordance with state law. Details vary by state, but assets typically are distributed using a hierarchy of survivors. Assets go to first to a spouse, then to children, then your siblings, and so on.

People often fail to understand, however, that certain accounts take precedence over a will, Ms. Hurme said. If you jointly own a home or a bank account, for instance, the house, and the funds in the account, will go to the joint holder �” even if your will directs otherwise. Similarly, retirement accounts and life insurance policies are distributed to the beneficiaries you designate, so it is important to keep them up-to-date.

Health care powers of attorney, which let a trusted person make medical decisions for you when you are unable, are more common than wills, the survey found. More than half of adults have granted someone legal authority to make treatment decisions.

Older people are more likely to have a health care power of attorney, sometimes called a health care proxy, the survey found. But Katie Roper, vice president of Caring.com, advises that everyone 18 or older �” not just elderly people �” should have one. If you have a children 18 or older away at college, she said, making sure they have such documents can help make sure you are able to discuss their treatment, should an emergency arise.

Mr. Roper said she was especially surprised at the survey’s finding that just 36 percent of adults with minor children have a will. An important function of a will, she said, is for parents to name a guardian to care for their children, in the event of their death.

Estate Planning Lawyers in Leawood

Estate Planning is all about peace of mind. What estate planning is all about is discovering the right devices to implement your standard requirements. We do this making use of the most up to date devices so that we can prepare a personalized strategy at the lowest possible expense.
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The Eastman Law Firm is an estate planning law firm. We focus on estate planning so that you can be assured that you are getting the most up to date methods.

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The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

http://ift.tt/1UKI2ze
Blue Springs location at:

1200 NW S Outer Rd.
Blue Springs, MO 64015.
Call Jerry at (816)224-3133

See our directory page here and here.

Do Not Delay Your Estate Planning

Keeping your Estate Plan Current for the Benefit of your Heirs

It’s not surprise to us in the estate planning world, but a recent study shows that only 26% of all wealthy individuals have a complete estate plan.  We totally understand.  There are plenty of reasons as to why to delay an estate plan; most of these reasons are really excuses.  There is a great article below by Barron’s that shows some of the reasons. See our estate planning page for more.

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Don’t Delay Estate Planning, for the Sake of Your Heirs

Do you need to make estate-planning decisions?

Only 26% of the 3,105 wealthy individuals surveyed in a 2016 study by RBC Wealth Management and Scorpio Partnership had a complete estate-planning strategy�”including an estate plan, a will, and a detailed philanthropic mission�”in place for transferring wealth to the next generation. Only 54% of those surveyed had even prepared a will, and most respondents with wills hadn’t updated them. In other words, $1.5 trillion of the $3.2 trillion to be passed down to the next generation in the U.S. is without direction.
Passing your wealth to heirs requires care. Start early, and then revise your initial strategy as you age. Illustration: William Waitzman for Barron’s
While it is utterly human to want to push off decisions that force us to reckon with mortality, Bill Ringham, a vice president of wealth strategy at RBC Wealth Management, claims that the real reason people avoid estate planning is much more mundane. Ringham, whose firm oversees $74.6 billion in assets, says people delay because they don’t know what they want to happen at a distant point in the future. They reason that they’ll have a clearer picture about what heirs should get at some later date.

Don’t let that stop you from getting started, he warns. Accept that crafting the perfect wealth-transfer strategy from the get-go isn’t possible, and that it will need to be adapted to changing circumstances as you age. For example, a client with $6 million created a plan to distribute his wealth to his children when they turned 25. But as the children grew up, he realized that inheriting millions of dollars at that age could become a real burden. So he changed the transfer time to when the youngest child turned 40. Lesson: People too often overlook the fact they can periodically update their strategies, which is exactly what they should be doing.

Even with a plan in place, your heirs need to know what’s going on. Ringham says that “people prefer to talk more about the big picture, omitting important facts like the family’s net worth or a ballpark estimate of the inheritance.” The study shows that 60% of those surveyed said they are uncomfortable sharing details about the wealth transfer with their heirs; 13% preferred not to talk about it at all.

But the gritty details are key in helping an heir prepare for an inheritance, says Ringham. Without detailed conversations, it’s easy for wrong assumptions to get built into estate plans, and they potentially could be costly to undo.

One RBC client wrote his 30-something son into the estate plan as the future owner of his business, without any prior discussion. Encouraged by an advisor to talk directly with his son, the client finally asked, “Are you interested in owning the family business?” He was floored when the subsequent discussion revealed that the son was interested in the business only if his father continued working in it. So the client removed the language that transferred the business to his son, and decided to put the business up for sale before he retired.

We can’t say it enough: Start planning early, however imperfectly. Those who have inherited wealth themselves do the best job preparing their heirs, in all likelihood because they were frustrated by how the inheritance process went for them. Furthermore, research shows that the earlier in life the conversation with heirs starts, the smoother the wealth transfer goes.

Of those surveyed, 66% were confident in their knowledge about wealth and money when they started learning about the family’s fortune before age 18. The level of confidence steadily declined as the age bracket of information-sharing increased. The teenage years are the ideal time to have those financial conversations and prepare your children for the wealth transfer, Ringham says. The average person starts learning financial literacy at 27, a decade after the optimal starting point.

It’s simple: Strive to do a better job�”for the love of your heirs.

Estate Planning Lawyers in Leawood

Estate Planning is all about peace of mind. What estate planning is all about is discovering the right tools to implement your standard needs. We do this using the most up to date devices so that we can prepare a customized plan at the lowest possible cost.
http://ift.tt/2l43h45
The Eastman Law Firm is an estate planning law practice. We concentrate on estate planning so that you can be assured that you are getting the most up to date methods.

http://ift.tt/1JU4Bfo


The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

http://ift.tt/1UKI2ze
Blue Springs location at:

1200 NW S Outer Rd.
Blue Springs, MO 64015.
Call Jerry at (816)224-3133

See our directory page here and here.

Estate Planning and Blended Families

Estate Planning – Blended Families

There are lots of issues with the new world that we live in.  The old world of a single nuclear family still exists, but in much fewer numbers than in years past.  So, as you can believe, we see a lot of new types of families, included families that are blended. These families have their own issues and we are constantly working with them to help them see their estate planning needs. See the estate planning tips below.

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Estate Planning for Blended Families

Many Americans have so-called “blended” families. In such a family, one or both spouses have children from a previous marriage. Estate planning can be difficult for a spouse in such a family who wants to provide for a surviving spouse and for children from an ex-spouse.

A popular technique is to use a qualified terminable interest property (QTIP) trust. In such a trust:

* At the death of the first spouse, assets pass to a trust for the survivor. No one else can receive distributions from the trust.

* At the death of the second spouse, any assets left in the QTIP trust go to beneficiaries named by the first spouse to die. Typically, that will be the children of the first spouse to die.

On paper, such an arrangement sounds like it takes care of both sides. However, in many remarriages the surviving spouse is much younger than the one who died. In fact, the survivor may be close to the age of the children of the spouse who died. Those children may have to wait many years for their inheritance.

A better approach is to provide for biological children as well as for a surviving spouse at the first death. Assets can be divided at that time. If an asset division is impractical, life insurance may help to provide some inheritance for all parties.

Estate Planning Lawyers in Leawood

Estate Planning is all about peace of mind. What estate planning is all about is discovering the right devices to execute your fundamental requirements. We do this making use of the most up to date devices so that we can prepare a customized plan at the lowest possible cost.
http://ift.tt/2k4yoIe
The Eastman Law Firm is an estate planning law practice. We focus on estate planning so that you can be assured that you are getting the most as much as date techniques. We train extensively so that we can supply the precise right match for your desires and desires. We do not require everybody into a single mold. Instead, we try and see to it that everyone is treated with the most personalized option that best fulfills their requirements.

http://ift.tt/1JU4Bfo


The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

http://ift.tt/1UKI2ze
Blue Springs location at:

1200 NW S Outer Rd.
Blue Springs, MO 64015.
Call Jerry at (816)224-3133

See our directory page here and here.

Getting to Know your Estate Planning Documents

Estate Planning Documents

The baby boomer generation has concerns that are different from Generation X and definitely different concerns than millenials.  Given the sheer size of this generation, it is not surprising that they have additional concerns that would affect their entire generation in a way that other generations just cannot see.  See the estate planning tips below.

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Basic estate planning begins with completing documents that allow your last wishes to be carried out as you choose. But are you familiar with the documents you’ll need?

Here’s a list of common estate planning documents and their purpose:

Advance directive. Your instructions for end-of-life and quality-of-life wishes regarding medical treatments. Share your directive with your healthcare providers and family.

Asset inventory. A list of all your financial assets that shows how much you paid for the asset (your basis), and how the asset is titled, such as joint tenancy or payable on death.

Beneficiary designations. Forms you complete to specify who will receive the proceeds of accounts and assets that aren’t distributed via your will, such as life insurance policies, IRAs and 401(k)s. Be sure to appoint contingent beneficiaries as well, in case your first choice predeceases you.

Power of attorney. Gives the person of your choice the ability to act on your behalf if you become incompetent or incapable.

Power of attorney for health care. Gives the person of your choice the authority to make health care decisions for you that are not specified in your advance directive.

Record of locations. A list of the location of legal and financial documents and assets, including safety deposit boxes and keys, mortgage deeds and titles to property, bank and retirement accounts, and your will.

Trust agreement. Trusts are legal arrangements that can be used to carry out your wishes to distribute income, provide for your long-term care, transfer your assets, and make sure a favorite charity receives donations.

Will. Also called a last will and testament. Explains how you want to transfer your property.

Estate planning is about much more than taxes. It’s also about peace of mind, for both you and your family. Your accountant will be happy to work with your financial team to make sure your plan accomplishes what you intend.

Estate Planning Lawyers in Leawood

Estate Planning is all about peace of mind. What estate planning is all about is finding the right devices to implement your standard needs. We do this utilizing the most up to date tools so that we can prepare a personalized plan at the lowest possible expense.
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The Eastman Law Firm is an estate planning law firm. We focus on estate planning so that you can be assured that you are getting the most up to date methods.

http://ift.tt/1JU4Bfo


The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

http://ift.tt/1UKI2ze
Blue Springs location at:

1200 NW S Outer Rd.
Blue Springs, MO 64015.
Call Jerry at (816)224-3133

See our directory page here and here.

Top Lessons for Baby Boomers in Estate Planning

Estate Planning for Boomers

The baby boomer generation has concerns that are different from Generation X and definitely different concerns than millenials.  Given the sheer size of this generation, it is not surprising that they have additional concerns that would affect their entire generation in a way that other generations just cannot see.  See the estate planning tips below.

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Leawood estate planning attorneys

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The Most Important Estate Planning Issue Boomers Need To Address

If you’re like me, with parents who are retired but still very self-sufficient, concerns about elder financial abuse or my Boomer parents’ inability to handle their own affairs is seemingly something that THEIR generation needs to worry about, not me. But as I reflect this Mother’s Day on how fortunate I am to still have both parents living (and quite robustly) into their mid-60’s, I realize that this issue is no longer something for Other People. I need to have these conversations with my mom and dad right now while they are still operating at their best. While I dread the day that things change, acting like it won’t happen won’t make it any easier when one or both of them do need additional help.

Living Well and Living Longer

By the year 2050, it is estimated that 1 out of every 5 Americans will be over the age of 65, with people aged 85+ the fastest growing demographic in the nation. The good news is that people are living longer, even with chronic diseases that used to lead to early death. (92% of seniors are living with at least one chronic disease; 77% with two or more.)

The challenge is that this requires different planning than the traditional practice of simply having a power of attorney in place to help in case of incapacity and making sure the will is up-to-date to include the intended heirs. As this demographic continues to grow, so will instances of fraud and financial abuse of seniors. As approximately 3.5 million Baby Boomers enter retirement each year, the time to make sure your estate planning documents protect you or your parents from fraud and abuse is now. In fact, experts recommend making the bulk of these major financial decisions by age 50.

Beyond the Basics

The big issue here is that when most estate plans are created, particularly with married couples, both spouses are of very sound mind and the natural inclination is simply to name each other as agents in case of incapacity. This is fine, but it’s important to make sure that there are contingent situations addressed as well. For example, what happens if they divorce? Between 1990 and 2010, the divorce rate doubled for people over the age of 50 and more than doubled for those over 65. Or alternatively, consider a case where neither spouse is incapacitated in terms of being unable to function in daily life, but both need assistance with things like paying bills due to declining writing abilities from Parkinson’s or arthritis.

Having a trusted person named in legal documents to help with those things ahead of time is the best way to make sure that finances are protected without having to give up complete control. So how do you make sure that you, your parents or other aging loved ones have the right plans in place BEFORE they’re needed? Here are some tips and things to consider.

Estate Planning Lawyers in Leawood

Estate Planning is all about peace of mind. What estate planning is all about is discovering the right tools to execute your standard needs. We do this utilizing the most up to date tools so that we can prepare a customized strategy at the most affordable possible cost.
http://ift.tt/1UKI4qD
The Eastman Law Firm is an estate planning law firm. We concentrate on estate planning so that you can be guaranteed that you are getting the most as much as date techniques. We train extensively so that we can provide the specific right match for your wants and desires. We do not require everybody into a single mold. Instead, we attempt and make sure that everybody is treated with the most personalized solution that best fulfills their needs.

http://ift.tt/1JU4Bfo


The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

http://ift.tt/1UKI2ze
Blue Springs location at:

1200 NW S Outer Rd.
Blue Springs, MO 64015.
Call Jerry at (816)224-3133

See our directory page here and here.