Kansas and Missouri Estate Planning

What Should Singles Know About Estate Planning?

Singles are not exempt from estate planning.

Are you single?

People often say being single means you are carefree.

You have no attachments.

While there may be certain freedoms in being single, you must still be a responsible adult.

According to a recent fox5atlanta.com article titled “Estate, emergency planning for single people,” one often overlooked responsibility is estate planning.

Avoiding estate planning is especially dangerous for those who are single.

Why?

Singles often do not see the need for help from others.

Maybe this is you.

Perhaps you have managed alone for a long time.

You may not need help now, but you will eventually.

What will happen if you are incapacitated suddenly?

Who will manage your finances or make health care decisions on your behalf?

Who will take care of your estate and assets when you pass away?

These choices are simpler if you are married.

Usually, a spouse or adult children can fill these roles.

You should choose a trusted individual to perform these duties as your health care and financial agents.

You will also need to select an executor for your last will and testament.

This person should be someone who is reliable and honest.

After all, they would have access to some of your most personal and sensitive information following your death.

When estate planning, you will need to list assets, insurance, debts, and provide the locations and passwords for important documents and accounts.

Feel free to download complimentary estate organizing tools from our website under Organization & Communication Tools.

You should update this information every year.

Finally, your estate planning attorney and your executor will need access to this information.

This may not require a physical copy be held in their possession, but one should exist and its location made known to these individuals.

Do not delay.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: fox5atlanta.com (June 14, 2018) “Estate, emergency planning for single people”

What is One Estate Planning Document You Cannot Live Without?

Estate planning is for everyone.

Do you keep talking yourself out of an estate plan?

You tell yourself estate planning is for the wealthy.

You do not care who gets your assets.

After all, you will be dead, right?

Whatever the excuse may be, it is not valid.

According to a recent twincities.com article titled “Your Money: Medical power of attorney: the missing piece of too many estate plans,” estate planning is vital to helping navigate difficult situations beyond the distribution of assets.

How so?

If you were to become incapacitated, you would not be able to make your own decisions.

What does this mean?

Your medical treatment wishes may be ignored.

How do you fix this?

In our practice, we prepare an advance health care directive, which actually has two distinct but related parts: the health care treatment directive and the durable power of attorney for health care decisions. 

The health care treatment directive allows you to indicate what life sustaining or saving measures you would like (or would like withheld).

The durable power of attorney for health care decisions allows your agent to make decisions and communicate with your doctor about any level of care.

Usually this is a family member.

It is also wise to name a contingent agent in case the first is unavailable to serve.

Be sure to ask the persons you are considering as your primary and contingent agents in advance whether they will be comfortable with this responsibility if called upon to serve when necessary.

Work with an experienced estate planning attorney to get your affairs in order before these documents are required.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: twincities.com (December 16, 2017) “Your Money: Medical power of attorney: the missing piece of too many estate plans”

Is Estate Planning Simply Preparing for Death?

Your estate plan should include incapacity planning.

Look, I get it.

You do not see the need for an estate plan.

Perhaps you do not have many assets.

Perhaps you do not have children or loved ones to benefit from your estate.

The unvarnished truth: you really could not care less who gets your money when you die.

Surely, you do not need an estate plan.

Au contraire, friend.

According to a recent Hometown Life article titled “Estate planning not just important in death,” you still have important estate planning to accomplish.

How so?

Estate planning deals with more than asset distribution.

It also involves what would happen if you became incapacitated.

Should that happen, you would be unable to make financial and health care decisions on your own.

What would happen then?

Well, would you prefer that a probate court judge (who likely does not know you or your loved ones) appoint an individual who may or may not have your best interests at heart to make these decisions?

[By the way, this "default" process to appoint your decision-makers via the judicial system, known as a guardianship and conservatorship, is expensive (it employs at a minimum three attorneys), will invade your privacy (your financials and medical condition become public record), and is chock full of red tape (it is a court process, after all).]

I would venture to guess the answer is no.

What can you do to ensure someone of your own choosing would make fundamental (some even life and death) decisions according to your expressed wishes?

This is where estate planning comes into the picture.

You should create a general durable power of attorney for financial decisions and another for medical decisions.

The latter should be the second page companion to your health care treatment directive so you can indicate your wishes regarding medical treatments you would want or would want to forego under various scenarios.

As you can see, estate planning is much more than one final gift distribution.

Discuss your wishes with an experienced estate planning attorney to ensure your goals are met and the process is simplified for those whom you would appoint.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Hometown Life (November 12, 2017) “Estate planning not just important in death”

Will I Still Need an Estate Plan if the Estate Tax is Removed?

Estate planning is more than tax avoidance.

It is no secret.

The Trump administration would like to do away with the federal estate tax.

If they succeed, you no longer need an estate plan, right?

Wrong.

According to a recent The Motley Fool article titled “3 Reasons You'll Still Need Estate Planning Even if the Death Tax Disappears,” this estate tax repeal would impact a minority of Americans.

Why would you still need estate planning?

Distributing assets.

Without a legally recognized will or trust, your assets may not pass to your desired beneficiaries.

Instead, they may be divided according to the laws of your state.

If you have been married more than once or have minor children, an estate plan is even more crucial.

Avoiding inheritance taxes and state estate tax.

Not all states have an estate tax. 

But fourteen states—plus the District of Columbia—do.

Some states also levy an inheritance tax.

Although this tax would ultimately affect your heirs, you can help alleviate this burden through proper planning.

Fortunately, Kansas and Missouri have neither form of tax.

Planning for other federal taxes.

The new law could make capital gains taxes more of an issue for estate planning.

This would affect your heirs when it comes to paying taxes on your assets.

Preparing for incapacity.

You may become incapacitated before you die.

Who will make decisions for you should this happen?

Having a General Durable Power of Attorney and an Advance Health Care Directive will help ensure that your financial and medical wishes are not neglected.

As you can see, estate planning is essential to anyone.

Do not put it off.

Work with an experienced estate planning attorney, to create a plan to meet your specific needs and goals.

So, how do you find an "experienced" estate planning attorney?

First, ask around. Friends, family and other professional advisors are trustworthy sources.

Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").

Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.

How?

Two helpful online resources are just a mouse click away to assist with your due diligence:  Avvo.com and Lawyers.com.

Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.

In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: The Motley Fool (October 21, 2017) “3 Reasons You'll Still Need Estate Planning Even if the Death Tax Disappears”

Do I Need Anything Besides a Will?

Estate planning involve planning for both death and incapacity.

You have heard you need an estate plan.

Surely this means you can merely get a will and call it good, right?

Wrong.

According to a recent The (Beckley WV) Register-Herald article “Important Medical and Financial Choices,” estate planning involves more than merely distributing assets.

It should also involve incapacity planning.

How can you do this?

One way is to create an advance health care directive.

What is this?

It is a very fundamental legal document through which you give a trusted individual the right to make medical decisions on your behalf should you be unable to do so yourself.

Our advance health care directive consists of a health care treatment directive to inform your agents and medical professionals regarding your care wishes, a durable power of attorney for health care decisions to empower your agents to carry out your wishes, and an anatomical gift declaration to confirm your organ donation intentions should the issue ever arise.

While you are at it, created a general durable power of attorney.

A cousin of sorts to the general durable power of attorney, this legal document allows a designated agent to make financial or medical decisions on for you within the guidelines you have laid out.

Although incapacity planning is important, you should not neglect the transfer of your assets at your death.

Sometimes a will is not the best option.

In this case, you could consider a living or revocable trust.

What does this accomplish?

It will transfer ownership of assets when you die to be sure, but just as important a living trust can provide probate-free management of your assets by a trustee you appoint should you become incapacitated and after your death.

Some assets transfer directly through beneficiary designations, whether to specified individuals, your will or living trust, or a little bit of both.

Be sure to review and update these designations regularly.

Working with an experienced estate planning attorney will ensure you create the right plan for your specific situation, come what may.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: The (Beckley WV) Register-Herald (October 15, 2017) “Important Medical and Financial Choices”

What are the Primary Benefits of Estate Planning?

Estate planning is not simply for tax minimization.

This is especially the case with the Federal Estate Tax Exemption at $5.49 million per customer.

Nevertheless, do you think estate planning is only for those who are incredibly wealthy?

Think again.

According to a recent Trust Advisor article titled “Why An Estate Plan Is Beneficial,” estate planning is for everyone.

You worked hard for your money and your assets.

You do not want to lose any of it through improper planning.

Although charitable and financial planning are great estate planning goals, they are not the only ones.

How else can estate planning help you?

Incapacity healthcare planning.

By definition, you are unable to make decisions when you are incapacitated.

Does this mean you have no say?

Not if you have an estate plan.

With an advance health care directive (ours contains three components: a health care directive, durable power of attorney for health care decisions and anatomical gift declaration), you can state your wishes in advance and know they will be carried out when necessary.

Asset distribution.

Without a last will and testament, revocable living trust or beneficiary designations, you may have no say over who gets what when it comes to your worldly assets.

The state will decide for you based on its own intestate laws.

Having your estate planning legal documents ship-shape will can save your loved ones time and money while transferring what you have to the proper people.

Naming guardians.

Do you have minor children?

If you die, who will care for them?

Will they be reared with the same values you would instill?

Will they be reared by someone who knows you or by a complete stranger?

In most states, guardians for children are designated in a last will and testament.

Be sure to discuss this designation with the chosen guardians as well.

Selecting Beneficiaries.

Many of your assets are probably in the form of retirement accounts or insurance policies.

These are not necessarily transferred via a last will and testament or in a revocable living trust.

Instead, beneficiaries are designated directly in the accounts.

What does this mean for you?

Review and update often.

If you have a divorce, marriage, death or birth in your family, your wishes may change.

Be sure the correct people receive these assets—whether it be a loved one or a charity.

Whatever you do.

Do not do it alone.

Working with an experienced estate planning attorney will give you the best results for your specific needs.

So, how do you find an "experienced" estate planning attorney?

First, ask around. Friends, family and other professional advisors are trustworthy sources.

Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").

Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.

How?

Two helpful online resources are just a mouse click away to assist with your due diligence:  Avvo.com and Lawyers.com.

Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.

In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Trust Advisor (April 29, 2017) “Why An Estate Plan Is Beneficial”

Will New Mexico be Making Changes to its Guardianship System?

Reviewing the current guardianship system is the first step.

New Mexico has not yet made any changes to its guardianship system.

But it has started a process to bring about necessary changes.

According to a recent KRWG article titled “In Depth: New Mexico Supreme Court Forms Commission To Recommend Guardianship System Changes,” the Supreme Court appointed 16 people into a commission to study the current system and make improvements.

Why is this important?

Guardians appointed by the court have a lot of power.

They make health care and personal decisions for incapacitated individuals.

Conservators are court-appointed to manage property and financial affairs specifically for an incapacitated individual.

Who is considered incapacitated?

Those with traumatic brain injuries, developmental disabilities, dementia, mental illness and the like.

Basically, if you cannot receive and evaluate information regarding your personal, health care and financial decisions, then you are probably legally incapacitated.

Who is involved in this commission?

• Representatives from all three branches of government
• Advocates of rights for the disabled and elderly
• Estate planning attorneys and elder law attorneys with guardianship law experience

What will the commission do exactly?

They will gather public input through hearings.

They will make recommendations concerning changes to state statutes, program funding, court rules, administrative practices and any other improvements.

Does the commission have a timeline?

Yes.

The New Mexico Supreme Court ordered the commission to make an initial status report by October 1 and to continue its work until completing a final report and recommendations.

The commission will be in effect until final recommendations and reports are completed.

After the reports are reviewed, changes may be made to the New Mexico guardianship system.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: KRWG.org (April 7, 2017) “In Depth: New Mexico Supreme Court Forms Commission To Recommend Guardianship System Changes”

How do I Begin Estate Planning?

The first estate planning step it to stop procrastinating.

No, really.

Whether you have a lot of assets or just a few, you have an estate.

You have made careful choices to protect your money and your family throughout your life.

Do not leave your legacy to chance by failing to plan for your potential incapacity and certain (eventual) death.

According to the (Dodge City, KS) High Plains Journal article titled “Estate planning is for everyone,” failing to plan will cost your estate more money and bring unnecessary stress upon your family.

Once you have decided to start estate planning, what should you do?

Speak with your family.

It may not be a pleasant conversation, but it is essential.

You need to get over the awkwardness and talk openly.

Anything you discuss or disclose is 110% confidential.

Assess your estate.

Before you plan where your stuff goes, you need to know what you have.

Set goals.

Think Stephen Covey: Begin with the end in mind.

Your goals will not be the same as your neighbor's.

Your circumstances will influence your goals.

If you get a promotion, they will change.

If you get married or divorces, they will change.

If you have children, they will change.

You will need to reevaluate your goals and your standing in reaching them at least every few years.

Work with professionals.

Do-it-yourself estate planning is a disaster.

You will want to find an experienced estate planning attorney who knows the nuances or your state and the federal laws.

He or she will also be able to work with you to create a plan specific to your needs and explain how it accomplishes your goals.

Find the best options.

Estate plans are not cookie cutter projects.

There may be a number of ways to accomplish what you want.

Some ways are better than others.

Some ways are less expensive than others, too.

It is invaluable to have an experienced estate planning attorney walk you through the options.

Once you have a set plan, implement it.

The best planning involves action.

Review and modify.

As noted earlier, life brings changes.

These changes could be personal or changes in laws.

Any changes will likely affect your plan.

What can you do?

Review your estate plan with your estate planning attorney.

And make the necessary changes. 

So, how do you find an "experienced" estate planning attorney?

First, ask around. Friends, family and other professional advisors are trustworthy sources.

Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").

Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.

How?

Two helpful online resources are just a mouse click away to assist with your due diligence:  Avvo.com and Lawyers.com.

Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.

In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: The (Dodge City, KS) High Plains Journal (January 30, 2017) “Estate planning is for everyone”

Should I Contest the Will of My Deceased Relative?

Will contests are messy and should never be started based on hurt feelings alone.

The first question you really need to answer is why are you contesting the will?

Is it because of unmet expectations?

Were you verbally told something different from the ultimate result?

Did you assume you would get more because you deserved it?

Maybe you supported and helped the relative through an illness before he or she passed.

Why would the estate go elsewhere?

Why would you get less than promised?

Questions like these may indeed deserve answers.

However, they are not effective in a will contest, according to the hometownlife.com article titled “Contesting a will usually a no-win proposition.”

Why?

Courts do not care if something is fair.

They care about the letter of the law.

So what might be good reasons for contesting a will?

Intimidation

Sometimes individuals put pressure on the testator (the person signing the will) to make them beneficiaries under the will.

If there is evidence of force, coercion or manipulation, you may have a case.

Medication

Medication has its benefits.

But it often has side effects.

These side effects could have negative effects when it comes to making decisions.

Depending on the drugs and the circumstances, a will could be overturned.

Capacity

Mental capacity diminishes as you get older.

That is just a fact of life.

For some people, this happens more quickly or more dramatically than for others.

If your loved one did not have the proper state of mind to make or change his or her will, the courts may overturn the will.

Is contesting a will worth it?

Maybe.

To be sure, it is an expensive and emotional process.

Family ties may be irreparably broken.

Still, sometimes a will contest is the right thing to do.

A good way to know?

Ask an experienced estate planning attorney for advice.

What if you have a case?

Get an "estate litigation attorney" who understands estate planning, can go to court, present your case and help get a little justice for your family.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: hometownlife.com (January 15, 2017) “Contesting a will usually a no-win proposition”

What are Important Things to Include in My Estate Plan?

A good estate plan accounts for both incapacity and death.

Life is full of surprises.

Some good.

Some bad.

Do not be caught off guard by incapacity.

According to an article in Las Cruces Sun-News titled “Getting affairs in order,” there is no time like the present.

What specifically should you do?

Determine who holds your same views and values.

This person will be the one you should choose as your health care agent.

Alternates should also be considered.

Be sure the selected individuals agree to accept the responsibility.

Write a health care treatment directive.

What will this do?

With this document, you set guidelines for decisions made by the health care agent and provide limits to his or her power.

This must be created while you are of sound mind.

Create a durable power of attorney for health care.

This names the agent who can make medical decisions on your behalf.

Designate a general durable power of attorney for finances.

Your money will still need to be managed while you are incapacitated.

Choose someone trustworthy to manage your fiscal affairs while you cannot.

Sign a HIPAA release.

This will grant access to your medical records for your  loved ones and designated health care agent(s).

Set up a revocable living trust.

Assets you place in the trust are still managed by you, as long as you are the trustee and have legal capacity.

Once you have passed, your beneficiaries can receive these designated assets—bypassing probate.

Sign a will.

A will directs the distribution of your assets that are subject to probate following your death.

There is no benefit to procrastination.

Find and work with an experienced estate planning attorney to create a plan for your specific situation.

So, how do you find an "experienced" estate planning attorney?

First, ask around. Friends, family and other professional advisors are trustworthy sources.

Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").

Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.

How?

Two helpful online resources are just a mouse click away to assist with your due diligence:  Avvo.com and Lawyers.com.

Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.

In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Las Cruces Sun-News (January 1, 2017) “Getting affairs in order”