While many assets have the option of joint ownerships, people should take this step after much consideration. Trusts, beneficiary designations, and transfer-on-death deeds can provide the same benefits with fewer risks.
Generational wealth must be transferred effectively in order to benefit children, grandchildren, and future generations. Comprehensive estate planning protects assets for loved ones.
Divorce impacts finances, relationships, and life circumstances. Because an estate plan address both people and property, individuals will need to change their estate plans to align with the changes triggered by divorce.
A Qualified Domestic Trust (QDOT) allows spouses who are not citizens of the United States to inherit assets while minimizing the estate tax burden until after the surviving spouse dies.
When a beneficiary dies before receiving their inheritance, the fate of assets may come into question. By naming a contingent beneficiary and understanding state laws, people can maintain greater control of who inherits instead of the deceased beneficiary.
An experienced estate planning attorney can help parents implement various strategies to protect an inheritance for and from a child struggling with addiction.
Commercial solicitations are permitted by the Missouri Rules of Professional Conduct but are neither submitted to nor approved by the Missouri Bar or the Supreme Court of Missouri.
Overland Park Estate Planning Attorney Kyle Krull assists clients in Kansas and Missouri with Estate Planning, Wills, Trusts, Revocable Living Trusts, Charitable Planning, Asset Protection and Business Succession Planning in the greater Kansas City area including Overland Park, Leawood, Olathe, Lenexa, Johnson County Kansas and Jackson County Missouri.
REMEMBER: “The choice of a lawyer is an important decision and should not be based solely upon advertisements.” This statement is required by rule of the Supreme Court of Missouri.
