How To Retain Agency Over Your Life, Death, And Legacy In Virginia And Tennessee As we age, we become more and more vulnerable. In our 80s and onwards, if we even make it that far, illness and accident can snatch us away or disrupt our lives far more easily than in earlier decades. But medical science also allows us to hold on to our life, freedom, and mobility far longer than in any previous century. This creates a difficult set of decisions. How much do we want to cling to life? How expensive will our end-of-life care be? How do…Read More
How Does an Estate Planning Lawyer Help You Prepare? Estate planning isn't just about legal documents; it's about making sure your hard-earned assets go exactly where you want them when you're no longer here. In Overland Park, Kansas, people are catching on to how crucial this is for protecting their legacy and caring for their loved ones. We've got this article from Legacy Law Centers, where Sam Mansoor, a top-notch estate planning lawyer, shares his insights to help you understand the costs and the must-have documents for a solid estate plan. Let's dive into what an estate planning lawyer brings…Read More
Starting your retirement is a significant achievement that deserves to be celebrated. After years of hard work, you can now direct your attention toward the next phase of your life. However, it is crucial to ensure that you have thoroughly considered this exhilarating change before embarking on the next chapter. Things to Consider When Beginning Your Retirement With this new chapter come certain estate planning issues that you need to consider. If You Have An Existing Estate Plan Creating a legally binding estate plan is important to take care of yourself and your loved ones. But it’s not a one-time…Read More
Many people plan for retirement. But it’s just as important to plan for what happens to your property after you die. Having a good estate plan offers peace of mind. It lays out precisely what happens to your belongings after your death. Planning your estate is important for your surviving family members. Estate plans can help your family avoid probate. It can also help them reduce or avoid estate tax liability. These plans sometimes include other essential decisions, such as: Who will care for your young children Decisions about your health if you are unable to make them on your…Read More
When spouses are close in age, their estate planning matters are usually a joint effort. However, if you are married to someone who is much older or younger than you are, then your estate planning priorities might be completely different. If there is a significant age gap between you and your spouse and you want to make sure your estate planning matters are in order in case one of you passes away or becomes incapacitated, then you need to have an open and honest conversation with your spouse about the financial and estate planning topics we discuss below. Employment Plans For The…Read More
There is an old quote, attributed to Andrew Carnegie, that says, “. . . shirtsleeves to shirtsleeves in three generations.” It sounds a bit cryptic today, but essentially, it means that anything you pass down will be gone within three generations. This is an American idiom, but many cultures have equivalent parables. Commonly, when we envision the American Dream, we can see how it often ends. One generation acquires the wealth, passing it down to their children. Those children live off the money, often making no contribution to the family’s riches. By the time their children are of age, there…Read More
When it comes to protecting your unmarried partner, there are several options to consider. Depending on the value of your money and property, your desired level of protection from your partner’s creditors, and other factors unique to your situation, one or more of these strategies may be beneficial. A word of caution: regardless of what methods you use, you must work with an experienced estate planning attorney. While do-it-yourself options may be cheaper, they can sometimes create more problems than they solve, and the problems can be expensive to remedy. Add Your Partner As A Joint Owner On An Account…Read More
Estate planning is an incredibly important tool, and it’s not just for the uber-wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you become ill, minimizing taxes so you can pass more wealth onto your family members, and stating how and to whom you would like to pass your estate on to when you pass away. While it should be at the top of everyone’s to-do list,…Read More
Our team at Legacy Law Centers understands that it can be hard to get motivated about your estate planning. Although creating an estate plan sounds about as fun as getting a root canal, it’s crucial if you want to protect your legacy after you pass away. Regardless of your income level, you probably want to make sure that your loved ones are protected and receive your hard-earned money and property when the time comes. Below, we discuss three common roadblocks that often stop people from drafting an estate plan to protect themselves and loved ones: #1: We Don’t Want To Talk…Read More
At Legacy Law Centers, we understand how important it is to plan for your children’s post-secondary education. That is why we are here to help you determine which legal tools you need to include in your estate plan to provide for your family’s particular education needs. Health & Education Exclusion Trust A health and education exclusion trust (HEET) is a type of irrevocable trust that you customize to you avoid paying gift and generation-skipping transfer (GST) taxes on tuition and medical care expenses for your grandchildren and great-grandchildren. If you pay tuition fees from a HEET directly to an educational institution on…Read More
