Digital estate planning is essential to comprehensive estate planning. Technology is increasingly prevalent in daily life. Remember when cell phones were used only to send and receive voice calls? Now, the average cell phone is a pocket-sized computer that provides access to social media, email accounts, banking, games, and various other features. With so much of life managed online, people have much to lose if their digital assets are compromised. According to a recent Kiplinger article titled “Digital Estate Planning Guide: Get Your Digital Assets in Order,” digital estate planning is c ..read more

Choosing the right trustee is essential in creating an effective trust-based estate plan. Estate planning is a multifaceted process. It involved finding an experienced estate planning attorney and evaluating financial assets and liabilities. After getting a clear picture of both people and property, estate planning priorities and goals must be identified. Only with this information can the legal documents for a comprehensive estate plan be drafted with a trust or a last will and testament as its foundation. While trusts benefit from privacy and greater control, they must have a reliable and tr ..read more

Members of Gen X will soon become caregivers to aging parents. While rearing children is a joy, it can also be quite costly. Supporting the needs of aging parents can foster sweet moments of connection, but it, too, takes time and money. People who have both responsibilities often feel stress and worry about their finances and the well-being of their loved ones. According to a recent Kiplinger article titled "What Gen X Needs to Know About Their Aging Parents' Finances," members of Gen X should encourage their parents to be proactive in their estate and incapacity planning if they will so ..read more

The SECURE Act changed how inherited IRAs are handled. As an estate planning attorney admitted to practice in Kansas and Missouri for over three decades, I have witnessed how many legislative changes have affected my clients. Understanding the legal landscape at the federal and state levels is a critical component of my work in helping members of my "client" family protect everything they have and everyone they love. One of the most significant recent changes to the estate planning landscape occurred in 2019, with the passage of the "Setting Every Community Up for Retirement Enhancement" Act o ..read more

The third-generation curse is not inevitable. People do not inherently live responsibly if left to their own devices, Toddlers and children tend to demand what they want in the moment. Self-discipline and delayed gratification are learned through careful instruction of parents and teachers. According to a recent Kiplinger article titled "How Estate Planning Can Thwart the 'Third-Generation Curse,'" families must also teach financial management. In the coming years, nearly $84 trillion is expected to be transferred from the Baby Boomer generation to those in Generation X, the Millennial Ge ..read more

Trusts provide multiple estate planning benefits. With Tax Day just under a week away, people are once again focusing on their financials in detail. If you tend to avoid topics related to money, you can take action now while it is on your radar and you have a better idea of your assets and liabilities. Contrary to popular opinion, anyone can benefit from estate planning. Additionally, trusts are not only for the wealthy. Estate plans help to protect everyone you love and everything you have. Some states allow for changes to be made to irrevocable trusts. Embrace Estate Planning Flexibility t ..read more

Some people find making a checklist helps organize and accomplish essential tasks. Springtime is often seen as a time to be productive. The winter weather is gone, and daylight hours are getting longer. The household tasks set aside during the fall and winter can now be addressed. Garages, closets, and flowerbeds can be cleaned out. Yards can be mowed. Summer plans can begin to take shape, and reservations can be made. Perhaps one of your spring goals is to create or update your estate plan. Although a last will and testament is part of an estate plan, it does not encompass all estate planning ..read more

Estate planning involves addressing how to protect assets from cognitive decline. Although many people understand estate planning involves providing direction for the distribution of assets after death, few consider how it also helps ensure there are assets to pass along after death. Assets may dwindle as a result of creditors, divorces, and lawsuits. While you cannot control whether someone chooses to divorce you or file a lawsuit against you, you can take some actions to prevent the need for either of these situations. Similarly, you can reduce the likelihood of creditors by spending within ..read more

Teenagers and young adults are often ill-equipped to manage inheritances. While some young adults and teenagers fully embrace financial responsibility and long-term planning, most focus on immediate gratification. This is unsurprising, given that recent neuroscience research shows brain development is not fully complete before people reach their mid-twenties. If you can leave an inheritance to your heirs, you have practiced responsible financial management, saving, and investment. Unfortunately, it is not uncommon for heirs to swiftly squander inheritances built from hard work. A story origina ..read more

Co-owning a vacation home can be rewarding as well as risky. Sometimes, people must leave home to rest and relax physically (and mentally). This can be especially true for those who own a business, are salaried rather than hourly, or work for "free" as full-time homemakers. Those who constantly need a reliable option for getting away from home without having to face the logistics of finding and booking lodging may find purchasing a vacation home a good solution. To reduce the financial burden of this luxury, many people consider the option of co-owning this property. According to a recent Bett ..read more