Avoiding Ancillary Probate: Why Out-of-State Property Owners in Kansas and Missouri Need a Trust
Owning Property in Multiple States Could be a Recipe for Disaster Without Proper Planning If you’re a resident of Kansas or Missouri and you own real estate in another state—whether it’s a vacation cabin in Colorado, a rental condo in Florida, or farmland in Nebraska—you may be surprised to learn that your estate could […]
Ascertainable Standards in Estate Planning: What They Are and Why They Matter
Understanding Ascertainable Standards in Estate Planning: The Key to Smart Trust Design and Tax Protection In the world of estate planning, trust language is critical. A few key words can determine whether assets are protected from creditors, how much discretion a trustee has, or whether trust distributions are subject to gift or estate tax. […]
Understanding Revocable vs. Irrevocable Trusts – Which Is Right for You?
Revocable vs. Irrevocable Trusts: Key Differences and How to Choose the Right One When it comes to estate planning, one of the most important tools available is the trust . Trusts help people manage their assets during their lifetime and after death, provide privacy, avoid probate, and reduce taxes. However, not all trusts are […]
Understanding Probate and Trusts: Public Forum vs. Privacy
Balancing Public Oversight and Private Estate Planning When planning for the distribution of your assets after passing, it’s important to understand how different legal tools work. Two of the most common are probate and trusts. One significant difference between them is how public or private they are. Probate: A Public Forum Probate is the […]
The Importance of Funding Your Revocable Trust
Trust Funding is a Crucial Step in Completing Your Estate Plan Creating a revocable trust is a powerful estate planning tool that allows individuals to maintain control over their assets while simplifying the transfer of those assets to beneficiaries upon their passing. However, the mere establishment of a revocable trust is not enough; it […]
The Trustee: A Steward of Trust Documents
The Trustee’s Role Trusts are a versatile and effective estate planning tool, providing a structured way to manage and distribute assets according to the grantor’s wishes. Central to this framework is the role of the trustee, a key figure responsible for overseeing the trust and ensuring that it functions as intended. In this article, […]
Trust in Trusts: Your Safety Net in Times of Incapacity
While it’s natural to focus on the joys and successes, it’s just as important to prepare for the unexpected twists that can come our way. Incapacity due to illness, accident, or the challenges of aging is one such curveball that, while difficult to think about, can be managed wisely with the help of trusts. […]
Selecting the Right Trustee for Your Trust
Choosing Your Trustee Wisely Establishing a trust is a powerful and versatile tool for managing and distributing your assets while ensuring your financial wishes are met. However, the success of your trust largely depends on selecting the right trustee. A trustee plays a pivotal role in managing, safeguarding, and distributing trust assets in accordance […]