Overland Park estate planning attorneys at Parman & Easterday help make sure you have comprehensive plans in place to address the circumstances that arise at the end of your life. We also help you take maximum control over your legacy so you control what happens to the wealth you have worked hard to build and make certain your family is provided for in the way you prefer.
Unfortunately, many people may not seek help from Overland Park estate planning attorneys because they believe that if they have a will, they have done all the planning they need.
Although a will is a common estate planning document, it is just one of the legal tools you need to control your future and what happens to your money and property after you pass away. Parman & Easterday can help you use other tools in addition to a will that can provide you with better outcomes.
There are many things a will cannot do, and Parman & Easterday can assist you in gaining more control over your destiny. You should give us a call to learn about some of these key components of an estate plan beyond just a will. There are five key situations that a will does not address:
An Estate That Will Be Subject To Tax
If you will otherwise owe estate tax when you die, a will does not help you to reduce the amount of taxes owed. Your assets will be subject to tax and your heirs or beneficiaries will inherit less than they should had you established an estate plan that took tax issues into account.
A Situation In Which You Become Incapacitated
A last will and testament only takes affect after you pass away. If you become incapacitated, a will doesn’t do anything. You need a plan to protect yourself and your financial situation that includes different legal tools, such as powers of attorney and trusts. With proper advanced planning, you can control who makes decisions and manages assets on your behalf, as well as express your preferences with regard to preferred medical care.
The Development Of A Serious Injury Or Illness That Affects Your Abilities
If you become seriously hurt or sick, you may not be able to live on your own. You may need nursing home care which is very expensive. This could put your assets at risk and your last will and testament cannot do anything to protect them. You don’t want to lose everything you have worked for because you go into a nursing home, which isn’t paid for by your health insurance or Medicare. Tools such as trusts allow you to keep your assets safe and can help you qualify for Medicaid to help pay for your care.
A Need To Transfer Assets To Loved Ones Quickly After Death
In many circumstances, family members will be dependent upon the income of close relatives. If your family members are reliant upon you to help them pay their bills and fulfill financial obligations, they may not be able to wait through a prolonged probate process that can last a year or longer. You want your wealth to be available to your loved ones as soon as possible after you pass away.
A Plan To Leave Money To A Minor Or Disabled Person
If you are leaving money to someone under 18 or to someone who is disabled, the money may not be managed properly because the beneficiary does not understand how to manage investments or take care of assets. A minor or disabled person may not have the legal capacity to manage assets and the court may appoint a guardian. Your gift to a disabled person could cause a loss of benefits. These are just a few problems that can arise, and a will is of no use in this situation.
Getting Help From Overland Park Estate Planning Attorneys
Overland Park estate planning attorneys at Parman & Easterday help clients understand their options and plan for their future. To find out more about how we can help, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online any time for help with your plans.