If you are worried about preserving your legacy, you can be proactive when you plan your estate. Asset protection planning can provide you with peace of mind while you are living. In this post, we will look at different types of asset protection you may want to consider. Small Business Owners, Professionals, and Investors If you own your own business, you should create a shield of separation between your personal property and business-related actions. A commonly used asset protection … [Read more...] about Asset Protection: Take Proactive Steps to Preserve Your Legacy
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements. Prenuptial Agreements Can Provide Remarriage Protection … [Read more...] about Prenuptial Agreements Can Provide Remarriage Protection
If you have a new job, you may want to think about talking to an Overland Park elder law attorney about your financial situation and your future planning. A new job is a time of new beginnings in your life. Maybe you have received a promotion and are earning more income, or maybe the new job offers different benefits than at your old position. An attorney can help you address the financial issues and opportunities your new position creates. Parman & Easterday has extensive … [Read more...] about Why A New Job Means It Is Time to Talk with an Overland Park Elder Law Attorney
A Revocable Living Trust is a great estate planning option. It offers a plan for disability, a way to avoid probate and allows you to easily pass belongings to your loved ones. A Living Trust does not, however, offer creditor protection for your assets. If you have assets within a Revocable Living Trust they can be taken by a creditor, for a lawsuit or by a divorcing spouse. There are two aspects of a Living Trust that make it unsafe for asset protection: that it is Revocable and that you are … [Read more...] about Why a Living Trust Cannot Protect Assets
Did you know that you can put a No Contest Clause into your Will, Revocable Trust or Irrevocable Trust? This type of clause is intended as a deterrent to heirs who may contest your estate document. When it works properly, a No Contest Clause will disinherit any heir who challenges your estate document. When to Use It It is not always necessary to use a No Contest Clause, but it doesn’t hurt to include one. You should consider using this clause if you feel a family member may challenge your … [Read more...] about Does a No Contest Clause Work?