Overland Park Estate Planning Attorneys provide you with different legal tools that can help accomplish your future goals.
There are a wide variety of different strategies you can create to accomplish your estate planning goals or to plan for your legacy. There are also tools that you can create to ensure your family is safe and protected in case you get sick.
Understanding the different ways to keep your hard-earned assets safe, provide for loved ones, and get ready in case of illness can get complicated. You need to ensure that you have the right legal advice from a compassionate and knowledgeable attorney who understands your situation. You can call our Overland Park estate planning attorneys at Parman & Easterday today to find out all about what our legal team can do to help you make these legal tools work for you.
Tools That Overland Park Estate Planning Attorneys Help You Create
Some of the key tools that Overland Park estate planning attorneys can help you create include the following:
- A last will and testament: Until the past few years, this was the legal tool most people associate with the estate planning process. While a will can be a basic building block of a comprehensive estate plan, it is rarely the only tool you’ll need. Still, Parman & Easterday can assist you in creating a legally valid will that’s not likely to be successfully contested.
- Trusts: Today, trusts are the foundation of effective estate planning. There are a variety of trusts, each one designed to help you accomplish specific objectives. You might decide to create a trust to protect a spendthrift heir from wasting an inheritance. Or, you may create a trust that will help control how an inheritance left to a minor is used. A trust may be necessary to spare a non-citizen spouse from owing estate tax on the money they inherit. A trust may be required to protect access to means-tested benefits a disabled loved one is receiving. Parman & Easterday helps you to determine if a trust is right for you and what kind of trust you need.
- Joint ownership: Joint ownership with rights of survivorship is a method of transferring assets from one owner to co-owners outside of the probate process. When two people own property structured as joint tenants with rights of survivorship, the property passes to survivor quickly and automatically regardless of what a last will and testament or other instructions for the transfer of property might say. The big downside, however, is that the property is vulnerable to being lost if either of the joint owners incurs substantial debt or go through a divorce. And, the very second a joint tenant dies, the asset is subject to probate upon the second death.
- Pay-on-death accounts: Pay-on-death accounts allow an account owner to specify a beneficiary who will automatically inherit the account outside of probate after a death occurs. But what happens if your beneficiary predeceases you?
There may also be other specific legal tools that can be incorporated into your estate plan or asset protection to accomplish specific objectives that you have. Everyone has a different financial and family situation, as well as their own unique goals for the future. The tools that our Overland Park estate planning attorneys help you create should be customized to meet your specific needs.
Getting Help from Overland Park Estate Planning Attorneys
The Parman & Easterday estate planning attorneys in our Overland Park office can work closely with you to identify the different ways that we can help you to prepare for the future. Whatever your goals are, we can assist you in exploring the documents you could create or the processes you could put in place to maximize the chances of those goals being achieved. We’ll provide the advice you need, given your stage of life and family situation, and can help to ensure that the documents you put in place are legally valid and provide the expected protections.
To find out more about how our Overland Park estate planning attorneys can work with you to make a personalized plan, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online to learn more.