Bower Law: Your Estate Planning Attorney Kansas City
The Mid-life Checkup: When Should I Start Planning My Estate?
Many people dislike thinking about estate planning. No one likes thinking about their own death. It may be an uncomfortable subject for most people, but planning for the financial well-being of your family and your assets when you are no longer there is critical.
Many middle-aged people assume that it’s too late to begin estate planning at their age. However, this is far from the truth. Most people start thinking about their assets after a life-changing event such as a milestone birthday, divorce, or major health scare.
People put off estate preparation for a variety of reasons. Some may be unhappy about their finances, while others incorrectly believe that making a will means giving up on life. Family members may also be hesitant to bring up the subject of wills if they stand to inherit your estate.
On the other hand, estate planning services provide peace of mind that your estate will be administered the way you want it. It allows you to gain control over what appears to be uncontrolled.
Depending on the complexity of the estate, the health of the individual, and other factors, practically everyone may need the services of an estate planning lawyer at some point.
What Does an Estate Planning Attorney Do?
An estate planning attorney or a probate attorney is a lawyer with detailed knowledge of the state and federal laws that govern how your estate will be inventoried, valued, distributed, and taxed after your death.
Our practice area includes estate and legacy planning, drafting wills, trusts, powers of attorney, and other documents to facilitate the transfer and management of the property after death. We can help you:
- create your will
- Create a trust to protect your assets during your lifetime or after your passing
- choose your beneficiaries
- plan for health care, such as Medicaid planning
- create durable medical powers of attorney and durable powers of attorney for property
- find measures, if there are any, to avoid or reduce estate tax
We can handle even the most intricate estate planning situations, such as complicated family dynamics. If you are divorced or have a complex blended family, we can help ensure that your wishes are respected and that your assets are distributed according to your specifications.
Additionally, we will inform you of the probate process and identify possible methods to circumvent or avoid the probate court. However, this primarily depends on the type of assets in the deceased’s estate and how they can be properly transferred.
Contact us now to get started with your estate planning journey.
What Is Estate Planning Law?
An estate includes all personal property — buildings, motor vehicles, and more — that a person owns, especially at the time of their death. Estate planning law provides a person with control over the transfer and administration of property after death by expressing their intention in documents such as living wills, trusts, and powers of attorney.
Both large and small estates need an estate plan. Estate planning attorneys can take care of your estate planning needs and help you minimize taxes associated with your estates. Examples of taxes that may apply are estate taxes, gift taxes, and inheritance taxes. These taxes can be particularly burdensome on family members or beneficiaries of your will, especially for large estates.
Do You Need an Estate Planning Attorney?
When a person dies without a will, their belongings are divided among their next of kin. By failing to make a will or make an estate plan, a person cannot influence how their estate should be divided.
Estate planning attorneys can ensure that your paperwork is legally enforceable and that your affairs are in order. Without an estate plan, your estate will be left to your relatives, who may be unclear about how to distribute your estate.
How Much Does a Kansas City Attorney Cost?
Estate planning attorneys usually charge a flat fee to assist you in creating legally binding documents such as wills and durable powers of attorney.
You can also hire them at an hourly rate to maintain your estate, act on your behalf in any legal matters, and ensure your will is executed as planned.
Working with a Kansas City, Missouri Estate Planning Law Firm
It’s never too late to plan your estate. Whether you are middle-aged, dealing with a medical condition, or divorced, it’s never too late to protect your assets.
Our attorneys can provide you with suitable and cost-effective legacy and succession solutions depending on your individual and company needs. Whether you have a young family, are planning for retirement, or are retired and sorting out your affairs, our estate planning services can assist you with your goals.
Our attorneys are well-regarded in the community as both legal and civic leaders. We are attuned to the challenges faced by Kansas City residents as they think about the future.
At the Bower Law Firm, we believe that it is never too late to plan your estate. Let us optimize your assets and give you peace of mind over what happens to them. Your loved ones and legacy are all that matter.