Families with Teens

It is Time for a Complete Estate Plan

Planning for families with teens is extremely important. At this stage, our estate plans focus on providing for and protecting your child while also planning to maintain your quality of life.

Families with teens at home may have many specific concerns, but the three concerns we see most often are planning for college, protecting your children and maintaining your quality of life as you age.

Plagirl-graduation-robe-walking-crowdnning for College

Many of our plans are designed to provide funds for children to go to college or pay off loans after your child graduates.  We can also provide an incentive for your children to graduate. If your child has an entrepreneurial spirit, we can set funds aside to assist him or her with starting a new business. We also begin thinking about the legal impacts of your child reaching eighteen. Since they are legally independent at that point your ability to assist them may be limited.  Parents want to help their children while allowing the child to have more independence. To assist with this goal, we create a durable power of attorney for your child that allows you to provide funds to your child and assist with managing those funds  A health care power of attorney is useful as well, especially if your child will stay on your insurance plan.

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In general, if you die without an estate plan, your assets are distributed according to statute. This means your child can receive any funds you leave them upon reaching the age of eighteen.  Many parents with teens create a trust that is designed to safeguard the inheritance for their children. Such a trust gives you the ability to control how much money your children will receive and when.This approach allows you to designate funds for their college educations and delay other amounts over time. You are able to support your children as they mature while ensuring that the funds you have accumulated are not wasted. The trust can also protect against potential creditors or even divorce.

Get started today with our Estate Planning Checklist.

Planning for You

At this point in your life, your estate plan should begin to focus on you.  This generally means that we look to make sure you have the right decision makers named for you and begin to think about the roles your children will play in this process.  Additionally, we start to look at how to make your next stage in life and estate plan match.  We don't provide financial advice or sell insurance products; however, we certainly recognize the valuable role they play to complement and enhance your estate plan.  We provide ideas for you to consider to help you be prepared.

Start Planning Today!

A well-crafted estate plan should provide for your loved ones in an effective and efficient manner by avoiding conservatorship during your lifetime, probate at death, estate taxes and unnecessary delays.  You should consult an estate planning attorney to review your family and financial situation, your goals and explain the various options available to you.   Once your estate plan is in place, you will have peace of mind knowing that you have provided for yourself and your family in case the worst happens.

If you need help getting started, please feel free to use our Estate Planning Worksheet designed to help you organize and develop your plan. Request our free Estate Planning Checklist.

Serving as a Wills, Trusts and Estate Planning attorney primarily in Leawood, Lenexa, Mission, Olathe, Overland Park, Prairie Village, Roeland Park and Shawnee, but we also enjoy serving throughout the Kansas City area. Please let us know if we can be of assistance or answer any questions.

Contact us with any questions or to schedule an appointment.

Start Your Estate Plan

Wills, Trusts and Estate Planning attorney serving Leawood, Lenexa, Mission, Olathe, Overland Park, Prairie Village, Roeland Park and Shawnee from our Overland Park office and Liberty, North Kansas City, Parkville and Riverside from our North Kansas City office.

Services you may need...

wills

Wills

Most people know about wills and their basic purpose – to ensure that one’s hard earned assets go to the right beneficiaries when an individual passes away. Wills are used to distribute your property, name a guardian for minor children and name an executor of your estate.

trusts

Trusts

A living trust allows your property to be transferred to your beneficiaries, quickly and privately, with little to no court intervention, maximizing the amount your loved ones end up with. In a living trust, you name yourself as trustee, which makes you the person in charge of your property. As trustee, you retain total control of the property you transfer into the trust. You can amend your trust at any time and can even revoke it entirely.

guardians

Guardians

Guardianship, also referred to as conservatorship, is a legal arrangement that places an individual, also known as a ward or protected person, under the supervision of a guardian, or custodian. A guardian or conservator is typically a family member, friend, or fiduciary appointed by the court. A protected person can be a minor without a parental guardian or an adult who can no longer make safe and sound decisions about his or her own person or property.

Special Needs

Special Needs

If you have a child, or other loved one, who has some physical or mental disability, or a chronic or acquired illness, a special needs trust may be a critical piece of your estate plan. Such a trust can protect your loved one's inheritance and allow your loved one to receive benefits such as Supplemental Security Income (SSI), Medicaid or other government benefits. The assets in the trust can then provide supplemental care above and beyond that which the government will provide.

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Avoid Probate

If you leave your estate to your loved ones using a will, everything you own will pass through probate. The process is expensive, time-consuming and open to the public. The probate court is in control of the process until the estate has been settled and distributed. With proper planning, your assets can pass on to your loved ones without undergoing probate, in a manner that is quick, inexpensive and private.

wills

Wills

Most people know about wills and their basic purpose – to ensure that one’s hard earned assets go to the right beneficiaries when an individual passes away. Wills are used to distribute your property, name a guardian for minor children and name an executor of your estate.

Testimonials

Mr. Rasmussen made things simple. He prepared an excellent trust/will for my fathers estate that saved me a lot of headaches and frustration when my father passed away. He was very knowledgeable and professional during the whole process. I would definitely recommend his company and services.

M.R.

I love working with Todd Rasmussen an Estate Planning Attorney. He was super easy to work with. My advice is to not wait until it is too late.

M. L.

He looked out for my best interest versus just treating me like a customer. I felt like family.

Y.G.

Estate Planning Kansas City did an outstanding job and provided a very valuable service to us. They assisted us in addressing very complex situations that can occur in a lifetime. This included but not limited to health care directives, provisions for managing estate during any temporary health issues and ensuring beneficiaries are of sound medical, mental and financial capacity prior to distribution of estate. Very happy with results and would HIGHLY recommend Estate Planning Kansas City Todd Rasmussen and his staff!

J.M.