How do you want to be remembered?
Having an up to date plan is essential to achieving your goals and preserving your legacy.
Legacy planning is a type of enhanced estate planning where we help families plan to maintain quality of life, while also looking prospectively at how to use both their financial wealth and their treasured assets for many years. "Traditional" estate plans generally focus only on distributing financial wealth while doing little to provide for charities or the financial well-being of future generations. We help you preserve your legacy with future generations. This can take the form of providing for college education, helping with the purchase of a first home or funding a new business. Legacy planning allows you to retain control of your assets while ensuring your legacy lives on with those you love, the charities you support and your future generations. We will discuss any concerns you may have, as well as, the following concerns that are seen frequently.
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Surviving Spouse Re-Marries
What happens if your spouse re-marries? Generally, we want the endeavors of our life time to pass to our children. If the surviving spouse re-marries, the legacy and support we intended for children can be jeopardized. We develop plans that restrict assets for distribution directly to your children. The surviving spouse is supported and able to maintain his or her quality of life, but the assets are protected and reserved for your children.
Divorce and Creditor Claims
How would you want your funds distributed if your child or grandchild goes through a divorce or has creditor issues? Is it your desire for your estate to be split with the divorcing spouse or to creditors in a bankruptcy case? With a properly crafted trust, we protect your assets by restricting availability and access. This keeps the proceeds in a creditor protected state until such time as they can be distributed as intended by your trust.
What if you or your spouse become disabled? How will you pay for the health costs and long term nursing? There are several ways to structure your estate to maximize benefits while protecting your assets. This type of planning works well to keep a person in the house while obtaining in home care if possible.
Some of the most valuable components of your wealth may have little financial value. It may be a family heirloom passed down for generations or a piece of furniture with sentimental value. These types of items can divide a family. We work with you to identify these items and develop a process to effectively hand these items down to the next generation.
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A well-crafted estate plan should provide for your loved ones in an effective and efficient manner by avoiding issues 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.
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Probate and Trust Administration
When a loved one passes away, his or her estate often goes through a court-managed process called probate or estate administration where the assets of the deceased are managed and distributed. We will work with you through each step that must be taken as soon as possible after your loved one dies, as well as those steps that will be dealt with in the future.
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.
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.
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.
Your family-owned business is not just one of your most significant assets, it is also your legacy. You’ve worked very hard over your lifetime to build your family-owned enterprise. However, there comes a time to focus your priorities on ensuring a smooth transition that preserves your legacy – and your investment – for generations to come.
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.
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.
He looked out for my best interest versus just treating me like a customer. I felt like family.
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!
I have always found the estate planning process a challenge in trying to get my assets and trusts to work together the way I wanted them to. Thanks for easing my mind and pulling everything together.