KANSAS CITY, MO--(Marketwire - July 8, 2010) - Van Osdol & Magruder Partner and Lawyer Paul Himmelstein recently reviewed estate planning issues regarding asset protection after death.
According to an article from allbusiness.com, the high divorce rate, the growing number of second marriages, longer life spans and the fear of discussing death and writing wills, have led to a big increase in the number of family feuds being played out in the courtroom.
For Himmelstein, while it can be an uncomfortable conversation, he encourages people of all ages to begin talking about estate planning. "In the long run, becoming incapacitated or dying without the proper documents will burden your family with immense expenses, uncertainty and a possible delay in accessing funds. Such times are difficult enough for your loved ones without the additional problems caused by a lack of proper documentation," Himmelstein said.
Additional Information:
1. Have a Living Will and Durable Power of Attorney and make sure they are HIPAA compliant (at least anything prior to 2002).
2. Before meeting with an attorney, make sure you are prepared with a list of assets and thoughts as to individuals to serve as Guardians and Trustees.
3. Title assets in a joint account, transfer on death or in a Revocable Trust to avoid Probate.
4 Make sure that any attorney you hire actually concentrates in the estate planning area. The reason that estate planning is the second highest area for clients suing their attorneys is because there are numerous pitfalls of which an occasional practitioner is unaware.
5. Don't wait, do something now. Do whatever planning you can afford just so you can at least have something.
Van Osdol & Magruder, P.C., is located in Downtown Kansas City, Mo. Trademarked as "The Biggest Little Law Firm® in Kansas City," the firm focuses on maximizing value for its clients, while remaining mindful of legal expenses. Lawyers have a wide range of skills and backgrounds and concentrate on being part of the successful process for individuals, businesses and their owners and employees and top-notch nonprofit organizations. http://www.vomer.com/
Contact Information:
Contact:
Valerie Jennings
816.221.1040
valerie@jenningssocialmedia.com