Probate Attorney Blog

Equal does not always mean fair. That’s what we’re here to talk about today, to think about your family dynamics when you are thinking about how you are going to pass down your assets so everyone in the family has the best chance to succeed. When it comes to dividing up your business at death, it’s important to think about who is invested in the business, who is interested in the business, and who is most likely to do with…

I am the proud father of three kids. I think it would be really amazing if one, or all of them, one day wanted to run my business. But that isn’t the default outcome for me, and it shouldn’t be for you either. Today we talk about three reasons not to have kids inherit a business. To give it to you real fast, here are the three reasons: Your kids may not be qualified to inherit (and run) your business;…

You may not know this about me, but I love the NCAA tournament. I was born and raised a Kansas Jayhawk fan (in Kansas) and eventually went on to graduate from there twice (undergrad and law school). At KU we love basketball, and we’re usually pretty good at it, which makes this time of year very special. Every year I fill out a bracket to pick who I think the champion of the tournament will be, and every year I…

I had a client recently hire the firm because his father had passed away. He had a will and that was it. He thought it would be a simple probate to pay any outstanding debts and then distribute the assets. And I thought the same thing too, until he told me how big his estate was. “Remember, you have to add up everything: real estate; investment accounts; retirement accounts; life insurance proceeds; cash; and anything else of value,” I said….

In you own a business and are wondering when the right time to start business succession planning the answer is NOW! There are several components you should have in place before you even start your business, including a buy-sell agreement and contingency plan for someone to run your business if you are unable to. But there so much more to think about. Funding an exit. Funding retirement. Estate taxes. Grooming the next generation to take over and succeed with the…

Yes, we’re all snowflakes, special little creatures with our own special talents and eccentricities. But there is one thing we all have in common – we’re all going to die someday. I don’t mean this in a morbid sense, but in a biological one. No matter what you do this is one thing you can’t run from. What makes this subject scary and makes people want to run away from it is when you acknowledge that it’s going to happen…

Estate planning can be frustrating and scary; a lot of people don’t want to talk about preparing for when they are no longer around. And while it can be upsetting to some (though not me – I see it as an aspirational opportunity), it’s a necessity, and it’s better to have some kind of plan than none at all. These five tips are things that if you come to your initial consultation with or do immediately after, will make the…