KC Estate Works Oct 2017

The Works Everything you need to know for greater peace of mind.

October 2017

913-214-1884

www.kcestateworks.com

Be Aware of the Boom Pay Attention to the Details

Growing up as a kid, my favorite activity was spending an occasional Saturday on our rickety sailboat at Perry Lake. Aside from being able to fish, swim, and eat my weight in Planters Cheez Balls, sailing taught me valuable life lessons that are relevant today. One of the main principles you learn while sailing is to pay attention to the details. You must constantly watch the surface of the lake and your wind indicators to ensure you stay on course. If you get distracted and miss a wind shift, you are likely to be hit in the head by the boom. (Skipper’s Tip: The boom is the heavy bar at the bottom of the main sail. You really don’t want it to hit you.) Estate and elder law planning are exactly the same way. Without a clear understanding of all of the issues that affect later-life planning, families are susceptible to putting their assets in jeopardy. The process of inheritance can be laden with misunderstandings and family conflicts, resulting in extreme emotional stress and expenses for your loved ones if not properly addressed. This is why the planning process must entail so much more than just sorting out what to do with your assets when you pass away. Estate planning must also ensure that your long- term care needs are met, that your assets are distributed in a way that reduces potential family conflict, and that your values and life lessons are properly conveyed to your loved ones. Those who fail to comprehensively address all of these issues may be blindsided in painful ways. One of the best parts of my job is that it gives me the ability to sit down with my clients and do some teaching. Once you are aware of all the issues that may arise,

you can make informed legal and financial decisions for the future. Proper estate planning is all about understanding your options, knowing the potential threats, and doing some ongoing maintenance to course correct as needed. Because education is so important to the estate planning process, we will begin hosting workshops in the near future to help our existing and prospective clients better understand the complexities of elder care and estate planning. Stay tuned to future newsletters and our website, kcestateworks. com, for more details. In the meantime, if you have any questions about your existing estate plan, or if you know of any family or friends in need of estate or elder care planning, please feel free to drop me a line. “The boom is the heavy bar at the bottom of the main sail. You really don’t want it to hit you.”

-John Thompson

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