bookmark_borderSome Great Estate Planning Tips

Estate Planning Tips and Advice

Estate Planning is all about finding out your needs and then taking those needs and using a bunch of different lawyer tools to create a whole plan that can meet both your needs, budget and overall legal structure.

We asked a great estate planning firm in Kansas City about their top five tips for estate planning.

Tip 1: Buy Long-Term Care Insurance

Yeah, we know that this is about estate planning law, etc.  However, one of the biggest risks that people face is not death, but instead it is living a long time in a care facility.  There is study after study that shows that people are living longer,  However, there are also many studies that show that people completely underestimate how long that they will live and need long-term care.  We believe that this is the single greatest threat to move people’s assets.

Tip 2: Don’t Forget Your Business

For a lot of people, their business is their single biggest asset.  However, they have made their business completely reliant upon their personal supervision.  A good business lawyer is imperative to the running of your business.  However, you need to make sure that your business lawyer is one that will set up the business for the next owner.  You have to make sure that this plan works with your estate plan – including how the asset will produce over time as well as who you want to get the business.

Tip 3: Get a Good Power of Attorney

One of the key parts is a good estate plan is a Power of Attorney form.  There are two types of these forms – one for financial purposes and one for health care purposes.  A Health Care Power of Attorney form is one that will help you in case of a health care scare, such as if you were in truck accident, or auto accident in KC and could not take care of yourself.

Tip 4: Think about your Home

Real estate in Kansas City is an important part of most people’s assets.  The family home can be much more than just the place where your kids grew up.  For most people, it is the single largest asset that they own.  They question is whether this asset can be liquidated without harming the overall estate plan.

Tip 5: Think about Family Dynamics

The single biggest problem that we see in estate planning in Kansas is the second marriage problem.  You see, a lot of people want their estate planning to be “cheap and easy.”  So, what they do is title all of their property in joint tenancy with rights of survivorship.  What happens is when the first spouse dies, all the assets then go to the second spouse.  However, if the second spouse gets remarried and then titles everything in joint tenancy with rights of survivorship and then dies, then their new spouse will get everything.  The new spouse is likely to have their own family and when they die their kids will receive all of the assets.  So, the kids are “accidentally disinherited.”

The better approach is to have a will and go through the probate process in Kansas City.


It is a good idea to spend time thinking through what you want for your estate.  Take a look at the five tips above and then think about your current situation and where you want things to go in the years ahead.  Remember, use the tips above, such as your business or home, to figure out what you want to have happen when you die.

bookmark_borderWhy This Is Important When A Contractor Submits

Why This Is Important

When a professional sends a proposal bond on a public works task, the bond turns into an issue of public report as well as need to not be returned to the professional, even if the service provider demands it. Greater than only a template, our detailed interview procedure makes it simple to create a Bid Bond.

You’ll need to send your bond firm the bid invite letter, quote request kind and work specifications that you just receive from the obligee for all bid bond requests. Take a look at our construction bonds details the area you may locate every bond you should deal with public initiatives. However, it is recommended to existing added than just the things detailed over when asking for bid bonds for bigger tasks.

An In Depth Look

In company you’re usually required to show your functionality to meet different responsibilities with a banks assurance. An additional possible circumstance the place possibly exclusively a performance bond is required is if the difficulty is predominately a service oriented agreement where the owner knows all the job can be carried out promptly by the service provider and that the service provider is not mosting likely to be sub-contracting any kind of aspect of the job.

If the obligee/owner has their own performance bond type, surety company will want to verify that the form has appropriate language. If no required kind exist, most sureties have their actual own generic kind. Additionally practical is the usual AIA performance bond kind.

A guaranty bond is not an insurance coverage. A surety bond is an assurance, through which the surety ensures that the specialist, referred to as the principal” in the bond, will certainly execute the commitment” mentioned in the bond. For instance, the task” acknowledged in a bid bond is that the principal will recognize its bid; the task” in a performance bond is that the principal will certainly complete the challenge; as well as the duty” in a cost bond is that the principal will properly pay subcontractors as well as suppliers. Bonds nonstop state, as a problem,” that if the primary totally performs the stated commitment, then the bond is void; or else the bond stays in full pressure and effect.

Tender Guarantee

Building and construction professionals have very distinct and specialist bonding desires. At the Construction Stage, upon implementation of a written agreement in between the Contractor and also the Owner, a Performance Bond secures the Proprietor from financial loss should the Contractor stop working to perform the Contract based on the legal responsibility. Whereas typically requested by the Proprietor within the quantity of fifty% of the initial agreement cost, the bond will certainly likewise be issued for up to a hundred%. The Surety is not liable for more than the total quantity of the bond.

The bond doesn’t undermine the borrowing ability of the specialist and also is maybe also seen as enhancing her credit score credibility.

What Companies Need To Know

Normally made use of within the construction profession, but additionally pertinent to several non-construction legal partnerships, agreement surety bonds shield the Owner (usually referred to as the Obligee” or beneficiary) from monetary loss within the event the Contractor (the Principal”) stops working to fulfil their legal obligations with the Proprietor. Confirmation of Financing: On independently funded building and construction tasks, Insurance Associates can conduct due diligence on the supply of one hundred% construction funding to guarantee that funds can be discovered to pay you, along with your distributors as well as subcontractors. Verification of funding will be offered to the proprietor as a bond underwriting scenario.

bookmark_borderComparing The Most Beneficial Suggestions For Finding Performance and Payment Bonds

Proposal Bonds – Research On Bid Bond Request Forms

For a bid bond demand: we have numerous markets as well as availability for the requesting of quote bonds straight to the Surety Division – for recognized guaranty customers. Bid Outcomes: If the need is for an effectiveness bond, whatsoever times request quote results. We prefer to know, previous to executing the performance bond, if our service provider’s proposal was according to the various other prospective buyers. If, as an example, our solution company bid $100,000, as well as all the other potential customers had been $120,000 or above, afterwards we have some concerns to ask. Had been there any mistakes? What’s their revenue on duty? Why are the others so a whole lot higher? What is the designer’s quote? Remember that not all contracts are competitively bid. Some are reviewed, so there would not be every various other bidders. Furthermore, some basic professionals or individual owners can not launch different quotes after the truth.

Beginning Date: This is the day the arrangement is prepared for to start. If the arrangement is not expected to begin rapidly as a late starting obstacle expands the surety’s promo further into the longer term, it is needed to identify.

Verdict Date: Like the start date, the completion date is an indicator of the size of time the warranty can be on the promo. If the period for conclusion is also minimal, it also reveals. The majority of agreements have a specified conclusion day, matching to “one hundred twenty schedule days”, “90 work days”, or a certain day one means or an additional. If the moment for completion can be exceptionally quick we require to head to with our solution carrier to confirm they’re prepared to get it achieved without delay. If the minute for final thought is much best into the longer term, the guaranty’s attention may be lengthened as suitably, as well as we require to understand that getting in.

An In Depth Look at Bid Bonds and also other Surety Bonds

A Bid Bond, launched by a Surety in your part, is for the benefit of an Obligee. The list below step is to research study in addition to obtain what is essential for a performance bond, to ensure that you may be mix the 2 to optimize your capacity in getting public campaigns.

Non-public building and building and construction arrangements hardly ever ask for specific bond language. Rather, they frequently require bonds in a defined quantity with a guaranty ideal to the owner, basic specialist or different other obligee. The AIA’s bond ranges, AIA Paperwork A-311 as well as also A-312, are prominent along with instructive; therefore their plans require a fast conversation.

Online Bid Bond Request

A great deal of building service providers understand the procedure of obtaining guaranty bonds, nevertheless they might not be conscious of the authorized links bonds establish the connections amongst the principal (the solution carrier), the obligee (generally the owner) and also the guaranty. It reviews simply when building guaranty bonds are needed on federal government, state, as well as exclusive work, as well as the bonding needs had in extensively used contract kinds, along with federal government authorities arrangements, AIA arrangement kinds, as well as additionally the AGC subcontract type.

The Bond Request kind – this can offer the surety with a major introduction of the existing bond being asked for.

The Importance Of Bid Bond Request Form

Insurance Policy Coverage Agency, LLC has actually made it prospective to mount the doc as well as download and install below along with fill out your service info. AIA’s effectiveness bond kind, AIA Doc 311, provides that the guaranty discards notification of adjustment orders and also growths of time. It asserts that the proprietor is the only person that can take lawsuit against to enforce the effectiveness bond, along with that any sort of such fit should be introduced inside two years from the date closing cost schedules below the agreement. It furthermore provides, if the owner announces the company in default, that the guaranty will either complete the contract or, if the owner chooses, will get propositions to ensure that the proprietor might acquire promptly with a conclusion specialist with the surety offering funds sufficient for conclusion.

bookmark_borderAn Examination Of The Strategies When Thinking Of P&P Bonds

What You Required To Understand About Quote Bonds in Building And Construction

Our surety bonds group is a full-service, nationwide surety bonding business, accredited in every U.S. state. The total amount of a quote bond is figured out in relation to the quantity of the agreement. A quote bond’s complete amount generally does not go beyond 5-10% of the overall amount of the contract.

You’ll not lose your bond if you withdraw your quote earlier than the developer opens it. You will lose your Quote Bond in case you withdraw your quote after you have actually gotten been awarded the contract.

A Guide to bid bonds in the U.S.

Nice American’s appeal for financial power and stability and its dedication to private and consistent service is especially essential to brokers with construction accounts. The majority of quote bonds comprise a cash deposit, which is topic to full or partial forfeiture if the successful specialist stops working to both execute the contract (or develop an expense bond or performance bond – depending on how the bid course of is structured). The quote bond assures that, must the bidder accomplish success, they’ll indicate the deal and supply the needed surety bond.

To put it simply, these bonds are utilized as monetary security for contract bid propositions– especially for giant tasks such as industrial advancements. With out sending the required bond, a contractor’s bid will consistently be disqualified from the bidding course of.

For the Professional just in search of building bond help, South Coast Surety will provide you the instruments and information required to understand a surety bond credit line score.

Information To Quote Bonds For Contractors

A bid guarantee is a type of security ensuring that the bidder will not withdraw a quote throughout the interval specified for acceptance and will perform a written agreement and provide required bonds, together with any obligatory coinsurance or reinsurance contracts, inside the time specified within the quote, unless a longer time is enabled, after invoice of the desired types. A quote assurance typically include a firm dedication similar to a quote bond, accredited validate, or different negotiable instrument accompanying a bid as assurance that the bidder should, upon acceptance of the bid, execute such contractual documents as might be needed inside the time specified. Quote warranties are typically needed to be in a quantity equivalent to 5 p.c of the quantity quote.

As talked about above, the needed quote request kind asks for contract details such since the task value breakdown, that includes income, products, labor, subcontractors and overhead. Presenting these details can be bothersome and confusing when trying to record in a paper system. That is the location building bid software program is readily available in; it can be utilized to approximate your agreement costs and think about and manage your organization’s most essential metrics Utilizing the power of software will provide you with a better likelihood at winning the efforts you need.

What Business Required To Learn About Contracts and Bid Bonds

A Bid Bond, issued by a Surety in your behalf, is for the great thing about an Obligee. Generally Bid Bonds are low-cost. Typically, the performance bond costs between 1% and 5% of the worth of the “chastening amount,” which is the amount that the surety will require to pay to the obligee in case the professional breaches the agreement.

Research On Permission of Surety for a Bid Bond

Private building contracts seldom need specific bond language. Rather, they typically need bonds in a specified amount with a surety acceptable to the proprietor, general specialist or other obligee. The AIA’s bond kinds, AIA Documents A-311 and A-312, are well-liked and instructive; hence their provisions benefit a short dialogue.

Additionally used at the Tender Phase, the Consent of Surety (in some cases referred to as an Settlement to Bond) is an enterprise by the Surety to provide Performance and Labor & Material Payment Bonds for the Specialist if their tender is accepted by the Owner and a written agreement entered into. The Approval of Surety is a commitment entirely made by the Surety. It is really essential observe, nonetheless, this does not guarantee the Contractor will participate in the contract.

A Guide For You about Bid Bonds and Building Contracts

Within the United States, underneath the Miller Act of 1932, all Building and construction Contracts released by the Federal Authorities need to be backed by Performance and cost bonds. States have enacted what is called” Little Miller Act” statutes requiring efficiency and fee bonds on State Moneyed initiatives as properly. If, upon investigation, the surety states the power of lawyer to have actually been genuine at the time of bid opening, the contracting officer may need correction of any technical error.

One other way surety firms can stay inside their approved surety underwriting limitation, and spread their danger, is to obtain coinsurance or reinsurance, in which they basically receive an agreement from one other surety company to cowl a part of their threat on the bond they have issued. When a surety acquires reinsurance for part of its threat under a Miller Act bond, it needs to undergo the contracting officer a reinsurance settlement for a Miller Act performance bond and a reinsurance settlement for a Miller Act cost bond. The terms of both reinsurance contracts are stated in the regulations.

Construction Surety Bonds In Plain English

Normally used within the construction market, but additionally applicable to several non-construction contractual relationships, agreement surety bonds protect the Owner (referred to as the Obligee” or beneficiary) from financial loss in case the Professional (the Principal”) fails to fulfill their contractual commitments with the Proprietor. A bid bond does not noting the United States as obligee, but properly identifies the offeror, the solicitation number, and the recognize and place of the endeavor involved, as long as it is appropriate in all various aspects.

At the Building Phase, upon execution of a written contract between the Contractor and the Owner, an Efficiency Bond secures the Proprietor from monetary loss ought to the Professional fail to bring out the Contract in accordance with the legal obligation. While normally requested by the Owner within the amount of 50% of the special agreement worth, the bond will also be provided for up to one hundred%. The Surety is just not accountable for more than the entire amount of the bond.

Why Business Requirements To Be Worried With Quote Bonds and Construction Arrangements

(b) When a brand new surety bond is licensed, the contracting officer shall alert the principal and surety of the distinct bond of the efficient date of the new bond.