When you sit down to create your estate plan you will likely be attempting to achieve a variety of goals all at the same time. Your primary goal will undoubtedly be creating a roadmap for the distribution of your estate assets when you die; however, you may also be concerned with things such as probate avoidance, incapacity planning, and decreasing your estate’s exposure to taxes. One issue that will not impact you, or your estate, directly but which may impact your beneficiaries is capital … [Read more...] about What Are Capital Gains Taxes?
Estate Taxes in Missouri: How Much Can I Transfer at Death Tax-Free?
Along with deciding who will receive your estate assets when you die, another important goal of a comprehensive estate plan is to minimize the amount of taxes your estate owes when you die. In order to do that, you must have a general idea of how much in estate assets you can transfer at death tax-free. In Missouri, your estate assets are potentially subject to federal gift and estate assets when you die. Each individual, however, is entitled to exempt up to the lifetime exemption limit for … [Read more...] about Estate Taxes in Missouri: How Much Can I Transfer at Death Tax-Free?
Is A Family Limited Partnership in Missouri Right for Our Family?
Passing down a family business, or family wealth in general, can be a challenging component of estate planning. There are number of different strategies that can be used to manage a family business while you are alive; however, the ideal situation is to create a scenario that allows you to manage the business while you are alive and pass down the assets owned by the business to future generations without subjecting the transfer to a significant tax burden. One option is to create a Family … [Read more...] about Is A Family Limited Partnership in Missouri Right for Our Family?
What You May Not Know about Life Insurance and Estate Taxes
Chances are good that you own one or more life insurance policies. Whether you purchased a policy as part of a group offering through your employer or you went out and bought one on your own, you likely understand the basic function of a life insurance policy—to provide financial security to a family or to loved ones in the event of your death. While this is the basic function of a life insurance policy, it can do much more. Consider the following information that you may not know about life … [Read more...] about What You May Not Know about Life Insurance and Estate Taxes
Higher Lifetime Exemption Limit May Require Changes to Your Estate Plan
For millions of taxpayers who once focused much of their estate plan on avoiding the gift and estate tax, the passage of the American Taxpayer Relief Act of 2012 brought welcome changes. Specifically, the Act set the estate and gift tax lifetime exemption amount at $5.25 million – adjusted annually for inflation. For many taxpayers, the historically high lifetime exemption amount means they no longer need to worry about estate taxes. For others it at least takes some of the pressure off. In … [Read more...] about Higher Lifetime Exemption Limit May Require Changes to Your Estate Plan
Questions Worth Asking Yourself in Preparation for Your First Estate Planning Consultation
If you have finally taken the first step in creating an estate plan and made an appointment with an estate planning attorney, you are to be congratulated. Unfortunately, statistics tell us that as many as half of all Americans have yet to create an estate plan despite knowing how important one is. One reason that people give for procrastinating is that they know very little about estate planning and therefore are not comfortable thinking about meeting with an attorney to create a plan. One way … [Read more...] about Questions Worth Asking Yourself in Preparation for Your First Estate Planning Consultation
Are You Forgetting an Important Tax Document This Year?
As the dreaded April 15th tax deadline looms close, millions of taxpayers are digging through receipts looking for last minute deductions and meeting with tax professionals to try and find ways to limit the amount of taxes they owe this year. While taxpayers do this every year, one thing that many do not do on a regular basis is prepare and file a gift tax return; however, this year you may be required to do so. Because of the roller coaster ride that taxpayers went on last year waiting to see … [Read more...] about Are You Forgetting an Important Tax Document This Year?
LGBTQ Estate Planning May Change Drastically after SCOTUS Hearings
The highest court in the land, the United States Supreme Court, recently heard oral arguments on a case that may drastically change estate planning, as well as other areas of the law, for the LGBTQ community. The case before the Court began back in 2009 when the petitioner’s same-sex partner of 44 years died. Her partner left a sizable estate to her which incurred over $350,000 in estate and gift taxes. Had the couple been considered legally married under federal law, the asset transfer would … [Read more...] about LGBTQ Estate Planning May Change Drastically after SCOTUS Hearings
How Taxes Can Derail Your Estate Plan
Ideally, an estate plan should encompass much more than a basic Last Will and Testament. Although a Will usually serves as the foundation for any comprehensive estate plan, your plan should not stop there. Numerous other considerations should go into a well-rounded estate plan, including the tax implications of your plan. People often make the mistake of turning to boilerplate estate planning forms found on the internet in an effort to cut expenses when creating an estate plan. While there … [Read more...] about How Taxes Can Derail Your Estate Plan
The Risk of Failing to Create and Estate Plan for A Special Needs Loved One
Anyone who has a special needs loved one in their life knows how important proper care and compassion is. Finding the right people, doctor, or facility to help care for your loved one likely took a considerable amount of time. Finding a way to afford the care your loved one needs probably also took a significant amount of time. If you do not also take the time to create a comprehensive estate plan with your special needs loved one in mind, everything you have accomplished with respect to the … [Read more...] about The Risk of Failing to Create and Estate Plan for A Special Needs Loved One
