For many years, taxpayers with moderate to large estates relied on various estate planning tools to try and avoid incurring a hefty estate tax liability when they died. Clearly, the more money that goes to paying estate taxes the less money will be available to pass on to loved ones. One tool that has historically been very popular to accomplish this goal is the irrevocable life insurance trust, or ILIT. In light of relevant provisions in the recently passed American Taxpayer Relief Act of … [Read more...]
Appointing a Trustee—Questions to Ask
A trust can be an excellent addition to just about any estate plan. A trust can help reduce your tax burden, avoid probate and allow you to control how your assets are used even after you are no longer here. Although there are a multitude of different types of trusts that you can choose from, they all require you to appoint a trustee to oversee the trust assets and ensure that the beneficiaries benefit from the trust as intended. Who you appoint as trustee is a very important decision and one … [Read more...]
The Danger in DIY Wills and Trusts
In the age of the internet, it seems as though you can find just about anything with a few clicks of a mouse. Even “Do-It-Yourself” legal forms can be located easily on the internet. It may be very tempting to use these DIY forms to finally get started on your estate plan that you have been putting off. After all, using a few DIY forms will save you both time and money, right? Wrong! Using forms you found on the internet, such as DIY Wills and trusts, may save you time and money now; however, … [Read more...]
5 Reasons You Might Need a Trust Law Firm
Estate planning is typically a complex, and often complicated, process. Creating an estate plan is also, however, on one of the most important things you will do to protect you and your loved ones during the course of your lifetime. While the foundation of your estate plan will likely be a Last Will and Testament, you will also likely include, or at least consider, making use of a variety of other estate planning documents and strategies for your estate plan. Among the most common of these … [Read more...]
How Might a Revocable Family Trust Fit into Your Estate Plan?
When you create your estate plan you will likely use additional estate planning tools and strategies beyond just a basic Last Will and Testament. Deciding which additional tools and strategies are right for your plan is something you should only do with the assistance of your Missouri estate planning attorney. Learning more about the various options, however, is something you can do all by yourself. For example, a revocable family trust is a popular estate planning tool that you might consider … [Read more...]
5 Things You Need to Know about Wills and Trusts
If you have yet to create an estate plan, it may be because of the often confusing nature of the estate planning process. Many people find the thought of creating an estate plan intimidating if for no other reason than because they know very little about it. The best way to get started, therefore, is to learn more about estate planning, and the best place to start is with wills and trusts. Why wills and trusts? Because they are two of the most commonly used estate planning tools, meaning you … [Read more...]
5 Wills and Trusts Questions You Should Know the Answers to before You Create Your Estate Plan
Hopefully, you are aware of the need to have a well thought out and properly drafted estate plan in place. Not only can your estate plan ensure that your estate assets are distributed according to your wishes when you are gone, but it can help protect and grow those assets while you are here. Given everything an estate plan can do, it may be surprising to learn that over half of all Americans do not have a plan in place. One of the most common reasons people give for not starting on their estate … [Read more...]
What Type of St. Louis Trusts Are Best to Protect My Estate from Creditors?
A comprehensive estate plan will not only decide what happens to your assets when you are gone, but will also help protect and grow those assets while you are alive. In order to do that, you may need to include additional estate planning tools and strategies in your plan above and beyond your Last Will and Testament. One common addition to a well thought out estate plan is a trust. Although trusts were once used primarily by the wealthy, they are now often found in the average person’s estate … [Read more...]
Can You Ever Modify an Irrevocable Trust?
When you decide to create a comprehensive estate plan you will likely consider including a wide variety of estate planning documents beyond a simple Last Will and Testament. A trust is among the most common additions to a well thought out estate plan. If you decide to add a trust to your estate plan you will need to decide what type of trust you wish to establish, including whether you want a revocable or an irrevocable trust. Although an irrevocable trust is generally thought of as being unable … [Read more...]
Do I Need to Create a Will?
At some point after you “officially” become an adult you will start to wonder if you need to start thinking about estate planning. At what point in your life should you create a Will? Do you need to be married before an estate plan is necessary? Do you need to have a high net worth before a Will is essential? What exactly determines the need to create an estate plan? These are all good questions. Because estate planning is such an individualized endeavor it is always best to consult with an … [Read more...]
