In the past, an inheritance was commonly given to a child when he or she reached the age of majority, at age 18. Sometimes, the gift would be held until the beneficiary reached the age of 21; however, it was unusual for it to be delayed much longer than that. Today, it is becoming much more common for a beneficiary to receive his or her inheritance in staggered disbursements instead of a lump sum disbursement which may be the best idea. The truth is that children typically take longer to become … [Read more...] about Why a Lump Sum Inheritance Might Not Be the Best Idea
How Property Is Distributed without a Will in Missouri
While most people know how important it is to execute a Last Will and Testament, many fail to do so. People offer a variety of reasons as to why they have yet to execute a Will such as the belief that they don’t need one. The truth is that everyone needs a Will. Though there are additional reasons why you should create a Will, property divisions is an important reason. Understanding how property is distributed without a Will in Missouri may provide you with the incentive to finally sit down and … [Read more...] about How Property Is Distributed without a Will in Missouri
Special Needs Trust in Missouri: Why You Should Create One
If you have a special needs child in your family, you are already aware that caring for that child requires a considerable amount of time and caring. The reality is that it also requires a considerable amount of money. Because you love your family member, you may not wish to focus on the financial costs involved in raising a special needs child, but at some point you must address the issue because you will not always be here to oversee his or her care. A special needs trust in Missouri may be … [Read more...] about Special Needs Trust in Missouri: Why You Should Create One
Does a Revocable Living Trust in St. Louis Provide Asset Protection?
Trusts are a popular addition to an estate plan due in large part to the flexibility a trust offers and the numerous goals that can be accomplished with a trust. Although the primary goal of your estate plan is likely to ensure that your assets are divided according to your wishes when you die, you likely have additional goals that you wish to include in your estate plan. Asset protection is one goal that people often include in an estate plan. A trust can be used to protect assets; however, the … [Read more...] about Does a Revocable Living Trust in St. Louis Provide Asset Protection?
Is a Family Wealth Trust Only for the Rich?
You may have heard of a family wealth trust before but assumed that only the rich need a family wealth trust in their estate plan. While those with large estates can certainly benefit from the inclusion of a family wealth trust in their estate plan, so can those with moderate estates. A family wealth trust is simply one of many estate planning tools that can be used to protect your assets from taxes and probate in the short run while providing for future generations in the long run. Including at … [Read more...] about Is a Family Wealth Trust Only for the Rich?
Who Should Be the Successor Trustee of My Revocable Living Trust?
A thorough estate plan will typically involve much more than a Last Will and Testament. Although each estate plan is as unique as the individual creating the plan, many estate plans include at least one trust among the plan. Revocable living trusts, for example, are a common addition to an estate plan. If you choose to include a revocable living trust in your estate plan you will need to name a trustee for the trust. You will also likely need to name a successor trustee. Who you name as the … [Read more...] about Who Should Be the Successor Trustee of My Revocable Living Trust?
Trustee Duties and Responsibilities
Trustee Duties and Responsibilities from Charlie Amen At its most basic, a trust is a legal arrangement where in a third party holds something of value for you for the benefit of one or more beneficiaries. All trusts require four basic elements for creation. … [Read more...] about Trustee Duties and Responsibilities
Trusts in St. Louis: When Does a Trust End or Terminate?
Trusts have become a very popular addition to a comprehensive estate plan in recent years because of the wide variety of trusts available and the numerous goals they can help achieve. If you are considering the addition of a trust to your estate plan it helps to have a better understanding of some trust basics before making your final decision. One question that often comes up is “When does a trust end or terminate?” Types of Trusts in St. Louis A trust can be a testamentary trust or a living … [Read more...] about Trusts in St. Louis: When Does a Trust End or Terminate?
Irrevocable Life Insurance Trust in St. Louis: Is It Right for Your Estate Plan?
Creating an all-inclusive estate plan requires more than just a Last Will and Testament. Exactly which additional documents and strategies should be included in your estate plan is something that should be determined in consultation with your estate planning attorney; however, there are some common additions that you may wish to consider. An Irrevocable Life Insurance Trust, or ILIT, for instance is a popular addition to an estate plan because of the tax benefits it provides and the estate … [Read more...] about Irrevocable Life Insurance Trust in St. Louis: Is It Right for Your Estate Plan?
Does Your Law Firm Do Wills?
Over half of all Americans do not have an estate plan according to surveys conducted on the subject. Many people indicate that they haven’t created an estate plan because they do not believe they need one. The reality is that everyone can benefit from an estate plan. Even if you have very little in the way of assets, you may still need at least a basic Last Will and Testament. People often make the mistake of assuming that you need a large estate to use the services of an estate planning … [Read more...] about Does Your Law Firm Do Wills?
