When you sit down to create your estate plan there will likely be a wide variety of objectives that you must consider. Distributing your assets at the time of your death is certainly the primary estate planning objective; however, don’t forget to consider estate liquidity as well if you are leaving behind loved ones who depend on your financial contribution to the family. Most states must go through the legal process of probate upon the death of the decedent. During the probate process the … [Read more...] about Why Estate Liquidity Should Be an Estate Planning Objective
Missouri Medicaid and Medicare – What Is the Difference?
Because the names sound similar, people often get confused when they discuss the Missouri Medicaid or Medicare program. Although both are government programs, they are not the same. In fact, the two programs are not even related to each other. Chances are good that you will need the benefits offered in one, or both, of the programs at some point in your life. For this reason, it is important to understand what benefits are offered by each program and who is eligible for those benefits. Both … [Read more...] about Missouri Medicaid and Medicare – What Is the Difference?
What You Need to Know about a Life Estate
A comprehensive estate plan typically incorporates a wide variety of tools, documents, and strategies into the plan in order to accomplish the numerous goals you likely have. If you are part of a blended family, estate planning is usually even more complicated. Thankfully, there are a number of estate planning tools that work extremely well in a blended family estate plan. One of the common issues that comes with a blended family is how to handle the family home. If you are re-married and … [Read more...] about What You Need to Know about a Life Estate
What Does the Recent SCOTUS Decision Mean for Same-Sex Couples?
If you are part of a same-sex couple you have likely been paying close attention to a case before the Supreme Court of the United States, or SCOTUS. If so, then you know that a decision was handed down in U.S. v. Windsor recently that is reason to celebrate for members of the LGBTQ community and for those who support them. In short, SCOTUS ruled that the provision in the Defense of Marriage Act, or DOMA, that defines marriage as a union between a man and a woman, violates the Equal Protection … [Read more...] about What Does the Recent SCOTUS Decision Mean for Same-Sex Couples?
Do You Still Need an ILIT?
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...] about Do You Still Need an ILIT?
Including Long-Term Care in Your Estate Plan
Americans can expect to live significantly longer now than they did a century ago. While this is good news overall it also means that many of us will risk losing our life savings to the cost of living that long. While advances in medical care have added to the extended life expectancy, those advances come at a price. To ensure that your life savings are not lost in the last few years of your life to the cost of long-term care you should take the time to include long-term care planning in your … [Read more...] about Including Long-Term Care in Your Estate Plan
The Estate Tax Implications of an International Marriage
Most people are not thinking about taxes and practical concerns when they decide to marry. After the honeymoon is over though, these issues can come up – particularly if you have entered into an international marriage. Because of the globalization of commerce and business over the last few decades, people are coming into contact with foreigners on a much more regular basis now than they did in the past. Often, these “encounters” end up leading to love affairs and even marriage. In fact, … [Read more...] about The Estate Tax Implications of an International Marriage
Kirkwood Elder Law Attorneys Explain Veterans Aid and Attendance Benefits
If you are one of the brave men or women who has served our country in the Armed Forces, or you are a surviving spouse of one, you probably already realize that you are entitled to a number of veteran’s benefits as a result of that service. Most people are aware of the benefits such as low-interest mortgage loans, educational benefits, and low-cost health care services. There is another benefit program, however, that is less well known but that might be of great help to you. Known as the … [Read more...] about Kirkwood Elder Law Attorneys Explain Veterans Aid and Attendance Benefits
Nursing Home Tips from Kirkwood Elder Law Lawyers
One of the most difficult decisions you may have to make during the course of your adult life is the decision to move a parent into a nursing home. If, however, your parent requires the type and/or level of care that can only be provided by a long-term care (LTC) setting, you are making the right decision by seeking nursing home care. In fact, failing to do so would be putting your parent at risk for life-threatening illness and/or serious injury. If you have never had to choose a nursing home … [Read more...] about Nursing Home Tips from Kirkwood Elder Law Lawyers
Kirkwood Probate Lawyer Explains Steps to Take Immediately Following the Death of a Loved One
The death of a family member or someone else close to you is usually followed by a period of grief, confusion, and a variety of other heightened emotions. Someone, however, must handle the legal and practical implications of your loved one’s death. If you have been designated as that person, you probably do not know where to begin or exactly what needs to be done unless you have been in the same position in the past. To help you get started, a Kirkwood probate lawyer explains some common steps … [Read more...] about Kirkwood Probate Lawyer Explains Steps to Take Immediately Following the Death of a Loved One
