There is a very good chance that at some point in your life you will be involved in the probate of an estate. Your involvement may come as a result of being appointed the Executor under the terms of a testator’s Last Will and Testament or because you volunteer to oversee the administration of the estate of a decedent who dies intestate, or without leaving behind a valid Will. You could also find yourself a party to the probate of an estate because you were named as a beneficiary by the decedent … [Read more...] about Understanding Missouri Probate Laws
3 Scenarios When a Living Trust Can Help
A comprehensive estate plan typically begins with the execution of a Last Will and Testament; however, in order to address the various goals and objectives that are usually found in an estate plan, additional estate planning tools and strategies are often needed as well. One of the most common of those additional tools is a living trust. Whether you are just now working on the creation of your estate plan, or are planning to review and revise your plan soon, you may wish to discuss how a trust … [Read more...] about 3 Scenarios When a Living Trust Can Help
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
Can an Estate Planning Attorney Help Me with Guardianship?
As an adult child, one of the most difficult decisions you will ever have to make is the decision to pursue guardianship over a parent. Watching a parent deteriorate physically and/or mentally is painful enough. Deciding you need to step in and take control over your parent as a result of that deterioration is nothing short of heart-wrenching. The important thing to recognize if you find yourself in this situation is that failing to step in could result in serious, even life-threatening, harm to … [Read more...] about Can an Estate Planning Attorney Help Me with Guardianship?
When Should You Update Your Will?
Despite admitting they know the importance of having a valid Last Will and Testament in place, a surprising number of Americans don’t have one. If you are in the minority, meaning you actually do have a Will in place, you are to be commended. Don’t, however, make the mistake of thinking you can sit back and forget about your Will from now on. On the contrary, your Will can only work as intended if it is current, meaning you need to update your Will on a regular basis. Moreover, a Will alone, … [Read more...] about When Should You Update Your Will?
Can the Nursing Home Take My House?
Statistically speaking, the odds are favorable that you will spend time in a nursing home or other long-term care facility at some point in your life. The longer you live the greater your chance. By age 85 you stand a 75 percent chance of needing long-term care. That care is not cheap. Moreover, it is not covered by either Medicare or most private health insurance policies. Like most people, you may turn to Medicaid for help; however, you may be concerned about Medicaid’s eligibility … [Read more...] about Can the Nursing Home Take My House?
How Long Does It Take to Qualify for Medicaid in Missouri?
At some point in your life you may need to qualify for Medicaid coverage. Unless you have previously been enrolled in the Medicaid program in Missouri you will likely have no idea how to apply or how long it takes to qualify for Medicaid in Missouri. Just to make things a bit more confusing, the passage of the Affordable Care Act has expanded Medicaid coverage in some states yet reduced coverage in others. Medicaid is a federally funded healthcare program that is intended to provide coverage for … [Read more...] about How Long Does It Take to Qualify for Medicaid in Missouri?
What Is the Federal Estate Tax Exclusion?
The federal estate tax looms large for people who have been very successful from a financial perspective. You work hard for your money, and you pay taxes along the way. Most people would assume that they could leave what is left to their loved ones tax-free, but unfortunately, this is not the case for some successful people. The death tax can take a heavy toll on your financial legacy. It carries a maximum rate of 40 percent, so we are talking about a very significant chunk of your … [Read more...] about What Is the Federal Estate Tax Exclusion?
What Happens to Assets in A Medicaid Trust If You Never Need Medicaid?
As part of your overall estate plan you may have, wisely, included Medicaid planning. If so, you may have created a Medicaid trust as part of that plan. A Medicaid trust allows you to protect assets while still qualifying for Medicaid should you need it down the road. What happens to assets in a Medicaid trust if you never need Medicaid though? A Medicaid trust is often used to shelter assets in anticipation of applying for Medicaid at some point in the future. Applying for Medicaid may be … [Read more...] about What Happens to Assets in A Medicaid Trust If You Never Need Medicaid?
What Is a Qualified Personal Residence Trust?
If you have worked hard and saved wisely throughout your lifetime and have managed to amass a moderate to large estate as a result you must be vigilant when it comes to estate planning to ensure that your assets are not lost to gift and estate taxes upon your death. While there are a wide variety of estate planning tools and strategies that can help you protect your assets, one commonly used tool is a Qualified Personal Residence Trust, or QPRT. A Qualified Personal Residence Trust is a type of … [Read more...] about What Is a Qualified Personal Residence Trust?
