Usually, questions relating to an inheritance are aimed at how much the inheritance is worth and how long it will take to actually receive the assets. It may sound strange, therefore, to see the question “Can you disclaim an inheritance?” There are circumstances, however, when a beneficiary may wish to reject, or disclaim, and inheritance – and doing so is not quite as simply as you may think. An “inheritance” can consist of just about anything, including both tangible and intangible assets … [Read more...] about Can You Disclaim an Inheritance
What Are the Steps Involved in Contesting a Will in Missouri
Probate is the legal process that typically follows the death of an individual. During probate, the decedent’s Last Will and Testament is submitted to the court for probate, assuming one was executed by the decedent. The decedent’s Will determines, to varying extents, what happens to the decedent’s estate assets during probate. If, however, a beneficiary or heir believes the Will submitted to the court is not valid, a Will content may be filed. If you are considering filing a Will contest in the … [Read more...] about What Are the Steps Involved in Contesting a Will in Missouri
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...] about Do I Need to Create a Will?
Is Long-Term Care Insurance Something You Need?
The odds that you, or your spouse, will need long-term care at some point during your lifetime increase dramatically as you age. The cost of that care, should you need it, will likely be considerable. With that in mind, is long-term care insurance something you need? Ultimately, only you can decide whether the benefits of long-term care are worth the cost. It helps, however, to have a better understanding of why you might consider purchasing long-term care insurance, what benefits are usually … [Read more...] about Is Long-Term Care Insurance Something You Need?
Changing Beneficiary Designations after Divorce
If you have a comprehensive estate plan in place then you already understand the importance of estate planning. The ultimate success, or failure, of your estate plan, however, will depend on how current it is. Often, an estate plan that has not been updated for over a decade causes more confusion and conflict when a decedent dies than dying intestate would have caused. When should you update your estate plan? Your estate plan should be reviewed every few years as a routine matter; however, … [Read more...] about Changing Beneficiary Designations after Divorce
Understanding Long-Term Care Insurance
At some point in your life you may end up needing long-term care. The longer you live, the better the odds are that you will need that care. By the time you reach retirement age, you stand about a 50 percent chance of needing long-term care; however, if you live to age 85 the odds that you will eventually need long-term care jump to three out of four. Currently, the average cost of a year in long-term care runs over $80,000 nationally. With the average length of stay in long-term care running … [Read more...] about Understanding Long-Term Care Insurance
What Is a Living Trust?
Comprehensive estate planning can accomplish a number of different goals and objectives beyond simply deciding who will receive which estate assets when you die. In order to achieve those goals and objectives, however, you will likely need to incorporate additional estate planning tools and strategies into your estate plan in addition to your Last Will and Testament. One of the most popular additions to a comprehensive estate plan is a living trust. Only your Missouri estate planning attorney … [Read more...] about What Is a Living Trust?
What Are the Duties and Responsibilities of a Trustee?
Like many people, you may choose to include a trust in your overall estate plan. The benefits and uses of a trust are extensive, including things such as probate and tax avoidance, incapacity and Medicaid planning, and asset protection. Though there are a seemingly endless number of specialized trusts available for you to choose from, all trusts share some basic elements, such as the need to appoint a Trustee to administer the trust and manage the trust assets. People often make the mistake of … [Read more...] about What Are the Duties and Responsibilities of a Trustee?
Survey Says Millionaires Are Leaving their Wealth to Kids, Not Charity
When you die, all of your estate assets must be transferred out of your estate to another person or entity. For the average decedent, this typically means transferring assets to the next generation; however, what do the wealthy do with their money when they die? Are they all like Bill Gates who plans to leave the vast majority of his fortune to charity? A recent survey seems to indicate that Gates is the exception to the rule. In fact, it appears that the wealthy are leaving their wealth to kids … [Read more...] about Survey Says Millionaires Are Leaving their Wealth to Kids, Not Charity
Missouri Amendment to Prevent Sales Tax on Services Would Help Seniors
In the United States is seems as though just about everything is taxed. Of course, tax revenue provides funding for all aspects of your life in the U.S., including schools, police and fire departments, infrastructure, and other government services. The financial responsibility for those services may fall with the federal government, state government, or even local government. Consequently, you may be taxed by the federal, state, or local government. Sales tax is one of the primary methods by … [Read more...] about Missouri Amendment to Prevent Sales Tax on Services Would Help Seniors
