Your estate plan should do far more than simply provide a roadmap for the distribution of your assets when you die. Ideally, your estate plan will help protect and grow your assets while you are alive as well as protect you and your loved ones while you are still here. One way to do that is to include an Advanced Directive in your plan. If your current estate plan does not include one, you may be wondering “Do you need an Advanced Directive in your estate plan?” The simple answer is that … [Read more...] about Do You Need an Advanced Directive?
Passing on the Family Farm – Will Yours Make the Transition?
Just a century or so ago family farms were considered the backbone of the American economy. Outside of major industrialized cities it was common to see almost nothing but farmland across much of the country. Unfortunately, the last century has seen the steady decline of the family farm as “industrial farming” took its place. There is still hope, however, for family farms as they have started to make a comeback in the U.S. in recent years. If you are a family farmer who plans on passing on the … [Read more...] about Passing on the Family Farm – Will Yours Make the Transition?
How Much Does Probate Cost?
The primary incentive for creating a comprehensive estate plan for most people is the desire to decide who will receive their estate assets when they die instead of allowing the State of Missouri to distribute them according to the intestate succession laws. There are, however, a variety of additional reasons that make creating a well thought out estate plan a good idea. Decreasing your estate’s exposure to the probate process, for example, is something that can be accomplish with a well drafted … [Read more...] about How Much Does Probate Cost?
What Rights Do Beneficiaries of a Trust Have?
If you are a beneficiary of a trust you have some legal rights and interest in the property being held by the trust. After all, some, or all, of those assets will eventually be distributed to you. What happens if you become concerned about the way those assets are being managed by the Trustee? What is you simply want more information about how the trust is being administered? These questions can be answered by answering the general question “What rights do beneficiaries of a trust have?” Over … [Read more...] about What Rights Do Beneficiaries of a Trust Have?
Is a Pet Trust Right for Your Estate Plan?
Statistics tell us that Americans love their pets. If you are a pet owner, you probably don’t need those numbers though to tell you how important pets are to the average American household. We have an entire industry in the U.S. devoted to nothing but pampering pets. Dogs and cats have their own clothes, houses, and specialized food. We even buckle them up when they accompany us on a car ride. Without a doubt, pets are part of the family for the majority of Americans. Why then, are they not … [Read more...] about Is a Pet Trust Right for Your Estate Plan?
Factors to Consider When Nominating a Guardian for Minor Children
One of the most common explanations people offer for why they have yet to create an estate plan is that they don’t have enough assets to warrant creating one. If you are the parent of minor children, however, you have the most valuable assets of all to protect. Although many people do not realize it, a Last Will and Testament allows you to do just that – protect your children – by affording you the opportunity to nominate a Guardian for your children in the event you are no longer here to care … [Read more...] about Factors to Consider When Nominating a Guardian for Minor Children
Contesting a Will – Lack of Testamentary Capacity
The cornerstone of any estate plan is generally a Last Will and Testament. Your Will allows you to decide who will receive your estate assets when you die. What happens though, if someone decides to contest your Will? Contrary to popular belief, a Will cannot be contested simply because a beneficiary or heir is not happy with the gift he/she received (or failed to receive) under the terms of the Will. Instead, the “contestant” of a Will must allege a legal ground on which the Will can be … [Read more...] about Contesting a Will – Lack of Testamentary Capacity
Funding a Trust
A comprehensive estate plan should include far more than just a Last Will and Testament. While there are a virtually limitless number of additional documents that may be included in your estate plan, one of the most common additions is a trust agreement. Trusts have steadily gained in popularity over the past several decades for several reasons, including the wide variety of estate planning goals that can now be achieved using the right type of trust agreement. If you have decided to include a … [Read more...] about Funding a Trust
What Happens to Your Home If You Need to Qualify for Medicaid?
As you age you may start to worry about some of the practical realities that come along with the natural aging process, such as the likelihood of needing long-term care at some point in your life. Give the high cost of long-term care you may start to wonder how you are going to be able to pay for that care should you need it one day. For many people, Medicaid is the best option; however, what happens to your home when you need to qualify for Medicaid? What about your other assets? Because of the … [Read more...] about What Happens to Your Home If You Need to Qualify for Medicaid?
Will Your Beneficiaries Blow Their Inheritance?
Experts tell us that we are on the verge of the greatest transfer of wealth the United States has ever seen. If you are on the gifting end of those transfers you need to consider the question “Will your beneficiaries blow their inheritance?” Unfortunately, experts also estimate that at least one-third of the recipients of the coming wealth transfer will indeed do just that – blow their inheritance. What can you do to protect the inheritance you leave behind? The single most important step you … [Read more...] about Will Your Beneficiaries Blow Their Inheritance?
