At some point in your life it is likely that you will be faced with the difficult decision to put a parent or other elderly loved one in a nursing home. Deciding it is time to start looking at facilities it never easy. Choosing the right facility is often even more difficult. Like most people you are likely working around a tight budget as well, making it even harder to find the right nursing home. During your search you may be wondering “ Are county nursing homes o.k.? The truth is that there … [Read more...] about Are County Nursing Homes O.K?
Must a Third Party Honor a Power of Attorney in Missouri?
A power of attorney is one of the most commonly used legal documents in large part because almost everyone has need for one at some point. Not only is it likely that you will create power of attorney, or POA, at some point in your life but you may also be named as an Agent in someone else’s POA at some time. As an Agent you may have a number of questions that relate to exercising your powers under the POA. The most important question may be “Must a third party honor a power of attorney in … [Read more...] about Must a Third Party Honor a Power of Attorney in Missouri?
What Should You Do If You Have a Bare-Bones Trust?
Unfortunately, not all estate planning tools are created equal. “Bare-bones” documents, for example, frequently do not accomplish what they were intended to accomplish. Worse still, they can actually have a costly negative impact on your estate plan instead of helping to achieve your estate planning goals and objectives. So what should you do if you have a bare-bones trust as part of your estate plan? The simple answer is to have an experienced Missouri estate planning attorney prepare a new … [Read more...] about What Should You Do If You Have a Bare-Bones Trust?
How Can I Protect My Spouse When Applying for Medicaid?
Unless you are fortunate enough to be able to pay out of pocket, during your retirement years there is good chance that you will need to qualify for Medicaid benefits to help cover the high cost of long-term care. You may have heard stories about how applying for Medicaid can negatively affect a spouse who is not in need of long-term care, leading you to ask “ How can I protect My spouse when applying for Medicaid? The best way to protect both you and your spouse is to include Medicaid planning … [Read more...] about How Can I Protect My Spouse When Applying for Medicaid?
Who Should Be the Successor Trustee of My Family Wealth Trust?
Creating a comprehensive estate plan typically involves the inclusion of a variety of estate planning tools and strategies. Exactly which of those tools and strategies you include in your plan will depend on what your individual goals and objectives are for your plan. If you choose to include a Family Wealth Trust, or FWT, in your estate plan you may find yourself asking “ Who should be the successor trustee of my Family Wealth Trust? ” Only you and your estate planning attorney can make the … [Read more...] about Who Should Be the Successor Trustee of My Family Wealth Trust?
Bill Gates Doesn’t Believe in Giving Kids Large Sums of Money – Should You?
If you are fortunate enough to have a large estate, and you have children, at some point you will have to decide how you plan to distribute your wealth in your estate plan. Specifically, you will need to decide how much of your wealth to leave your children. Your first instinct may be to leave everything to your children. After all, it is likely for them that you worked hard and invested wisely in order to amass the fortune in the first place right? You may, however, wish to reconsider that … [Read more...] about Bill Gates Doesn’t Believe in Giving Kids Large Sums of Money – Should You?
When Does A Power of Attorney Become Effective?
A power of attorney is a commonly used estate planning tool that can fulfill several important purposes when drafted properly and used correctly. Unfortunately, people frequently agree to execute a power of attorney, or POA, without fully understanding the authority conferred in the document. While the concept behind a POA is rather simple, the various types of powers of attorney that are available and the subtle nuances of the language used in a POA can result in misunderstandings and … [Read more...] about When Does A Power of Attorney Become Effective?
How Is Out of State Property Funded into a Trust?
For most people, creating a comprehensive estate plan involves drafting and executing a compilation of documents above and beyond just a Last Will and Testament. Over the last several decades, trust agreements have become one of the most popular additions to an estate plan, due in large part to the flexibility offered by a trust agreement. If you are considering the addition of a trust to your estate plan you may have several questions about how a trust is created and how one functions once … [Read more...] about How Is Out of State Property Funded into a Trust?
What Assets Are Left Outside My Trust?
Trust agreements are now commonly included in the average person’s estate plan, predominantly because of the variety of estate planning goals that can be accomplished with a trust agreement. If you have never created a trust agreement before you likely have a number of questions and concerns about including one in your estate plan. For example, you may be wondering “ what assets are left outside my trust? ” The simple answer to that question is that the assets left outside of your trust … [Read more...] about What Assets Are Left Outside My Trust?
Free Report: Understanding the Probate Process in Missouri
The overall purpose of probate is to ensure that all of the assets owned by the decedent at the time of death are accounted for and ultimately distributed to the intended beneficiaries or heirs of the estate. Topics covered in this whitepaper include: What is Probate? Testate vs. Intestate Estates Executor/Personal Representative Duties Small Estate Administration Avoiding Probate Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Understanding the Probate Process in Missouri
