One of the major considerations involved in estate planning is the tax implications of any gifts made either during your lifetime or after your death. Not only should you take into consideration your own tax liability as well as that of your estate after your death, but you may also wish to consider the tax liability incurred by your beneficiaries as a result of gifts you make to them. As a general rule, a beneficiary is not directly taxed on a gift made to him or her; however, capital gains … [Read more...] about What Is a Step Up in Basis?
What Are the Disadvantages of a Power of Attorney?
At some point in your life you will likely be asked to execute a power of attorney, or POA, or you will contemplate the need for one. A POA can be an extremely useful legal tool when used appropriately and carefully. Just like all legal tools, however, there are most advantages and disadvantages to using a POA. Before you consider executing a POA it is best to understanding the disadvantages of a power of attorney. A power of attorney is a legal arrangement wherein you give someone (known as … [Read more...] about What Are the Disadvantages of a Power of Attorney?
When Do I Need a Guardianship?
If you have an older family member or loved one who is showing signs of being unable to properly care for himself/herself as a result of a dementia disease or other incapacitating condition, I may be time to consider taking legal steps to protect your loved one. This often leads to the question “ When do I need a guardianship? ” Guardianship is a legal proceeding that requires you to petition the appropriate court to be appointed as guardian of your loved one. Because the process can take some … [Read more...] about When Do I Need a Guardianship?
How Does an Agent Use a Power of Attorney?
If you have been appointed as an Agent under a Power of Attorney, or POA, you probably have a general idea of what being an Agent means; however, you may also have questions and concerns about your role as Agent. For example, how does an Agent use a power of attorney? What are the limits of the authority granted to you under the POA? Before you use your POA authority it is important to know the answers to these and other questions. A power of attorney is a legal agreement that allows someone … [Read more...] about How Does an Agent Use a Power of Attorney?
When Should I Update or Revise My Estate Plan?
If you have already created a comprehensive estate plan then you know the importance and value in having an estate plan in place which puts you ahead of over half of all Americans. Don’t make the mistake, however, of thinking you are now done. On the contrary, even an expertly drafted and well thought out estate plan can fail when the time comes because the plan creator didn’t take the time to review and revise the plan as needed after it was originally created. As a general rule, your estate … [Read more...] about When Should I Update or Revise My Estate Plan?
Can Your Agent under a Power of Attorney Make a Gift on Your Behalf?
People often include at least one power of attorney among their estate planning documents. When drafted and used properly, a power of attorney, or POA, can be an extremely useful estate planning tool. Unfortunately, people often execute a POA without a thorough understanding of what the document means and/or the power granted to the Agent as a result of executing the document. For example, can your Agent under a power of attorney make a gift on your behalf? This is one of many questions people … [Read more...] about Can Your Agent under a Power of Attorney Make a Gift on Your Behalf?
How to Find an Elder Law Attorney
Whether for yourself or for an elderly loved one you may one day find yourself in need of the services of an elder law attorney. As such, you may need to know how to find an elder law attorney in Missouri. Because elder law is a relatively new area of the law there are fewer attorneys who focus on elder law than on other practice areas, making it harder to find the right attorney for your needs. Ultimately, only you can decide which elder law … [Read more...] about How to Find an Elder Law Attorney
How Property Is Distributed without a Will in Missouri
While most people know how important it is to execute a Last Will and Testament, many fail to do so. People offer a variety of reasons as to why they have yet to execute a Will such as the belief that they don’t need one. The truth is that everyone needs a Will. Though there are additional reasons why you should create a Will, property divisions is an important reason. Understanding how property is distributed without a Will in Missouri may provide you with the incentive to finally sit down and … [Read more...] about How Property Is Distributed without a Will in Missouri
Free Report: Missouri Estate Planning – Getting Started
Before sitting down to work on your plan, you should give some thought to what your priorities are and what goals and objectives you want to focus on in your plan. Topics covered in this report include: Deciding on Goals, Priorities and Objectives Protecting and Providing Review Your Assets Selecting Your Executor, Trustee and Other Important Roles Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Missouri Estate Planning – Getting Started
What Should Be Included in Your Estate Plan?
You are likely aware that creating a comprehensive estate plan is important. What should be included in your estate plan though? One reason so many Americans lack a workable, complete estate plan is because they simply don’t know what all should be included in an estate plan. While a Last Will and Testament provides the foundation for your estate plan, a well thought out estate plan typically includes much more than just a Will. Your estate plan should reflect your own personal needs, goals, and … [Read more...] about What Should Be Included in Your Estate Plan?
