Statistics indicate that less than half of all Americans have a comprehensive estate plan in place. When asked why they have yet to create an estate plan people offer a variety of explanations. Many of those explanations boiled down to the belief that they do not need an estate plan at this point in their life. This is a particularly common reason given by single individuals. If you are single and have put off creating an estate plan for this reason now may be the time to work with an estate … [Read more...] about Intestate in St Louis MO: What Happens to Your Property If You Are Single When You Die?
What Is a Letter of Instruction?
A comprehensive estate plan is one that takes into account a variety of goals and objectives and that makes use of numerous strategies and tools. Although your Last Will and testament should serve as the cornerstone of your estate plan, it will likely not be the only document found in your estate plan. One estate planning document that people are often unfamiliar with is a Letter of Instruction. The versatility of a Letter of Instruction, however, makes it worth considering as an addition to … [Read more...] about What Is a Letter of Instruction?
What Is the Most Important Estate Planning Document?
You likely know that creating a comprehensive estate plan is something that needs to be done. You may even be ready to get started; however, you may not know where to start. What is the most important estate planning document? What other documents do you need? How should decisions in your estate plan be made? Who should you appoint to the various roles within your plan? All of these questions may be rolling around in your head, causing you to hesitate instead of moving forward with your plan … [Read more...] about What Is the Most Important Estate Planning Document?
Will My Trust Need to Be Changed If I Buy or Sell Assets?
Among the various components that typically make up a comprehensive estate plan is often a trust. People choose to includes trusts in their estate plan because of the numerous and varied estate planning goals and objectives that can be reached using a trust. One question that people often have when considering the inclusion of a trust in their estate plan is “ Will my trust need to be changed if I buy or sell assets? ”. The answer to that question depends, to a great extent, on the type of … [Read more...] about Will My Trust Need to Be Changed If I Buy or Sell Assets?
What Is the Five Year Look-Back Period for Medicaid in St. Louis?
Medicaid can be a blessing to those who have few assets; however, qualifying for long-term care with Medicaid can be difficult. Many states, including Missouri, are trying to increase the amount of money people put toward their own care in order to make Medicaid funds cover a growing elderly population. A long-standing requirement when applying to Medicaid is the five year look-back period which is a period during which any gifts or transfers of assets will be counted against the applicant. Five … [Read more...] about What Is the Five Year Look-Back Period for Medicaid in St. Louis?
Traditional Estate Planning vs. Legacy Planning
You may have heard the term “legacy planning” and wondered how it differs from traditional estate planning. Though there is no universal definition of the term “legacy planning”, it can be explained in a way that may convince you that you need to create your own legacy plan instead of a traditional estate plan. During the course of your lifetime you have likely worked hard, invested prudently, and saved wisely. The assets you have accumulated as a result will hopefully support you during your … [Read more...] about Traditional Estate Planning vs. Legacy Planning
What Is a GRAT (Grantor Retained Annuity Trust)?
A Grantor Retained Annuity Trust, or GRAT, is a trust that allows someone to transfer assets at a severely reduced tax rate. The trust is short-term and sends annuity payments that are funded by the interest gained on the assets to the creator of the trust. At the end of the term, the remaining assets left in the trust are released to the beneficiary of the trust. The advantage of this type of trust is that the payment at the end to the beneficiary is tax-free. GRATs are somewhat controversial … [Read more...] about What Is a GRAT (Grantor Retained Annuity Trust)?
Why Should I Have A Living Trust?
During the creation of your estate plan you will need to make numerous choices, starting with what tools and strategies you plan to incorporate into your plan. One common addition to a comprehensive estate plan is a living trust. You may be wondering “ Why should I have a living trust? ” A living trust is an extremely flexible estate planning tools that can accomplish a wide variety of goals, making it worthwhile to consider including one in your estate plan. A trust is a legal arrangement in … [Read more...] about Why Should I Have A Living Trust?
What Is a QTIP Trust?
The most common goal of an estate plan is to provide for loved ones in the event of the death of the plan creator. Providing for loved ones is not as simple as gifting assets to them in a Last Will and Testament through. Considerable thought must go into what you leave behind and what legal mechanism you use to transfer the asset to ensure maximum benefit and minimum tax exposure. If you have children from a previous marriage, creating an estate plan is even more complicated. One tool you may … [Read more...] about What Is a QTIP Trust?
Does a Revocable Living Trust in St. Louis Provide Asset Protection?
Trusts are a popular addition to an estate plan due in large part to the flexibility a trust offers and the numerous goals that can be accomplished with a trust. Although the primary goal of your estate plan is likely to ensure that your assets are divided according to your wishes when you die, you likely have additional goals that you wish to include in your estate plan. Asset protection is one goal that people often include in an estate plan. A trust can be used to protect assets; however, the … [Read more...] about Does a Revocable Living Trust in St. Louis Provide Asset Protection?
