If you have made the wise choice to include Medicaid planning in your overall estate plan there is a good chance you will create a Medicaid trust as part of your planning. A Medicaid trust is an excellent addition to most estate plans. When drafted properly, a Medicaid trust can protect your assets as well as ensure eligibility for Medicaid benefits should you need them down the road. The disadvantages of a Medicaid trust, however, must also be considered before deciding to create one. Medicaid … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
Do I Work with You Or a Paralegal?
Unless you have had a reason to work closely with an attorney during your lifetime you are likely unfamiliar with the customs and procedures typically used by a law office. This can lead to concern and confusion. For example, clients are often confused when they receive correspondence from a paralegal or when they are transferred to a paralegal upon calling the office. Although no two attorneys operate exactly the same way, there are some common practices with regard to the use of paralegals in … [Read more...] about Do I Work with You Or a Paralegal?
Protecting the Family Pet in Your Estate Plan
If you include a cat, dog, or other critter among your family members, there is a good chance that you have worried, at some time, about the fate of your family pet should something happen to you. This concern is certainly understandable. The good news is that protecting the family pet in your estate plan is relatively easy to accomplish with just a little pre-planning. There are several ways to provide and plan for your family pet in the event of your incapacity or death. Unfortunately, many … [Read more...] about Protecting the Family Pet in Your Estate Plan
What Is the Cost When One Spouse Dies?
As you are likely aware, gift and estate taxes are potentially levied against a decedent’s estate after death. Concerns about the impact of gift and estate taxes may lead you to ask “ What is the cost when one spouse dies? ” Although there is no simple answer to that question given the individual nature of a decedent’s estate, there are some common factors that impact the amount of gift and estate taxes due when a spouse dies. When an individual dies, the individual’s estate is typically … [Read more...] about What Is the Cost When One Spouse Dies?
Do I Pay Taxes When Someone Leaves Me Money?
Receiving a gift from an estate is one of those double-edged sword moments. On the one hand, the gift may be desperately needed or may have great sentimental value. On the other hand, if the gift came from an estate it means that the gift’s owner died. Along with the emotional turmoil that often comes with being named as a beneficiary of an estate there are likely some legal and practical issues you need to sort out. One question we often hear is “Do I pay taxes when someone leaves me money?” … [Read more...] about Do I Pay Taxes When Someone Leaves Me Money?
Is a Family Wealth Trust Only for the Rich?
You may have heard of a family wealth trust before but assumed that only the rich need a family wealth trust in their estate plan. While those with large estates can certainly benefit from the inclusion of a family wealth trust in their estate plan, so can those with moderate estates. A family wealth trust is simply one of many estate planning tools that can be used to protect your assets from taxes and probate in the short run while providing for future generations in the long run. Including at … [Read more...] about Is a Family Wealth Trust Only for the Rich?
My Spouse and I Are Healthy – Should We Consider Medicaid Planning?
You may have heard of Medicaid planning and wondered whether it is something you need to incorporate into your estate plan. People often make the mistake of assuming that since they are healthy now there is no reason to worry about Medicaid planning at this point in life. That assumption is incorrect and could come at great cost. The truth is that it is never too early to start incorporating Medicaid planning into your estate plan. The earlier you start the better you will be able to protect … [Read more...] about My Spouse and I Are Healthy – Should We Consider Medicaid Planning?
How Do You Fund Your Trust in St. Louis?
There was a time when trusts were used almost exclusively by wealthy families as a way to pass down the family fortune without paying estate taxes and without losing complete control over how the fortune was spent. In the 21st century, however, trusts are frequently included in even the most basic estate plans. If you are considering the addition of a trust to your estate plan in St. Louis, you may be wondering how to fund your trust. Actually, funding a trust in St. Louis is rather simple. At … [Read more...] about How Do You Fund Your Trust in St. Louis?
The Annual Gift Tax Exclusion in St. Louis – Gifting to Your Children
If you are fortunate enough to have a moderate to large estate to pass on to future generations you should be aware of the gift and estate tax repercussions of any gifts you make either during your lifetime or at the time of your death. Waiting to gift your entire estate at the time of your death could subject your estate to a hefty estate tax bill at the high rate of 40 percent. In St. Louis, one tax friendly estate planning tool that is often overlooked is the annual gift tax exclusion. … [Read more...] about The Annual Gift Tax Exclusion in St. Louis – Gifting to Your Children
Advantages and Disadvantages of Guardianship
At some point in your life there is a good chance that you will need to make a difficult decision regarding a parent or other elderly relative/loved one. The decision you will be faced with is whether or not to seek guardianship over the individual. Understandably, you may hesitate to take such a drastic step; however, failing to intervene could result in your loved one suffering physical injury or victimization by unscrupulous predators. If you are currently debating he need for a guardianship, … [Read more...] about Advantages and Disadvantages of Guardianship
