Estate planning often aims to achieve much more than simply designing a road map for the division of estate assets after death. Most estate plans, for example, also include tax avoidance strategies and tools. In fact, in years past creative estate planning was commonly used to pass down family wealth without incurring a substantial tax liability in the process. Uncle Sam finally started to catch on though and eventually implemented the Generation Skipping Tax, or GST, to make sure all transfers … [Read more...] about What Is a Generation Skipping Tax?
Protecting Your Injury Settlement with a Special Needs Trust
Some special needs individuals are born with special needs. Others acquire special needs status as a result of a medical condition or catastrophic accident later in life. For example, you could become disabled as a result of a tragic car accident, work accident, or other personal injury accident. If you become disabled from an accident, and another party’s negligence caused the accident, you may be entitled to compensation for your injuries. Your settlement, however, could actually cause more … [Read more...] about Protecting Your Injury Settlement with a Special Needs Trust
Trusts in St. Louis: When Does a Trust End or Terminate?
Trusts have become a very popular addition to a comprehensive estate plan in recent years because of the wide variety of trusts available and the numerous goals they can help achieve. If you are considering the addition of a trust to your estate plan it helps to have a better understanding of some trust basics before making your final decision. One question that often comes up is “When does a trust end or terminate?” Types of Trusts in St. Louis A trust can be a testamentary trust or a living … [Read more...] about Trusts in St. Louis: When Does a Trust End or Terminate?
Durable Power of Attorney for Property in St. Louis: What Are Its Advantages?
While your Last Will and Testament serves as the cornerstone of your estate plan you will likely wish to include a variety of other strategies and tools in your overall estate plan that will complement your plan. One common addition to an estate plan is a power of attorney. A power of attorney, or POA, is an extremely flexible legal tool that can be customized to fit your specific needs and objectives. A durable power of attorney for property is a specific type of POA that people often use as … [Read more...] about Durable Power of Attorney for Property in St. Louis: What Are Its Advantages?
Estate Taxes in St. Louis: How Can I Leave My Estate to My Spouse Tax-Free?
If you are fortunate enough to have a moderate to large estate that you will leave behind when you die you likely want to pass that estate on to your spouse if you are married. Like most people, you are probably also concerned about the tax consequences of gifting your estate assets to someone when you die. By utilizing the unlimited marital deduction you can leave your entire estate assets to your spouse tax-free; however, the long-term tax consequences of taking this approach are often … [Read more...] about Estate Taxes in St. Louis: How Can I Leave My Estate to My Spouse Tax-Free?
Top Five Reasons Why You Need an Incapacity Plan in St. Louis
If you are one of the millions of Americans who does not have an incapacity plan in place now is a good time to change that. In St. Louis, Missouri, people without a plan offer a variety of explanations for why they have yet to create a plan. Typically, the reasons boil down to one of three – no need for one, no money to create one, no desire to consider the possibility of incapacity. If you don’t have an incapacity plan in place, consider the top five reasons why you need one. To protect … [Read more...] about Top Five Reasons Why You Need an Incapacity Plan in St. Louis
Irrevocable Life Insurance Trust in St. Louis: Is It Right for Your Estate Plan?
Creating an all-inclusive estate plan requires more than just a Last Will and Testament. Exactly which additional documents and strategies should be included in your estate plan is something that should be determined in consultation with your estate planning attorney; however, there are some common additions that you may wish to consider. An Irrevocable Life Insurance Trust, or ILIT, for instance is a popular addition to an estate plan because of the tax benefits it provides and the estate … [Read more...] about Irrevocable Life Insurance Trust in St. Louis: Is It Right for Your Estate Plan?
What Is a Third Party Special Needs Trust?
If you have a special needs child, or other family member, you already know that the costs associated with caring for a special needs individual can be extraordinary. Fortunately, there are federal assistance programs that can help with those costs. As a parent, however, you likely wish to contribute to your child’s care as well. Doing so can be tricky while you are alive and even more complicated in your estate plan, because most assistance programs have an income and assets limit that cannot … [Read more...] about What Is a Third Party Special Needs Trust?
How Does a Power of Attorney Terminate?
A power of attorney is an incredibly flexible and potentially useful estate planning tool. Understanding what one is, how it works, and how one terminates may help you decide whether including a power of attorney in your estate plan is right for you. A power of attorney is a legal document wherein you (the “Principal”) give another person (the “agent”) authority to act on your behalf in legal matters. The extent of the authority you convey on the agent is up to you. A general power or attorney … [Read more...] about How Does a Power of Attorney Terminate?
Early Signs of Dementia – Is It Too Late for Medicaid Planning?
Though we are all living longer, on average, in the United States, the increased life expectancy often comes at a high cost. Studies tell us that once you reach the age of 65 your chance of needing long-term care is about 50 percent. By age 80, three in four people will eventually need long-term care. Often, this is the result of an age related dementia disease such as Alzheimer’s. Because neither Medicare nor most private health insurance companies cover the often exorbitant costs of long-term … [Read more...] about Early Signs of Dementia – Is It Too Late for Medicaid Planning?
