If you are the parent of a special needs child you undoubtedly worry about how your child will be cared for and provided for in the future. The day will come when you will no longer be here to see to your child’s daily needs or financial needs yourself. To ensure that your special needs child continues to have your financial support without jeopardizing his or her eligibility for much needed assistance programs you may wish to consider creating a special needs trust. Fortunately, in the United … [Read more...] about When Do I Need a Special Needs Trust?
How Much Is Too Much? Deciding What to Leave Your Children in Your Estate Plan
The primary goal of most estate plans is providing the legal framework for the division of estate assets upon the death of the testator. If you have a moderate to large estate and you have children and/or grandchildren one of the most difficult decisions you have to make when creating your estate plan is how much to leave your children and/or grandchildren. How much is too much? As a parent/grandparent you undoubtedly want to ensure that your loved ones are secure and well provided for in the … [Read more...] about How Much Is Too Much? Deciding What to Leave Your Children in Your Estate Plan
What Are Capital Gains Taxes?
When you sit down to create your estate plan you will likely be attempting to achieve a variety of goals all at the same time. Your primary goal will undoubtedly be creating a roadmap for the distribution of your estate assets when you die; however, you may also be concerned with things such as probate avoidance, incapacity planning, and decreasing your estate’s exposure to taxes. One issue that will not impact you, or your estate, directly but which may impact your beneficiaries is capital … [Read more...] about What Are Capital Gains Taxes?
How Is Property Managed When Someone Is Incapacitated?
When most people here the word “incapacity” the immediately envision an elderly individual who is suffering from an age-related dementia disease such as Alzheimer’s. While many age-related diseases and conditions do cause incapacity the reality is that incapacity can strike anyone, at any age. In fact, studies show that we all have a one in five chance of becoming disabled, either totally or temporarily, before reaching the age of 65. If you become incapacitated, who will manage your property … [Read more...] about How Is Property Managed When Someone Is Incapacitated?
To Qualify for Medicaid Can’t I Just Add My Son/Daughter’s Name to the Title to My Home?
Unless you have been a Medicaid recipient before you may know very little about the program. Moreover you may assume that you will never need to know much about the program because you will never need Medicaid benefits. The reality, however, is that more and more older Americans are relying on Medicaid to pay the high cost of long-term care in America, meaning that there is a good chance you will need to qualify for Medicaid at some point down the road. If you do find yourself in need of … [Read more...] about To Qualify for Medicaid Can’t I Just Add My Son/Daughter’s Name to the Title to My Home?
Understanding Probate – The Basics
When a person dies, the assets that are left behind become part of the decedent’s estate. The law requires those assets to pass through what is known as “probate” before they can be legally transferred to the intended beneficiaries or legal heirs. Whether you are involved in probate as an executor/personal representative or a beneficiary/heir, a basic understanding of the probate process in Missouri is essential. There are several objectives of the probate process, including: Locating … [Read more...] about Understanding Probate – The Basics
Guardianship vs. Power of Attorney in St Louis Missouri
There may come a time when you need to have the legal authority to make important decisions for a spouse, family member, or loved one. While there are some decisions that a spouse may make as a matter of law, even the authority of a spouse is not always as clear as you may think it should be. If your relationship is only that of a family member or loved one you may find that the law does not allow you to make any decisions without a court order unless the possibility of incapacity was planned … [Read more...] about Guardianship vs. Power of Attorney in St Louis Missouri
Estate Taxes in Missouri: How Much Can I Transfer at Death Tax-Free?
Along with deciding who will receive your estate assets when you die, another important goal of a comprehensive estate plan is to minimize the amount of taxes your estate owes when you die. In order to do that, you must have a general idea of how much in estate assets you can transfer at death tax-free. In Missouri, your estate assets are potentially subject to federal gift and estate assets when you die. Each individual, however, is entitled to exempt up to the lifetime exemption limit for … [Read more...] about Estate Taxes in Missouri: How Much Can I Transfer at Death Tax-Free?
How Is My Property Transferred If I Die Intestate in St. Louis MO?
A person who dies with a valid Last Will and Testament is said to have died “testate” while someone who dies without having executed a valid Will is said to have died “intestate”. If you die intestate in St. Louis Missouri, the Missouri intestate succession laws will determine who receives your property and how that property is transferred. While a Will can accomplish other goals as well, the most common reason for executing a Will is to determine who will receive your assets after your death. … [Read more...] about How Is My Property Transferred If I Die Intestate in St. Louis MO?
Can I Just Give Away My Assets and Qualify for Medicaid?
The Affordable Care Act has changed many Medicaid eligibility rules since it took effect at the start of 2014; however, the changes do not affect everyone involved with the program. In the past, anyone applying would be subject to an asset test to see how much the applicant had in cash or other countable assets. Now, those asset tests are no longer needed for many people. For those under the age of 65 and who are not disabled or blind, income is the qualifying factor. This is why so many people … [Read more...] about Can I Just Give Away My Assets and Qualify for Medicaid?
