Over half of all Americans do not have an estate plan according to surveys conducted on the subject. Many people indicate that they haven’t created an estate plan because they do not believe they need one. The reality is that everyone can benefit from an estate plan. Even if you have very little in the way of assets, you may still need at least a basic Last Will and Testament. People often make the mistake of assuming that you need a large estate to use the services of an estate planning … [Read more...] about Does Your Law Firm Do Wills?
How to Make Changes to an Estate Plan [Infographic]
Creating a comprehensive estate plan is something that we all need to do, yet most of us haven't done it yet. If you are among the minority of people who have actually created an estate plan, you are to be congratulated. Don't stop there though! Along with regular reviews every three to five years, there are some life events that call for a change or update. Find out how to make changes to an estate plan in this infographic. Click the image to view a larger version. … [Read more...] about How to Make Changes to an Estate Plan [Infographic]
The Uniform Probate Code and Estate Planning
When you create your comprehensive estate plan you will need to take into account various state and federal laws that will impact different aspects of your overall plan. This has historically created a significant amount of confusion for those creating an estate plan because the individual states have the option to make their own laws governing wills, trusts, and the states. In an effort to clear up much of the confusion and streamline issues involved in estate planning the Uniform Probate Code, … [Read more...] about The Uniform Probate Code and Estate Planning
What Is the Medicaid Five Year Look Back?
The average person knows very little about the Medicaid program unless they have been a Medicaid recipient in the past. You may assume that you have no reason to know much about the program because you will never need it; however, chances are good that you, or someone close to you, will need Medicaid benefits in your older years. For this reason, it is important to understand some of the basic eligibility criteria for Medicaid now so that you can include Medicaid planning into your overall … [Read more...] about What Is the Medicaid Five Year Look Back?
Estate Planning in St Louis Missouri: Does Your Estate Have Enough Liquidity?
For most people, the primary purpose of estate planning in St Louis, Missouri is to provide for family and loved ones upon death. Providing for your loved ones in the long-run through your estate plan is certainly essential; however, you also need to ensure that they are taken care of in the short run as well. To do this, your estate plan must include sufficient liquidity. If a review of your plan shows a lack of liquidity it may be time to revise your plan. Liquidity refers to the immediate … [Read more...] about Estate Planning in St Louis Missouri: Does Your Estate Have Enough Liquidity?
How Does the Law Define Incapacity in Missouri?
A comprehensive estate plan should cover more than simply the division of assets upon death. One of the most common editions to an estate plan is an incapacity plan. Unfortunately, most people relate the concept of incapacity to old age and diseases such as Alzheimer's. While it is true that you are more likely to become incapacitated as you age, the reality is that a tragic accident or terminal illness could lead to your incapacity at any time. It is for this reason that incapacity planning is … [Read more...] about How Does the Law Define Incapacity in Missouri?
How to Make Changes to Your Trust in St Louis MO
Although once used primarily by the very wealthy, a trust is now a common addition to any comprehensive estate plan. If you have included a trust in your estate plan you may find at some point down the road that you wish to make changes to your trust. Whether or not you are able to make those changes depends on the type of trust you created. A trust in St Louis MO may be revocable or irrevocable. As the name implies, an irrevocable trust is one that cannot be changed, modified, or revoked by … [Read more...] about How to Make Changes to Your Trust in St Louis MO
Does Your Law Firm Do Probate?
If you recently found out that you were named as the executor of an estate, or you recently volunteered to be the personal representative of an estate, you may find that the job is much more time-consuming and complex than you realized. For this reason, most executors/PRs retain the services of an estate planning attorney to assist them throughout the probate process. People often ask us at Purcell and Amen if we do probates. Yes, we certainly do assist people through the probate process. The … [Read more...] about Does Your Law Firm Do Probate?
What Is A Living Trust in St Louis Missouri?
Most people include more than just a Last Will and Testament in their estate plan. After a Will, which serves as the cornerstone of any comprehensive estate plan, trusts are among the most common addition to a plan. A trust can be a testamentary trust or a living trust. Understanding more about a living trust in St Louis Missouri may help you decide to include one (or more) in your estate plan. A testamentary trust is one that does not take effect until your death. An inter vivos trust, or … [Read more...] about What Is A Living Trust in St Louis Missouri?
Wills and Trusts in St Louis MO: Can a Trust Be Contested Like a Will?
Chances are good that even if you have never been involved in a Will contest, you have a general idea of what one is. What happens though if the estate planning component is a trust instead of a Last Will and Testament? Many people do not realize that a trust can be contested in much the same way that a will is contested. For most people, their will is the cornerstone of their estate plan. Although primarily by the very wealthy, trusts are now fairly common additions to any estate plan. The … [Read more...] about Wills and Trusts in St Louis MO: Can a Trust Be Contested Like a Will?
