When many people create a comprehensive estate plan they frequently include an incapacity plan as well. Although many people think of incapacity in terms of old age related dementia diseases the reality is that incapacity could strike tomorrow in the form of a tragic car accident or terminal illness. Just as there are a wide variety of estate planning tools and strategies there are also numerous different incapacity planning options. Among those options are a living trust and a power of … [Read more...] about Incapacity Planning in St Louis: Why A Living Trust Is Better than a Power of Attorney
What Is an Executor?
For most people the cornerstone of their estate plan is their Last Will and Testament. Whether your Will is your entire estate plan or just the starting point for a complex plan, you must make a number of important decisions during the creation of your Will. One decision that people often take lightly is the appointment of an executor. This can be a huge mistake. In fact, appointing the wrong executor can significantly impact the success of your estate plan. When you die your estate will likely … [Read more...] about What Is an Executor?
Medicaid Planning in St Louis Missouri: Paying for In-Home Care with Medicaid
Advances in technology and medicine over the last several decades have led to Americans living longer and enjoying a better quality of life. Those same advances often mean that a patient is able to remain in his or her home who would have been committed to a long-term care facility in the past. The ability to remain home, however, frequently depends on access to in-home care and services. Because many health insurance policies do not cover the costs associated with in-home care a patient who … [Read more...] about Medicaid Planning in St Louis Missouri: Paying for In-Home Care with Medicaid
Does My Parent Need a Guardian?
With the life expectancy of Americans inching closer and closer to 100 years the older American population continues to grow exponentially. By 2050, experts tell us that the over 65 age group will outnumber the under 21 age group for the first time in the history of the planet. Although we are living longer we are still battling diseases such as Alzheimer’s. If your parents are approaching, or are even well into, their golden years you may be faced to answer the question “Does my mother need a … [Read more...] about Does My Parent Need a Guardian?
What Is a POD or TOD Account in St Louis MO?
During the creation of a comprehensive estate plan the creator often attempts to achieve multiple goals at the same time. While the division of assets at the time of death is clearly the number one goal of an estate plan, there are commonly other goals included as well. Tax avoidance, probate avoidance, and asset liquidity are among the more common estate planning goals. Designating an account as a “payable on death”, or POD, or “transfer on death”, or TOD is one way to accomplish several of … [Read more...] about What Is a POD or TOD Account in St Louis MO?
Medicaid Planning in St Louis MO – The Costs of Healthcare
You likely understand the need for retirement planning in St Louis MO and have hopefully included your retirement planning in your overall estate plan. If you haven’t already started a retirement plan, it is never too early to do so, particularly in light of recent figures that highlight the estimated costs of healthcare for a retiree. The rising cost of healthcare in the United States has been at the forefront of the political agenda for some time now. Everyone seems to have an opinion on … [Read more...] about Medicaid Planning in St Louis MO – The Costs of Healthcare
Why An Education Trust Is A Good Estate Planning Option
Helping a family member or loved one pay for the often high cost of education is a wonderful thing to do. Simply handing over funds that are intended to be used to pay for education may not be the best way to go about doing it though. If you want to help pay for someone’ education, consider creating an education trust. An education trust allows you to accomplish your goal of helping to fund the beneficiary’s education while still retaining a large degree of control over how the money is spent. … [Read more...] about Why An Education Trust Is A Good Estate Planning Option
I Can’t Afford an Estate Plan—What Should I Do?
This is probably the most commonly voiced reason for not creating an estate plan – the cost. People assume that they cannot afford to have a professional estate plan created for them and, therefore, don’t create one. The truth, however, is that NOT creating one is almost always going to cost more in the long run than creating one. By the same token, creating a mistake riddled estate plan is also going to cost more in the long run. This is why using “fill-in-the-blank” forms downloaded off the … [Read more...] about I Can’t Afford an Estate Plan—What Should I Do?
Cohabitating Couples—Why An Estate Plan Is Crucial
In the 21st century, society has generally come to accept the fact that people often choose to live together before getting married or chose not to get legally married at all. As is often the case with the law, however, it has yet to catch up with the shift in what is socially acceptable. For this reason, if you have chosen to cohabitate, you need to be sure that you have a comprehensive estate plan in place to protect yourself and your partner. Although state laws vary somewhat, state … [Read more...] about Cohabitating Couples—Why An Estate Plan Is Crucial
What Is a Conservator or Guardian in Missouri?
At some time in your life you may be faced with a difficult decision – whether or not to step in and seek to become a conservator or guardian. Although it is often not an easy decision, failing to make the decision can have devastating consequences for the individual involved. Understanding what a conservator or guardian in Missouri actually does may help you decide how to proceed. Under Missouri law, you may petition the court to become either a guardian over the person or a conservator over … [Read more...] about What Is a Conservator or Guardian in Missouri?
