While creating a plan for the division of assets at the time of death is usually the primary objective of an estate plan there are numerous secondary objectives that can be included in a comprehensive estate plan as well. The secondary objectives that you choose to include in your estate plan will reflect your individual circumstances; however, a common objective of estate planning is probate avoidance. One reason why people try to avoid probate is the costs involved in probating an estate. If … [Read more...] about Costs Involved in Probating an Estate in Missouri
How to File for Guardianship in St. Louis Missouri
The life expectancy of the average American has increased over 20 years in the last century. This means that we are expected to live longer and chances are our parents and other older relatives will live longer as well. Overall, this is certainly good news; however, the reality is that living longer also increases the likelihood of suffering from an age-related dementia disease such as Alzheimer's. If you have a parent, or other elderly relative, who you believe has reached a point at which he … [Read more...] about How to File for Guardianship in St. Louis Missouri
Incapacity Plan in St. Louis MO: Who Makes Decisions If You Are Incapacitated?
When most people think of incapacity they envision someone in their golden years who is suffering from an age related dementia disease such as Alzheimer's. This is certainly one way that you could become incapacitated during your lifetime; however, it is not the only way. In fact, incapacity can strike anyone, at any time. Because you have likely not given the possibility of incapacity much thought you have probably also not considered who will make decisions if you are incapacitated. Once you … [Read more...] about Incapacity Plan in St. Louis MO: Who Makes Decisions If You Are Incapacitated?
Should I Have a Durable Power of Attorney for Healthcare?
Creating a comprehensive estate plan typically includes much more than simply executing a Last Will and Testament. While your Will should be the cornerstone of your estate plan you will likely find that additional documents are necessary to accomplish all of your estate planning goals. One document that many people choose to include in their estate plan is a Missouri Durable Power of Attorney for Healthcare Decisions. You should always consult with your estate planning attorney when deciding … [Read more...] about Should I Have a Durable Power of Attorney for Healthcare?
What Is a Power of Attorney in St. Louis Missouri?
At some point in your life you will likely wish to appoint someone as your agent under a power of attorney. You may also be appointed as an agent in someone else's power of attorney. While you may have a basic understanding of what a power of attorney can accomplish it is best if you have a much more thorough understanding of the authority that can be granted under a power of attorney in St Louis Missouri, the different types of powers of attorney, and the limitations of a power of … [Read more...] about What Is a Power of Attorney in St. Louis Missouri?
Can I Amend a Trust?
A couple of generations ago trusts were used mainly by people with significant assets they were leaving behind. Today, trusts have evolved to the point where even the average estate planner can benefit from the creation of a trust. What happens though if you want to amend a trust? Whether or not you can amend a trust depends on what type of trust you created. Testamentary trusts are trusts that take effect when you die and are incorporated into your Will. A testamentary trust can be amended at … [Read more...] about Can I Amend a Trust?
Pitch or Save? What to Do with All Those Records, Receipts and Documents
We all do this to varying degrees on a regular basis. That consummate struggle about whether or not to save a receipt, document, or other paperwork that we all engage in on a daily basis. Do I really need this receipt? Isn’t it time to get rid of these documents? Or worse, we suddenly realize that we did actually get rid of the paperwork that we now need. While we all have different comfort levels with regard to holding on to paperwork as well as how much clutter we can handle in our homes, … [Read more...] about Pitch or Save? What to Do with All Those Records, Receipts and Documents
Estate Plan Changes—When and Why You Need to Make Them
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 a thorough 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, including: Birth – when a child is born, it is always best to include the child by name in your plan if he or she is a potential … [Read more...] about Estate Plan Changes—When and Why You Need to Make Them
Why You Need an Asset Protection Plan
People frequently make the mistake of associating an asset protection plan with an attempt to illegally hide assets or defraud creditors. When created with the assistance of an experienced estate planning attorney, an asset protection plan is simply a perfectly legal way to protect your hard earned money and assets. An asset protection plan can also be used to help you, or a loved one, qualify for state or federal benefit programs if necessary without having to use up all of your resources … [Read more...] about Why You Need an Asset Protection Plan
The Rich, Famous, and Intestate
If you were rich and famous you would certainly find the time to create an estate plan right? Most of us assume that we would do so, but a surprising number of the rich and famous failed to do so. In fact, there have been a number of famous, and wealthy, people who have died without leaving behind as much as a Last Will and Testament! The following is a small list of those rich and famous who died intestate: Pablo Picasso: The famous artist died at the age of 91 leaving behind homes, cash and … [Read more...] about The Rich, Famous, and Intestate
