One of the major considerations involved in estate planning is the tax implications of any gifts made either during your lifetime or after your death. Not only should you take into consideration your own tax liability as well as that of your estate after your death, but you may also wish to consider the tax liability incurred by your beneficiaries as a result of gifts you make to them. As a general rule, a beneficiary is not directly taxed on a gift made to him or her; however, capital gains … [Read more...] about What Is a Step Up in Basis?
Before sitting down to work on your plan, you should give some thought to what your priorities are and what goals and objectives you want to focus on in your plan. Topics covered in this report include: Deciding on Goals, Priorities and Objectives Protecting and Providing Review Your Assets Selecting Your Executor, Trustee and Other Important Roles Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Missouri Estate Planning – Getting Started
Like millions around the world, you were undoubtedly saddened to hear about the death of acting legend Robin Williams. Know equally well as a comedic actor for parts in films such as Mrs. Doubtfire and The Birdcage as he was as a dramatic actor for films such as Dead Poet’s Society and Good Will Hunting, there is little doubt that Williams will be missed by many. Not long after the news of his death made the airwaves, details of his estate also began to surface. As the famous and infamous know, … [Read more...] about Trusting that Your Trust Is Private – A Lesson from the Estate of Robin Williams
At some point in your life you may be faced with making the tough decision to seek guardianship over a parent or other elderly relative or loved one. Along with the emotional turmoil caused by deciding to pursue guardianship, there are also a number of practical aspects that must be considered. For example, you may wonder “ How much does guardianship cost in Missouri? ” Because each situation is unique, there is no universal cost that applies to all guardianship petitions. For a detailed … [Read more...] about How Much Does Guardianship Cost in Missouri?
A comprehensive estate plan often includes far more than a simple Last Will and Testament. In recent decades, trusts have become a popular addition to even the most simple estate plans. If you are planning to include a family wealth trust in your overall estate plan you will need to make a number of important decisions with regard to the trust, including the choice of a trustee. We are often asked “ Can you be the trustee of my family wealth trust? ” when clients are unsure who to appoint and/or … [Read more...] about Can You Be the Trustee of My Family Wealth Trust?
A comprehensive estate plan is one that takes into account a variety of goals and objectives and that makes use of numerous strategies and tools. Although your Last Will and testament should serve as the cornerstone of your estate plan, it will likely not be the only document found in your estate plan. One estate planning document that people are often unfamiliar with is a Letter of Instruction. The versatility of a Letter of Instruction, however, makes it worth considering as an addition to … [Read more...] about What Is a Letter of Instruction?
You likely know that creating a comprehensive estate plan is something that needs to be done. You may even be ready to get started; however, you may not know where to start. What is the most important estate planning document? What other documents do you need? How should decisions in your estate plan be made? Who should you appoint to the various roles within your plan? All of these questions may be rolling around in your head, causing you to hesitate instead of moving forward with your plan … [Read more...] about What Is the Most Important Estate Planning Document?
Among the various components that typically make up a comprehensive estate plan is often a trust. People choose to includes trusts in their estate plan because of the numerous and varied estate planning goals and objectives that can be reached using a trust. One question that people often have when considering the inclusion of a trust in their estate plan is “ Will my trust need to be changed if I buy or sell assets? ”. The answer to that question depends, to a great extent, on the type of … [Read more...] about Will My Trust Need to Be Changed If I Buy or Sell Assets?
During the creation of your estate plan you will need to make numerous choices, starting with what tools and strategies you plan to incorporate into your plan. One common addition to a comprehensive estate plan is a living trust. You may be wondering “ Why should I have a living trust? ” A living trust is an extremely flexible estate planning tools that can accomplish a wide variety of goals, making it worthwhile to consider including one in your estate plan. A trust is a legal arrangement in … [Read more...] about Why Should I Have A Living Trust?
If you have made the wise choice to include Medicaid planning in your overall estate plan there is a good chance you will create a Medicaid trust as part of your planning. A Medicaid trust is an excellent addition to most estate plans. When drafted properly, a Medicaid trust can protect your assets as well as ensure eligibility for Medicaid benefits should you need them down the road. The disadvantages of a Medicaid trust, however, must also be considered before deciding to create one. Medicaid … [Read more...] about What Are the Disadvantages of a Medicaid Trust?