Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
6 Important Estate Planning Considerations – Part 3: Your Kids
An estate plan considers not just to whom assets should go, but also how. Each beneficiary is unique and the estate plan should consider their unique situation. This article looks at a couple with three very different children and how they might leave the assets for them in three very different ways. 6 Important Estate Planning Considerations – Part 3: Your Kids … [Read more...]
6 Important Estate Planning Considerations – Part 6: Taxes
An estate plan considers many important aspects. One of the many aspects to consider is the impact of taxes. This article examines some of the many ways consideration of taxes might impact an estate plan. 6 Important Estate Planning Considerations – Part 6: Taxes … [Read more...]
Estate Planning: Simple is not Always Better
Clients often want the simplest estate planning solution possible. While keeping it simple is an understandable goal, the simplest solutions are not often the best. This article shows a couple simple solutions for estate planning and why, in most circumstances, a living trust is at the center of a more robust estate plan and more likely to provide the desired protections. Estate Planning: Simple is not Always Better … [Read more...]
Appointing a Trustee—Questions to Ask
A trust can be an excellent addition to just about any estate plan. A trust can help reduce your tax burden, avoid probate and allow you to control how your assets are used even after you are no longer here. Although there are a multitude of different types of trusts that you can choose from, they all require you to appoint a trustee to oversee the trust assets and ensure that the beneficiaries benefit from the trust as intended. Who you appoint as trustee is a very important decision and one … [Read more...]
How Do You Fund Your Trust in St. Louis?
There was a time when trusts were used almost exclusively by wealthy families as a way to pass down the family fortune without paying estate taxes and without losing complete control over how the fortune was spent. In the 21st century, however, trusts are frequently included in even the most basic estate plans. If you are considering the addition of a trust to your estate plan in St. Louis, you may be wondering how to fund your trust. Actually, funding a trust in St. Louis is rather simple. At … [Read more...]
Can You Be the Trustee of My Living Trust?
A well thought out estate plan typically includes numerous legal documents as well as a wide variety of legal strategies, all aimed at accomplishing goals that complement your primary goal of creating a roadmap for the division of your estate property upon your death. One common addition to an estate plan is a trust. In fact, many estate plans include more than one trust because of the flexibility trusts offer and the numerous purposes a trust can serve within an estate plan. One decision that … [Read more...]
QDOT Trust in St. Louis: Do I Need to Include It in My Estate Plan?
If you are married to a non-citizen spouse and you wish to pass on your estate assets to your spouse in the event of your death you may need to include a QDOT trust in your comprehensive estate plan. Failing to do so could result in the loss of substantial estate assets to gift and estate taxes. In the 21st century it is not uncommon for people to travel the globe on a regular basis for business and/or pleasure. Not surprisingly, these world travelers often find the love of their life during … [Read more...]
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...]
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...]
