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Category: Estate Planning

What is an Irrevocable Living Trust

Irrevocable living trusts can be an important component of estate plans, as they can protect assets and save tax money . . . but they are not for everyone. Before creating an irrevocable trust, you should understand what they are and take into consideration your individual family and estate situation.  A consultation with a Missouri estate planning attorney can help you understand irrevocable trusts, decide whether one is right for you, and make sure it is drafted correctly so it is legally airtight and will not be challenged.

What are Irrevocable Trusts?

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Wills and Trusts, What’s the Difference?

Wills and trusts are important items to have in an estate plan, as they help ensure your assets are protected, your family is provided for, and your end-of-life wishes are honored should you become incapacitated. Both are estate planning documents that meet the requirements of Missouri law to preserve your property, provide for your family, and lay out your wishes to make the administration of your estate as simple as possible and prevent disputes, but there are differences between them.

Without a clear estate plan, your assets will be distributed according to Missouri law, which means the people you wish to inherit assets may not receive them. Estate planning allows you to util [...]

What Are Advance Directives?

What would happen if you become so severely ill or incapacitated that you are unable to communicate about the medical treatment you do or do not wish to receive? While no one wants to think about being in such a situation, the unexpected can happen at any time, and it is far better to have planned for catastrophic events than to rely on someone else to make difficult medical decisions for you, such as whether you want to be resuscitated when there is no hope of recovery.

Advance directives are written legal documents that allow you to state your wishes as to your medical treatment and the people you want to make medical decisions for you if you are unable to do so on your own. [...]

When should you start Estate Planning?

Many people put off estate planning, thinking that it is something only older people should do when they retire and their kids are grown. But, unfortunately, unexpected tragedy can strike at any age, leaving your loved ones in a terrible situation, unsure of what you would want them to do and where your assets should go, and costing time and money. For example, if you pass away without a plan in place, Missouri’s intestacy laws will decide who gets your belongings and only after going through the long and costly probate process. If you haven’t stated your wishes in writing, someone you don’t want to may wind up making medical decisions for you that you do not agree with.

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Guide to Estate Planning in Missouri

Estate planning is something far too many people put off, but this is a mistake. It is far better to handle these matters now, when you are of sound mind and able to do so, to ensure your assets are protected, your family is provided for, and your end-of-life wishes are honored. It is not enough to simply tell others how you want your assets to be distributed, your children to be cared for, or how you want to be treated if you become incapacitated. In the case of your death or serious illness, it is essential to have formal estate planning documents that meet the requirements of Missouri law to preserve your property, provide for your family, and to lay out your wishes to make the adminis [...]

How To Create a Living Will in Missouri

Imagine that you are dying and being forced to suffer painful and unnecessary medical procedures because you are unable to communicate and stop them from happening. While no one want to contemplate becoming incapacitated or dying, doing proper planning now, while you are of sound mind and able to make good decisions, can prevent major problems should something serious happen to you in the future.

One of the most important ways to prevent such problems is by making a living will, or advance health care directive, which ensures your wishes are honored in the event of serious illness or incapacity. In Missouri, creating a living will involves stating your medical treatment preferen [...]

Tips and Advice on Estate Planning for Blended Families

When couples get together and blend their families, that often includes children from previous marriages or relationships.  This can bring great joy, but it also can bring conflicts and complications due to the various relationships, obligations, and financial considerations involved. As long as everyone is well and gets along, things may go smoothly; but how do you make sure every member of the family is treated fairly and taken care of if one spouse dies and issues arise?

The answer is to make sure you do proper estate planning now, while your mind is clear and you are able to do so. Estate planning can be complicated even for simple families, but when remarriages and new rel [...]

What is a Discretionary Trust?

Sometimes giving money or assets outright to a beneficiary – such as a child, a grandchild, or a special need loved one – is not ideal for distributing your wealth in an estate plan.

When setting up a trust, using a discretionary trust provides peace of mind because of the protections this type of trust provides to your loved ones who may not have the skills required to safeguard the assets you give to them.

So, what is a discretionary trust? A discretionary trust, also referred to as a discretionary support trust, is a type of trust set up for the benefit of one or more beneficiaries where the trustee has discretion over how to distribute the trust assets among th [...]

Avoiding Probate in Missouri

Going through probate can be time consuming and expensive, so it’s a good idea to do everything you can to avoid probate or to streamline the probate process. With a little planning, avoiding probate in Missouri is possible, and our skilled probate attorney can show you how.

The most obvious things to do to avoid probate include:

  • Work with a professional to create a living trust
  • Make your financial accounts “payable on death”
  • Make your securities “transferable on death”
  • Establish joint ownership of real estate and other property
  • Create transfer-on-death deeds for real estate
  • Create transfe [...]

When Should I Update My Estate Plan?

Creating an estate plan is one of the most important things you can do to protect and provide for your family in the future.  With a little bit of time and a skilled estate planning attorney, you can create a customized trust or will and estate plan that anticipates your unique needs and leverages the most advantageous use of your assets.

Whether it’s by providing for heirs, avoiding onerous taxes, overseeing property and real estate or creating charitable giving opportunities, an estate plan can lay out all of your current and future wishes in a neat and comprehensive document. To ensure the bes [...]

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