Estate planning services refer to the process of managing and distributing one’s assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.
Probate is the process of transferring property from a deceased individual to living individuals. Sounds simple, right? Yet, it can quickly become complicated and expensive. In Missouri, each county has a probate court that handles these transfers. However, probate takes time. The Missouri Bar advises that “the earliest that an estate may be closed and […]
Recently I had a small-business owner contact me regarding changing the name of his business. We were able to amend the Articles of Organization with the Missouri Secretary of State’s office. That is a routine matter and can be done in one day This was a healthcare business and it also needed to update its […]
Recently I hosted an estate planning workshop for the community. In introducing myself I said that I focus my practice on estate planning and elder law. An attendee wanted to know what those terms meant: what does “estate planning” mean? What is “elder law”? My simple definition for estate planning is this: planning so your […]
Recently a past client of mine called. She had inherited several pieces of farm land that had been owned by her great-grandparents. The result, is that while the great-grandparents owned 100% of the land, at their death it was divided up equally among their children. The children then divided it among their children and so […]
I’m a note-taker. Usually you will find me with a blue ink pen and legal pad in hand, ready to take notes on whatever is being discussed. Recently, I came across one of my legal pads that had the following notes: Top 10 Reasons for Creating an Estate Plan from “The Everything Wills & Estate […]
In just a few weeks, we will elect a new president. Recent polls have Hillary in the lead. Regardless of whether you agree with Bill and Hillary’s politics, we can learn a few things from them about smart estate planning strategies. A recent Time.com article reveals that Bill and Hillary have set up a variety […]
Missouri is a common sense state and most of our laws reflect that. Missouri has a whole chapter of laws dedicated to non-probate transfers. These are ways that individuals can name or designate a beneficiary and thereby avoiding probate. One of the areas I see this most often relates to vehicles owned by a deceased […]
The simple answer has 2 parts. Each individual has an “annual exclusion” that allows them to give $14,000 per year to any number of individuals, without paying any gift tax. That means a wealth grandmother can give her 3 kids $14,000 each and each of her 7 grandchildren $14,000 each. The grandmother could give $140,000 […]
A previous posting discussed Estate Tax at the federal level. It is important to know that some states impose an estate tax as well. Thankfully Missouri is not one of them. The Tax Foundation published this map which shows a 50 state survey of which states have a state estate or inheritance tax.
The best part of my job is getting to meet and know my clients and their families. Occasionally, there is some icing on the cake when a client writes you a follow up thank you card or letter. Recently I received two. With their permission, I would like to share part of their comments with […]
