In some Missouri families, conflicts can escalate to the point of estrangement, causing various difficulties. When creating an estate plan, individuals may struggle with how to proceed due to the significant financial and personal implications involved. Estrangement is common Family estrangement is not unusual, and it should be considered as part of an estate plan. A researcher conducted a survey consisting of 1,300 people and found that more than one-quarter had ended a relationship with a family member. It broke down as follows: 10% a child or parent 8% involved a sibling 9% were extended fa ..read more

If you are like many homeowners in Missouri, your family home is probably your most treasured and valuable asset. For this reason, you may want to plan your estate accordingly to ensure a safe and efficient transfer to your heirs. There are various options, including a will, trust, titling your home as joint tenancy, etc. A will A will is a must-have estate planning tool that allows you to name your heirs and indicate how you would like your chosen executor to distribute your assets upon your passing. If you own a home, this document can specify who will receive the family home or how your hei ..read more

When coming up with your estate plan in Missouri, you may want to appoint an attorney-in-fact. An Attorney-in-Fact is someone you trust and depend upon to represent you and your interests when you become incapacitated or cannot do so yourself. Understanding an attorney-in-fact and their duties Contrary to what their name suggests, an attorney-in-fact is not necessarily a lawyer. They can be any trusted and competent person you appoint to take care of your affairs in the event that you become unable to do so yourself due to illness, incapacity or other reasons. Your attorney-in-fact will posses ..read more

If you have remarried, particularly to someone who has children of their own, some additional estate planning is likely called for. It will pay off for you to know the common mistakes that Missouri blended families make in their estate plan so you won’t make them yourself. Are your beneficiaries up to date? A good place to start is to make sure you’ve updated all of your beneficiaries. This is a basic error that can be easily overlooked if you’re not careful. It’s one of the most common estate planning oversights made by those with blended families. You don’t want your ex-spouse’s name to stil ..read more

A proper long-term care program that provides for everything you might need, as well as conditions that may emerge as the body gets weaker with age, can be expensive. So, the government established the Medicaid program to cover the cost of care the elderly need in their most vulnerable time. But this help is only limited to individuals with few assets or less income. Therefore, if your savings, pensions or income from other sources are too high for you to qualify but not enough to cover your long-term care costs on your own, creating a Medicaid trust in Missouri could be beneficial for you and ..read more

Drawing up your estate plan in Missouri involves paying attention to a lot of details. Chief among these should be the ones that you will designate as your beneficiaries. This is a list that may need to see a number of updates over the coming years. Keeping it up to date can help you ensure your wishes are honored. Always make sure to designate a beneficiary The first thing you will need to make sure of is that you designate a person or persons to be listed as your beneficiaries. This is the key to successful estate planning. The ones that you choose to name will be the ones who receive the bu ..read more

No matter how much or how little your assets are worth, they are your children’s legacy. Your assets are a piece of you that you are able to give to your children for them to remember you and for them to carry a piece of with you always. On many occasions, your children’s inheritance gives them the ability to take advantage of opportunities that they might not be able to otherwise. There are many ways that you can pass your assets down to your children, including making those assets a gift to them while you are still alive and well. If you do not feel that you want to do give it to them while ..read more

Estate planning is for everyone which is what makes it important to be familiar with estate planning documents that can help estate planners protect themselves and their interests. This includes understanding why the estate planner should have powers of attorney and what they do. The importance of powers of attorney in an estate plan Financial power of attorney: A durable power of attorney for finances allows the estate planner to name an agent to act on their behalf concerning their financial affairs. The agent could be a family member, friend or fiduciary. Responsibilities of the agent may i ..read more

Missourians are hard-working individuals, whether they work in the healthcare industry, the service industry the manufacturing industry or any of the many other jobs the state offers. While we work our daily lives, we may find that our jobs become more difficult if our aging parents need care or medical assistance or pass away. One difficult situation is if one of your parents pass away leaving you and your other parent behind. This is understandably a very emotional time, and it can be difficult to think logically when you are grieving. However, if your deceased parent died without a will, yo ..read more

Every child in Missouri has needs as they grow older and it is their parents’ responsibility to ensure that those needs are met. This can require a large amount of time and money to do, but some children will need extra care. Some children have special needs for physical or mental disabilities. These children may need additional medical care and additional supervision as well. Sometimes the disabilities will prohibit them from being able to find suitable employment later on in life as well. While many children are able to eventually find a job when they become adults, allowing them to provide ..read more