If you reside in Missouri and are the parent of a disabled or special needs child, you may have valid concerns about who is going to provide and care for your child once you become unable to do so yourself. At Kozeny & McCubbin, we recognize that parents of special needs children face unique estate planning considerations, and we have helped many parents facing similar circumstances create effective plans for the future.
If you think you do not have an estate because you are not wealthy or do not own many assets, you are not alone. According to CNBC.com, wills are basic estate planning documents that nearly 64 percent of people lack. The most common reason they put off estate planning is they do not believe they need to do it. Regardless of how much wealth and assets you plan to leave behind and the number of family members you have, you can still benefit from planning your estate.
If you have decided to draft a last will and testament in Missouri, you have taken crucial steps to bequeathing your assets to your loved ones when you pass away. However, not all of your post-death wishes can be expressed in a will. According to Findlaw, some instructions, for a number of reasons, should not be included in a will.
Estate planning is a process that requires a lot of thought. Not only do you have to think about who gets what but it also falls on you to ensure whatever you give does not come with a huge tax burden. For most people in Missouri, this is not a huge deal. However, if you are a high-income earner or someone with impressive assets, then the new changes to the estate tax laws at the federal level can really help.
One of the hassles of estate planning is considering the tax implications for your surviving family members. Depending on what you are leaving behind, your loved ones could be stuck paying quite a bit of money just to get their inheritance. This is true in Missouri and any other state thanks to IRS laws. Luckily, there are some options you have to keep the taxation at a minimum.
If you have recently gotten a divorce in Missouri, you may have spent most of your time focused on the divorce process and creating a settlement. However, once everything calms down, you really need to turn your focus to estate planning. Your life has just gone through a major change. Your former estate plans are likely to no longer going to work.
If you have received a letter in the mail saying you are the lucky recipient of a huge inheritance, it is wise to be cautious. This is a common scam in Missouri. However, this also happens legitimately. You may actually be contacted by an attorney about an inheritance that you had no idea was coming your way. So, how can you spot the fakes and ensure if a real letter comes your way that you do not miss out?
It may seem like a great idea to prepay your funeral expenses in Missouri. However, there are many things about a prepaid funeral that may make it an unwise choice. According to U.S. News and World Report, complications can arise if the funeral home goes out of business or is bought out. You can never plan ahead for such things. You may think you are partnering with a reliable business, and then suddenly, they are closing.
You may think that because you are young, you do not need an estate plan. However, even young adults can benefit from putting together a basic estate plan. At Kozeny and McCubbin, L.C., we know it is important for all Missouri residents to consider how their death will affect loved ones.
If you live in Missouri, you have an estate plan whether you know it or not. The question is, who created it, you yourself or the state of Missouri? At Kozeny & McCubbin, LC, we understand that many people have certain assets, like family heirlooms, that they want to go to specific people when they pass away. They also have definite ideas about the kind of end-of-life care they wish to receive if they become incapacitated and cannot make their wishes known.