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.
If you have begun researching elements of your estate plan in Missouri, you probably have a lot of questions. One of the first that many people ask is what a living will is and whether or not they need one. We at Kozeny and McCubbin can help you determine if this type of arrangement is right for you and educate you on the steps necessary to prepare this or any other aspect of your estate plan.
You have likely heard the term "probate" before. It is often mentioned after a person dies in Missouri. If you do not understand what this means, it is beneficial to you to find out. Wealth Pilgrim explains probate is the distribution of assets for a deceased person. You probably have heard probate in regard to something being "stuck in probate." This essentially means the process of asset distribution is stuck in court, which often happens if you die without a will.