Estate planning covers a wide range of tools and structures that help you leave you estate in a planned and organized way. In the absence of a plan, the state will decide how your property is distributed. In some cases, not having an estate plan will see your beneficiaries go through a drawn-out probate process, pay more in taxes than needed, and dealing with unforeseen circumstances and scenarios.
Our estate planning attorneys in Festus help you leave a legacy and know that you, your loved ones, and your life’s work are taken care of. We organize your estate planning so nothing is left to chance and the situation is aligned with your concerns and priorities.
Creating a will or trust
To create a will that aligns with your concerns and priorities, we ensure that your plan takes your situation into account. We will learn about your family structure and your beneficiaries. Are there children or grandchildren that need special consideration? Are your beneficiaries financially responsible and in good marriages?
We assess your situation and make sure you think about your estate in a broader context. Many people don’t stop to consider the makeup of their estate; transferring insurance, tax-deferred annuities, and retirement interests can be rather complex. Another complexity that needs special consideration is the co-ownership of assets and how it will affect beneficiaries.
Our experience allows you to anticipate scenarios that seems unlikely or are easily missed in your estate planning. Furthermore, our attorneys are up-to-date on local and state laws that can impact how your assets are transferred.
For most of our clients, avoiding probate is a main concern. Creating a trust allows you to provide for your surviving spouse or minor and secure long-range transfer of your estate in the most efficient and private way. Most of our estate planning efforts involves trust planning.
End of life planning
Another aspect of estate planning is deciding what happens when you can no longer take care of yourself. These end of life considerations can include health care, long-term care, Social Security, and Medicare or Medicaid. Our firm has considerable expertise in Medicaid planning, and we will help you create a living will that indicates the kind of health care you want to receive when you’re no longer in a place to make these decisions. Other end of life decisions include assigning a power of attorney and accounting for different scenarios when your intended beneficiary dies.
Minimize taxes on your estate
Taxes are a big concern for people planning their estate. Federal estate taxes and taxes on various assets and retirement funds can make a difference in how your estate is divided, and when and how you distribute your assets. Our attorneys will help you minimize the tax burden for you and your beneficiaries.