Two Words Could Undo Your Entire Estate Plan
October 27, 2020
’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.
- 1067 N. Mason Road, Suite 3, St. Louis, MO 63141
’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.
Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.
Consult an elder care lawyer preemptively, to avoid making a panicked phone call in the moment.
Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.
These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to build the right plan for your family.
As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?
Only you know the strengths and weaknesses of your family members, putting you in the best position to decide if your spouse or your child can appreciate a trustee’s responsibilities.
Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.
When Pablo Picasso died in 1973 at the age of 91, he left behind about 45,000 works of art – so many that it would take the entire Empire State Building to display them all at the same time – and yet he didn’t leave a will.
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St Louis, MO 63141
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