People often ask whether a revocable trust — one that can be revoked or amended — can help save taxes. Sometimes people even tell me directly they need a revocable trust to help them save taxes. While this is not entirely off-base, it is a common misconception.
A revocable trust can incorporate planning that saves
MO HealthNet, the Missouri Medicaid program, covers qualified medical expenses for those who meet eligibility requirements such as being blind, disabled or over age 65 and do not exceed certain income and resource limits.
Generally, for disabled and elderly claimants to be eligible for the program in 2016, monthly income may not exceed $842 for
This year’s biggest news in estate and gift tax planning is the IRS’s recent release of proposed regulations that seek to limit, and perhaps eliminate, discounts for lack of marketability and control in connection with gifts of interests in family-owned entities.
At this time, the major points for consideration are as follows:
The first step in a well-developed estate plan is to have a solid foundation with documents in place — including, for example, a revocable trust, pour-over will, powers of attorney and medical directive. The next step, and perhaps the most critical, is making sure assets are properly titled or proper beneficiary designations are in
An often overlooked part of an estate plan relates to something most people care about deeply during life: Where will my pets go when I pass away?
Although many people consider their pets to be a part of the family, legally pets are considered personal property. They should be included in a client’s estate plan
A good friend of mine called me in a panic the other day. She and her husband were leaving town for vacation and were worried about not having their estate plan in order. She asked how to name guardians for their four minor children, should she and her husband die.
This is a question estate
Have you considered who will have control of your body after death? In some instances, the disposition of remains may work out as planned even if the default rules set by state statute apply. In other instances, while you may hope to be dust in the wind, you may instead be pushing up daisies.
Missouri
Many people do not realize the importance of correctly designating the beneficiaries of their retirement accounts (IRAs, 401(k) plans, etc.). Because retirement accounts are funded with pretax dollars, there can be significant tax consequences when required minimum distributions are taken, depending on the beneficiary named.
The minimum required distributions are calculated based on the life
If you are one of the countless parents sending a child to college this year, you have a lot on your mind. Packing clothes, buying dorm room accessories and learning how to do laundry are probably only a few of the items on your child’s college checklist. Odds are that signing estate planning documents is
As discussed in an earlier post, trusts and estates may be subject to a 3.8 percent tax on net investment income over certain threshold amounts. Net investment income may include trade or business income from passive activities — those in which the taxpayer does not “materially participate,” according to Section 469 of the code.