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Joint Tenancy
Before the rise of non-probate transfers of real and personal property, as well as revocable living trusts, the joint tenancy with right of survivorship was a common device used to avoid probate. Probate is undesirable for several reasons. First, probate is...
Do I need a Will or a Trust?
Clients frequently ask "Do I need a will or a trust?" The answer depends on the client's estate planning goals. For most people, the chief objective of estate planning is avoiding probate. Probate is undesirable for several reasons. First, probate is expensive. Any...
Do I need a Will?
A common question in estate planning is “do I need a will?” The short answer is “yes,” although the reason why is probably different than you think. As explored in this post, an individual who dies without a will is said to die intestate. A person who dies intestate...
What is a Trust?
A trust is a relationship in which property is held by one person for the benefit of another person. A trust has three fundamental roles: settlor, trustee, and beneficiary. The settlor creates the trust and funds the trust with trust property. The trustee holds and...
What happens if you die without a Will?
One of the most common questions in estate planning is: “What happens if you die without a will?” An individual who dies without a will is said to die intestate. A person who dies intestate will have his or her estate distributed according to Missouri's intestate...
What is Estate Planning?
At its most basic, estate planning is preparing for the end of life. It is a difficult, but necessary topic. Estate planning typically involves creating a comprehensive plan that accounts for the following issues. Property Creating a plan to distribute property is the...
Crummey Trusts
A Crummey trust, also known as an irrevocable gift trust (“IGT”), is a type of irrevocable trust. A Crummey trust is designed to help reduce estate tax liability by utilizing an individual’s annual gift tax exemption. However, a Crummey trust, like most irrevocable...
The Estate and Gift Taxes
The estate tax, or “death tax,” is a hot topic in estate planning. However, today, the estate tax does not impact most people. For much of history, the estate tax had a relatively low exemption and a high top tax rate. For instance, from 1942 to 1976, the exemption...
Missouri Asset Protection (“MAP”) Trusts
Missouri Asset Protection (“MAP”) trusts are a type of irrevocable trust. As the name suggests, a MAP trust is designed for asset protection. In sum, a MAP trust, like most irrevocable trusts, requires a settlor to sacrifice control in exchange for asset protection....
Testamentary Trusts
The testamentary trust is an estate planning device that is particularly attractive to young couples with young children, who often have limited assets. Typically, spouses are the legal and/or named beneficiaries of each other’s assets. If one spouse dies, the other...