The goal of estate planning is to provide for the accumulation, management and preservation of assets during your lifetime, as well as a plan for the distribution of your assets at the time of your passing. Additionally, proper and thorough estate planning will address the issues of disability or incapacity during your life.
Estate planning, especially in more complicated cases, can involve a “team” approach that may involve you, your estate planning attorney, financial advisor, accountant, life insurance professional and personal banker. In cases where it is necessary, these professionals will work together in order to develop comprehensive solutions designed to fit your goals.
A minimal estate plan should include a Will, Durable Power of Attorney and a Durable Power of Attorney for Health Care and Health Care Directive (also known as a Living Will). Depending upon your goals, the nature and character of your assets, the amount of your estate, and your desire to avoid probate, a more extensive estate plan may be required that involves a Trust.
The value of your estate at the time of your death determines whether or not your estate is subject to estate tax. Depending on the size of your estate, federal and state death taxes could reduce your estate by as much as 50% of its total value over any exempt amount then provided for by law. Without proper planning, administration and probate fees could cost your estate unnecessary expense. Estate planning is essential to reduce the fees and costs to your estate in order to maximize the distribution to your loved ones.
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Your decision on hiring the right lawyer can make all the difference in the outcome of your situation. Be sure to hire the best lawyer in the area. Contact our Chesterfield, MO office, conveniently located in the Chesterfield Valley. Your consultation is free and I promise that after meeting with me you will feel confident in my ability to help you and feel at ease about your current situation.
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