Services offered by the estate planning attorney

Yes; a lot has been talked about will, trust and probate in Cape Girardeau however the question remains unanswered – why at all find the estate planning attorney? The intention of this article is to list some of the most important factors. It is to motivate you to take action and provide "Peace of Mind" for your loved ones.

According to the Probate lawyer avoiding probate is important. When one’s estate passes through probate in Missouri, there are a number of fees that the estate will face. There can be (1) bond premiums, (2) cost of publication in a local newspaper, (3) court costs, and the largest expense (4) attorney fees. By statute, Missouri law establishes a minimum fee schedule for estates passes through probate. The fees are a percent of the money and personal property in the estate. It can also include any real estate sold during probate.

Saving Taxes – so how does a Trust really help to save taxes? Under today's tax laws, a common Revocable Trust does not save taxes for most people. But, for a married couple, a Trust can save estate taxes.

Restrictions and Incentives for Spouse – As per the estate planning attorney a well drafted Trust should contain provisions as to what happens to the assets of the first spouse to die, if the surviving spouse remarries.

Most Special Needs Trust - beneficiaries are eligible or actively seek eligibility for Supplemental Security Income (SSI) and Medicaid (in Missouri, Medicaid is called Mo HealthNet) which are each needs-based programs. Needs based programs require the beneficiary have limited “available resources” (income and assets).

Without a Special Needs Trust, a gift to a disabled loved one will likely be considered an “available resource” thereby making the loved one ineligible for the government benefit until after all of the beneficiary’s available resources has been spent down to a minimal amount such as $1,000.

Also, a good estate planning attorney can structure the inheritance for the children, to remain in trust for their lifetime. This will protect the inheritance from the potential creditors of the child such as divorce, bankruptcy, lawsuits, etc. Talk to the professional for will, trust and probate in Cape Girardeau.

For more information please visit: http://www.markmcmullin.com