What is an Application for Probate of Will?
Wed 17 May, by FritzLaw on Estate Planning, Probate
After a loved one passes away, it may be necessary to distribute the assets of the decedent to the legatees or heirs. If the person died with a Last Will and Testament, the Will must be admitted to the proper probate court within one year of the decedent’s death, with a few exceptions (RSMo 473.050). The probate court will likely require the following information in order to approve or deny your Application for Probate of …
Understanding the Basics of Probate Law in Missouri
Wed 17 May, by FritzLaw on Estate Planning, Probate
Probate law is a critical yet often overlooked area of law that deals with the distribution and management of a person’s estate after their death. This area of law ensures that the decedent’s debts are paid, and their assets are distributed according to their last will and testament. If no will exists, probate law provides a default plan for distribution. In this blog post, we will explore the basics of probate law in Missouri. What …
State Estate and Inheritance Taxes: Does Your State Have Them and How Should You Plan for Them
Wed 17 May, by FritzLaw on Estate Planning
The federal gift and estate tax exclusion is currently very high—$11.58 million for an individual and $23.16 million for a married couple in 2020. As a result, only very wealthy people currently need to be concerned that their estates will be taxable at the federal level, at least until 2026, when the increased exclusion amount is scheduled to return to the $5 million (adjusted for inflation) exclusion in place before the 2017 Tax Cuts and …
Important Considerations for Beneficiary Designations of Life Insurance Policies
Wed 10 May, by FritzLaw on Estate Planning, Probate
Life insurance is often one of the most important parts of an estate plan. People usually purchase life insurance to prevent their spouse, children, or other dependents from suffering financial hardship if they die unexpectedly. You may think that all you need to do is simply write in the name of the person you would like to receive the proceeds from your life insurance policy on the beneficiary designation section of your paperwork and forget …
4 Tips for Avoiding a Will or Trust Contest
Fri 23 Dec, by FritzLaw on Estate Planning, Probate
A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest. If you are concerned about challenges to your estate plan, consider the following: Do not attempt “do it yourself” solutions. If you are concerned about an heir contesting your estate plan, the last thing you want to do …