ESTATE PLANNING

I will discuss with you the nature and extent of your assets and your intended beneficiaries, be they family, friends, or charity. Together we will devise a plan that bests suits your needs.

WILLS: By executing a Will, a person states his (testator) or her (testatrix) wishes about where their assets go upon their death and names the person (personal representative) that will handle these matters. Having a Will in place does not by itself avoid probate. That is determined by how the assets are titled or owned. If a person dies without a Will in the State of Missouri, then Missouri Probate Code determines how assets of the deceased person are distributed.

TRUSTS: By executing a Trust, a person (the grantor) transfers their assets into a new entity through which the trustee manages the assets for the benefit of the grantor and/or the beneficiaries. In most situations, the grantor and trustee are the same person. These transfers may be made during the lifetime of the grantor or upon the grantor’s death via non-probate transfer or other beneficiary designation. There are several types of trust (revocable, irrevocable, charitable, pet, special needs). The most common use of a trust is as a vehicle to avoid probate.

DURABLE POWERS OF ATTORNEY (financial decisions): A durable power of attorney allows a person (the principal) to appoint a trusted individual (the attorney-in-fact) to step into their shoes and manage their financial matters while they are alive but have become incapacitated or disabled. A durable power of attorney terminates upon the death of the principal.

DURABLE POWERS OF ATTORNEY FOR HEALTHCARE AND HEALTHCARE DIRECTIVES: A durable power of attorney allows a person (the principal) to appoint a trusted individual (the attorney-in-fact) to step into their shoes and make healthcare decisions while they are alive but have become incapacitated or disabled. The disability or incapacity must be certified by one or two licensed physicians. A durable power of attorney terminates upon the death of the principal.

LIVING WILL: A document wherein a person states his or her wishes regarding life support. This a document that supplements the provisions of the Durable Power of Attorney for Healthcare and Healthcare Directive.

PROBATE

The Probate Court handles a variety of cases including decedent’s estates, guardianships, conservatorships, and disputes regarding wills, trusts, and durable powers of attorney.

DECEDENT’S ESTATES: When someone passes away, either with a Will (testate) or without a Will (intestate) and they own assets in their name alone, then an estate must be opened with the Probate Court in the county where the deceased person lived before dying. This is known as estate administration. There are several types of estate administration and ways to dispense with estate administration (e.g. full estate, small estate, refusal of letters). If a person dies with a Will, that Will must be filed with the Probate Court to be admitted for probate within one year of the date of death or the Will is no longer valid. It will be treated as if it never existed.

GUARDIANSHIPS: There are two types of guardianships - one involving a minor child and the other involving an adult. In the case of a minor child (in Missouri, a child is a minor until he or she reaches the age of 18 years), a court appointed guardian is required to look out for the child’s best interests when the child’s parents have both passed away or the parental rights have been terminated for any reason. In the case of an adult, a court appointed guardian is required when the adult is unable (due to disability or incapacity) to meet their basic needs. In both situations, the guardian files an annual report with the Probate Court advising the Court of the status of the protectee (the child or adult). The minor’s guardianship continues until he or she reaches age 18 years. The adult’s guardianship continues until the disability or incapacity ends or until the adult passes away.

CONSERVATORSHIPS: As with guardianships, a conservatorship may either involve a minor child or a disabled/incapacitated adult. A conservator is the person appointed by the Court to manage the assets the assets for the benefit of the protectee. The assets may come from a variety of sources, e.g. a minor child may receive an inheritance or an award from a personal injury case. An adult is most likely owns assets at the time they are declared disabled by the Court. The conservator will file an annual settlement with the Probate Court advising the Court of the disposition of the protectee’s assets during the previous year. The minor’s conservatorship continues until he or she reaches age 18 years. The adult’s conservtorship continues until the disability or incapacity ends or until the adult passes away.

SMALL BUSINESS MATTERS

Whether you are starting your own business or have owned a business for some time, I can help you navigate the formation of your new business entity or assist you with document preparation or review to protect your current business interests.

CHOICE OF ENTITY: In Missouri, a new business can choose from several entity types including, but not limited to corporations and limited liability companies. Together, we will decide which entity choice is best for your situation. Then the necessary forms will be filed with the Missouri Secretary of State’s Office to formally register your entity. Afterwards, the proper governing documents will be prepared to further protect and guide you (and your business partners) in the running of your company. I will also assist you in obtaining a Tax ID Number (or EIN) from the IRS for your new business.

SUCCESSION PLANNING: You have worked hard to establish your company and keep it growing and thriving. You will want to make sure that if you become disabled or pass away, your business continues to operate seamlessly. Whether you are a sole proprietor or you have business partners, I can assist you with developing a plan to ensure the business is protected and continues to run smoothly.

REAL ESTATE MATTERS

Real estate is usually the most valuable asset someone will own. Whether it is your residence or or a vacation home, I will assist you in preparing a deed that will protect this asset from going through probate. If you own rental properties, I will assist you in forming a business entity to protect the properties or devising some other plan that will suit your individual needs.

In addition to deeds, I also prepare or review leases and sales contracts.