Our Business and Estate Planning FAQs

In Missouri, if you become disabled and lose the capacity to deal with your finances yourself, someone will have to establish a conservatorship over your finances. Doing so is expensive. If you have prepared a revocable trust or a durable power of attorney, a conservatorship is not needed and the person you have designated will handle your finances.

Can’t my spouse just take over my financial matters? Your spouse is able to manage joint accounts only. He or she cannot sign on your behalf for financial accounts under your name alone unless you have prepared a revocable trust or a durable power of attorney naming your spouse as the person who will handle your personal financial matters.

When applying for Medicaid in Missouri, the state will “look back” to see if any gifts have been made in the past five years.  Missouri will not just let you give away your property or your money to qualify for Medicaid.  Any gifts or transfers for less than fair market value that are made during the “5 year look back” period may cause a delay in Medicaid eligibility.

 

Yes. If you have children, you are not required to leave them any portion of your estate. A common misunderstanding is that you must leave each child at least one dollar. Today, your Will may simply state, “I have intentionally failed to provide for my son, Josh.”

The Kaiser Law Firm handles the following types of cases:

• Estate Planning: Wills & Living Trusts
• Real Estate Transactions
• Family-Owned Businesses & Farms
• Powers of Attorney & Living Wills
• IRA & Retirement Planning
• Asset Protection & Business Planning
• Special Needs Planning
• Trust Administration & Probate

 

YES.  You will need to hire an attorney to assist you in the probate process if the probate estate is over $40,000.  The probate estate consists of assets that a decedent owned in his or her own individual name and which do not pass by a valid beneficiary designation. 

No. This is a very common misconception. There are several reasons to have a revocable trust. However, asset protection planning and nursing home protection are not reasons to have a revocable trust. Under federal Medicaid law and under most states laws, your revocable trust is considered your asset and must be "spent down" before you qualify for long term care in a nursing home. Also, because your revocable trust is your asset, it can also be reached by your creditors if you get sued.

If you want to learn more about asset protection in Missouri, download a free copy of our report, 10 Questions You Should Ask About Protecting Your Assets in Missouri. 

Missouri law permits the formation of a limited liability company (LLC) that may then establish one or more series.

Missouri law provides that an individual series is not liable for the debts or obligations of any other series of the LLC.

It be may be beneficial to organize your consulting business as a limited liability company (LLC) to avoid personal liability with respect to your business. However, just like any other professional, you will be personally responsible for your negligence in your consulting services. Therefore, it is important to have errors and omissions insurance when providing consulting services.

No. A Missouri limited liability company (LLC) does not issue stock certificates.

The ownership of a limited liability company is reflected in the limited liability company operating agreement.

Even if you lose your stock certificate you still own your stock. However, to replace the physical certificate, the shareholder must contact the company's stock transfer agent. Typically, the stock transfer agent will require the shareholder to sign an “Affidavit of Lost Stock Certificate” and will issue a new stock certificate to the owner.

No, this is not true. Unfortunately, some business owners often believe that noncompete agreements "are not worth the paper they're written on."

In Missouri, non-compete agreements can be enforced under certain conditions. For many businesses, a well-drafted non-compete agreement can be a valuable and critical legal document.