Our Business and Estate Planning FAQs

No. That is a very common misconception. Your Revocable Trust may avoid probate of your assets upon your death, however, your Revocable Trust in Missouri (and most states) will not protect your assets from nursing home expenses.

The assets you place in your Revocable Trust are considered owned by you and must be spent down before you qualify for long-term care in a nursing home.

The solution?  Call our office to develop a strategy to protect your assets from long-term care expenses.

If a parent knows that their minor child has a propensity to act recklessly or carelessly when driving, then the parent is expected to take reasonable steps to prevent that child from causing foreseeable harm to others.

For example, in Missouri, if a parent knows his or her child is an inattentive driver who constantly talks or texts while driving and despite that, the parent allows the child to continue to drive the family car, and the parent makes no effort to restrict the child's use of his or her phone, then a parent would be on notice of the child’s dangerous propensities. If the child ends up causing an accident while talking or texting, the parent could be considered negligent for failing to prevent foreseeable harm.

There are 29 states that have “filial support laws” which provide that children can be legally responsible for their parents’ long-term care costs. However, Missouri currently does not have filial support laws.

You could become contractually liable by signing agreements with the nursing home or hospital. Be careful what you sign!

No. Missouri does not protect the ownership of any type of 529 or other college savings plan from your creditors. 

Call us now to learn more about a 529 Educational Savings Trust which can protect the money in your 529 College Saving Plan for your children.

The probate process varies case by case depending on the nature of the assets (real estate, businesses, out of state property), the number of beneficiaries, whether there are liabilities of the estate that need to be paid, and what county the probate process takes place.  

The typical time frame is between 6 months and 18 months.

No. When a person dies in Missouri with a will, the will must be admitted to the Probate Court in the county where the decedent lived.

Once the will is determined to be valid by the Court, then the person named in the will as the Executor or Personal Representative has the legal authority to gather and value the assets owned by the estate, pay the decedent’s bills and taxes and ultimately distribute the assets of the estate to the beneficiaries named in the will.

In St. Louis, the main advantage of adding your son's name to your house is that doing so will avoid probate and make it easier for him to take possession of your home upon your death.

The main disadvantage is that your home will be subject to any claims for your son's debts and could even come into the picture if he were to get divorced.

Yes. In Missouri, you may name more than one person to serve as the executor. These persons are called co-executors. This structure may work in some cases. However, because both co-executors often must agree on all decisions (and sign everything) it may create more problems than it is worth. 

You should discuss this co-executor issue with your attorney.

No.  Under these circumstances, the State of Missouri will usually not take your property. However, if you don’t make a will, the State of Missouri will decide who gets your property.

If you die without a will and your relatives cannot be found, then the State of Missouri may get your property.

 

Yes. In Missouri, if you have children, you are not required to leave them any portion of your property. A common misunderstanding is that you must leave each child at least one dollar. 

You may simply state, “I have intentionally failed to provide for my son, Matthew.”