Estate Planning

Here are Four Reasons Why You Need a Well Thought Out Estate Plan.

1. Prevent the State from Taking Your Assets.​

Dying without an estate plan in place will mean that you are leaving it to the state to determine how your assets will be transferred upon  your death.

Unclaimed property in Texas as of January 13, 2021 stood at $6,534,260,837.00, and unclaimed property in Missouri as of January 25, 2021 stood at $1,177,582,533. 

 

Failure to plan means that a government body that does not know you or your family personally will determine who receives your assets upon your death.  In the event your assets can not be found or your loved ones can not be identified, your assets will remain with the state and eventually become state property if not claimed within a certain time frame. 

 

 

2. Prevent the Possibility of Guardianship Abuse.

Becoming incapacitated without a well thought out estate plan in place may mean that a person  you may not want making decisions for you during this time period may have full control of your assets and medical decision making power. This person may be a family member, friend, or someone else designated by the state.  

 

 

In this circumstance you may be subject to guardianship abuse. If a person has guardianship also known as conservator in some states over you, this person may be paid a percentage of your assets to take care of you. They will have full decision making power over both your financial and medical decisions. You will be treated like a child, unable to make decisions for yourself. In the event this occurs to you, you need to select someone you can trust to treat you appropriately. Do not leave it to the state or anyone else to make decisions for you. 

 

Across the country there are many instances of guardianship abuse. The National Association to Stop Gaudian Abuse has done a great job capturing and retelling numerous stories of abuse across the country. Click on the link below to learn more. 

 

 

NASGA – National Association to Stop Guardianship Abuse (stopguardianabuse.org)

 

We have also recently seen allegations of  alleged abuse in the media regarding Britney Spears, Lindsay Lohan and others. 

 

3. Avoid Probate Costs.​

Texas 

Court Costs: (County Dependent) 

Attorney Fees: $185.00/hr + (Estimate) 

Executor Fees: 5% of Estate 

Federal Estate and Gift Tax: 18% – 40% based on taxable amount of estate above $11,700,000.00 as of 2021. (Changes dependent on political administration)

Bond Fee:  Determined Based on the Size of the Estate) 

Missouri 

 

Court Costs (County Dependent) 

Attorney Fees $185.00/hr + (Estimate)

Publication: (County Dependent)  

Personal Representative (Executor) Fee:

– 5% of the first $5,000.00

– 4% of the next $20,000.00

– 3% of the next $75,000.00

– 2.75% of the next $300,000.00

– 2.5% of the next $600,000.00

– 2% of everything more than $1,000,000.00

Federal Estate and Gift Tax: 18% – 40% based on taxable amount of estates above $11,7000,000.00 as of 2021. (Changes dependent on political administration) 

Bond Fee: (Determined Based on the Size of the Estate) 

 

 

4. Prevent Delays and Protect Your Family, Especially if you have Minor Children.​

Probate can some time last weeks, months, or years. Often times your family needs the assets in your estate to ensure they can afford daily expenses. Not having access to funds for weeks, months, or years can be devastating for a family. 


Additionally, if you become incapacitated  or die with minor children and have no estate planning in place there is a good chance your children may end up with the state for a period of time until it can be determined who may take possession of your children. Without proper planning, this can often lead to arguments in families and lengthy court battles. 

Estate Planning Webinar

Estate Planning Options​

Silver

  • Avoid Probate Court
  • Assessment and Inventory
  • Strategy Session 
  • Revocable Living Trust 
  • Pour Over Will 
  • Advance Health Care Directive 
  • Financial Power of  Attorney 
  • Certification of Trust 
  • Affidavit of Trust 
  • Funding Instructions 
  • Assignment of Personal Property 
  • Beneficiary Designations Review
  • Deed 
  • Funeral Instructions 
  • Premium Trust Binder  
  • Unlimited Consultation with Attorney 
  • Free 3 Year Reviews  

Gold

  • Avoid Probate Court
  • Assessment and Inventory
  • Strategy Session 
  • Revocable Living Trust 
  • Pour Over Will 
  • Advance Health Care Directive 
  • Financial Power of  Attorney 
  • Certification of Trust 
  • Affidavit of Trust 
  • Funding Instructions 
  • Assignment of Personal Property
  • Beneficiary Designations Review
  • Deed 
  • Funeral Instructions 
  • Premium Trust Binder  
  • Unlimited Consultation with Attorney 
  • Free 3 Year Reviews 
  • Unlimited Amendments for Two Years 

Platinum

  • Avoid Probate Court
  • Assessment and Inventory
  • Strategy Session 
  • Revocable Living Trust 
  • Pour Over Will 
  • Advance Health Care Directive 
  • Financial Power of  Attorney 
  • Certification of Trust 
  • Affidavit of Trust 
  • Funding Instructions 
  • Assignment of Personal Property
  • Beneficiary Designations Review
  • Deed 
  • Funeral Instructions 
  • Premium Trust Binder  
  • Unlimited Consultation with Attorney 
  • Free 3 Year Reviews 
  • Unlimited Amendments for Two Year 
  • My office will fund your Trust 

I Will Help You Every Step Of The Way