PMCW Law

One of the last things you want to talk about any day of the week is having someone else raise your kids because an unexpected tragedy has struck and you are no longer able to take care of your children. But, isn't it better to have a say in who raises your kids when you can't than the alternative? The Lake of the Ozarks estate planning attorneys at Phillips, McElyea, Carpenter, and Welch are here to give you a few tips for naming a guardian of your children. If you need any assistance with this or creating your estate plan altogether, you should contact an experienced attorney at the Lake of Ozarks as soon as possible. Call (573) 346-7231 for your free consultation today. Tips for Naming a Guardian for Your Children Talk to your kids about this and be honest. The guardian is the person that you name in your will to care for your children in the event you untimely pass away before they are of age. You can control the tempo of this conversation but the point here is...

Did you know that August is National Make a Will Month? In the spirit of this month, our Camden County attorneys are here to give you a few reasons why it's so important you have a will. If you don't already have a will and would like an experienced attorney to draft one for you, call Phillips, McElyea, Carpenter, and Welch at 573-346-7231. Who Has a Will? Ages                 % of people with a Will or Living Trust 18-36                22% 37-52                36% 53-71                60% 72 and older     81% Source: Central Trust Company According to the data listed above, you can see that a trend has come about. The older the person, the more likely they are to have a will. However, the reality is that no one ever knows when they will pass away, you could be 20, you could be 82. The poin...

Having a will that indicates who you want your assets to go to when you pass away is extremely important. If you don't do this, your wishes may not be fulfilled. While most people probably recognize the importance of having a will, there are still different aspects that can be difficult to understand with this process. Our estate planning lawyers at the Lake of the Ozarks understand and are here to answer a few frequently asked questions about wills. 5 Frequently Asked Questions (FAQs) About Wills FAQ # 1: Do I have to have a certain amount of assets in order to have a will? Answer: No, it doesn't matter how much money you plan to leave behind when you pass away, but it's important to realize the tax implications that could come into play here. If you don't understand exactly how your assets could be taxed, we urge you to reach out to an estate planning attorney that can explain. FAQ # 2: What would happen if I died without a will? Answer: Your assets ...

You have put your whole life into your business. You don't want to leave it to someone you don't trust when you pass away. It's important that you have a plan put in place ahead of time. Our estate planning attorneys at the Lake of the Ozarks can help you create a will and make sure all your bases are covered. Here are some estate planning tips you can follow for your business. Estate Planning Tips for Business Owners Tip # 1 Create a will. No matter what type of business you own, having a will created is a good idea. Even if you already have a will, make sure it's updated. A will allows you leave directions regarding who you want to leave your business to. When there is no will to refer to, your business is passed down to whoever the state law guides it to. If you don't have a will, then your business will typically go to close family members. Tip # 2 Consider your taxes. Many people don’t realize, but estate taxes can be as much as 50 pe...

"Is it time to for me to start thinking about estate planning?" If you are already asking yourself that question, the answer should be automatic - yes. Estate planning is the act of organizing your estate so that your assets and responsibilities are appropriately cared for and distributed to your surviving friends and family members after you pass away. Your estate planning attorney in Camden County, MO will be able to help you properly plan your estate so that the transition will be as seamless as possible. Phillips, McElyea, Carpenter, & Welch, P.C. has a solid team of experienced local estate planning attorneys, and we would be honored to help you make your important preparations. Wills vs Trusts While similar, wills and trusts are important estate planning documents with some distinct differences. For example, a will only comes into effect after your death, whereas a trust may become active as soon as you sign it.  Wills allow you to designate which pers...

As they approach their fifties and beyond, many people begin thinking about the assets they will be able to leave behind for their children. Less time, however, is spent thinking about the debts they will leave behind and how these debts may impact the estate available to disseminate among the heirs. If you have descendants you hope to leave your estate to, it's time to take a critical look at your outstanding debts and how they may impact the inheritances you will be able to leave behind. Our estate planning attorneys at the Lake of the Ozarks are here to help. Outstanding Debts Must Be Paid Off (If At All Possible) As a general rule of thumb, outstanding debts must be satisfied using the assets within an estate before the estate can be distributed to the heirs. If you have a significant amount of debt, it may eat up the majority of your estate, leaving very little for your heirs. There are a few exceptions, however. Typically, life insurance proceeds and the funds pre...

Ask any good parent, and they'll tell you that caring for the children's physical, mental, and emotional well-being is their top priority. If you have children of your own, you probably agree with this statement wholeheartedly. Unfortunately, life is unpredictable; there is no way to guarantee that you will be around to care for your child forever. Though many children need and seek out advice and assistance from their parents well into adulthood, they become adults  under Missouri law when they turn eighteen. Generally , c hildren ages seventeen and under need a legal guardian if their parents are unable , un willing or unfit to act as a custodial parent.  If you have a child under the age of eighteen, it is important to make preparations so that they will be cared for if something should happen to you. Whom Should You Designate As A Legal Guardian For Your Children? If you die or become incapacitated, the individual you designate as your child's legal guardian...