PMCW Law

"You can't take it with you, but you can leave it behind for your heirs and your surviving spouse." Last week, we discussed the probate process in Missouri and how your assets will be distributed to your survivors if you do not have a valid will in place. Now that you know the consequences of not having a proper estate plan established, the attorneys at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you identify the key components of a solid estate plan.  Power Of Attorney Your power of attorney is not necessarily an attorney at the Lake of the Ozarks - the power of attorney is an individual selected by you to act on your behalf in the event that you are unable to represent yourself. There are two main forms of power of attorney: Durable Power Of Attorney and Health Care Power of Attorney. Durable Power Of Attorney  - This individual is responsible for handling your financial affairs. These powers include (but are not ...

This question ways heavily on the minds of people in the process of planning their estates. As experienced probated administration attorneys , those of us here at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help. In this blog post, we will help clarify some of the questions you may have surrounding the taxation and expenses your heirs will be subject to. Estate/Inheritance Tax Let's start off with the good news! There are two types of taxation total estates can be subject to: estate tax and inheritance tax. Estate tax is levied against the total value of the estate and is paid before the estate is transferred to the heirs. Inheritance tax is applied to the assets actually given to the heirs and is paid by the heirs once the inheritance is in their possession. The good news is that estate tax is only levied on estates whose total value exceeds $5 million , and that the state of Missouri does not currently have an inheritance or estate ...