PMCW Law

Thinking about passing away is something that most don’t like to think about or discuss.  Most of us don’t like planning for our death, but you owe it to your loved one's to have a plan in place.  A will allows you to designate what will happen to your possessions and estate in the event of your passing . We know getting your affairs in order may not be something you desire to do, but it is something you need to do.  The  Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. will answer some frequently asked questions about wills.  Our  experienced estate planning lawyers at the Lake of the Ozarks  and our probate administration attorneys can help you along every step of the way.  Estate Planning vs Probate Administration  What's The Difference? Passing money, possessions, property, and other assets from a deceased loved one to surviving family and friends is often a two-step process. First, decisions must be made ...

You can't take it with you, but you can  leave it behind for heirs and your surviving spouse. Unfortunately, if you do not have your affairs in order, leaving it to your loved ones is easier said than done. If you are not currently familiar with probate proceedings in Missouri , the lawyers at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. would encourage you to take some time to educate yourself on the process and why it is so important to set up a formal estate plan. Missouri Probate - The Explanation Essentially, the Missouri probate process ensures that all the decedent's outstanding debts are repaid and that the remaining assets are distributed among the surviving family members. If the decedent (the deceased) had an appropriate estate plan established, the probate process could be skipped and the assets could go straight to the heirs. If the decedent did not have a formal estate plan set up, however, then his/her estate will likely be pass...

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 ...