“I don’t have enough assets to warrant an Estate Plan.”
This myth surrounding estate planning often stems from the predominant emphasis of attorneys and financial advisors on estate taxes. In Missouri, estate taxes are not implemented on the state level, so the challenge would only arise if an estate reaches the federal threshold of $13.61 million (for 2024) – a challenge many would welcome!
Two key factors can trigger the need for an Estate Plan in Missouri: (1) ownership of any real property, including a house, land, or mineral interests, and/or (2) possession of more than $40,000 in total assets—an occurrence more probable than reaching the $13.61 million threshold. If either applies to you, an Estate Plan becomes essential. Additional considerations include ownership of multiple properties, particularly in different states, or having minor children.
Estate plans extend beyond financial considerations, and it involves designating a Guardian for your children, ensuring financial matters are managed if you become incapacitated, ensuring healthcare decisions align with your preferences, and providing for the welfare of your children and other heirs upon your passing.
Estate planning is not exclusive to lottery winners; it is for anyone with loved ones seeking to secure their well-being. In other words, estate planning is for everyone!
To Gain Further Insight into Estate Planning:
Contact our office to arrange a complimentary initial consultation. Discover how we can assist you in planning for your family and loved ones, ensuring that your intentions endure even when you are no longer present.