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Can an Irrevocable Trust Be Changed? Yes—With the Right GuidanceThe term “irrevocable” often gives the impression of something that’s set in stone. While it’s true that irrevocable trusts are designed to be long-lasting and binding, the law recognizes that life doesn’t always go as planned. Circumstances change—and sometimes, so must your estate plan.Why Consider Modifying […]
The Importance of Beneficiary Designations in Estate PlanningDesignating a beneficiary means naming a person or entity to receive your assets upon your death. This simple but crucial step plays a major role in your estate plan. Common examples of assets that pass via beneficiary designation include life insurance policies and retirement accounts such as IRAs […]
A custodial account is an account for the benefit of a minor child and managed by a parent or another designated custodian. The custodial account is established under Sections 404.005 to 404.094 Revised Statutes of Missouri, the Missouri Transfers to Minors Law. The custodian normally controls the account until the child attains the age of […]
Planning Ahead: Why It’s Time to Talk About Your Health Care WishesThe COVID-19 pandemic prompted many of us to think more seriously about what might happen if we were to become seriously ill and unable to speak for ourselves. If you don’t have a will—or if you’ve never discussed what kind of care you’d want […]
How does Medicaid treat the Homestead Exemption and/or the Medicaid applicant’s primary residence? When senior enters a nursing home to receive care services, he or she often leaves real property owned by that person, and that home served as the A primary residence, defined by Medicaid as real property that is furnishing shelter to the […]
Oftentimes, a Medicaid recipient who otherwise has achieved Medicaid eligibility may receive assets that can affect their ability to receive Medicaid benefits. If the Medicaid recipient (or a Medicaid applicant) is in a nursing home and has property which was willed to him or to his spouse by a family member, loved one or other […]