New laws and their effect on trusts

Missouri residents may have missed the news that the Internal Revenue Service has pronounced a new tax rate for certain gifts, specifically those under s.7520. For May of 2020, the rate is 0.8%—this amounts to a full 73% decrease from February of the same year. This...

Understanding the types of trusts

Depending on your goals, trusts may serve as an important tool in your estate plan. However, you must understand the different types of trusts and the benefits of each. Start your research by exploring the primary types of trusts used in estate planning. Revocable...

Should you create a trust?

Most estate planning lawyers will try to push you into creating a trust, but the truth is that the use of beneficiary designations and/or wills can sometimes get the job done just as well as a trust would. Additionally, trusts are usually more expensive than Wills and...