Each year individuals pass away without a will, leaving the law to decide what happens to their assets. You've worked hard to build and maintain your business. It's important to plan ahead and make sure your wishes regarding your business are carried out the way you would like. We have the experience to assist you in making plans to protect your business assets.
Planning for the Future of Your Business
With 40 years of legal experience, our attorneys are extremely familiar with the laws governing businesses in Missouri. At the law office of Mariea & Sigmund, LLC, we serve business owners and companies in and around Lake of the Ozarks and Columbia.
Working specifically in the areas of real estate, business law and estate planning, we will guide you through the legal terrain surrounding your plans for the future. We will work with you to design a customized estate plan based on your specific business goals.
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The area of business estate planning is complicated and statutes vary depending on your business structure. Our experienced lawyers will help you to control the future of your business. Read more about how we can assist you in planning your estate.
At Mariea & Sigmund, LLC, our attorneys bring 40 years of legal experience to the areas of business real estate, business law and estate planning. If you own a Missouri business, we can help guide you through the steps to building, maintaining and securing your business. Contact us online or call 573-635-7699.
Estate Planning - An Overview
Estate Planning - An Overview
Estate planning allows an individual to plan for his or her lifetime objectives and to provide direction about the disposition of his or her assets after death. Estate planning can include wills and trusts as well as powers of attorney and healthcare directives. Estate planning is impacted by state and federal law, and any individual may find that more elaborate or creative legal means are necessary for his or her situation. Some of these more complex techniques include trusts, family limited partnerships (FLPs) and limited liability companies (LLCs). An estate planning lawyer from Mariea & Sigmund, L.L.C. in Jefferson City, Missouri, can be an essential ally in assuring that your estate planning goals are understood and carried out. If you have estate planning-related legal questions, call Mariea & Sigmund, L.L.C. today to schedule a consultation.
Estate Planning Basic Documents
Because estate planning allows an individual to ensure that his or her property will go to the people he or she wants, in the way he or she wants and when he or she wants, it is important for everyone, even if an estate is likely to be small, to have an estate plan. An estate plan can help to reduce tax liabilities, court costs and attorneys fees, and it can also make it easier for families to cope with the administrative and financial issues that arise after the loss of family members.
Estate plans should typically include at least two important estate planning instruments: a durable power of attorney and a will. A durable power of attorney is a document that authorizes a person to make decisions for a person who has become incapacitated, including decisions about the incapacitated person's property. A will is a document that sets out the plan to distribute a person’s property after her or his death.
Documents relating to medical care can also be part of an estate plan. Documents to consider include a medical directive (also called an advance directive, a physician's directive, a written directive or a durable power of attorney for healthcare) to designate a person to make healthcare decisions for a person who has become incapacitated, a healthcare proxy (also called a proxy directive) to designate a person to make healthcare decisions regardless of a person's incapacity, and a living will to express a person's desire regarding the use of extraordinary measures to extend her or his life when there is no reasonable expectation of recovery.
Estate Planning and Financial Goals
Estate planning can help to identify and plan for financial needs during life and after death. Financial needs to consider include retirement income, college funding, replacement income following an unforeseen illness or disability and the needs of surviving family members. To meet these financial goals and to ensure appropriate utilization of assets during life and orderly and efficient distribution of assets after death, an estate plan may include making gifts to individuals and charities during life, purchasing life insurance, using revocable and irrevocable trusts, purchasing annuities as well as rearranging personal and business interests. In addition to federal gift and estate taxes, state inheritance taxes, which vary from state to state, must also be considered to meet financial objectives.
Conclusion
Asset protection strategies, healthcare directives, powers of attorney and other estate planning devices are an integral part of the services that an estate planning attorney can provide. If you have questions about estate planning, contact an estate planning attorney at Mariea & Sigmund, L.L.C. in Jefferson City, Missouri, to schedule a consultation.
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