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St. Louis Living Trust Attorney

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St. Louis Living Trust Attorney

St. Louis Living Trust and Asset Protection Lawyer

Planning for the end of your life may seem morbid at first. In reality, though, it is a significant act of love that you can perform for your loved ones. Estate planning gives you the opportunity to settle your assets and ensure that you have a plan for them when you pass away. When this time comes, your loved ones will have more freedom to grieve. You will have already taken care of the major planning and asset division.

Living trusts are a popular estate planning tool that can benefit individuals and families of all kinds. Contrary to what many people believe, you do not need to be wealthy to put your assets in a trust for your loved ones. Doing so provides significant benefits of which you need to be aware.

Our team of trust lawyers at Stange Law Firm works diligently to create personalized estate plans for clients of various ages, incomes, and communities. We can do the same for you.

Stange Law Firm: Your St. Louis Living Trust Attorneys

Our team of St. Louis living trust attorneys is passionate about providing high-quality estate planning services to our community. We have seen firsthand the significant impact that a properly made trust or will can have on a family. Because of this, we work hard to create estate plans that are tailored to each individual client’s needs.

The trust attorneys at Stange Law Firm understand that this process is extremely vulnerable and emotional for many families. As a result, we treat all our clients with respect, patience, and understanding for the duration of their estate planning process. You can trust us with this sensitive process. You can feel confident that the final product will protect your family for years to come.

If you need a St. Louis asset protection attorney or a living trust lawyer, look no further than Stange Law Firm.

What Is a Living Trust?

A trust is a type of estate planning account. To create one, the trustor places their assets in the trust account and names a trustee. The trustee holds these assets on behalf of the trustor. They will then redistribute them according to the trustor’s wishes after they pass. Because the trustee is the legal guardian of the assets, they do not need to go through probate court because the trustee did not die.

If you have a living trust, you can make changes to it throughout your lifetime. This includes adding or subtracting beneficiaries, adding assets, redistributing your assets, and more. You are also able to access your assets while you are still alive. If you need to use funds or objects that have been placed in the trust, you can do so. This contrasts with an irrevocable trust, where the trustor loses control over the trust and its assets when they sign the paperwork.

Living Trusts and Taxes

Although living trusts offer you significant freedom while you are still alive, they may require that you pay taxes. If you remove assets or use funds from the trust, you will need to pay a trust income tax on the amount that you remove. This can be a significant cost. It is important to be prepared for it if you create a living trust.

Additionally, living trusts do not exempt your estate from estate taxes. Missouri does not have state estate taxes. However, you may be subject to federal taxes if your estate is valued at $12 million or more. If you are sharing a trust with your spouse, taxation will begin if your estate is valued at $24 million or more.

If you and your beneficiaries reside within the state, they should not be subject to an inheritance tax when they receive their portion of the trust. However, if they reside in a different state, or your state involves property in multiple states, the beneficiaries may need to pay taxes on their inheritance.

Legal Counsel for Living Trust Taxes

It is important to use a qualified attorney for all phases of the trust process. Legal help ensures that all trust creation, changes, and distribution have been done correctly. This adds peace of mind for many families.

Because trust taxes can be confusing, it is especially important to use an asset protection lawyer or a trust attorney to address your trust’s taxes. If you do not use an attorney, it is possible for you to make mistakes that will cost your family in the future. Trusts are serious matters, and it is essential that you take care of yours by hiring an attorney to help.

How Much Does a Living Trust Cost in Missouri?

The cost to create and maintain your trust will depend upon your circumstances, the attorney that you use, and the details of your situation. Some firms charge a flat rate for certain estate planning services, while others charge hourly. In the latter scenario, the more complicated your trust is, the more your attorney will cost.

To make sure that you understand your financial obligation, always discuss pricing with potential attorneys that you interview. This helps you create and maintain a budget that works for you.

Creating a trust is an investment that will likely save your family money, hassle, and headaches in the future. With a properly made trust, your family will likely avoid probate court, which can be extremely stressful to endure. Your loved ones can also rest easy knowing that you were able to execute your wishes for your hard-earned assets.

Contact Stange Law Firm

Not all St. Louis trust attorneys are the same. If you are exploring how to create a living trust, or have questions about trust taxes, it is essential that you find an attorney with proper training and experience. Our team at Stange Law Firm offers high-quality legal services in the St. Louis area and beyond. We can help you with all your trust and estate planning needs.

If you are ready to take the next step in your estate planning process, contact Stange Law Firm.

Greene County, St. Louis Office : 901 E. St. Louis, Suite 404, Springfield, Missouri 65806

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Helpful Information Regarding High Net Worth Divorce From our Webpage

To learn more about our work in the area of high net worth divorce, please follow the links below:
Do You Need a Last Will and Testament or an Estate Plan?
Everybody should consider making a will. However, a will is about much more than the division of a sizable estate, and making a will is not something that those with substantial assets.
Multi-state Trust Attorneys in the in Missouri, Illinois, Kansas, Oklahoma and Nebraska
As Stange Law Firm, PC, we can determine the right type of trust for your needs and objectives and select the type of trust that best protects your interests.
Valuing professional practices and businesses
Valuing a professional practice can be extremely difficult because much of the value is in the individual's contribution, not in merchandise or interests that can be easily divided. If you have questions, we have answers.
Pensions, IRAs and 401(k)s
Missouri law significantly affects the division of retirement savings accounts. If many of your assets are in IRAs or 401(k)s, we can talk with you about your options.
Qualified Domestic Relations Orders
QDROs create or recognize the existence of an alternate payee's right to receive all or a portion of the benefits payable under a retirement plan. We can explain what this means for you.
Divorce Tax Issues
For some, they can have significant questions and concerns about how getting divorced might effect them from a tax perspective. We can help ensure that clients can get the tax advice they need from tax professionals.
Maintaining Lifestyle
Many individuals have spent their entire life working hard in order to maintain a lifestyle that they have sought out. We can help individuals going through divorce ensure that they are put in the best financial position possible after a divorce.
Business Owners
Many individuals have spent their whole life trying to create a successful business or they have assisted their spouse build up this interest. It can be stressful when that business interest becomes part of a divorce proceeding. However, we an help ensure that a business interests are fairly evaluated.
Prenuptial & Postnuptial Agreements
Prior to entering into a marriage, or after the wedding date, many individuals are interested in putting together a prenuptial or postnuptial agreement to ensure that there are not lengthy and contentious divorce proceedings later if the marriage ends in divorce In these instances, we can help.
Farm Divorce
In certain cases, parties going through a divorce may own a family farm. This can result in the farm itself, equipment, livestock and other valuable assets being put in play in a divorce. We can help you if this is the case.
Stocks and Bonds
Many married couples also have significant sums in stocks and bonds. It's vital to work with an attorney to have an accounting of what is out there and to ensure it is properly addressed in family court.
Vocational Examination
The income producing potential of a husband and wife can be an important issue in a spousal support or child support case. A vocational examination can be useful in many of these cases where the current income of a party does not appropriately reflect what they could make.
Real Estate Portfolios
Real estate can be an important issue in divorce cases where the parties own rental property and other valuable real estate. We can work with parties in these types of cases to make sure these assets are property valuated and apportioned.
Delayed Compensation
In some situations, a party may be compensated through delayed compensation. This is an important area that should not be over-looked in a divorce.
Overseas Assets
Overseas assets can be significant issue in certain cases. It is vital that you have an attorney who understands how to address this issue
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From our webpage, you can also read articles about family law, view informational videos, seminar videos, listen to our podcast, download our mobile application or view support calculators for MissouriIllinois and Kansas.

If you are looking to find and hire a child custody lawyer, contact us online or by phone to schedule a consultation at any of our convenient locations.

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Stange Law Firm, PC

120 S. Central Avenue, Suite 450

St. Louis (Clayton), Missouri 63105

Toll Free: 855-805-0595
Fax: 314-963-9191
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