FAQ

FAQs About

How will you feel if you spend $4,000-5,000 on a $3,000 dispute?  

It depends on the number of employees you expect to have, and the amount of money your realistically expect to make per year.  Consulting your tax professional will always be required. But for small business owners, I mostly set up Limited Liability Companies: they are easy, require no annual report and offer liability protection in most scenarios.

NO. Strictly speaking, in Missouri, a will must be filed within a year of the date of death or it becomes as though it never existed.

My advice to all landlords is to send a demand letter within days after the first month’s rent is not paid.  By law, Landlords must take certain steps to reserve their rights to sue for unpaid rent and possession of the premises.  It does not mean it has to come to that, but it is a necessary first step to prevent a landlord from becoming Thousands of dollars behind in rent.

Trusts are probably not necessary for 95% of the population any more, unless there are minors who need to be planned for and there are fairly significant assets.  The Estate Tax exemption is about $6 Million per person currently, twice that amount for married couples. Trusts remain a popular notion with some people. A look at each individual’s situation is necessary to answer this very important question.

No. If you die, owning anything in your name alone (house, car, bank accounts, etc.), probate court will be necessary.

It is not necessary in the first instance. Owning a home will not prevent your Dad from qualifying. But, for other property transfers, the Attorney General reserves a five year look back period for asset transfers when it comes to applying for taxpayer-funded Medicaid.

Make sure that for every asset you own, that you have a Pay On Death (POD), Transfer On Death (TOD), beneficiary designation, co-titled asset (with caution) or the like.

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