Do YOU Have an Estate Plan for Your Business? Here's Why You Should.

Running your own business is certainly not for the faint of heart. When you are able to build up a successful business, that usually means many years of dedication, heart, time and energy that you have sacrificed to get to where you are. Have you ever thought about what would happen to your business if you were no longer able to run it? Or what that would mean for your family, or your employees and their families? In the same way that people will put off having a personal estate plan made, it is not uncommon for business owners to not even think about creating an estate plan for their business. But there are several things to consider when you run your own business and would certainly want to avoid if something were to happen to you. So, in today’s blog, we are going to talk about three things to think about as a business owner, when it comes to planning your estate.

1) Leadership

Running your business takes a very specific skill set. If you have a family member who is highly involved in the business, it may make sense for them to carry on in your place. But, what if no one in the family has the skills, time, or interest in running your business? Maybe they are willing and interested, but just don’t have the skills. If that’s the case, it would be a benefit to have a plan for who would have the skills and ability to lead the business if you are no longer there to do it. You also will want to create a transition plan for that person and make sure that if they are positioned to take leadership, they would also have access to bank accounts, online accounts, financial information, and technical information about the business, etc.

2) Ownership

Your spouse or family can still own the business while you have someone else appointed to lead the business. But if that is not as beneficial to your family as a one-time payment would be, then you might want to consider other options. If you have business partners, they may be interested in buying your portion of the business from your family. It is a smart idea for business partners to have life insurance policies on each other so that if one of them were to pass, there would be funds available for the buyout. If you do not have partners but still believe your family would want to sell the business, then it’s a good idea to have information regarding valuation and other important information that would make transfer of ownership more feasible. That transition plan we talked about can help tremendously if you think selling the business would be the best option at that point.

3) Taxes and Probate

Unfortunately, the tax liability that comes upon a business when the owner dies also comes with a deadline. It is very sad when businesses have to liquidate in order to pay the tax burden on time. You don’t want your business to end that way, so if you would rather your family or business partners have a chance to run your business rather than it coming to an end, then talk to your estate planning attorney at Lake of the Ozarks about an estate plan for your business.

Our business law attorneys at Lake of the Ozarks know that an estate plan is one of the last things of business owners thinking about when they’re building up their business. But we also know how important it is. So, if you have any question at all, feel free to take advantage of a free initial consultation with our lawyers in Lake Ozark. It is as simple as giving us a call and getting on the schedule. We can make the process of estate planning for your business in mid-Missouri easy and effective for you. We can also help you with other legal matters as well. For more helpful information and legal tips from our law office in Lake Ozark, we invite you to use the links below to follow us on social media.

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Estate Planning - 3 Important Things For Business Owners to Consider

If you are a small business owner, chances are you have put your all into getting where you are now. You have sacrificed time, money, heart, and more to build your business into a success, and you continue to work to maintain that success and a reputation of integrity. Have you ever thought about what would happen to the business you have built up if something were to happen to you? What about the livelihoods of your employees? Although many small business owners don’t think about it, estate planning for your business is something you should take care of in addition to your personal estate plan. If you haven’t thought about making an estate plan for your business at Lake of the Ozarks, this blog will talk about three things to think about to make it easier for you when putting your plan together.

Someone to Lead in Your Stead

Sometimes a business owner's spouse or other family member may be highly involved in the business, and in a position where they can step up and run the business. Sometimes there are partners that are more knowledgeable about the business and may be a better choice. If neither of these are a practical option, you want to think of another person who would be capable of running your business and talk to them about that possibility. Then you’ll want to make a plan for what that transition would look like. Your successor will need access to bank accounts, financial information, online accounts, technical information about the business, and more. Once that transition plan has been created, be sure to put it in a place that it will be accessible along with your estate plan.

Ownership

Sometimes, it makes more sense for the family to sell the business rather than own it, if they are not feasibly able to take over the leadership role. In that case, having information for valuation of the business, as well as important information to make it easier for the next business owner, and therefore a more appealing business for a buyer should be part of your estate plan. If you have partners who you believe would be interested in stepping into the leadership role, you can provide an option for them to buy your portion of the business out. It is not uncommon for business partners to take out life insurance policies on each other so in the event one passes away, there will be funds to allow for that type of buyout. If you believe your family would benefit more from a cash payout for your portion of the business, you could provide for that option if no one is able or interested in learning how to run your business and taking on that responsibility. 

Probate and Tax Timelines

It’s important to be aware that there are tax implications when the owner of a business dies, and that tax burden comes with a timeframe. Unfortunately, some businesses find themselves forced to liquidate in order to cover that tax burden within the required deadline. It is a sad way for business to end, and it does not have to be that way. If you prefer that your family or business partners have the opportunity to take over the business, let's talk about an estate plan for your business. 

Business Estate Plans - Protecting Your Legacy

As business law attorneys in mid-Missouri, we know that having an estate plan is not always intuitive for small business owners. So we wanted to let you know why it is important, give you a few things to think about, and offer you a free initial consultation at Gibbons Law Firm. Just call our office at (573)348–2211 to schedule an appointment with one of our estate planning attorneys in Lake Ozark. We are capable of helping you with all your business legal needs, and very familiar with the process necessary to get this important plan in place for your business and your peace of mind. We also have regular legal information and helpful tips on our social media channels if you’d like to hear more. We have links below for your convenience, feel free to follow us!

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Estate Planning Tips for Parents

Being a parent is rewarding and also challenging. It involves tons of decisions and responsibilities, and joys and discoveries as well. As a parent, you will probably spend countless hours of time thinking about your children’s needs and future and what is best for them. You dream of being there for all the milestones in their lives and celebrating their accomplishments. With all that considered, thinking about what your children's lives would be like if something were to happen to you is not something most parents want to spend a lot of time thinking about. However, it is an important part of looking out for your children’s well-being and future security. But it is still something that is hard for most parents, and at Gibbons Law Firm we are experienced with the process and know how to make it more comfortable for parents and help them get their wishes decided and legally in place. We see first-hand the peace of mind it creates for a parent knowing they have taken care of this important responsibility. So, in today’s blog, we are going to share with you 3 things to think about when planning your will as a parent. 

1) Where Would You Want Your Child to Live?

Is it important to you that your children still live in the same town or the same state? Do you want your kids to have access to other relatives and supportive adults in their lives if something were to happen to you? Do you want them to remain in the same home, if possible, and maintain the same routine, friends, and family relationships they have grown up with? These are all things that can be specified and provided for in your will when you choose a knowledgeable estate planning attorney in mid-Missouri.

2) Who Will Be a Guardian for Your Children?

If you do not choose someone to be the guardian of your children, the court will make that decision. You know your children much better than the court and you know who in your life is more likely to bring your children up with the same values and lifestyle that you would yourself. You don’t have to leave that important decision up to strangers. You can voice your wishes and make them legally binding with a properly drafted will. 

3) How Should Your Assets Be Used?

Some of your assets may be needed to carry out your wishes in raising your child. If you want them to remain in their own home, then you might need to use some of your assets toward paying for the home or living expenses. You may want to dictate that your assets can only be used for expenses directly related to the child, or you may give your child’s guardian discretion to use money provided as they see best for the children. If you have assets that you want to leave for your children directly, at what age do you want them to take possession. Do you want to wait until they are of a certain age when they may be more responsible with the money? These are all things that our estate planning attorneys can help you with while planning your will at the Lake of the Ozarks. 

Gibbons Law Firm Can Make the Process Easy. 

If you have been putting off getting your will made, we want you to know that it may not be as hard as you anticipate. We are skilled at helping parents through the process and looking out for them and their children. Your initial consultation with us is free and can provide you with the direction you need to move forward and get this very important task done. You don’t have to let the court make these decisions for you and your children, let us help you sort out your wishes and get them legally established. Just give us a call at 573-348-2211 to schedule a consultation. Be sure to follow us on social media using the links to our channels below to stay in touch and hear more helpful tips from our law firm in Lake Ozark. 

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Estate Planning - For Your Business!

Being a small business owner takes a lot of heart. For most entrepreneurs, it takes years of dedication and hard work just to get the business off the ground. Then it takes a lot of integrity and professionalism to make it an ongoing success. As your business grows, you feel the responsibility of making sure you are taking care of your employees and the business that provides their livelihood. Have you ever thought about what would happen if you were no longer around to take care of the business? 

Estate planning for businesses is something that can easily be overlooked. But when you think about how much you have put into that business, how much your family depends on it, as well as the families of your employees, it’s worth thinking about what your estate plan should look like for your business. If you would like to know a few things to think about to protect your business in the case that you are no longer here to lead it, our business attorneys at Lake of the Ozarks have three important things to consider in this week's blog.

Who Will Run Your Business

If your spouse or your family members are not highly involved in the business, it may be impractical to think that they can step in and run the business in your stead. If you have partners, it may make more sense and be more feasible for them to continue the business. If you do not have partners, it’s important to think of who would be able to step in and take your place. Of course, you want to have a conversation with that person and make sure that they are in agreement. You also will need to prepare them for making that transition. Having access to online accounts, bank accounts, financial information, technical information about the business, etc. will be critical to your successor’s success. So creating that training for transition and a centralized place for all of that administrative information will be part of your state plan for your business

Who Will Own Your Business

If it does not look reasonable for your family or another individual to step up and take a leadership role, it may make more sense to sell the business. Having a plan in place to make that easy and you have information for valuation will be very helpful to your family. If you do have partners who are able to step into the leadership role, they may want to have the option of buying your portion of the business out. So your estate plan may include an option for that. A good way to be prepared in case that happens is for partners to take out life insurance policies on the other partners so that if one passes away there is financial funding to provide for that buyout. Then, instead of your family having to learn how to run the business and deal with that responsibility, they would receive money for your portion of the business instead.

Probate and Taxes

It might surprise you to know, but the death of an owner can sink a business just because of the estate tax burden that is incurred when the business is inherited by a family member. Sometimes families have no choice but to liquidate the business to cover the tax burden within the timeframe that is required. That is a terrible end for something you’ve spent so much of your heart and soul creating. We highly encourage you to speak to a business estate planning attorney at Lake of the Ozarks when it comes to your tax potential and find ways to give the business more time to pay that tax and hopefully avoid the pressure of a quick sale.

Gibbons Law Firm is Ready to Help!

If you are getting ready to start a business, or have a business and do not have an estate plan, we urge you to take advantage of a free consultation at Gibbons Law Firm. Our business attorneys in Lake Ozark are well equipped to help you with your business estate plan and ensure that your business is in the best position it can be if something were to happen to you. In fact, we are able to help you with all of your business legal needs, so if you have any questions whatsoever, feel free to ask! Give us a call at 573-348-2211 to schedule an appointment to speak with one of our estate planning attorneys in mid-Missouri. If you’d like to stay in touch with us and hear all of our legal tips and helpful information, be sure to follow us on social media using the links below.

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Life Changes - When You Need To Update Your Will

If you already have a will in place, Gibbons Law Firm commends you! It is something that far too many people put off and don’t get done. But not having a will, or having one that is not accurate or up-to-date, can be tragic if your estate has to go through probate and your ultimate wishes are not honored. As estate planning attorneys at Lake of the Ozarks, we know a will can also make it much easier for your heirs to get through the process of dividing your assets at a time when they’re already mourning. Unfortunately, families can sometimes end up in disputes and a will can help avoid fights from sparking over your assets. But if a will is not up-to-date, it can be as bad as not having one at all. If you would like to learn about three common life circumstances that can trigger a need to update your will, read on! This blog has the answers you are looking for.

1) Beneficiary Passes

When you love someone enough to make them beneficiary to your will, it is heartbreaking when they pass away. The last thing you’ll be thinking about is needing to update your will. But if your beneficiary has passed, and you don’t name a new one, your will can become irrelevant and ineffective in honoring your wishes for your estate. If the person you’ve named as your beneficiary passes away, you will want to reach out to an experienced estate planning attorney in mid-Missouri to have your will updated appropriately.

2) Divorce

If you have gotten a divorce since you had your will made, or are planning to divorce soon, and your spouse or ex is named in your will, that may be something you want to update. Our estate planning attorneys know just how to make the updates you need to support your wishes

3) Grandkids

Your kids have always meant the world to you, and now that you have grandchildren, they do too! As your children grow into adulthood and have children of their own, you may want to leave something for your grandchildren in your will. If your adult children are thriving and doing well on their own, it may be better for you to focus your efforts on securing your grandchildren‘s future educational needs, for example. A simple modification to your will can take care of that and make sure that your assets go to the people you want to receive them. If it is your desire to leave your grandchildren part of your state to help them get a head start in life, we can help you document your wishes legally.

Does your will reflect your life changes?

If the answer is no, we encourage you to schedule a consultation with Gibbons Law Firm to get that taken care of right away. You don’t want the courts deciding who will receive your assets, so let us help you document your wishes and protect what you have worked so hard to earn. If you have any questions whatsoever about updating your will at Lake of the Ozarks, we are happy to help. Be sure to follow us on social media using the links below to stay informed of all of our latest tips and information.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Will Planning for Parents – 3 Things to Think About

As parents, you think of all those milestones that you will witness as your children grow up. You make plans for their future, and do everything you can to look out for them and protect them. The last thing you want to think about is what would happen to them if you were to pass. But as much as you love them, you wouldn’t want anyone else to make that decision for you if you were to die unexpectedly.

As estate planning attorneys at the Lake of the Ozarks, we know it is a difficult subject. But at Gibbons Law Firm, we help parents get through the tough questions and legally outline their decisions to ensure the wishes they have for their children will be upheld. If you do not have a recently updated will, and you have children, keep reading this blog for ideas on 3 things to consider when planning your will. We are happy to answer any questions you may have about planning a will in Missouri and help you through the process.  Your initial consultation is free.

1) Who Will Raise Your Children?

One of the first things you want to think about is who you want to be responsible for your children. If you have a relative or close friend that you want to raise your children, that should be legally documented. Otherwise, a court will make that important decision for you. You know better than the court who would raise your children with the same values and the closest to the way you would. Let your voice be heard with a legally binding will.

2) Where Will Your Child Live?

Another question, related to the first, is where do you want your children to live? Will you want the guardian of your children to move into your home? Or would you expect your children to move out of their home and possibly into a new city?  If it’s important to you that they keep up with their normal routine or have regular access to the friends and family they have been raised with, that should be indicated in your will.

3) What About Your Assets?

The third question is about your assets. What part of your assets do you want to go to help with the expenses of raising your children?  Do you want to stipulate that the money is only to be used to pay for expenses directly related to raising your children? What portion of your assets do you want to go to your children? What age do you want your children to be when they receive access to those assets? Sometimes parents want their kids to be of legal age or older before they have access to large amounts of money or other assets. Those are all things that you are able to decide and document in your estate plan.

LET GIBBONS LAW FIRM HELP YOU GET THIS DONE!

Don’t worry, you don’t have to do this by yourself. At Gibbons Law Firm, we are very familiar with the estate planning process in Missouri and know how to make it as pleasant as possible for an understandably awkward conversation. In the end, you get the peace of mind of knowing that you didn’t leave these important decisions up to someone else. So, give us a call today at 573-348-2211 to schedule your free initial consultation! We also encourage you to follow us on our social media channels below to stay up-to-date with our latest announcements. 

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Estate Planning for Business Owners – 3 Things to Think About

At Gibbons Law Firm in Lake Ozark, we have a lot of respect for small business owners.  We have helped numerous business owners with legal advice on starting and structuring their businesses and have provided guidance on estate planning for their businesses as well.  There is a lot to consider when it comes to deciding what will happen to your business if you were no longer around to run it. We know when you own a business, you put your heart and soul into it.  Quite possibly, your family’s financial well-being depends on its success. That is why we wanted to dedicate this week’s blog to estate planning for business owners at the Lake of Ozarks.  If you are a business owner and want to know what you should be thinking about in order to determine what will happen to the company you worked so hard to create, keep reading this blog!  

1) Who will own your business

The first thing to think about is who do you want to own your business.  Without an estate plan, it will most likely go to a close relative or spouse.  But if your family is not very involved in the business or would not know how to run it or sell it for a good price, that may be more of a burden for them. You have the option of naming an executor or trustee who is more knowledgeable about how to handle the finances of the business. Or, if you have business partners, you may want them to buy out your part of the business.  If so, it may be advisable for the partners to have life insurance on the other partners to provide funds for such a buy-out if one partner dies.  Either way, it will be important for you to have your wishes legally documented.

2) Who will run your business

If you do not have partners who will buy out your portion of the company, and you do not have a family member who is willing or able to run your business, you will want to choose a potential successor.  You will want to communicate with that person and include them in the decision, of course.  You will also want to create a plan for that person to follow for a smooth transition.  They will need access to important documents and accounts, insurance policies, financial information, access to online accounts, etc. and all that information should be well organized and in a convenient location.  In addition, providing training for that successor will be key to helping them successfully navigate their new role.

3) Probate & Estate Taxes

It is well worth the planning to avoid having your business go through probate.  Many businesses don’t survive the loss of an owner because of the estate tax burden that is incurred when the estate is inherited by a family member.  Sometimes the business must be liquidated to pay that tax liability in time.  With proper tax and legal considerations, there are ways to give the business more time to pay that tax and potentially avoid a quick and pressured sale.

Have the Peace of Mind that a Business Estate Plan Can Bring!

If you are ready to get started creating your business estate plan, then call our Lake Ozark law firm today to schedule your first consultation.  It is free!  Your business has always been a top priority for you, protecting it in the event that something unexpected happens to you should be a priority as well.  Just as you are intimately familiar with running your business, GibbonsLaw Firm is very familiar with how to protect your company with a comprehensive business estate plan.  Let us bring our expertise to the table for you.  Speak with one of our experienced Lake Ozark estate planning attorneys right away!  To stay up to date on our latest announcements, please follow us on our social media channels below.  

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Need-To-Know Information About Estate Planning

Be prepared - these are two words that are sometimes easier said than done. For example, you can't really "prepare" to lose a loved one so suddenly. However, you do have the option to create an estate plan for yourself to make handling your estate much easier on your loved ones in their time of mourning you. Our estate planning lawyers at the Lake of the Ozarks are some need-to-know information about estate planning in this week's blog. Ready to get your estate plan in order? Call our Lake Ozark lawyers today. Gibbons Law Firm can be reached at 573-348-2211.

Need-To-Know Information About Estate Planning

It is important to nominate a guardian for your minor children.
A parent of a child can, through their will, nominate another person to be the guardian for their minor children upon their death. Then the probate court will make their determination as to the appointment of a guardian.  By law, the probate court HAS to give preference to the person nominated by the parents but the probate court still makes the appointment.

Understand who your property goes to upon your passing.
If a person dies without a will, the laws of intestate succession provide that the property passes to the decedent’s heir which includes that person’s children.

Consider purchasing life insurance.
Life insurance can bring peace of mind to whoever purchases it. No one likes to think about what happens when they die, but it's really important that you have a plan in place for your family. For example, let's say you are the primary provider for your family, as in you pay most of the bills and your family depends on your salary to make ends meet. If you pass away without life insurance, your family will likely be in financial trouble. But, if you have a proper life insurance policy in place, the coverage amount you have, will at least help your family financially when you are no longer around to do so.

Gibbons Law Firm Is Here For All Your Estate Planning Needs.

We understand that no one likes to think about what happens when they pass away, but having a proper estate plan in place is actually a positive thing. You are ensuring that your wishes are met at a time that you won't physically be able to express them. Our Lake of the Ozarks attorneys can help you get your estate plan in place and ensure your wishes are being met. Give us a call today at the number listed below. Your first consultation is free. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.



Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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The Dos and Don'ts of Estate Planning for Parents

Estate planning is essential in life, it's as simple as that. No one ever knows what's going to happen in life and there is no way of predicting the future. That being said, many don't have estate plans or wills for that matter. Our attorneys at the Lake of the Ozarks are here to give parents the dos and don'ts of estate planning in this week's blog. If you're a parent, it is so important that you have an estate plan put together for the sake of your children. If you have questions on how to put an effective estate plan together, please call our estate planning attorneys in Lake Ozark today. Gibbons Law Firm can be reached at (573) 348-2211.

The Dos and Don'ts of Estate Planning for Parents

DO...

Name a guardian you trust completely to care for your minor children in the unexpected event you pass away before they are of age.
The guardian you pick should be someone you feel the children are comfortable with and that is incredibly responsible. Understand that the guardian you name is the person who will care for your children and provide for them in the event you aren't physically able to anymore. This is an extremely important role and should not be taken lightly.

Consider purchasing a life insurance policy.
Many people may not consider life insurance because they don't understand it's true purpose. Keep in mind that life insurance can give you peace of mind, knowing your loved ones will be provided for financially in the event that you pass away. When searching for a life insurance policy be sure that it is for the proper amount your family would need. It needs to be a policy that works for YOUR needs and not the other way around.

DON'T...

Forget to update your beneficiaries as you experience life changes.
A good example of a life change that may give you a reason to change your beneficiary is you got remarried and still have your ex listed as a beneficiary. You may want to change that from your ex to your children or your current spouse, depending on what you feel. The point here is to just pay attention to what you put in your estate plan as times change because you never know what can happen.

Forget to store your important documents in a safe place.
If you pass away in an untimely fashion, your loved ones will likely be consumed with grief. Keeping that in mind, you could make things easier on them by storing your important documents, such as your will, funeral instructions, special requests, etc. - in a safe place that they can access if they need to.

Gibbons Law Firm is Here For Your Estate Planning Needs!

We hope you found these tips enlightening. Having an estate plan in place is so vital. It gives you the opportunity to make your wishes known at a time where you physically aren't able to. If you don't have an estate plan in place, we strongly urge you to call an experienced estate planning attorney at the Lake of the Ozarks today. Gibbons Law Firm can be reached at (573) 348-2211 and your first consultation is free. We are committed to prompt communications with clients during engagements, consistently providing sound legal advice, answering questions, and guiding clients through difficult legal situations. Call today for more information.



Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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What You Need to Prepare for Your Estate Plan

A plan made in advance naming whom you want to receive the things you own after you die is known as an estate plan. This type of document can relieve a lot of stress on your family and help to avoid your assets from going to someone you do not wish to have them. A legal professional can help solidify your estate plan to ensure your assets are squared away. Our Lake of the Ozarks law firm has provided a list of some information you should have on hand, before preparing your estate plan.

Financial Statements

Any financial statements from your investments and bank accounts should be brought with you to plan your estate. These documents can help show where your financial assets are located. It's also a good idea to have an idea of who you intend to take over ownership of these financial accounts in mind.

List of Assets & Liabilities

Like your financial statements, assets and liability information should be brought to the meeting, as well. You can also decide who will take over these responsibilities upon your passing. This list can be helpful when dividing up assets and liabilities to pass on.

Life Insurance Policies

As you are planning your estate, any life insurance policy information is helpful. Bring your policies along with you in order to accurately assign someone to take ownership.

Who You Intend to Leave Estate With

Updated addresses and other contact information for the individual(s) you intend to leave your estate is needed. This can make the transfer of your assets much easier after you pass. The exact name and addresses for individuals or institutions that you plan to name in your will are necessary.

Information for Guardianship

If you have children under the age of 18, it's important to have specific individuals named to take over guardianship of your children. If you can, it's also a good idea to select an alternative guardian. When children are involved, it's best to have someone named as the guardian to avoid a child going into government care.

Inheritance Disbursement

For beneficiaries who are minors or young adults, it can be helpful to line out the distribution of the trust. This can reduce the chance of a younger heir getting carried away with an excess of money or assets. You can set up your estate to pay out in smaller amounts over time versus a large lump sum or you can put off the disbursement until your child has reached a more mature age of your choosing.

No matter what your age, it's important to have an estate plan in place. This document can help show exactly who you intend to take over ownership of each of your assets. It's a nice gesture for your friends and family to have this documentation in place before you pass. Here at Gibbons Law Firm, we can help handle all of your needs for an estate plan. Contact our law office at the Lake of the Ozarks to schedule your consultation today!


Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Life Changes...And So Should Your Estate Plan!

Making changes to an estate plan is not something that many people think about. Once a plan is created, it is typically left alone. This is not always for the best though. A number of factors in your life should have a direct impact on your estate plan. It's important to keep this document updated as often as possible to ensure what you want to happen is carried out, after your time on earth. If you have gone through some recent life changes, take the time to update your estate plan with our Lake of the Ozarks law office. We can help you make amendments to your plan. Below you can find examples of life changes that may occur in which you should make changes to your existing estate plan at the Lake of the Ozarks.

Change in Marital Status

State in your plan who you specifically want to receive your belongings. If you have a change in marital status, be sure to update your estate plan as soon as possible. It's important to update your estate plan information whether you're recently married, getting remarried, or going through a divorce.

Birth of a Child

Don't forget about your estate plan as you welcome a new bundle of joy into the world. This can help protect your child or children, should something happen to you. An important piece of information in your estate plan is to designate guardians for your child if you and your spouse are not around. Ensure your wishes are carried out, especially when it comes to your children, by thoroughly updating your estate plan.

Increase or Decrease in Assets

Further changes may be required to update your estate plan if you experience a change in your assets or income. This increase can actually leave your beneficiaries with more tax burden and possible estate administration fee. You can help to minimize the taxation by structuring your estate plan differently. A legal professional can help share options with you and advise you as the best option for your unique situation.

Passing of a Beneficiary

Your estate plan may be the last thing on your mind as a loved one passes. Don't forget to make changes to your plan should something happen to a person listed as a beneficiary on your estate. Keep in mind you can designate the portion intended for the beneficiary who passed to go on to his or her children.

Relocation to Another State

Every state has a different set of estate laws. Many of them are consistent but minor changes may be required to execute your plan in a different state. Be sure to keep this document updated and follow any new changes in the law that may happen. Even if you are simply relocating to a new home in the same state, this property will need to be added to your plan while the old property will be removed.

Disability or Illness

Your care will need to be established in your estate plan, as well. Should an illness or disability incapacitate you or one of your beneficiaries, you will want to designate someone else to be in charge of that portion. State your desires on a regular basis, before a serious illness or disability renders you unable to do so.

An estate plan can help to make sure your wishes are carried out exactly how you intended them. It's an important document to have completed, no matter what your age. If you haven't established an estate plan for you and your family, take time to schedule an appointment with our Lake of the Ozarks law firm. We can help you create an estate plan to fit your wishes, should something happen to you.

The unexpected is the only thing you can expect in life. That's why planning ahead and keeping an estate plan updated on a regular basis is key. Protect your family and ensure your wishes are carried out when you make changes to your estate plan on an as-needed basis. If you're looking to make changes to your estate plan, contact Gibbons Law Firm today. We can help you amend your existing plan and ensure your current wishes are carried out.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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