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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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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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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Estate Planning Tips for Millennials

While estate planning is important no matter what age you are, many who are at a younger age, such as Millennials, can tend to put their estate planning efforts on hold until they are older. Our estate planning lawyers at the Lake of the Ozarks are here to urge you to get your estate plan together as soon as possible. You never know what is going to happen in life and the sooner you get a plan in place, the sooner you won't have to worry about it anymore. You also need to keep your plan updated as your life changes. For example, if you get married and have children and you put in your estate plan that you would like your spouse's mother to the be the guardian but then she passes away or you get divorced and change your mind, then you need to update your will with the current guardian you are choosing. Gibbons Law Firm is here to give more estate planning tips for Millennials in this week's blog. If you have any questions, please give us a call today at 573-348-2211 for your free consultation.

Estate Planning Tips for Millennials

You have the opportunity to include your partner in your plan.
Many millennials are waiting until later in life to get married or are just not getting married at all. Cohabitation can be a big trend too, where partners will live together and be in a long-lasting relationship but they don't get married. If you want to leave some of your priceless possessions to your significant other, an estate plan can allow for that to happen.

Protect your children in the event of your untimely passing.
A will allows you to name a guardian to care for your minor children in the event you pass away. While no one wants to think about their death, wouldn't you rather have a say in who cares for your children if you are no longer able to?

Donate to your favorite charity.
It has become a trend where you can leave some of your assets to your favorite charity upon your passing. Ask your estate planning attorney at the Lake of the Ozarks about this during your consultation if it's something you are interested in.

Protect the business you have worked so hard to create.
You can leave behind detailed instructions for what happens to your business and how you would like that handled in your will.

All of us here at Gibbons Law Firm hope you found this blog enlightening. Again, we urge you to make an estate plan, if you haven't already. You can never predict what's going to happen in life and no one ever knows when it's their time to go. We are here for you. Give us a call today to get your estate plan created, we can be reached at 573-348-2211. You can also follow us on our social media channels listed below to stay up to date on all 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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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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When You Should Update Your Estate Plan

As much as we often like to imagine that we are invincible, no one will live forever. At a certain point, hopefully once we are well into old age, we will pass away. When that happens, our earthly belongings won't be all that remain - our assets, our debts, and our financial responsibilities will also be left behind.

Building Your Estate Plan

Estate planning is the process of organizing your estate so that all aspects will receive appropriate care and attention after something happens to you. Since it is impossible to predict when something may happen, we encourage all adults to have an estate plan regardless of their age. Your estate planning needs may vary depending on your marital status, whether or not you have children, the number and financial value of your assets, debts, and belongings, and other factors.

Updating Your Estate Plan

Once your initial estate plan has been established, you may need to update it periodically to ensure that it reflects your current wishes. This week, our Lake of the Ozarks estate planning attorney is here to discuss when you should consider updating your estate plan.

Changing Marital Status

If you already have an estate plan in place, it is important that you update it when you get married. Though many of your belongings may be automatically transferred to your surviving spouse upon your death, it is best not to assume that this will always be the case. If you do not want your spouse to receive immediate access to some of your assets, it important to specify this in your estate plan as well. Since your desires will likely change in the event of a divorce, you will also want to remember to update your estate plan if your marriage should end.

Having Children
Raising children is a big responsibility. Food, shelter, clothes, guidance, support, companionship... your little ones will look to you for absolutely everything. If something happens to you, your children will need someone else to provide for their needs. So as to ensure that each child's needs will be met, we recommend updating your estate plan every time you have (or adopt) a new child. The most important aspect of this will be to appoint a replacement guardian for your children, but you can also use your estate plan to dictate how your assets should be divided among your children and at what age they should receive access to these assets.

Purchasing A Large Asset
If you have recently bought a home, boat, car, or other expensive asset, we recommend you update your estate plan to reflect this new possession. You can use your estate plan to identify whom should inherit this asset after you pass, but that will not be your plan's only purpose. Assuming that you financed your purchase, your estate plan will also fill the important role of specifying how any remaining debt on this belonging is to be repaid. 

Changing Financial Situations
The format your estate plan follows will depend on your overall financial situation. If you first built your estate plan when you were just starting out, you may want to update it once your career is well established and your income has increased. You may also want to consider updating your plan if you receive a significant influx of money from an outside source, such as inheritance or lottery. By the same token, a decrease in financial status may also be cause to update your estate plan. 

Contact Gibbons Law Firm For Estate Planning Assistance
Planning your estate is an important responsibility, and one that should not be overlooked. If you pass away without a proper estate plan in place, your assets may become tied up in probate for several months (or possibly even several years) before it can be passed on to your heirs. 

Whether you are building your estate plan for the first time or updating an existing plan, we hope you'll consider Gibbons Law Firm in Osage Beach when the time comes. Your initial consultation with our Lake of the Ozarks general practice law firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

4075 Osage Beach Parkway, Suite 300

Osage Beach, MO 65065

(573) 348-2211

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No attorney-client relationship is created by the publication of this blog.