Our Estate Planning Attorneys Will Help You Prepare for the Future and Leave a Lasting Legacy for Your Loved Ones

Experienced Estate Planning Lawyers Helping You Prepare for the Future and Leave a Lasting Legacy

Success isn't a matter of luck or chance. Your accomplishments are the result of hard work and careful planning. With the help of our Cape Girardeau estate planning attorneys, you can continue to protect your assets and your loved ones no matter what the future holds.

Estate planning is important for everyone—regardless of age, marital status, or income level. Creating an estate plan can help you determine who will receive your assets, reduce tax liability, designate decision-makers if you become incapacitated, and preserve your family's wealth for future generations.

TIME IS CRITICAL: Life is unpredictable, and without proper estate planning, Missouri's intestate succession laws will determine your family's future. Don't leave your loved ones' security to chance. Contact our Cape Girardeau estate planning attorneys today to protect your legacy.

Call 573.335.3359 - Free Consultation

Why Estate Planning Matters for Every Missouri Family

Estate planning is essential for protecting your family's future, regardless of your age or wealth level. Without proper planning, Missouri state laws—not your wishes—will determine what happens to your assets and family.

What Estate Planning Accomplishes

1. Asset Distribution Control - Determine who receives your financial accounts, investments, real estate, and personal items
2. Tax Reduction - Minimize estate and gift taxes so your loved ones receive the inheritance they deserve
3. Incapacity Planning - Designate someone to handle financial affairs or make medical decisions if you become ill
4. Medicaid Qualification - Preserve eligibility for benefits if you require long-term nursing home care
5. Asset Protection - Legally protect family wealth from creditors, lawsuits, and other threats
6. Family Harmony - Prevent family conflicts and ensure smooth transitions
7. Legacy Planning - Prepare future generations for wealth management and philanthropic goals

What Happens Without Estate Planning

If you die without a will in Missouri, state intestate succession laws determine who inherits your assets:

• Married with no children: Spouse inherits everything
• Married with children: Spouse gets half, children split the remainder
• Unmarried with children: Children inherit everything equally
• No spouse or children: Parents inherit, then siblings, then other relatives

This process can take months or years and cost thousands in court fees and attorney costs.

Estate Planning Services We Provide in Cape Girardeau

Effective estate planning must be personalized to meet individual needs. Layton & Southard provides comprehensive estate planning services including:

Wills and Testament Preparation

A will is an essential component of any estate plan. It names an executor of your estate and outlines how your assets should be distributed. Our Cape Girardeau attorneys can:

• Create new wills tailored to your specific needs
• Update existing wills after life changes
• Execute wills for recently deceased family members
• Draft complex wills for blended families or business owners

Guardian Selection for Minor Children

If you're a parent with minor children, naming a guardian who can care for them if you pass away is one of the most important functions of your estate plan. We'll help you:

• Choose appropriate guardians based on your values and preferences
• Ensure your selected guardian has the resources necessary to provide for your child's daily needs
• Create backup guardian selections
• Establish funds for your children's care and education

Trust Creation and Administration

Trusts are frequently used to protect assets, avoid probate, reduce taxes, and allow for more control over how beneficiaries may use their inheritance. We create:

Revocable Living Trusts

• Avoid probate court proceedings
• Maintain privacy of asset distribution
• Provide for incapacity management
• Allow flexibility during your lifetime

Irrevocable Trusts

• Reduce estate tax liability
• Protect assets from creditors
• Qualify for Medicaid benefits
• Create charitable giving strategies

Special Needs Trusts

When you have a loved one with special needs, leaving a direct inheritance can put the government benefits they rely on at risk. We create special needs trusts that:

• Preserve eligibility for Medicaid, Medicare, SSDI, and SSI
• Provide supplemental care and quality of life improvements
• Protect assets from creditors and exploitation
• Continue care after parents are gone

Powers of Attorney and Healthcare Directives

Incapacity planning documents ensure someone you trust can make decisions if you cannot:

• Financial Power of Attorney: Manages your finances and property
• Healthcare Power of Attorney: Makes medical decisions on your behalf
• Living Will: States your end-of-life care preferences
• HIPAA Authorization: Allows access to your medical information

Tax Planning and Gifting Strategies

Strategic gifting can help reduce your estate tax burden while benefiting your loved ones during your lifetime:

• Annual Gift Exclusion: $18,000 per recipient per year (2024)
• Lifetime Gift Exemption: $13.61 million lifetime exclusion (2024)
• Educational Gifts: Direct tuition payments and 529 plan contributions
• Charitable Giving: Tax-deductible gifts to qualified organizations

Business Succession Planning

For business owners, we help ensure smooth transitions through:

• Buy-sell agreements
• Key person life insurance
• Family limited partnerships
• Management succession planning

Missouri Estate Planning Law: What You Need to Know

Missouri Will Requirements

For a will to be valid in Missouri, it must:

• Be in writing (handwritten or typed)
• Be signed by the testator (person making the will)
• Be witnessed by two competent witnesses
• Have witnesses sign in the presence of the testator

Missouri Intestate Succession Laws

When someone dies without a valid will, Missouri's intestate succession laws determine inheritance:

Missouri Estate Tax Laws

Missouri does not have a state estate tax, but federal estate tax may apply to estates over $13.61 million (2024). Proper planning can minimize or eliminate federal estate taxes through:

• Marital deduction (unlimited transfers between spouses)
• Charitable deduction
• Lifetime gift tax exemption
• Trust strategies

Missouri Probate Process

Probate in Missouri involves several steps:

1. Filing the will with the probate court
2. Appointing an executor or administrator
3. Inventorying assets and determining values
4. Paying debts and taxes
5. Distributing remaining assets to beneficiaries

This process typically takes 6-12 months for simple estates but can take years for complex or contested cases.

How to Avoid Probate in Missouri

While Missouri probate is generally straightforward, avoiding it offers several advantages including privacy, speed, and cost savings. Common probate avoidance strategies include:

Revocable Living Trusts

The most comprehensive probate avoidance tool:

• Transfer all assets into the trust during your lifetime
• Maintain control as trustee while you're able
• Successor trustee takes over upon incapacity or death
• Assets pass directly to beneficiaries without court involvement

Joint Ownership with Survivorship Rights

Property held jointly automatically passes to the surviving owner:

• Joint Tenancy with Right of Survivorship (JTWROS) - Common for married couples
• Tenancy by the Entirety - Special protection for married couples
• Community Property with Right of Survivorship - Not applicable in Missouri

Beneficiary Designations

Many accounts allow you to name beneficiaries who receive assets directly:

• Life insurance policies
• Retirement accounts (401k, IRA, pension)
• Bank accounts with payable-on-death (POD) designation
• Investment accounts with transfer-on-death (TOD) designation

Transfer-on-Death Deeds

Missouri allows transfer-on-death deeds for real estate, which:

• Transfer property automatically upon death
• Maintain your full ownership and control during lifetime
• Can be revoked or changed at any time
• Avoid probate for real estate

Medicaid Planning for Long-Term Care

With nursing home costs exceeding $100,000 annually in Missouri, Medicaid planning has become essential for middle-class families. Proper planning can help you qualify for Medicaid benefits while preserving assets for your spouse and family.

Missouri Medicaid Eligibility Requirements

To qualify for Medicaid long-term care benefits in Missouri:

• Asset Limits: $2,000 for individuals, $3,000 for couples
• Income Limits: Vary based on level of care needed
• Look-Back Period: 5 years for asset transfers
• Penalty Period: Based on value of transferred assets

Medicaid Planning Strategies

Asset Protection Techniques

• Medicaid Asset Protection Trusts: Protect assets while potentially qualifying for benefits
• Spousal Impoverishment Rules: Allow healthy spouse to retain assets and income
• Homestead Exemption: Primary residence may be protected
• Personal Property Exemptions: Vehicle, furniture, and personal items

Income Planning

• Qualified Income Trusts: Manage excess income for eligibility
• Spousal Income Allowance: Ensure community spouse has adequate income
• Personal Needs Allowance: Small monthly allowance for Medicaid recipient

Long-Term Care Insurance Alternatives

For those who don't qualify for Medicaid, consider:

• Traditional long-term care insurance
• Hybrid life insurance with long-term care benefits
• Annuities with long-term care riders
• Self-insurance through savings and investments

Frequently Asked Questions About Estate Planning

Do I need a will in Missouri?

Yes, everyone over 18 in Missouri should have a will. Without a will, Missouri's intestate succession laws determine who inherits your assets, which may not align with your wishes. A will also allows you to name guardians for minor children and an executor for your estate.

What happens if you die without a will in Missouri?

If you die without a will in Missouri, your assets are distributed according to state intestate succession laws. Your spouse inherits everything if you have no children. If you have children, your spouse gets half and children split the remainder. This process can be lengthy and expensive for your family.

What is the difference between a will and a trust?

A will takes effect after death and must go through probate court. A trust can take effect immediately and typically avoids probate. Trusts offer more privacy, faster asset distribution, and better protection from creditors, but cost more to establish than a simple will.

How much does estate planning cost in Cape Girardeau?

Estate planning costs vary based on complexity. Simple wills may cost a few hundred dollars, while comprehensive estate plans with trusts can cost several thousand. The investment is minimal compared to the taxes, court costs, and family conflicts that proper planning prevents.

How do I avoid probate in Missouri?

You can avoid probate in Missouri through revocable living trusts, joint ownership with survivorship rights, beneficiary designations on accounts, and transfer-on-death deeds for real estate. Each method has advantages and limitations that should be discussed with an estate planning attorney.

When should I update my estate plan?

Update your estate plan after major life events: marriage, divorce, births, deaths, significant asset changes, or moves to different states. Review your plan every 3-5 years to ensure it still meets your goals and complies with current laws.

Do I need an attorney for estate planning?

While simple wills can be created using online forms, complex estate planning requires professional guidance. An experienced estate planning attorney ensures your documents comply with Missouri law, addresses tax implications, and creates comprehensive strategies for asset protection.

What is a power of attorney and do I need one?

A power of attorney allows someone you trust to make financial or medical decisions if you become incapacitated. Everyone should have both financial and healthcare powers of attorney to avoid the need for costly and time-consuming guardianship proceedings.

Why Choose Layton & Southard for Your Estate Planning?

Decades of Estate Planning Experience

Our attorneys have been helping Cape Girardeau families with estate planning since 1972. John Layton and Stephen Southard bring combined decades of experience in Missouri estate planning law.

Comprehensive Estate Planning Services

We provide complete estate planning services under one roof:

• Simple and complex wills
• Revocable and irrevocable trusts
• Powers of attorney and healthcare directives
• Medicaid planning and asset protection
• Business succession planning
• Probate administration
• Trust administration

Local Knowledge and Personal Service

As a Cape Girardeau firm, we understand Missouri law and local court procedures. We provide personalized service and develop long-term relationships with our clients and their families.

Multidisciplinary Legal Team

Our multidisciplinary law firm can assist with related legal matters including:

• Personal injury - Important for estate planning after accidents
• Business law - Business succession and entity planning
• Real estate law - Property transfers and title issues
• Tax planning - Minimizing estate and gift taxes

Ongoing Support and Updates

Estate planning is not a one-time event. We provide ongoing support to:

• Update documents as laws change
• Modify plans after life events
• Assist with trust administration
• Guide families through probate when necessary

• Phone: (573) 335-3359
• Free initial consultation
• Flexible meeting times including evenings and weekends
• Over 50 years combined estate planning experience
• Reasonable fees and payment plans available

Areas We Serve

From our Cape Girardeau and Perryville offices, we serve clients throughout:

Missouri Counties

• Cape Girardeau County: Cape Girardeau, Jackson, Scott City
• Perry County: Perryville, Altenburg
• Scott County: Sikeston, Benton, Chaffee
• Bollinger County: Marble Hill, Zalma
• Madison County: Fredericktown, Marquand
• Stoddard County: Dexter, Bloomfield

Courts We Practice In

• Cape Girardeau County Probate Court
• Perry County Probate Court
• Scott County Probate Court
• Missouri Court of Appeals
• Illinois Probate Courts

Contact Our Cape Girardeau Estate Planning Lawyers Today

Don't leave your family's future to chance. Proper estate planning protects your loved ones and ensures your wishes are followed. The sooner you start planning, the more options you'll have to protect and preserve your legacy.

Free Consultation Available

We offer free consultations to discuss your estate planning needs. During your consultation, we'll:

• Review your current assets and family situation
• Explain your options under Missouri law
• Discuss strategies to minimize taxes and avoid probate
• Outline the estate planning process
• Answer all your questions about protecting your family

Multiple Ways to Reach Us

• Call our Cape Girardeau office: 573.335.3359
• Contact us online for a prompt response
• Visit our office: Cape Girardeau location

Flexible scheduling available including evening and weekend appointments.

Remember: Life is unpredictable. Estate planning gives you control over your family's future and peace of mind knowing your loved ones are protected.

Schedule Your Free Consultation Today