The Quitmeier Law FirmThe Quitmeier Law Firm2026-04-16T14:26:14Zhttps://www.wmqlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1204615/2022/01/cropped-quitmeier-site-icon-32x32.pngOn Behalf of The Quitmeier Law Firm<![CDATA[Planning your estate as a real estate owner]]>https://www.wmqlaw.com/?p=475912023-12-06T04:14:10Z2023-12-06T04:14:10Zestate planning, which can lead to problems for their family members at the time of their passing. If you want to ensure that your assets are managed according to your wishes and minimize stress on your heirs, plan ahead.
Common issues in estate planning for real estate
Frequently, a property will be sold after the passing of its owner. But selling a property, especially a high-end one like a mansion, can run into snags.
Personal property will need to be cataloged and disposed of, and if these items are of significant value, a property appraiser will need to get involved. And often, bereaved loved ones aren't comfortable going through the effects of a recently deceased family member, which can slow the process.
During this interim time, the property will require upkeep and maintenance. If you haven't provided a plan and money for upkeep costs, you can run into serious issues, including getting the courts involved and holding up any sale further.
Proactive estate management pays off in the future
While it can be daunting to begin to work on managing your estate plan with regard to major real estate holdings, doing so is nearly always worth it in the end. Spending a little time in the present will mean a far smoother transition for your estate and heirs.
The more detail you can put into your estate plan for your real estate, the more likely the sale or disposition of your property will proceed on schedule and with minimal disruption or problems. By taking advantage of expert advisors in the estate planning field, you can create an estate plan that will account for your real estate exactly as you choose.]]>On Behalf of The Quitmeier Law Firm<![CDATA[Don’t overlook these estate planning essentials]]>https://www.wmqlaw.com/?p=475892023-12-04T23:40:51Z2023-12-04T23:40:51ZSigns you have neglected your estate plan
Estate planning has many different components. However, even if you have one, these eight key signs can indicate that you need to pay attention to it:
You don't have a will
Outdated beneficiaries
No power of attorney
No plan for digital assets
Ignoring tax implications
No trust for specific needs
Failing to plan for business succession
No end-of-life care plans
Life changes, and so should your estate plan. Many changes that occur are drastic. For example, you may not have owned a business when establishing your estate plan. Those who set their estate plans over 10 years ago may not have considered what to do with online accounts, including social media and banking entities. With online accounts, your family may not have access if you don't designate an heir. If you recognize any of the above signs, you may need to consider changes to update your estate plan.
Small estates also need consideration
Another common mistake is that smaller estates don't need updating. Although these estates may not have the same tax implications as larger ones, your heirs may still have difficulty accessing funds and going through unnecessary probate if you don't have the correct documents.
Proper planning can help your beneficiaries get around estate taxes, have immediate access to pay bills after your passing, and more. Keep a list of all assets and periodically review them to ensure your plan meets your wishes and all beneficiaries are updated.]]>On Behalf of The Quitmeier Law Firm<![CDATA[An overview of the spendthrift trust]]>https://www.wmqlaw.com/?p=475862023-11-20T05:54:57Z2023-11-20T05:54:57ZWhen to consider a spendthrift trust
A spendthrift trust may be ideal if you have a beneficiary who struggles with drug or alcohol abuse or who has trouble managing money. For instance, you may have an adult son who drinks too much or likes to gamble. Creating safeguards around an inheritance can minimize the risk that years of estate planning are for naught because your son decided to place a large bet on a football game. Spendthrift trusts can also be helpful if you have a minor beneficiary as that person cannot keep property in their own name.
Other issues to consider
A spendthrift trust does have its own tax ID number, which means that an additional tax return will need to be filed for it. You will also likely incur additional fees to have the trust created and managed properly. Furthermore, if it is determined that you are using the trust to evade paying priority creditors, the trust may be invalidated or significantly weakened by a judge.
The use of a trust and other estate plan documents may make it easier to manage your affairs today and settle your affairs after your death. It's a good idea to review your estate plan at least once a year or after major life events to ensure that your plan does what you need it to do.]]>On Behalf of The Quitmeier Law Firm<![CDATA[How divorce can impact a woman’s finances]]>https://www.wmqlaw.com/?p=475842023-11-06T06:01:27Z2023-11-06T06:01:27ZFinding a job can be difficult
Traditionally, women have stayed at home while their husbands have gone to work. While this may be an adequate arrangement while married, spending years or decades out of the workforce may be problematic. This is because companies generally don't want to hire people who lack experience. Even if you are able to find a job, it may be challenging to work as many hours as you'd like if you have custody of your children. It's also worth considering that women make less than men on average, which means that it may be harder to meet your financial goals.
Assets may be outside of the marital estate
If your spouse held a home, business or other assets outside of the marital estate, you may not get a portion of those assets. That may mean that you lose a significant amount of wealth when your marriage comes to an end even if you receive alimony and other resources in a divorce settlement. Assets may be held outside of a marital estate by declaring them as separate property in a prenuptial agreement or by holding them in a trust.
Evaluating your finances will ideally be one of the first steps that you take after you begin the divorce process. This may mean that you create a budget, review a prenuptial agreement or take other actions that can help you retain assets or obtain maximum alimony from your spouse in a settlement.]]>On Behalf of The Quitmeier Law Firm<![CDATA[Why joint physical custody might not work for your family]]>https://www.wmqlaw.com/?p=475822023-10-19T19:36:53Z2023-10-19T19:36:53ZWhy parents choose joint physical custody
In many cases, joint physical custody makes sense for people who want to continue co-parenting their children after they are no longer together. They both want to stay involved in their children’s lives and believe that having the children divide their time equally between the two parents’ homes might best serve the best interests of the children, by providing them stability and support from both parents. However, there are circumstances that might prevent this family law arrangement from working.
Why joint physical custody might not work
There are a variety of factors that might prevent joint physical custody from being the ideal arrangement for the family. For example, the child’s age might prove a challenge for joint physical custody, particularly when the child is very young and still dependent on one primary caretaker. Some of the other factors that might also prevent joint custody from working include:
A history of child neglect or domestic abuse by one parent
Issues of alcohol or drug abuse by a parent
Distance between the parents’ home
A child’s preference about where they want to live
A parent can remain involved in their child’s life even if they settle for a different arrangement. In cases where the parent might be considered unsuitable to take care of the children, they might still have access to their children through visitation, even if that visitation is supervised, while they work towards resolving the issues that have prevented joint custody.]]>On Behalf of The Quitmeier Law Firm<![CDATA[The pros and cons of divorce]]>https://www.wmqlaw.com/?p=475752023-10-05T01:36:45Z2023-10-05T01:36:45ZThe pros and cons of divorce
Spouses who feel trapped in unhappy relationships may pursue a divorce because they want to be free and independent and make their own decisions, but they rarely think about how they will feel when they are living alone. Making the decision to seek a divorce is easier when marriages become toxic and spouses live in fear of verbal or physical abuse, and escaping such a relationship can lead to greatly improved physical and mental health. Young children make contemplating divorce even more difficult. Coparenting arrangements may soften the emotional toll, but a witnessing their families breaking up could still leave children with psychological scars.
Financial considerations
Deciding to end a marriage has financial as well as emotional consequences. Divorcing spouses must have funds available to pay court fees and other legal costs, and those expenses could be significant if property division talks are unproductive and a court battle ensues. Spouses should also think carefully about the kind of lifestyle they could enjoy on only one income, and they should bear in mind that they will pay more in taxes when they file singly.
Weighing up the pros and cons
Considering the all of the advantages and disadvantages provides clarity when difficult decisions have to be made, and weighing up the pros and cons of divorce could help married couples to avoid costly mistakes. Divorced spouses are free to live as they please, but that independence comes at a price. They live on a single income and pay more in taxes, and not all of them are happy living alone.]]>On Behalf of The Quitmeier Law Firm<![CDATA[Situations when leaving unequal inheritances makes sense]]>https://www.wmqlaw.com/?p=475732023-09-22T17:13:30Z2023-09-22T17:13:30ZSpecial needs
You may have a child or stepchild that depends on government assistance due to disability or chronic illness. To avoid transferring assets that would eliminate those government benefits, you need to approach estate planning with the goal of preserving access to disability funds and government health insurance.
Business succession
One child may have assumed a large role in running your family business. You plan to hand the reins over entirely at some point. For this reason, you may find it preferably to leave all or most business assets to that person. You can leave other types of assets or funds to other heirs.
Financial disparity among heirs
One of your heirs may already be highly successful whereas another heir works for a modest salary. In this situation, you might leave the heir with fewer financial resources more money. This would have a more meaningful impact on that person's life than giving a large amount to someone who has already achieved financial independence.
Caretaker
It is not unusual for one family member to assume the role of primary caregiver to an ailing parent or grandparent. Caregiving requires a substantial sacrifice on the part of the caregiver that frequently involves forgoing work and other social and financial opportunities. As a result, you may choose to reward that person with a larger inheritance.]]>On Behalf of The Quitmeier Law Firm<![CDATA[Should I hire a certified divorce financial analyst?]]>https://www.wmqlaw.com/?p=475712023-09-10T16:13:24Z2023-09-10T16:13:24ZWhat is a CDFA?
CDFAs are trained and certified financial professionals who specialize in the financial aspects of divorce. They have experience in financial planning, accounting and divorce law and often work with attorneys to help with negotiations. They can help couples have a big-picture view of their assets. These professionals use specialized software to determine the future cost of living as it relates to inflation. They will look at your present situation and future goals when helping to determine a fair settlement.
Among the factors they evaluate are:
Retirement accounts and pensions
Life insurance
Real estate
Expenses
Crafting an equitable divorce agreement
Equitable division of property is not always 50/50 in a divorce agreement. Only a few divorces result in half-and-half property splits unless both spouses have relatively the same earning capacity. Property division usually weighs in favor of the spouse earning less money. Even assets, like retirement accounts, generally are not divided in half. Understanding this concept and the factors that go into property division is essential if you want to get a fair deal.
Even though hiring a CDFA will add to the cost of a divorce, it can save you money. Working with one can shorten the time it takes for your divorce to finalize because you'll understand the reasons behind the property division compromise. You may also be able to make wise financial decisions that will keep you more comfortable.]]>On Behalf of The Quitmeier Law Firm<![CDATA[A top reason for divorce]]>https://www.wmqlaw.com/?p=475692023-08-23T04:18:08Z2023-08-23T04:18:08ZA common reason for divorce
Research shows that 46% of divorced couples blame career choices for their breakup. 43% noted that differences in parenting played a significant role in filing for divorce.
Issues deriving from careers can cause friction in a marriage in several ways. If one partner is frequently away from home due to work obligations, it can negatively impact the marriage. The spouse who remains at home can feel neglected due to not spending an adequate amount of time with their marriage mate. Sometimes, career-related stress leads to arguments in the home, which can hurt the spousal union.
A struggling marriage
Arguments over parenting can lead to a breakup. If one parent is abusive toward a child, the other parent may end the marriage, seek sole custody and request that their former spouse has supervised visitations or no contact at all. Other issues might derive from disagreements over the child's education or extracurricular activities. In cases where agreement can absolutely not be reached after all efforts have been tried, filing for divorce may be in the child's best interest.
Regardless of the reasons for divorce, both spouses may find negotiating a settlement less stressful and costly than a trial. Working for an amicable dissolution will be in everyone's favor.]]>On Behalf of The Quitmeier Law Firm<![CDATA[Is it a good idea to buy a home in Missouri with termite damage?]]>https://www.wmqlaw.com/?p=475672023-08-09T20:23:10Z2023-08-09T20:23:10ZHave a professional assess the damage
At this point, have an exterminator or other qualified professional inspect the affected property for an active termite infestation. A general home inspector is well-equipped to find and prevent issues from becoming real estate law matters. But, considering how well termites can hide and how deep an invasion can be, an exterminator's knowledge and tools can provide much help.
If a pest inspector notes only minor property damage or a small number of termites, one extermination session could eliminate termites for good. In this case, you'd only deal with a small delay in closing on this home. You may also receive bad news that your potential new home has a severe termite infestation.
Determine if the costs are worth paying
According to national averages, paying to repair a small termite infestation will cost an estimated $1,000 to $2,500. More severe termite damage can weaken the structural integrity of homes. If termites reach a home's wooden structural supports and joists, you could pay four to five figures to resolve such extensive damage.
Homeowners expect to pay additional costs here and there to move into a new place. If you find a must-own home within your budget, paying to remove termites might be the right decision. But severe termite damage could cost a sizeable fraction of the home you plan to buy. At that point, the smartest move may be to pass up the property.]]>