Missouri Probate and Trust Law Update

From my June 22, 2012 CLE for the Springfield Metropolitan Bar Association


Case Law Update
Missouri Legislative Changes, effective August 28, 2011
2012 Proposed Changes to Missouri Legislation

Husch Blackwell Webinar Series: Fundamentals in Franchising

Are you passionate about what your business model has to offer?

Do you dream of expanding your name and product recognition?

Please join Husch Blackwell and leading franchise industry experts for our Fundamentals in Franchising webinar series and learn the key items you should consider when deciding whether your business can expand through franchising.

For Extra Peace of Mind When on Vacation

If you are going on vacation and leaving the kids (who are minors) with a family member or in-law, don't forget to leave the caregiver a power of attorney!

Missouri law allows the parents of a minor to delegate to another individual, for a period not exceeding one year, any of his or her powers regarding care or custody of the minor child (except his or her power to consent to marriage or adoption of the minor child).

Agenda for the Annual Meeting of the Partners

February is the time to schedule the annual meeting of the partners for your family limited partnership (or limited liability company).  The maximum benefits of a family partnership are achieved when the formalities of administering the partnership like a business are followed such as, regular meetings of the partners (with  minutes) and separate bank accounts, books and records for the partnership.

Client Update - Estate Tax Law

CLIENT UPDATE

On December 17, 2010 President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The Act significantly changes the Federal transfer tax as follows:

Observations Regarding Estate Tax Aspects of 2010 Tax Act

On December 17, 2010 President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.  The Act significantly changes the federal estate tax and presents significant estate planning opportunities.

Summary of the Act

·         The estate tax exclusion amount increases to $5 million per person for 2010 through 2012.

·         The maximum estate and gift tax rate is reduced from the 55% maximum rate under prior law to a maximum estate and gift tax rate of 35% for 2011 and 2012.

·         A “portability” provision is included, which allows surviving spouses to use any applicable exclusion amount that is not used by the first spouse to pass away.

·         The GST exemption amount is increased to $5 million for 2010 through 2012.

·         The Act sunsets at the end of 2012, thus making the foregoing changes temporary in nature.