Mid-America Law Practice, LLC (MALP) is located in Chesterfield, MO. The Estate Planning lawyers at Mid-America Law Practice, LLC are committed to serving your family as trusted advisers. We take great care and pay attention to details when crafting your unique estate plan, and aim to be the best estate planning attorneys in St. Louis, MO area. Our attorneys assist clients and families in all stages of life including a young person starting a career, family with young children, older individuals or couples entering retirement, and elderly individuals who are in need of long-term care. Whether you need a will, trust, asset protection trust or long-term care planning, our attorneys can help you and your family at every stage of life. Our St. Louis lawyers will help you decide how your assets will pass on to your heirs without compromising your need to preserve your true legacy-your family values, wisdom, experiences and life lessons.
How Much Does An Estate Planning Attorney Charge?
The biggest misconception people have about estate planning is that it is only for the wealthy. This could not be further from the truth. Everyone needs an estate plan despite one’s net worth. An estate is everything you own, including and not limited to your house, your bank accounts, investment accounts, life insurance, retirement accounts, rental properties, and bonds. If you don’t plan for death your family will have to hire an attorney and go through the probate process which is an expensive process. Not only is the attorney entitled to the statutory fees but also the person executing the estate, also known as the Personal Representative or Executor. The bigger the value of your estate, the more you will have to spend on the probate attorney and personal representative. The fees are outlined in RSMO 473.153
The fees are:
5 percent of the first $5,000
4 percent of the next $20,000
3 percent of the next $75,000
2.75 percent of the next $300,000
2.5 percent of the next $600,000
2 percent of everything more than a million
For example, a widow who has an estate worth $500,000 dies without a estate plan; the fees that the attorney and personal representative are entitled to are $28,100; a total of $56,200 for both of them. This does not include the costs of bond, publication and court costs.
An estate planning attorney near you can help you create an estate plan to avoid the probate process. A good estate plan consists of a Revocable Living Trust, Last Will and Testament, Durable Power of Attorney, Healthcare Power of Attorney and Healthcare Directive.
Planning for Families with Minor Children
In addition, if you have minor children, it is crucial that you name a guardian for them in your Last Will and Testament if the unthinkable happens and both parents die. If you have guardians for your children who live in another state or far away it is extremely important that you name a temporary guardian who lives close by.
As you age, you look for doctors that specialize in the health concerns of older people. Your attorney should be no different. The elder law attorneys at Mid-America Law Practice, LLC are uniquely positioned to enhance the foundational planning you have already done while preparing you, your spouse, and your family for the challenges aging American face.
As elder law attorneys, we help you plan for a variety of issues, including basic estate planning, long-term care planning, asset protection and placement and so much more. Our planning addresses the legal, financial, medical and social issues more and more people face everyday. Proper planning is essential regardless of your net worth. In fact, most middle class families will suffer more financially during a health crisis that those who are extremely wealthy or extremely poor.
Are you or a loved one already dealing with a long-term health event? If so, there is still time to avert a crisis. We can take steps today to “stop the bleeding” in our life savings so that you can preserve as much as possible for your spouse and your children or loved ones.
We offer a flat rate for our estate planning and elder law services which means you can ask us questions and discuss your concerns without worrying about accruing a large bill. Our initial estate planning consultation is complimentary/free. We keep an open line of communication with our clients. We have long lasting relationships with our clients and serve as their life time trusted adviser. Call Mid-America Law Practice, LLC to speak to an experienced Estate Planning Attorney and experienced Elder Law Attorney.