December 2018 - Jim A Lyon Law Firm

Advice on Disinheriting Someone From Your Estate Plan

Some family units end up broken. This can involve children who are left behind after a divorce or family members who stop talking to others as a result of addiction or other complication. In the case of some fractured relationships, you might decide that you want to disinherit someone. In many cases, to successfully disinherit someone, it is best to obtain the assistance of an experienced estate planning lawyer. Recognize the Difference Between Living Trusts and Wills In many situations, if you decide that you want to disinherit someone, it is better to use a living trust than a will. This is because if you use a will to disinherit someone, it is easy for that individual to later challenge this decision. Another advantage of disinheriting someone through a living trust is that a will is a public document, which makes it much easier for anyone to find out about the disinheritance. Living trusts, however, are private documents, which means that there is a much greater amount of privacy. Consider the Value of a “No Contest” Clause If you do not plan on entirely disinheriting your children, you still might decide to leave them less than other children or heirs. [...]

gstealth132018-12-28T22:12:35+00:00Tags: disinheriting, estate planning, living trusts, wills|

Important End-of-Year Estate Planning Advice

As 2018 comes to an end, it is a good idea to review your estate plan to make sure that it is up to date. This is also a good time to check some of the important details about your estate planning documents. An experienced estate planning attorney can help you ensure that all your future plans are in order. Determine if You Have a Disability Plan It is critical to have documents in your estate plan to determine what happens in case you lose your mental or physical abilities. A Health Care Power of Attorney document is just one tool which helps to appoint a person to make medical decisions in case you are no longer able to make medical decisions for yourself. Examine Your Beneficiary Designations While they are important, beneficiary designations are often overlooked. These designations determine who will receive your assets after your death. Despite the numerous changes that can occur including divorce and marriage, these designations will remain the same despite the numerous changes that can occur. To avoid running into difficulties, it is best to review your beneficiary designations to make sure that these elections properly reflect your current goals. Inventory Your Assets If [...]

gstealth132018-12-23T16:56:37+00:00Tags: estate planning|

Child Support and Bankruptcy

Filing for bankruptcy offers individuals the opportunity to wipe out various forms of debt or to reorganize debt into a more manageable payment plan. Some types of debt, however, can not be discharged in bankruptcy. Filing for bankruptcy will discharge stop child support obligations, for one. Filing for Chapter 13 bankruptcy, however, sometimes allows a parent to turn child support payments into a more feasible payment plan. An experienced bankruptcy attorney can help you determine which option is best for you. Chapter 7 Bankruptcy and Child Support Chapter 7 bankruptcy allows a person to liquidate assets to pay off creditors and eventually discharge debt. Because child support is a “priority” debt, however, it can not be discharged through Chapter 7 bankruptcy. Priority debts are obligations that are not secured by collateral but are prioritized among other debts when there are not enough assets to pay a person’s creditors. Child Support and Chapter 11 Bankruptcy Chapter 11 bankruptcy involves the reorganization of debt. Under this type of a bankruptcy, a person creates a reorganization plan that takes into consideration factors like assets, liabilities, current income, and expenditures. Reorganization plans must first be approved by bankruptcy courts. Under this type of bankruptcy, [...]

gstealth132018-12-13T05:00:22+00:00Tags: child support, oklahoma bankruptcy attorney|

Why Young People Should Create Estate Plans

It is important to remember that each estate plan must be written to take a unique set of circumstances into consideration. As a result, there are often differences between estate plans, and people who create an estate plan for the first time often have questions about what process entails. If you are contemplating putting together an estate plan, you should consult with an experienced estate planning attorney. Even Young People Should Have Estate Plans There are several reasons why young people should consider writing estate plans: Incapacitation can strike a person at any age. Fortunately, creating an estate plan allows a person to deal with these events in case they arise. Powers of attorney allow a person to designate the individual who will make his or her financial or healthcare decisions in case incapacitation occurs. Without appointing a power of attorney, families are left without a clear-cut answer about what to do when a young person becomes incapacitated. Young people do not like to think about dying young, but the truth is that some people die before their time. No matter your age, if you die without an estate plan, your assets will pass through the intestacy process. For many [...]

gstealth132018-12-07T16:04:57+00:00Tags: estate planning|