November 2019 - Jim A Lyon Law Firm

How Life Insurance can Help After a Divorce

A large number of marriages do not last. Not only is the ensuing divorce process emotionally challenging, but it also introduces many stressful challenges. One often overlooked complication that many people must navigate during this time involves estate planning. One particularly helpful strategy that can be utilized during this time is obtaining life insurance. The following will take a brief look at some of the benefits that people realize through the use of life insurance during this difficult time. Provide Funds for the Divorce Process If a divorce involves hostile partners or includes child custody issues, the process can take an extended time. During this time, it is common to incur several fees. If you have an established life insurance policy, it is possible to take withdrawals or loans from the policy’s cash value to pay for these expenses. If the policy is designed effectively, clients will not be required to liquidate other assets or pull money from an estate that would have been passed on to beneficiaries. Protect Your Income After a Divorce It is common to discover that your income substantially changes after a divorce. To help the lower-earning spouse transition to life after divorce, courts award alimony [...]

gstealth132019-11-30T00:55:07+00:00Tags: estate plan, estate planning, life insurance|

Techniques to Strengthen Your Estate Plan

If a person passes away in Oklahoma without an adequate estate plan, established Oklahoma probate laws will determine how the person’s estate is divided. Despite this fact, many people pass away without creating adequate estate plans. If you have created an estate plan, however, it is often not the case that there are no additional steps to take. The following will break down some important strategies you should utilize to further strengthen your estate plan. Keep Beneficiary Designations Up to Date Probate is a costly and lengthy process, but there are fortunately some types of accounts that can be passed on without having to go through this process. Instead, these assets are passed in terms of beneficiary designations. As far as beneficiary designations are concerned, it is often possible to divide accounts. It is often a good idea to review these forms every few years particularly after major events like births, deaths, or divorces occur. By making sure that your beneficiary designations are up to date, you can make sure that your assets properly transferred to your loved ones. Utilize Life Insurance Life insurance exists for several reasons including to protect against the loss of income in case someone passes [...]

gstealth132019-11-22T21:56:41+00:00Tags: estate plan, estate planning|

How to Make Sure Estate Planning Wishes are Carried Out

When tasked with estate planning, individuals with many assets often face unique challenges, which include planning for how certain assets will be passed on to subsequent generations. Many people discover that they have a variety of questions regarding how to best handle their assets. An experienced estate planning lawyer can help you think about how your assets should be handled as well as how to ensure your beneficiaries receive everything to which they are entitled. This article reviews some strategies that individuals with large estates should consider implementing to make sure that their wishes are fully carried out. Have Conversations About How Assets Should be Handled One of the biggest challenges that individuals have regarding estate planning is that they are never sure how to bring up the conversation with their family and loved ones. In reality, it is never too early to begin having conversations with your loved ones about estate planning. When you do have these conversations, you should make sure that they include everyone who might be involved in your estate. Many individuals with large estate choose to make estate planning lawyers, wealth advisors, and other estate planning professionals part of these conversations, as well. The goal [...]

gstealth132019-11-13T17:15:19+00:00Tags: estate planning|

Understanding When it is Time to Change Special Needs Plans

One of the greatest mistakes that many people make about special needs plans are thinking that estate planning is a one-and-done process. Even after properly appointing a guardian, trustee, health care proxy, and other necessary agents for a special needs plan, there are still circumstances that can arise and necessitate a change of these documents. The following will review some important steps to follow to make sure that agent designations on special needs documents are properly updated. Routinely Review Your Special Needs Plan It is a wise idea to review your special needs agent appointment on a routine basis. It is also a good idea to stay in constant communication with your special needs agent. This is because changes inevitably occur that will change the appropriateness of your selection. The problem, however, comes in deciding how often you should review your estate planning decisions. Once a year is a reasonable guideline for reviewing these plans. When to Change Special Need Agents Even if you routinely review special needs documents, it can be challenging to determine exactly when to replace an agent. You should consider replacing a special needs agent any time after there has been [...]

gstealth132019-11-07T23:03:11+00:00Tags: estate plan modification, special needs plan|

New Parents Need Wills

It is understandable that as a new parent, you want the best possible life for your child. Among the many things that new parents think about, wills are often one of the last. In reality, though, creating a will is an important step to take for your family’s future. The following will review just a few of the important things that new parents need to know about wills. Always Make Sure to Clearly State Your Intentions Wills, as well as other estate planning documents, are best viewed as instruction manuals for your executor and the court to follow after your death. You must clearly express your intentions regarding your wishes, or a New York court will likely interpret how your estate should be administered. Beneficiaries on Financial Accounts Play an Important Role Most financial accounts allow a person to name a beneficiary. After you pass away, the funds pass to the beneficiary who is named on the account. If you create a will with a child in mind, it is a good idea to review your financial accounts to make sure that you have not named any inconsistent beneficiaries elsewhere. Name an Executor You can Trust To make sure that [...]

gstealth132019-11-04T03:22:56+00:00Tags: estate planning, new parents|