Monthly Archives: March 2020

Four Ways to Make Charitable Giving Part of Your Estate Plan

Whether it is honoring a loved one or paying tribute to an important cause, people create trusts for various reasons. Despite its often noble goals, charitable giving also creates some substantial tax issues. While many people who decide to pass on assets to charities do not view tax implications as a high concern, it is still a good idea to reduce taxes so you can pass on the greatest amount of assets possible. The following reviews five powerful ways that you can incorporate charitable giving into your estate plan. Utilize a Charitable Remainder Trust Charitable remainder trusts are a great way to pass on your assets. Under the terms of this trust, an appointed party will receive annual payments from the trust for a period of time. When the beneficiary’s interest in the trust ends, the remaining amount is passed on to a designated charity. These trusts meet specific requirements. Among others, the charity must receive a percentage from the trust when it is initially funded. To make sure the trust meets requirements, the assistance of a skilled estate planning attorney is also often essential. Pass on Assets Through Your Revocable Trust or Will The direct and simple way to     Read More

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Why You Should be Cautious About the Use of “Personal Property” in Estate Planning

Various estate planning terms have taken on specific meanings. There is no helpful definition of “personal property” in Oklahoma besides §68-2807, which states that personal property includes anything except real property like lands and buildings.  In deciding about what constitutes personal property, Oklahoma courts tend to analyze the language used in an estate planning document when deciding whether what constitutes personal property. Sometimes, however, courts also rely on a person’s intent when making a personal property determination. This article reviews some additional factors that courts are likely to consider when deciding what constitutes personal property. Whether an Estate Plan Was Drafted by a Lawyer If you relied on an attorney to create your estate plan, courts will rely on a more traditional meaning of personal property. This is because courts assume that estate planning lawyers have a complex understanding of Oklahoma law. In cases where a person created an estate plan on their own, however, courts will be less likely to construe such an extensive definition. Whether an Estate Plan Contains a Residue Clause Many estate plans include specific gifts, which can be either particular items or a certain amount of money that a person would like to pass on     Read More

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Six Documents You (Probably) Need in Your Estate Plan

Estate planning is ultimately not for us, but for our loved ones. Your survivors will be thankful if you leave behind a well-written estate plan. If you leave behind a mess for your survivors to sort through, however, they can suddenly find themselves in the middle of an unexpected challenge. While many of us want to make our estates easy to handle, it can be hard to determine what estate planning documents you should include. The following reviews six estate planning documents you will likely need to include in your estate plan. Beneficiary Designations When it comes to life insurance or retirement accounts, a person is often asked to name a beneficiary. This appointed individual will inherit the proceeds after you pass away. These designations exist outside of wills and trusts. It is critical to routinely review your estate planning documents to make sure they are up to date. Digital Assets Provisions One of the biggest to estate planning over the last century has been the introduction of digital assets. You should make sure to include details in your estate plan about how your digital assets should be handled. While this includes digital photos, it also includes anything stored in     Read More

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Methods to Improve Your Estate Plan

Most people who have heard stories about celebrities whose families end up facing undesirable consequences because the celebrities failed to create estate plans. Many of these stories involve people who fail to adequately plan for what happens after they die or become incapacitated. To avoid unpleasant results for your beneficiaries, consider the following helpful strategies to make sure that your assets are protected and passed on to your loved ones. Review Beneficiary Designations Some accounts are capable of passing to beneficiaries without having to go through the probate process. It is even possible to name multiple beneficiaries to receive these assets. By reviewing and properly updating these designations every few years, you can make sure your wishes are carried out. In taking the time now to review your estate plan, you can make sure that your assets pass on to your intended beneficiaries. Having Proper Life Insurance Life insurance can help protect your loved ones in case you suddenly pass away or become incapacitated. No matter if you are still working or creating income through Social Security, a pension, or other sources, it is still a good idea to keep life insurance to make sure that your loved ones are     Read More

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