September 2020 - Jim A Lyon Law Firm

Is Guardianship Right for Your Oklahoma Estate Plan?

Elderly individuals are a vulnerable population, and unfortunately, the coronavirus pandemic has only made this more true. Besides being one of the hardest-hit age groups, the negative impacts of isolation can also have a detrimental impact on the well-being of older adults. Unfortunately, isolation also means that degenerative conditions like Alzheimer’s can develop without being noticed early. While some people think that pursuing guardianship might be a good strategy if a loved one ends up in such a situation, in reality, guardianship may or may not be the best option. The Guardianship Process in Oklahoma Guardianship in Oklahoma can only be appointed by a court. Located at Title 30 of the Oklahoma Statutes, the state's guardianship laws require a person seeking guardianship to file the appropriate paperwork, pay court fees, and attend a court hearing. Guardianship is only granted over an adult when the adult is determined to be either fully or partially incapacitated. An incapacitated individual is someone who is over the age of 18 and not able to make competent decisions regarding their life. Oklahoma law acknowledges three types of guardianship. General guardians look over a person and all of his or her property, limited guardians exercise limited [...]

gstealth132020-09-25T15:58:41+00:00Tags: estate plan modification, guardianship|

The 2020 Presidential Election and Your Estate Plan

In 2020, many people had various parts of their lives changed as a result of the coronavirus pandemic. With the United States presidential election scheduled for November 3 of this year, many of us are about to have our lives changed even more. As we anticipate this event, it is critical to review the terms of your estate plan. After all, estate plans should be reviewed periodically to make sure that the plan is capable of achieving your estate goals in a way that reflects existing laws. If you have not yet written your estate plan but are preparing to do so, you should create your estate plan in consideration of these potential changes. While there is no saying how the election will unfold, you can take the time now to make sure your estate plan accurately reflects any necessary changes. How the 2020 Election Could Change Things If the Republican Party prevails in the election, the party has proposed few changes and will instead maintain existing estate planning taxes as they are under the 2017 Tax Cuts and Jobs Acts. In contrast, if the Democratic party prevails in the election, they have proposed several critical changes to [...]

gstealth132020-09-25T15:51:06+00:00Tags: estate plan, estate plan modification, estate taxes|

Should You Place Real Estate in a Trust?

If you are interested in avoiding probate, you might have considered placing property in a trust. You might also have questions about whether the trust will be able to protect from creditors or remove the real estate from your taxable assets. This article reviews some critical details to understand about placing real estate in a trust, but remember that in these situations it also helps to speak with a skilled attorney. How Trusts Function Before discussing reasons to place real estate in a trust, it helps to understand some of the most basic terms used in relation to trusts, which include: A beneficiary is a person designated to receive assets under the terms of the trust A grantor is an individual who establishes and fund the trust A trustee is an individual tasked with managing the assets in a trust Avoiding Probate by Placing Real Estate in a Trust The main advantage of placing real estate in a trust is to avoid the probate process, which can be both costly and lengthy. Passing real estate to loved ones through the terms of a will, however, results in the assets being subject to various costs. Because [...]

gstealth132020-09-25T15:24:35+00:00Tags: estate planning, real estate, trusts|

How to Stop Stalling and Write Your Will

Despite what some people believe, estate plans are not only for the wealthiest or the oldest individuals. While simple estate planning documents like wills can benefit everyone, it is easy to delay writing them. After all, no one likes to be confronted with the idea that they are dying or might one day need someone else to raise their children. If you have not gotten very far in creating an estate plan, you face the danger of dying “intestate,” which means that you will die without estate planning documents that guide your loved ones on how to handle things. To make sure that you create the necessary estate plan, it is helpful to remember several helpful estate planning tips. Remember Why You are Doing it Rather than focus on yourself, remember that estate plans are the best way to make sure that you provide for your loved ones. Providing details about what you want to happen after you pass away as well as who you would like to care for children who pass away can be a tremendously meaningful thing for your family. Making these decisions now saves you the expenses of later having to pay for [...]

gstealth132020-10-05T17:39:07+00:00Tags: estate planning|