Monthly Archives: November 2021

What to Do When a Primary Beneficiary Passes Away 

A detailed and thorough estate plan is essential in protecting your loved ones and ensuring their peace of mind after your passing. Estate plans, among other advantages, can provide your loved ones with financial assets, which can help them navigate life after you are no longer around. When you create an estate plan, the assumption is that the people you appoint as beneficiaries will outlive you. Unfortunately, tragic unforeseen events can happen, and your beneficiaries may not survive you. When it comes to considering what will happen in this situation, one of the most common questions that people ask is who will inherit the asset if the beneficiary is no longer alive.  The Role of Beneficiary The term ‘beneficiary’ refers to anyone whom the creator of an estate plan has appointed in their estate plan who will receive an inheritance from the creator following the creator’s death. Beneficiaries play a critical role in estate plans and many types of estate plans are not considered valid unless a beneficiary is appointed. While some people think beneficiaries are only people, they can also include organizations and other entities.  Not all beneficiaries are the same. Primary beneficiaries refer to individuals who have the [...]

2021-11-19T01:31:43+00:00Tags: , |

Reasons Why You Should Review Your Estate Plan This Year

Estate plans are intended to evolve as major events occur like births, deaths, and divorce. You should not think of the terms of your estate plan as written in stone. Instead, you should plan to review and revise your estate plan every few years. You should also make sure to examine your estate planning document after major life events occur. The following are some important questions you should ask yourself when you perform your regular estate plan review.  Potential Changes to Estate Distribution Plans Various events including the birth and death of loved ones can end up shaping how you would like to pass on assets. While reviewing your estate, one of the best places to begin is to ask yourself whether your estate plan still effectively passed on your assets in a way that conforms with your wishes. If you got divorced or married, you should make sure that your estate plan fully considers your new spouse.  If you have had children since you last revised your estate plan, you should consider how you would like to pass on assets to your children. Or, if your children have had children since the time you last wrote your estate plan, [...]

2021-11-19T01:20:19+00:00Tags: |

Guarding Business Assets Against Creditors 

If you own a business, you have likely spent countless hours working to achieve your dreams. You understandably want to do everything possible to avoid having creditors seize your assets, particularly before you transfer these assets to the next generation. Fortunately, several options can be utilized to protect your assets. Before discussing these strategies, you should appreciate that asset protection plays a critical role in protecting your estate from creditors as well as many types of lawsuits. Regardless of the size of your asset or how careful you are, no one is above facing these actions. You should take proactive steps to create an estate plan before you end up facing legal actions or creditor efforts. The following are some techniques that you might utilize based on your situation.  The Three Types of Business Ownership Based on the structure of your business, you might have sufficient protection from creditors or no protection at all. If you want to fully protect your assets, you should weigh the value of changing your business’s ownership structure. Remember, three primary types of business entities are: C Corporations. These corporations offer limited liability exposure to personal assets owned by the principals. No personal liability under [...]

2021-11-19T01:14:44+00:00Tags: , , |

Oklahoma Eliminates Durable Power of Healthcare Attorney

As a result of legislation passed earlier this year, starting on November 1, 2021, residents of Oklahoma can no longer appoint a durable power of attorney (POA) for healthcare. Due to this legislation, any durable power of healthcare attorney executed before November 1, 2021 should still be viewed as valid, but any durable power of healthcare attorney that is entered into after that date will no longer be viewed as valid under Oklahoma state law. Hospitals and other types of medical facilities in the state will now take into consideration the terms reflected in durable power of healthcare attorney documents but will no longer afford these estate planning documents full consideration when it comes to making decisions. Several hospitals in the state have already requested that the Oklahoma legislature reinstate the durable power of healthcare attorney, however.  A Quick Guide to the Uniform Power of Attorney Act During the 2021 legislative session, House Bill 2548 created the new Oklahoma Uniform Power of Attorney Act, which canceled the provisions of the Uniform Durable Power of Attorney Act that allowed individuals the power to utilize a durable POA for healthcare. HB 2548, however, cancels the power to make healthcare decisions and limits [...]

2021-11-08T15:18:32+00:00Tags: , |