I have more than 40 years of experience safeguarding the futures of Oklahomans and
their families. I’ll ensure
your rights are protected.


    Estate & Probate » Blog » Commonly Asked Estate Planning Questions

    Commonly Asked Estate Planning Questions

    The estate planning process is particularly complicated. As a result, there are many complications that people face while planning for how their estate will be handled after their death. This article will review some of the most common estate planning questions that clients ask about the process.

    Who Needs an Estate Plan?

    Many people feel that they do not need an estate plan because they believe that they are not necessary. In reality, there are many types of people who benefit from estate plans including people who want their estate distributed in accordance with their plans after death, people who have assets that are susceptible to high estate taxes, and people whose heirs might need financial assistance after the person’s death.

    Can You Give Away $10,000 Each Year Without Any Adverse Effects?

    In accordance with Federal gift tax laws, you are able to gift a specific amount without having to report it or pay Federal gift tax on the amount. The exact amount that is exempt changes each year. While these gifts are not taxable for Federal gift tax purposes, the gifts are fully reportable in some other unique circumstances.

    Do You Still Need a Will if You Give Everything Away Jointly?

    Many people use joint ownership and beneficiary designations to achieve many estate planning goals. Even if your estate plan is solely comprised of this type of designation, it is still a wise idea to fully approach estate planning to make sure that your goals are realized.

    How Long Should You Keep Estate Planning Records?

    There are several statutes of limitations laws that determine how long a person should keep his or her records. Federal taxes often have a three-year statute of limitations. In some unique circumstances, the statute of limitations can be extended significantly. To be cautious, keep financial documents for a period of at least 10 years. If you have sold or transferred real estate, you should keep documents for even longer.

    How Many Assets You Need to Create a Trust

    There is not a minimum dollar amount necessary before a trust is used. Instead, what decides if a person has a trust is the instruction that the individual and his or her loved ones are given. There are many protections that a person can place on a trust for his or her benefit during life or to help protect loved ones after death.

    What is Included in a Strong Estate Plan?

    A strong estate plan should contain any documents that are necessary to preserve the value of a person’s estate, reduce unnecessary taxes, make sure the person’s plans are carried out, and protect that individual’s privacy.

    Contact a Skilled Oklahoma Estate Planning Attorney

    For people who are interested in estate planning, it is best to obtain the assistance of a knowledgeable estate planning lawyer who can help achieve your various goals. Contact attorney Jim A Lyon today for assistance with your case. During his several decades of experience, attorney Lyon gained an in-depth understanding of how estate planning cases work.

    Ethan Moran
    Ethan Moran
    09:36 28 Dec 22
    To my wife and I, our probate case was complicated. Not to Jim! He made it look so easy, and his attention to detail is incredible. Highly recommend to anyone seeking an estate planning lawyer.
    Philippe Joshua
    Philippe Joshua
    17:56 30 Nov 22
    Jim's firm was referred to me by a friend who knew I was looking for an estate planning lawyer. I can't say enough good stuff about him. He's genuine, thorough and highly skilled. Strongly recommend.
    See All Reviews
    Estate & Probate » Blog » Commonly Asked Estate Planning Questions