Last Will and Testament vs. Revocable Living Trust
For estate planning, one must choose either a last will and testament or revocable living trust. These documents differ in important ways. But for several reasons, a revocable living trust is probably the better estate planning tool. A last will and testament requires probate. This is expensive and time-consuming. Probate also reduces privacy. Everything is […]
Estate Planning: 3 Things You Should Know
Estate planning is a nebulous term. It’s also a morbid one. Thus, many procrastinate on getting their affairs in order. But estate planning is among the best things you can do for your family. Here are three things you should know: Estate planning isn’t just for the rich. In fact, anyone with property and/or money […]
Can I Protect My Assets From Medicaid?
By some estimates, the incidence of Alzheimer’s disease will triple by 2050. As a result, an increasing number of American families will have to deal with the issue of long-term care. With costs approaching $60,000 per year, nursing homes and assisted living facilities can be a financial burden even for people in the upper middle […]
Selling Property in Probate
A deceased person’s largest asset is frequently a house. Whenever loved ones list the home, they’re sometimes surprised to learn that probate is necessary. In such cases, the family and their realtor should have a general understanding of probate sales. Selling a house through probate involves court supervision. Generally, the personal representative of the estate […]
Spring Cleaning For Your Estate Plan
We have sprung forward! Despite the loss of sleep, I always look forward to the return of daylight savings time. It means warming temperatures, more sunshine and the pursuit of outdoor hobbies. For many, there is also spring cleaning. In between the yard work and garage sales, consider spring cleaning for your estate plan. Here’s […]
The Bank Asked for Letters Testamentary: Now What?
Losing a loved one is painful. Wrapping up the deceased’s financial affairs only adds to the stress. I often receive phone calls stating, “The bank asked me for Letters Testamentary. What’s that, and how do I get them?” Unfortunately, it involves probate. If the deceased owned money or property in their name only, generally a […]
A New Year, a New….Trust?
Happy New Year! As the calendar turns to January, many of us reassess things. From earning a work promotion to finally using that gym membership, resolutions abound. Consider adding this resolution for 2017: sit down with a knowledgeable Norman, Oklahoma estate planning attorney and discuss a revocable living trust. Here are a few reasons why […]
Will the Federal Estate Tax Be Repealed?
Regardless of our political affiliations, I think we are all glad that the 2016 election is over. In any new administration, there are apt to be policy changes. This is particularly true whenever one party controls both the executive and legislative branches. In addition to other priorities, President-elect Trump and the Republican Congress almost certainly […]
Why You Should Be Thankful for Estate Planning
We are nearing my favorite holiday: Thanksgiving. From family to turkey, from pumpkin pie to football…the list of things for which to be thankful is long. Something that may not immediately come to mind, however, is estate planning. I know you are probably thinking, “Estate planning is how Tyler makes a living. Of course he […]
The 3 Key Components of a Good Estate Plan
Estate planning is the process of managing your property while you are living and providing for its distribution after your death. A good estate plan has three key components: Last Will and Testament or Living Trust – If you do not specify who receives your property, then the State of Oklahoma decides for you. In […]