What is a Domestic Asset Protection Trust?
A domestic asset protection trust (DAPT) is one strategy you can use to protect your money and property. You give some of your property to this trust, which is irrevocable and thus cannot be changed. The trustee can potentially make distributions to you, thereby allowing you to continue enjoying some benefits of the trust property. […]
What are Grantor Retained Annuity Trusts?
Have you heard of a grantor retained annuity trust (GRAT)? This type of trust is an efficient way to transfer asset appreciation to beneficiaries without using, or using a minimal amount, of your gift tax exemption. How it Works After the donor transfers property to the GRAT and until the expiration of the initial term, […]
5 Tips on Including Pets in Your Oklahoma Estate Plan
Pets often become important family members. About 68% of U.S. households have at least one pet, with dogs being the most popular. It makes sense, then, that pet owners consider their beloved pets when developing a comprehensive estate plan. As a pet owner, it’s important to know what you can and cannot do when setting […]
Advantages of a Revocable Living Trust
You want the best for your family, especially when it comes to estate planning. The right estate planning tools, well-crafted by an attorney, may yield great returns for your family even after you’re gone. Trusts are one of the most popular estate planning tools, and for good reason. A trust is an arrangement created by […]
Collecting Debts on Behalf of Your Deceased Loved One
People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If your loved one […]
How Can Common Trusts Help Protect Your Family?
Parents strive to make their children feel equally valued as reflected in the fact that, when setting up an estate plan, parents typically divide their accounts and property equally among their children. But while parents strive to treat their children the same, they simultaneously acknowledge that children have different needs at different times. And these […]
Why You Want to Avoid Intestacy
About two out of three Americans will die without a will. This is known as dying intestate. While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their money and property are distributed according […]
What NOT to Include in Your Oklahoma Estate Planning Documents
One important purpose of estate planning is to facilitate the transfer of ownership of your money and property to your family and loved ones when you pass away. For this transfer to be as stress-free and efficient as possible, it is crucial that estate planning documents provide all necessary information. Nevertheless, there is some information […]
What Can Thomas Jefferson Teach Us About Estate Planning?
What can Thomas Jefferson teach us about estate planning? Despite being a brilliant intellectual and the principal author of the Declaration of Independence, Jefferson nevertheless struggled to manage his financial affairs during life. In addition, he was saddled with debts that were inherited from his family and also one that he had assumed by cosigning […]
What Can George Washington Teach Us About Estate Planning?
Washington was arguably the most universally beloved and revered US president. Volumes have been written about this man and what he accomplished during his life. One significant achievement that few people know about is the care Washington took to ensure that his final affairs were in order and that those who relied on him were […]