What Does SECURE 2.0 Have to Do with 529 Plans?
By now, you have likely heard about the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023). These pieces of legislation were created to encourage Americans to save for retirement and provide additional rules about how retirement accounts […]
What Can I NOT Do as Trustmaker of a Living Trust in Oklahoma?
Wills and living trusts are two of the most fundamental estate planning documents. While both accomplish the same primary objective in an estate plan of directing the distributions of your money and property to your desired beneficiaries after you pass away, a revocable living trust, often referred to simply as a living trust, provides added […]
How to Choose the Right Agents for Your Incapacity Plan
Many people believe that estate planning is only about planning for their death. But planning for what happens after you die is only one piece of the estate-planning puzzle. It is just as important to plan for what happens if you become unable to manage your own financial or medical affairs while you are alive […]
Why Snow White’s Father Should Have Had an Estate Plan
Many of us are familiar with the story of Snow White and the seven dwarfs. Central to the story is the relationship between Snow White and her stepmother. After losing his wife, the king decided to marry again to provide a motherly influence for his daughter, Snow White. While things were peaceful for a while, […]
Bills and Services to Cancel or Keep When a Loved One Dies
A loved one’s passing is challenging on many different levels. In addition to the emotional difficulty of processing someone’s death, there are also the many tasks that must be dealt with, such as going through their various accounts and taking the necessary steps to cancel them or transfer ownership. Most people subscribe to multiple digital […]
Should You Share Your Estate Planning Details With Loved Ones?
When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. Estate planning can be a complex and sensitive matter, so your choice may depend on your unique relationships with loved ones […]
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 […]