Consider These 2 Life Insurance Examples
A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that the life insurance benefits will be available to the beneficiary when they die. Life insurance is an important financial and estate planning tool, but without […]
How to Avoid Estate Planning Scams in Oklahoma
Imagine spending thousands of dollars on an estate plan to protect loved ones, only to find that no true protection exists. Unfortunately, this scenario happens on a regular basis to individuals who are victims of estate planning schemes. According to a report conducted by the U.S. Consumer Financial Protection Bureau of people ages 50 and […]
Consider These Things Before Leaving Your Retirement Account to Your Minor Child
Your retirement account may be one of the most valuable things you own. Many people consider naming their children as the beneficiaries of these accounts because they think it is a way of easily transferring their wealth if something happens to them. However, there are some factors that make this type of transfer more complicated […]
How to Maintain Control of Your Estate and Keep Spouse #2 Happy
Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution for allowing the well-to-do spouse to maintain control of his or her property and wealth–but to also maintain marital harmony–is the “Lifetime QTIP Trust.” In the estate planning world a “QTIP Trust” (qualified terminable […]
Cryptocurrency and Your Oklahoma Estate Plan
In today’s digital age, many individuals hold significant assets in the form of cryptocurrencies. While these digital currencies offer unique benefits, they also present unique challenges when it comes to estate planning in Oklahoma. It’s important to address the following factors to ensure your digital assets are protected and accessible to your heirs: Assignment of […]
I’m a Survivor… and Now I Have My Own Trust
Many married couples share almost everything, including finances. This may be reflected in their Oklahoma estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: […]
What to Do When a Disability Throws Your Oklahoma Estate Plan into Chaos
As poet Robert Burns mused centuries ago, the best-laid plans of mice and men often go awry. Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency in life. A car accident, sudden illness, workplace injury, or chronic medical condition can force you to reevaluate the core assumptions you used to plan […]
What Does Dying Intestate Mean?
Most people in Oklahoma understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the consequences of passing away without a will or trust (which is called intestacy). If you […]
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 […]