Make Gifts Your Family Will Love But the IRS Won’t Tax
Do not let political and financial speculation prevent you from making tax-free gifts to or for the benefit of your loved ones. Two of the main types of tax-free gifts are annual exclusion gifts and medical exclusions. Make Annual Exclusion Gifts Annual exclusion gifts are transfers of money or property in an amount or value […]
Pros and Cons of a Family Limited Partnership
Owning your own business or investment portfolio can be incredibly rewarding. However, to preserve the fruits of your labor and dedication, you must do everything you can to protect it. Whether you seek to protect yourself, your investments, and your family from taxes, creditors, or probate, a family limited partnership (FLP) is a strategy worth […]
3 Reasons we run away from estate planning
It can be hard to get motivated about your estate planning; for some people it sounds about as fun as getting a root canal. However, you also probably want to make sure that your loved ones are protected and receive your hard-earned money and property – regardless of whether you have $10 million or $10,000. […]
Planning for your family’s education
If postsecondary education is in your family’s future, whether for your children, grandchildren, or other family members, consider including one of the following tools in your estate plan. It can be an excellent way to help provide for the education needs of your loved ones. Irrevocable Gifting Trust Using either the annual gift tax exclusion […]
Who is on your Oklahoma estate planning team?
Who is on your Oklahoma estate planning team, and what does your team actually do to support you and help you plan for the future? This team includes your estate planning attorney, financial advisor, accountant, and insurance agent. They work together to make sure that you are protected during your lifetime and that your loved […]
Estate planning later in life
Estate planning later in life comes with unique questions and choices. Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you. The biggest question is: how do you protect your […]
Is a Defect a Good Thing? Intentionally Defective Grantor Trusts in Estate Planning
The notion that your estate plan contains a defect would not normally be welcomed as good news. But despite the moniker, an intentionally defective grantor trust (IDGT) can be an advantageous tool for minimizing estate taxes and maximizing the money and property that are passed on to a spouse, descendants, or other beneficiaries. The defect […]
Don’t Let Your Cryptocurrency Give You and Your Loved Ones Nightmares
Although cryptocurrency may be one of the latest investment strategies with great potential, for some individuals and their loved ones, investing in cryptocurrency has not gone as planned. The following stories are each a little different, but they all underline one simple warning: if you own cryptocurrency in Oklahoma, you need a plan. Impact […]
Who Should Be Your Successor Trustee?
If you have a revocable living trust, you probably named yourself as the initial trustee so you can continue to manage your financial affairs. Eventually someone else will need to step in when you are no longer able to act due to incapacity or after your death. Your successor trustee plays an important role in […]
5 Reasons to Create an Estate Plan
Todd thought estate planning was unnecessary. After all, his family and friends knew what he wanted, right? He trusted them to carry out his wishes after he was gone. Todd did not realize how not having an estate plan would affect his family. If he had, maybe he would have talked to an estate planning […]