What Is Charitable Planning?

Charitable planning is the process of organizing donations in a way that is financially efficient and aligned with your values. It often involves working with financial advisors, legal experts, or nonprofit organizations to determine the best ways to give—during your lifetime or as part of your estate.

This type of planning ensures that your contributions are impactful, sustainable, and structured according to your long-term objectives.

Why Charitable Planning Matters

Giving is more powerful when it is intentional. Charitable planning helps individuals:

• Support causes they deeply care about
• Maximize the impact of their donations
• Potentially receive tax benefits
• Create a lasting legacy of generosity
• Involve family members in philanthropic decisions

By planning ahead, donors can ensure their contributions continue to make a difference well into the future.

Common Charitable Planning Strategies

There are several methods individuals use to structure their charitable giving:

1. Direct Donations
The simplest form of giving—making cash or in-kind contributions to charities or nonprofit organizations.

2. Donor-Advised Funds (DAFs)
A flexible giving vehicle that allows donors to contribute funds, receive immediate tax benefits, and recommend grants over time.

3. Charitable Trusts
Trusts can be structured to provide income to the donor or beneficiaries while ultimately benefiting a charity.

4. Bequests in a Will
Including charitable gifts in your will ensures your legacy supports causes even after your lifetime.

5. Endowments and Foundations
Creating a private foundation or endowment fund allows for long-term, structured giving and greater control over how funds are distributed.

Benefits of Charitable Planning

Charitable planning offers both emotional and financial advantages:

• Personal fulfillment from supporting meaningful causes
• Tax efficiency, depending on local laws and regulations
• Financial control over how and when donations are made
• Legacy building that reflects personal values
• Family engagement, encouraging future generations to give

Who Should Consider Charitable Planning?

Charitable planning is suitable for anyone who wants to make a meaningful difference. It is especially valuable for:

• Individuals with significant assets
• Business owners
• Retirees looking to give back
• Families wanting to create a shared philanthropic vision
• Anyone passionate about social, educational, or environmental causes

Steps to Create a Charitable Plan

1. Define Your Goals
   Identify the causes and organizations you want to support.
2. Assess Your Financial Situation
   Understand what you can give without compromising your financial security.
3. Choose the Right Giving Method
   Select strategies that align with your goals and tax considerations.
4. Consult Professionals
   Work with financial advisors or legal experts to structure your plan effectively.
5. Review and Update Regularly
   Adjust your plan as your financial situation and priorities evolve.

Common Mistakes to Avoid

• Donating without a clear strategy
• Overlooking tax implications
• Failing to verify charitable organizations
• Not documenting intentions properly
• Ignoring long-term sustainability of giving

Final Thoughts

Charitable planning transforms generosity into a powerful, lasting force for good. By taking a strategic approach, you can ensure your contributions have maximum impact while also supporting your personal and financial goals. Whether through small, consistent donations or large, structured contributions, thoughtful planning allows you to leave a legacy that truly matters.

What Is a Legacy Planning Consultation?

A legacy planning consultation is a guided session with a professional—such as a financial advisor, estate planner, or legal expert—focused on preparing a comprehensive plan for the future. It typically includes reviewing assets, identifying beneficiaries, minimizing taxes, and ensuring that personal wishes are clearly documented and legally enforceable.

Why Legacy Planning Matters

Without a proper plan, families often face confusion, legal complications, and unnecessary financial burdens. Legacy planning helps to:

• Ensure assets are distributed according to your wishes
• Protect loved ones from legal disputes
• Minimize estate taxes and administrative costs
• Preserve family wealth across generations
• Support charitable or philanthropic goals

It also gives peace of mind, knowing that everything is in order.

Key Components of a Legacy Plan

A thorough legacy planning consultation covers several important areas:

1. Will and Estate Planning
Drafting a legally valid will is essential. It outlines how assets should be distributed and who will manage the estate.

2. Trusts
Trusts can help manage and protect assets, reduce taxes, and provide controlled distribution to beneficiaries.

3. Power of Attorney
Assigning someone to make financial or medical decisions on your behalf if you become unable to do so.

4. Beneficiary Designations
Ensuring retirement accounts, insurance policies, and investments are aligned with your overall plan.

5. Tax Planning
Strategizing to minimize estate and inheritance taxes.

6. Charitable Giving
Including donations or foundations as part of your legacy.

Who Needs a Legacy Planning Consultation?

Legacy planning isn’t just for the wealthy. Anyone with assets, dependents, or specific wishes for the future can benefit. It’s especially important for:

• Parents with young children
• Business owners
• Individuals with property or investments
• Those nearing retirement
• People supporting dependents with special needs

The Consultation Process

A typical consultation involves:

1. Initial Assessment – Reviewing your financial situation, family structure, and goals
2. Strategy Development – Creating a customized plan
3. Documentation – Preparing legal and financial documents
4. Implementation – Putting the plan into action
5. Ongoing Review – Updating the plan as life circumstances change

Common Mistakes to Avoid

• Delaying planning until it’s too late
• Not updating documents after major life events
• Overlooking digital assets
• Failing to communicate plans with family members
• Trying to handle complex planning without professional guidance

Final Thoughts

Legacy planning consultations are an essential step in taking control of your future. They ensure that your hard-earned assets are protected and your loved ones are cared for according to your wishes. By planning ahead, you not only safeguard your legacy but also provide clarity, stability, and peace of mind for those who matter most.

Five Signs It’s Time to Update Your Oklahoma Special Needs Plan

Planning for a loved one with special needs is never a one time task. It is a living legal structure that must grow and adjust as life changes. In Oklahoma, special needs planning is especially important because families must navigate state level benefits, federal regulations, and unique trust requirements. Even the strongest plan can become outdated when major life events occur.

Many Oklahoma families ask this question. How often should we update our special needs plan? While reviewing it every few years is ideal, certain life changes require immediate attention. Marriage, relocation, inheritance, financial shifts, or medical changes that require revisiting an existing plan are all examples.

Below are the five most important signs that your Oklahoma special needs plan needs a timely update.

Why Regular Updates Matter in Special Needs Planning

A special needs plan exists to preserve eligibility for benefits, protect long term financial security, and ensure continuity of care. Unlike traditional estate planning, special needs planning must respond to frequent changes in medical needs, living arrangements, and financial circumstances.

Failing to update your plan can result in loss of benefits, mismanagement of funds, or unnecessary conflict within the family. As Oklahoma laws and federal rules evolve, your documents must remain aligned.

The encouraging news is this. Updating your plan is usually simpler than creating a new one from scratch. The key is recognizing the signs that your current plan no longer fits your loved one’s needs.

1. A Major Life Change Has Occurred

Most families create a special needs plan early in life, but life transitions often require updates.

Life events that require an immediate review include

Marriage or divorce
Relocation to or from Oklahoma
Receiving an inheritance or financial gift
Purchasing a home, business, or large asset
The death of a parent, trustee, or guardian
Changes in household income or business growth
A sibling moving out or shifting caregiving roles

These moments directly influence how the trust should function and who should manage future care.

Why this matters

Many Oklahoma families depend on SSI, Medicaid waivers, and long term care programs. Major life changes may affect eligibility. If your plan does not reflect these updates, your loved one could lose vital benefits.

Realistic Oklahoma example

Mark, a Norman business owner, created a special needs trust for his daughter Alyssa when she was ten. Years later he remarried, moved back to Norman, and became part of a blended family. His new assets and new family structure made his original plan outdated. After reviewing the documents, Mark discovered that Alyssa’s trust needed updated language to meet current benefit rules. Without updating it, Alyssa’s future eligibility could have been jeopardized.

Life changes quickly, and your plan must adjust with it.

2. Your Loved One’s Medical or Support Needs Have Changed

Medical and care related changes are some of the most important reasons to update a special needs plan.

Common questions families ask include

What if my child receives a new diagnosis
What if their care needs increase or decrease
What if they now need in home care or different therapies
What if an adult care provider changes
Should the trust address long term housing needs

Medical changes may affect benefits, caregiving responsibilities, and future planning. If the plan no longer reflects current care levels, it may not fully protect your dependent.

3. Your Current Trustee or Guardian Is No Longer the Best Fit

Trustees and guardians may move, age, or experience life changes that affect their ability to serve.

Signs it may be time to update include:

The trustee has health issues
They moved out of Oklahoma
They are no longer available or willing
A more suitable person is now involved
Your family dynamic has changed

Choosing the right person is central to long term protection.

4. Your Financial Situation Has Changed

If your wealth, income, or assets have changed significantly, your special needs plan should also change.

This includes:

Starting or selling a business
Receiving an inheritance
Investments increasing in value
Large purchases such as land, farms, or rental property
New income sources

These changes may require updated trust instructions, new beneficiaries, or revised distributions.

5. Your Plan Is More Than Three Years Old

Oklahoma laws evolve. Federal regulations evolve. Benefit rules evolve.

If your plan is older than three years, it is wise to schedule a review.

Changes often include:

Updates to Oklahoma Medicaid rules
Revisions to SSI and SSDI qualification rules
Housing and care support guidelines
Trust distribution rules
Tax changes
Asset protection considerations

Even minor updates can prevent major issues later.

Why Waiting Too Long Creates Risk

A single outdated clause, an incorrect beneficiary, or an old guardianship designation can cause:

Loss of benefits
Family conflict
Legal delays
Unexpected costs
Interrupted care

Many families only discover problems during a crisis. A review today can prevent complications tomorrow.

Quick Checklist: Does Your Plan Need an Update

Update your plan if:

You experienced a marriage, relocation, inheritance, or medical change
Your trustee or guardian is no longer the best choice
Your finances have changed significantly
You started or sold a business
Your loved one has new long term care needs
You moved to or from Oklahoma
Your plan is older than three years

If any of these apply, an update is likely needed.

Work With Barrett Legacy Estate Solutions

Barrett Legacy Estate Solutions helps Oklahoma families build and maintain special needs plans that are protective, practical, and tailored to real life. Updating your plan does not have to feel overwhelming. A thoughtful review ensures your loved one is supported at every stage.

Whether you experienced marriage, relocation, inheritance, medical changes that require revisiting an existing plan, or simply want to confirm your documents are current, our team is ready to assist.

To schedule a consultation or request a review, contact Barrett Legacy Estate Solutions in Norman, Oklahoma.

When life is running smoothly, few people want to think about what could go wrong. Between raising a family, building a business, or preparing for retirement, it’s easy to push estate planning to the bottom of the to-do list. Yet, as any estate planning attorney in Norman, OK will tell you, waiting until “later” can have lasting consequences.

Estate planning isn’t just about who gets what when you’re gone. It’s about making sure your loved ones are protected, your wishes are honored, and your hard-earned assets stay where they belong — in your family’s hands. Whether you’re newly married, growing your business, or planning for retirement, having a clear estate plan in place before life changes can make all the difference.

The Cost of Waiting: Why Timing Matters

Many Oklahomans delay estate planning because they assume they’re too young, too busy, or don’t have “enough” assets to justify it. But the truth is that estate planning is less about wealth and more about protection.

Life can change overnight — through marriage, divorce, illness, business transitions, or even the birth of a child. Each of these milestones can shift how your estate should be managed.

Without a plan, the state decides for you. Oklahoma’s intestacy laws determine who inherits your assets and who handles your affairs, often leading to confusion, conflict, and court involvement.

A thoughtfully prepared estate plan prevents those outcomes and ensures that your family won’t be burdened with unnecessary legal or emotional stress.

What an Estate Plan Really Covers

A common misconception is that an estate plan is just a will. While a will is important, it’s only one piece of a complete strategy.

A strong estate plan addresses the many “what ifs” of life — both while you’re alive and after you’re gone.

Here are some key components that every Norman family should consider:

1. Last Will and Testament
   Your will names who inherits your assets and who will care for your minor children. Without one, the court decides — often in ways that don’t reflect your personal wishes.

2. Revocable Living Trust
   A trust allows your assets to pass directly to your chosen beneficiaries without going through probate. This not only saves time and money but also keeps your affairs private.

3. Financial Power of Attorney
   This document authorizes someone you trust to make financial decisions if you become unable to do so. It can prevent costly delays in managing bills, investments, or business operations.

4. Healthcare Power of Attorney and Advance Directive
   If you’re ever unable to communicate your medical wishes, these documents ensure your healthcare choices are respected — from life support preferences to end-of-life care.

5. Asset Protection Strategies
   For business owners and professionals, protecting your assets from lawsuits or creditors is essential. Tools like Domestic Asset Protection Trusts (DAPTs) and limited liability structures can shield what you’ve built.

A Norman Family’s Story: When Planning Ahead Paid Off

To understand how vital estate planning can be, consider the story of Mark and Lisa Johnson (names changed for privacy). Mark runs a construction business in Norman, and Lisa teaches at a local school.

Like many couples, they thought they didn’t need an estate plan yet. Their home was nearly paid off, their business was doing well, and they had two teenage kids — life was comfortable.

When their financial advisor recommended meeting with an estate planning attorney in Norman, OK, they were hesitant. But after learning how a revocable living trust could protect their home and business from probate, they decided to move forward.

Two years later, Mark unexpectedly suffered a stroke. Because their estate plan was already in place, Lisa could immediately access their joint accounts, manage business decisions, and make medical choices on his behalf — all without court intervention.

Their family avoided a lengthy legal process, and Mark’s business stayed stable during his recovery.

The Johnsons’ story shows that estate planning isn’t about expecting the worst — it’s about being ready for life’s unexpected turns.

The Hidden Consequences of Not Planning

When families delay planning, they often leave behind more than assets — they leave behind confusion and conflict.

Probate in Oklahoma can take months, sometimes years, and often costs thousands in attorney fees and court expenses. It’s also a public process, meaning anyone can access the details of your estate.

In contrast, establishing a living trust keeps your estate private and efficient. Your loved ones can focus on healing and honoring your memory instead of dealing with court dates and legal hurdles.

Beyond the financial implications, not having clear instructions can strain family relationships. Disagreements over property, heirlooms, or business ownership can quickly escalate when guidance is missing. Estate planning prevents that by giving your family clarity and peace of mind.

Final Thoughts

Every Norman family deserves the security that comes from a well-crafted estate plan.

It’s not about predicting the future; it’s about preparing for it with confidence and care. The peace of mind that follows is priceless — both for you and for the people you love most.

If you’re ready to take control of your future, contact Barrett Legacy Estate Solutions today to speak with an experienced estate planning attorney in Norman, OK.

Helping a Child with Special Needs Transition into Adulthood

Helping a child with special needs transition into adulthood comes with unique challenges and opportunities. At Barrett Legacy Estate Solutions, we often work with families who want to ensure that their child’s future is secure, well planned, and protected. When your child turns 18, many legal rights and responsibilities change. Until then, you have parental authority over most medical and financial decisions, but at 18 your child becomes a legal adult. That means you may lose access to certain decision-making powers unless proper planning is done early.

Why Turning 18 Matters

When a child with special needs reaches adulthood, the law recognizes them as capable of making their own decisions even if they are not ready for that responsibility. Without preparation, parents may find themselves unable to assist with medical care, benefits, or financial matters. This is why it’s important to understand what you need to do before your special needs child turns 18.

Review and Update Your Estate Plan

Start by reviewing your will, trust, and other estate documents. Make sure your plan reflects your child’s long-term needs and includes provisions for their care. Avoid leaving money directly to your child, as it could disqualify them from government benefits. Instead, ensure your estate is structured to support them safely and efficiently.

Create a Special Needs Trust

A special needs trust (SNT) allows you to set aside funds for your child without affecting their eligibility for programs like Supplemental Security Income (SSI) or Medicaid. The trust can cover extra expenses such as therapy, education, travel, or entertainment that benefits don’t cover. Choose a responsible trustee—someone who will manage the assets wisely and act in your child’s best interests. Setting this up before your child turns 18 ensures the trust is ready when needed.

Consider Guardianship or Power of Attorney

At 18, your child is legally an adult. If they are unable to make decisions independently, you may need to petition for guardianship or conservatorship. This gives you authority to make personal and financial decisions for them. If your child can make some decisions, consider a durable power of attorney or medical power of attorney to allow shared control. Working with an attorney helps determine which option best fits your family’s situation.

Review Public Benefits and Services

Eligibility for benefits such as SSI and Medicaid often changes at age 18. You should review your child’s income, assets, and benefits before their birthday to prevent disruption. You may also want to explore programs for adults with disabilities, including employment support, housing, and life-skills training. Setting up an ABLE account can help your child save money while maintaining benefit eligibility.

Prepare a Letter of Intent

A Letter of Intent is not a legal document but an essential guide for future caregivers. It should describe your child’s personality, routines, health needs, interests, and goals. Include details about medications, therapy, education, and living preferences. This letter helps anyone stepping into your role understand how to best support your child. Updating it regularly ensures it stays accurate and useful.

Align Family Finances and Business Planning

If you are a business owner or have significant assets, align your estate plan with your business succession and financial goals. Consider how your assets will support your special needs child while maintaining balance for other family members. Coordinate with your financial advisor and attorney to avoid conflicts between your personal, business, and special needs planning.

Example: The Thompson Family

John and Lisa Thompson from Norman, Oklahoma, own a small construction business and have a daughter, Sarah, who has autism. At age 16, they met with Barrett Legacy Estate Solutions to create a comprehensive plan. Together they established a special needs trust, appointed Lisa’s sister as trustee, and filed for limited guardianship. They also coordinated their life insurance and business interests to fund Sarah’s trust in the future. When Sarah turned 18, all legal and financial protections were in place, allowing the family to focus on her transition to adulthood with confidence and peace of mind.

Communicate and Review Regularly

Planning for a special needs child is not a one-time task. Laws change, benefits shift, and your child’s needs evolve. Schedule annual reviews with your estate planning attorney to ensure your documents remain accurate and effective. Update trustees, guardians, or beneficiaries when circumstances change.

The Importance of Acting Early

Waiting until after your child turns 18 can create unnecessary stress and legal complications. Acting early allows time to gather information, prepare documents, and coordinate professionals who can guide you through the process. It also gives your child the opportunity to participate in discussions about their future.

Working with Barrett Legacy Estate Solutions

Our firm helps Oklahoma families protect their assets and create customized plans for their loved ones with special needs. We combine compassionate understanding with legal precision, guiding you through estate planning, special needs trusts, and guardianship procedures. Whether you are a parent, business owner, or professional, we will help you secure your family’s future with clarity and confidence.

Final Thoughts

Your child’s 18th birthday marks a major milestone. Planning ahead ensures that both you and your child are prepared for this transition. By addressing legal, financial, and personal needs before your special needs child turns 18, you set the foundation for lifelong support, stability, and peace of mind. Families who act early often say the best gift they gave their child was protection and independence made possible through thoughtful planning. Contact us today!

Estate planning is not just about protecting and distributing assets; it’s also an opportunity to leave a lasting impact on the causes and organizations that matter most to you. By incorporating charitable giving into your Oklahoma estate plan, you can make a lasting impact on organizations that promote education, healthcare, arts and culture, social services, and countless other worthy causes.

Benefits of Charitable Giving in Oklahoma Estate Planning:

• Tax Advantages: Charitable giving offers substantial tax benefits for both the donor and their estate. When structured correctly, charitable donations can reduce estate taxes, lower income taxes, and provide immediate tax deductions.
• Philanthropic Legacy: Through charitable giving, you can create a legacy that reflects your values and priorities. Your estate plan can ensure ongoing support for organizations and causes that you hold dear, allowing your charitable impact to continue long after you’re gone.
• Family Values and Unity: Charitable giving can promote family unity and pass on important values to future generations. Involving your family in philanthropic activities and establishing charitable foundations or funds can foster a sense of shared purpose and instill a spirit of giving in your loved ones.

Strategies for Charitable Giving in Oklahoma Estate Planning:

• Charitable Bequests: One of the simplest ways to include charitable giving in your estate plan is through a charitable bequest. You can designate a specific dollar amount, a percentage of your estate, or even specific assets to be transferred to a charity or charities of your choice upon your passing.
• Charitable Trusts: Establishing charitable trusts, such as a Charitable Remainder Trust (CRT) or a Charitable Lead Trust (CLT), provides additional flexibility and control over your charitable giving. These trusts allow you to provide income to beneficiaries during their lifetimes while ensuring that the remaining assets ultimately benefit your chosen charities.
• Donor-Advised Funds: Donor-Advised Funds (DAFs) offer a convenient way to manage your charitable giving. By contributing to a DAF, you receive an immediate tax deduction and can recommend grants to your preferred charities over time, even involving your family in the decision-making process.
• Charitable Foundations: For individuals with substantial assets and a long-term philanthropic vision, establishing a private charitable foundation may be a suitable option. Private foundations allow for greater control and involvement in charitable activities, but they also involve more administrative responsibilities.

Charitable giving has the power to leave a lasting impact, not only on the organizations and causes you support but also on your own legacy. Incorporating charitable giving into your Oklahoma estate plan allows you to make a meaningful difference while maximizing tax benefits and passing on important values to future generations.

We are dedicated to helping individuals create estate plans that reflect their philanthropic aspirations and make a positive impact on their communities.

Updated 10/3/2023

Owning real estate continues to be a very popular investment vehicle for individuals and couples alike. One attractive feature of investing in real estate is that investment property can also double as a personal residence. In other cases, real estate investments may be rental, recreational, commercial, or farm properties. Whatever the case, it is important to understand that real estate can be owned in several ways, each of which has important legal consequences when it comes to leaving that real estate to your loved ones upon your death. Failing to understand how you legally own your real estate and how it will be passed on to your loved ones can lead to unintended, and often negative, consequences.

First, let’s look at outright gifts at death. 

1. Gifts In Your Will

Leaving real property to someone at your death can be accomplished through your last will and testament. Your attorney can help you create the proper testamentary language to direct that ownership of a certain parcel of property be transferred to your chosen beneficiary. This method is very straightforward and often less expensive than other methods.

However, making this kind of gift in a will requires the person in charge of your property when you die (your executor or personal representative) to submit your will to the probate court to secure the legal right to make the transfer according to the terms of your will. Probate can be expensive, time-consuming, and open to public view.

It is also important to ensure that the property’s recipient knows to have the real estate appraised as soon as possible after your death so that capital gains taxes can be properly calculated in case the property is later sold.

2. Gifts from a Trust

Many trusts are designed to serve as a substitute for a will by directing who among your loved ones should receive certain items of property at your death, including real estate. The trust document can specify who should receive your real estate. The trustee will then transfer the property to your designated recipient according to any directions you have included in the trust document.

One of the primary benefits of a trust is that, as long as you transfer your property’s title to the trust before you die, the trustee will have all the necessary power to make the post-death transfer to your intended beneficiaries. Probate will be unnecessary, saving your estate and trust beneficiaries significant costs and delay.

3. Gifts Using Transfer-on-Death or Beneficiary Deeds

A growing number of states, including Oklahoma, have passed laws that allow a real estate owner to record with the local land records office a deed that allows the real estate to be transferred automatically to a named beneficiary at the death of the original land owner. This method for transferring real estate outright to the person whom you intend to receive it at your death can be very simple and cost-effective. Not every state allows this type of transfer, so it is important to check your state laws or consult with an attorney knowledgeable in this area before attempting to use such a tool.

It is also important to note that this type of transfer at death cannot protect the property from the new owner’s creditors. If asset protection for your loved one is an important factor, a transfer-on-death deed may not be the best solution. Typically, only a trust can provide its beneficiaries with protection against creditors.

4. Gifting Real Estate to Multiple Individuals

In some cases, you may want to transfer your real estate to more than one person at your death. For example, suppose you have a treasured family cabin that you and your adult children have all enjoyed for years. You may want to leave the cabin to the children in equal shares so they can continue enjoying it throughout their lives. It is crucial, however, that you carefully consider the various options for joint ownership before you decide how to pass it to them.

Tenancy in Common is a frequently used option for joint ownership among individuals who are not related by marriage. This type of real estate ownership allows each joint owner to access and enjoy use of the entire property even though they may own only a fraction of it. However, if a joint owner dies, that person’s share will pass to their own heirs or beneficiaries rather than to the other joint owners. In the cabin example above, all the decedent’s children would have equal access and right to use the family cabin. They would also bear equal responsibility for maintaining the property and sharing in any liabilities associated with the property, such as property taxes. And ultimately, any co-owner could sell or pass on their share in the property in whatever way was in their own best interest.

Joint Tenancy is another form of joint ownership that, similar to tenancy in common, allows all joint owners the legal right to use and enjoy the property. Joint tenancy differs from tenancy in common primarily in that, when a joint tenant dies, that tenant’s interest in the property legally passes to the other joint tenants. In the cabin example, the siblings who inherited the cabin property as joint tenants could use and enjoy the property (and share in its maintenance and liabilities throughout their lives, but as soon as one of them dies, that person’s share of the property would pass to all the other joint owners, with the last joint owner to die receiving the entire property to gift or pass to anyone in any way. This situation may or may not be desirable, depending on the family dynamics. While it may be perfect for some situations, this right of survivorship can unfairly favor the youngest or naturally healthiest individual among the group of joint tenants.

It is also important to understand that a joint tenancy can be severed by any joint tenant through the sale or transfer of that individual’s joint interest without the consent of the other joint tenants, leading to confusion and animosity among the joint tenants if expectations are not clearly set and agreed to from the beginning.

Tenancy in the entirety is a form of joint ownership available only to married couples, but it is not available in every state. Where it is available, however, it can be a very useful method of joint ownership. It is very similar to joint tenancy with rights of survivorship in that, upon the death of one joint owner, the other joint owner automatically receives ownership of the entire interest in the property. However, unlike joint tenancy, tenancy in the entirety prevents one of the joint owners from unilaterally severing the joint ownership.

This feature can be particularly useful when one of the joint owners is sued, because tenancy by the entirety provides unique creditor protections to the other joint owner. When one of the joint owners is sued by a creditor attempting to foreclose on the property, the creditor will typically be prevented from foreclosing, because the other joint owner’s interest in the entire property cannot be involuntarily subjected to the creditors of the defendant joint owner.

The other main type of gifting is done through Life Estates and Remainder Interests.

Life Estates

A life estate is a less-common, but potentially very useful, method of gifting an interest in real estate. This method is often implemented when the property is owned by a trust. However, a life estate can also be established by a properly drafted deed recorded in the local county records office. In either case, the legal document that creates the life estate specifies that an interest in the property has been transferred to a specific individual for life. Recipients of life estates have the legal right to use and enjoy the property as if it were their own throughout the remainder of their life. However, the donor of a life estate does not transfer all rights in the property.

For example, the recipient of a life estate typically has no right to sell, transfer, or borrow against the property, or determine to whom the property will pass upon the termination of the life estate. Those rights are reserved to the donor of the life estate. In many cases, the legal document that establishes the life estate (e.g., the trust document or the deed) will also name a third party to whom the remainder interest (the interest not included in the life estate) will pass when the recipient dies. If there is no named remainderman, the remainder interest typically reverts to the original owner.

A life estate can be very useful in a number of situations, including the following:

• Long-term Care (when someone wants to qualify for Medicaid)
• Blended Families (where one domestic partner or spouse wants to ensure that the other partner or spouse maintains enjoyment of the residence for life, with the remainder interest passing to the first partner’s or spouse’s children)
• Family Farms (where one child wants to farm the land for life and the parents want the land to pass to other descendants upon the death of the child who does the farming)

The discussion above is only an introduction to the variety of methods that real estate can be transferred to and owned by individuals. With so many options available, transferring real estate to your loved ones does not have to be a one-size-fits-all approach. You can create a highly customized method for passing on your valuable real estate in a way that best aligns with your individual circumstances and estate planning goals. And while the variety of options available can be overwhelming at first, we are here to help you every step of the way.

You can learn more about us on our website: https://www.tylerrbarrettlaw.com

Among superheroes, Batman is unique because he has no superpowers. Although he is trained in the martial arts and possesses a range of high-tech gadgetry that allows him to fight crime, Batman is entirely human. He does not have genetic mutations, X-ray vision, overpowering physical strength, flying ability, genius-level intellect, or any other god-like powers.

But Bruce Wayne does possess something that is key to his moonlighting as Batman: money. As the heir to an enormous fortune, Wayne is one of Gotham’s wealthiest citizens. He is also a major philanthropist who donates money to various causes. While his philanthropy is overshadowed by his masked vigilantism, neither would be possible without the money left to him by his parents.

Carrying on the family legacy means different things to different families. You probably do not want your heirs to follow in the footsteps of Batman—at least when it comes to crime fighting. You might, however, want to inspire them to the philanthropy of Bruce Wayne. If so, your estate plan should be structured in such a way that it gives your loved ones the finances—and the flexibility—to do good on their terms.

Batman’s Birthright

Bruce Wayne developed the ability to overcome powerful foes, but he does so primarily through his personal drive and ingenuity, with an assist from his family fortune, which he inherited at age eight when his parents, Martha and Thomas, were killed. Also instrumental in his development was Alfred, the family butler who became his legal guardian. Alfred looked after Bruce at the family mansion, Wayne Manor, while he was growing up.

The Batman universe is vast, and there are different versions of this hero’s journey. In the Christopher Nolan cinematic trilogy, Bruce blames himself for his parents’ death and abandons Wayne Enterprises, the multibillion-dollar company his late parents bequeathed to him. Bruce then travels to the Far East and trains with Ra’s al Ghul and the League of Shadows, leaving Alfred to tend to Wayne Manor.

After nearly a decade away from Gotham, Bruce returns and accepts his place as the rightful head of Wayne Enterprises, a vast holding company for his inherited wealth. Wayne Enterprises has numerous branches, including Wayne Technologies, which Batman uses to acquire new crime fighting technologies, like the Batmobile, grapple guns, an armored suit, and explosives. Forbes ranks Wayne Enterprises as the eleventh-largest fictional company, valued at more than $31 billion.

Bruce Wayne as Philanthropist

There is plenty to suggest that, in addition to fighting bad guys in his Batsuit, Bruce Wayne used his billions to improve Gotham in other ways.

The Wayne Foundation, a holding company for the Thomas Wayne Foundation and the Martha Wayne Foundation, addresses social problems. The Thomas Wayne Foundation is focused on medicine, and it funds free clinics throughout Gotham. The Martha Wayne Foundation supports arts and education, including orphanages and free schools.

There are multiple examples of Bruce directing Wayne Foundation resources to help needy Gotham residents. These include funding drug rehab clinics, rebuilding the city’s viaduct, and even sending money to an overseas refugee camp. Bruce Wayne has built hospitals, libraries, and orphanages, and every Wayne Enterprises employee has their college education paid for in full.

Some have argued that Bruce could have better served Gothan by using his fortune to do more philanthropic work. Yet a pivotal part of the Batman mythology is Bruce’s conclusion that giving money away to charity did not get to the root of the corruption plaguing Gotham. Crime bosses like Carmine Falcone and the Joker cannot be bought. They rely on intimidation and operate outside of the law.

Thus Batman was born. Throughout the Batman storyline, it is made clear that his philanthropy complements his crime fighting. Batman does what Bruce Wayne the philanthropist cannot do, and Bruce Wayne the businessman uses his money to fund legitimate causes that help Gotham citizens in ways beyond beating up bad guys.

Inspiring the Bruce Wayne in Your Life

One of the top deathbed regrets revealed by a longtime hospice care social worker is that people wish they had done more for others. The social worker reveals how many patients made the dying decision to donate money to a charitable cause so they could make a difference before it was too late.
The good you do in the here and now can not only make a difference in the lives of those you support, but it can also inspire the next generation to follow in your charitable footsteps, just as Bruce Wayne was inspired by his parents’ efforts to make Gotham a better place.

Martha Wayne, for example, worked at a free medical clinic and organized fundraisers. Thomas Wayne instructed Bruce to “honor the Wayne Family legacy, and commit yourself to the improvement of Gotham City, its institutions, and its citizens. Invest in Gotham, treat its people like family. Watch over them and use this money to safeguard them from forces beyond their control.”

Thomas Wayne implored his son and heir to take care of Gotham but did not give a specific prescription for doing so. If he had, there is no doubt that this plan would not have included his son becoming Batman. Nevertheless, if Bruce had been duty bound to sit behind a desk at the Wayne Foundation and follow his late father’s dictates, rather than having the freedom to use his wealth as he saw fit, Gotham may well have been worse off.

This does not mean you cannot nudge people in the right direction. Incentives in your estate plan can reward a loved one for doing charitable work, without telling them exactly what work to do. You could, for example, add a provision directing additional money and property to a child or grandchild who dedicates a certain number of hours per week, month, or year to a charitable cause. You could guarantee their material needs will be provided for if they take up full-time charity work in lieu of a career. Or, like the Wayne Foundation, you could pay for their college education in exchange for service.

With Great Wealth Comes Great Responsibility

Those fortunate enough to have money to spare may feel a sense of responsibility to the wider community beyond their own family. The example you set in this life can resonate far into the future as your loved ones continue to give time and money to charities. You can also structure your estate plan in such a way that makes giving back a family tradition, even when you are no longer around.

If philanthropy is near and dear to your heart and you want your loved ones to carry on the spirit of giving, your estate plan should reflect your charitable goals.

While inspiring a real-life Batman is probably not on the agenda, our attorneys are here to ensure that your legacy of generosity is reflected in your estate plan. We can identify planning tools that maximize tax savings and leave more money for charitable giving.

A lifelong Oklahoman, there is no place Tyler would rather call home. Sometimes, however, the world beckons (especially during Oklahoma’s cold, dreary winters). Although estate planning may be the last thing on your mind when preparing for a global excursion, it is an important consideration. Below are myths and frequently asked questions that show why.

Myth #1: International travel is no different than domestic travel.

False. Although all travel requires planning and can involve risk and complications, international travel requires taking extra steps and addressing additional considerations. First, you will need a passport prior to your travels. If you already have a passport, you need to make sure that it is current. A passport is valid for ten years for adults. If you do not already have one, you will need to complete an application and submit a photo to the State Department. It may take seven to ten weeks to get your passport, or four to six weeks if you pay a fee to expedite the process. Because of the long processing time, you must obtain or renew your passport well in advance of your trip.

Second, an international destination is most likely farther away than a domestic location. Because of the distance, it may be more difficult to handle emergencies that occur back home while you are away. Having a proper Oklahoma estate plan can ensure that your trusted decision makers will act on your behalf while you are away so that emergencies can be addressed as quickly as possible even if you cannot immediately return home.

Third, because of the complexities that can arise with international travel, it may be more prudent to purchase travel insurance. You may have more connecting flights that could result in delayed travel, visit places with risky weather, or have a packed itinerary that could easily be interrupted if something should come up. Insurance will not prevent issues from occurring, but it may be able to compensate you should you suffer a financial loss due to an unexpected issue.

Question #1: What planning should I do if I am going to leave my minor child in the United States while I vacation abroad?

When leaving your minor child with a trusted person, the person must have the authority to fully care for your child while you are away. This includes seeking medical treatment, signing school permission slips, etc. Choosing a person to watch over your child does not automatically give that person the requisite authority to carry out their duties. Most states have a legal document, the name of which varies by state, that you can complete to name someone as a temporary guardian of your minor child. This official document shows that you have delegated to them the authority to care for and make decisions for your child. It is important to remember that this document is only effective for a specific period of time (six months to one year, depending on your state’s law), so you may need to sign a new document before the current document expires. It is also important to note that, although this document allows you to delegate the responsibility to care for your child, it does not mean that you are no longer able to care for your child. The authority you delegate is in addition to your legal rights to care for your minor child—the person you choose is a backup.

Further, if you are going to be traveling, especially without your minor child, it is essential that you have proper estate planning documents and that they are up to date. A last will and testament is an important component of a comprehensive estate plan because this document can be used to nominate a guardian for your minor child at your death if the other legal parent is unable to care for the minor child. However, in Oklahoma a last will and testament only becomes effective at your death. What’s more, Oklahoma law requires probate for a last will and testament.

Oklahoma law allows you name a person to be your minor child’s guardian in a separate writing that is referenced in your last will and testament. One benefit to this approach is that you do not have to update your last will and testament if you only want to change the minor child’s guardian. This document could be used to let a court know your choice for a guardian if you are alive but unable to care for your child and the other legal parent is also unable to care for the child.

Question #2: What items might I have missed that I should add to my to-do list in preparation for my trip?

In addition to the typical tasks you may do before your trip such as stopping the mail delivery and adjusting your home’s thermostat, you should be sure to take care of the following:

● Meet with an experienced Oklahoma estate planning attorney to create an estate plan or update an existing estate plan
● Legally appoint someone to handle your financial matters while you are away
● Research how to name a medical decision maker in the country you will be visiting if you will stay in that location for a significant period
● Contact your health insurance company to see if they will cover you while you are traveling in another country
● Research and decide whether travel insurance is necessary or advisable for your trip
● Review any existing life insurance policies to make sure that the beneficiaries are properly named and that the activities you take part in during your trip (i.e., bungee jumping, rock climbing) will not void coverage
● Apply for or renew your and your child’s passport
● Have the proper documentation prepared to legally give someone the ability to make decisions for your child while you are away

Getting ready to embark on your next great adventure? Before you zip up the last suitcase, here are five issues you need to address to protect yourself and your loved ones.

Do you have a foundational estate plan? Has it been reviewed?

An estate plan is a set of instructions memorialized in legal documents that explains to your trusted decision makers and loved ones your wishes about your care, the care of any dependents, and how your money and property should be handled.

Last will and testament

Depending on your unique situation and needs, you may have a last will and testament (also known as a will) as the foundation of your estate plan. This document allows you to name someone to wind up your affairs (i.e., gather your belongings for safekeeping, create a list of everything you own, pay your outstanding bills and taxes, and give the remainder to the individuals and charities you have chosen). You can also name a guardian for your minor children if you have any. Because a will takes effect only at your death, using a will to outline your wishes will likely still require your loved ones to go through the probate process (a court process that can be expensive, time-consuming, and public) to carry them out.

Revocable living trust

On the other hand, you might have a revocable living trust as the basis of your estate plan. A revocable living trust is an entity that owns your accounts and property. In order for your trust to own your accounts and property, they will either be retitled in the name of your trust (instead of in your sole name) or the trust will be named as the beneficiary that will receive money and property at your death. Your trust instrument provides your chosen decision maker (trustee) with instructions for how to operate the trust. In the beginning, you can serve as the trustee of your own trust, which means that you are still able to control what happens to the accounts and property owned by the trust. Additionally, you can continue to benefit from the accounts and property because you are also a trust beneficiary. In the event you are unable to manage the trust (i.e., are incapacitated) or you die, someone you have chosen ahead of time can step in as trustee and continue managing the trust for your benefit (if you are still living) or for your chosen beneficiaries (at your death), without court involvement. Because the trust will be the owner or beneficiary of almost everything, for probate purposes, you will die owning nothing. If you own nothing in your sole name, there is nothing that has to be transferred through the probate process. A trust becomes effective as soon as you sign the trust agreement.

Review your documents

Because life circumstances often change, it is important that you periodically review your existing estate planning documents. Do they still reflect your wishes? Have there been any major changes in your life that might necessitate another look at your documents? Also, if you have a revocable living trust as part of your estate plan, it is crucial that any accounts or property that are supposed to be owned by the trust have been properly retitled and, if there are any accounts or property that should name the trust as a beneficiary, the appropriate paperwork has been completed.

Can someone manage your financial affairs when you cannot?

If you are out of the country, it will likely be more difficult to handle your personal financial matters (e.g., writing a check for rent, following up on an insurance claim, etc.). However, just because you are unable to do these things does not mean that no one else can do them for you.

A durable financial power of attorney enables you to name a trusted decision maker to handle your financial matters. When crafting a financial power of attorney, your estate planning attorney will discuss when you want the document to be effective. In some states, you can choose to give your trusted decision maker the authority to act on your behalf immediately or only upon the occurrence of an event (which is usually a determination that you are no longer able to manage your own affairs). In the case of international travel, you may want to consider giving the power immediately so that your chosen decision maker can respond as soon as there is an issue, regardless of whether you are capable of making a decision for yourself. In addition, you can tailor how much authority you give your chosen decision maker in the financial power of attorney. You may want to limit the person’s authority to actions related to a specific transaction, such as a real estate closing, or you may want to allow that person to carry out almost anything you could do for yourself. This is a personal decision based on your unique circumstances.

How will you manage your health while you are away?

Even the healthiest person can develop a health issue while traveling. This is why it is important for you to choose a trusted decision maker to make medical decisions for you. A standard estate plan typically includes a medical power of attorney that appoints a person to make medical decisions, a living will or advance directive document that gives instructions for your end-of-life wishes, and a HIPAA authorization form that grants named individuals the right to obtain your private healthcare information. These forms can be state-specific and may not be accepted in another country, so if you are traveling internationally and will be staying in a particular country for a long period of time, it may be beneficial to look into how to name a medical decision maker under your vacationing country’s laws.

Another thing to consider is whether your health insurance will be accepted overseas. In some cases, your health insurance may be valid only in the United States. It is important that you research this and, if necessary, look for a short-term policy that will cover you while traveling.

Speaking of insurance, do you have adequate insurance?

In addition to health insurance, there are two other types of insurance that may be important for protecting yourself while you are traveling. First is travel insurance. International travel can be more complicated than domestic travel, and having additional insurance can help you navigate the curve balls life can sometimes throw at you. Depending on the cost of your trip and the items you are taking, getting travel insurance may save you money in an emergency.

Life insurance is also important to have and review. It is essential to fill out your beneficiary designations correctly so your loved ones will receive what you want in the way you want. It is also important to review the policy terms to see whether any of the activities you want to engage in while on vacation will void your coverage. Sometimes insurance companies will not pay out if the insured has engaged in extreme activities like bungee jumping, skydiving, and scuba diving. This means that if you are in an unfortunate accident while engaged in one of these activities, your loved ones may receive nothing.

What arrangements have you made for your minor children?

If you have minor children, taking care of them does not stop when you go on vacation. If your minor children will be traveling with you, they will likely require a passport. It is important to remember that a passport for a child needs to be renewed more frequently than a passport for an adult. Also, some countries may require proof that you are the children’s parent or legal guardian. With the threat of international kidnappings and human trafficking, customs officers want to ensure that children remain safe when traveling internationally.

If your minor children will be staying with someone while you are traveling, it is important that you have the proper documentation in place so the chosen adult can fully care for your children. Many states have a document that will allow you to designate someone to make medical and other decisions on your minor children’s behalf on a temporary basis. The document’s name and effective duration can vary by state, but having this document can ensure that whomever you leave your child with will be able to fully care for your children in your absence.

Additionally, whether you are traveling or not, it is important that you have a last will and testament that designates someone to care for your minor children in the event you and their other legal parent die or are unable to care for them. Some states allow you to name someone to care for your minor children in the event you die or are otherwise unable to care for them in a document other than a last will and testament, such as a durable power of attorney or nomination of guardian. Although these documents will not avoid court involvement, they will help ensure that your wishes are honored.

We know that preparing for international travel has a lot of moving parts. We want to offer our assistance to ensure that you are properly protecting yourself and those you love during your amazing journey. Give us a call to schedule an appointment before you go.