There are two different ways to handle the estate planning process. You can take a bare-bones approach and state your final wishes in a simple will and let the chips fall as they may. The other option is a more comprehensive, thoughtful approach that takes other facets of your life into account. If you take the time to cover all of your bases, you can ease the burden on your loved ones during a time when they will be grieving. One of the details that you can address in advance is the matter … [Read more...] about Do You Have Final Arrangement Preferences?
Most adults today have not set up their estate plans. Many fail to take action because they don’t understand why it is important. In this post, we will share five attention-getting reasons why you should put a plan in place if you are currently unprepared. Prevent a Confusing, Tangled Situation If you pass away without any estate planning documents at all, the condition of intestacy would exist. Your family members would have to scramble to try to figure out how to proceed and who would … [Read more...] about Five Reasons to Put an Estate Plan in Place
Different methods that can be used to transfer assets to the people on your inheritance list. A perfectly acceptable way to get a bequest into the hands of one person may be very wrong for another. This becomes clear when providing for a person with a disability. We will look at the details in this post. Government Benefit Eligibility People with disabilities need health insurance, but a significant percentage of them cannot work. This means they can’t get health insurance through their … [Read more...] about Special Needs Planning Demystified
When you think about estate planning for pets as a young person, it may sound strange. But for senior citizens, this can become very relevant. A Cure for Loneliness Many elders experience loneliness after losing loved ones, and this can cause distress and lead to depression. Pet ownership can provide an ideal solution with sweeping benefits. Basic companionship is a large part of the equation, but there are other considerations. If the pets are dogs, they will need exercise, so the dog … [Read more...] about An Overview of Estate Planning for Pets
Now that we have a new administration and slim Democratic majorities in both chambers of Congress, there are some shifting taxation priorities. Of course, there is formidable resistance from the other side of the aisle. There are those clamoring for more taxes on the wealthy and proposals that would expand federal transfer taxes. In this post, we will look at potential changes to the federal estate tax exclusion and the step-up in basis. Potential Exclusion Reduction The federal estate tax … [Read more...] about New Majority May Push for Transfer Tax Expansion
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we explain why this piece of legislation is something to consider as part of your estate plan. Advance Directives for Health Care Everyone is well aware of the fact that an estate plan facilitates final distribution of your assets. However, a proper estate plan also addresses eventualities you may face toward the end of your life. While difficult to think about, people usually do not … [Read more...] about What Is a HIPAA Release?
The simple will or last will and testament is the document most people think of when they think of estate planning. In this post, we will look at the legal requirements for executing a will and a viable alternative. Purposes and Basic Requirements A will can be used to record how you want your monetary assets to be transferred after you pass away. If you create a will, you name an executor to act as the estate administrator. You can also designate a guardian for minor children in a will. … [Read more...] about What Are the Legal Requirements for a Will in Oklahoma?
Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. by Steve Hartnett Ordinarily, charitable deductions are only available as an itemized deduction. When you file your federal taxes, you have an option to take itemized deductions or the standard deduction. The standard … [Read more...] about It’s Better to Give, Especially This Year
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. by Steve Hartnett Young nurse is taking elder man’s blood As Americans grow older, more and more of us need help with our daily activities. It could be a little help or a lot of help, depending on the situation. Of course, the level of assistance we need … [Read more...] about How Will You Obtain the Care You Need?
If you are in the process of creating, or adding to, your estate plan, you will need to decide what to do with your estate planning documents when the plan is complete. Like most people, you probably keep other valuables in your safety deposit box, making that an obvious choice. The Oklahoma City estate planning attorneys at Parman & Easterday explain why your safety deposit box is not the safest place for your estate planning documents. Your Estate Planning Documents In many … [Read more...] about Why Your Safety Deposit Box Is Not Safe