As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
Estate Planning
Take These Four Steps to Create Your Estate Plan
A lot of people that do not have estate plans in place know that it is important. However, they procrastinate because they do not know how to proceed. It can be hard to enter uncharted waters. In this post, we will share four easy steps you can take to put your estate plan in place. Evaluate Your Resources You can probably make some projections with regard to the assets you will pass along to your loved ones. You should identify the property that will comprise your estate, and you may want to … [Read more...] about Take These Four Steps to Create Your Estate Plan
The Intersection of Asset Protection Planning and Estate Planning – Part I
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
Death and Your Digital Footprint
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
Pondering Portability
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more. … [Read more...] about Pondering Portability
Are There Any Probate Shortcuts in Oklahoma?
Most people think that they should use a will as an asset transfer vehicle. Unfortunately, many of them do not think about the estate administration phase. The executor that is named in the document will complete the hands-on tasks, and the probate court will provide supervision. It is important to have a basic understanding of the probate process when you are planning your estate. In this post, we will take a look at some of the exceptions to the rule with regard to the necessity of … [Read more...] about Are There Any Probate Shortcuts in Oklahoma?
What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate. … [Read more...] about What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
Adapt Your Estate Plan Based On the Beneficiaries
Some people think that you have to use a will when you plan your estate unless you are very wealthy. If there are drawbacks or limitations, that’s the way it goes. In reality, you have options, and you can provide for each inheritor in the ideal manner. Spendthrift Protections Every named beneficiary would receive lump-sum inheritances if you use a simple will with no other provisions. This can be disconcerting if you are going to be leaving inheritances to loved ones that are not particularly … [Read more...] about Adapt Your Estate Plan Based On the Beneficiaries
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
How Do I Title Thee…Part II
We often recommend a trust as part of a comprehensive Estate Plan. This article is the second in a two-part series that examines the effect that title has on an Estate Plan. The first step is understanding what forms of ownership your state recognizes and the potential benefits and detriments of each. The second is determining which form of ownership best accomplishes the goals of the client. Read on to learn more. … [Read more...] about How Do I Title Thee…Part II
