You likely know what estate planning is and why it is so important to have an estate plan in place. Do you, however, know what legacy planning is? The idea behind the concept of legacy planning is to take estate planning to the next level. Legacy planning allows you to incorporate your ideals, beliefs, values, and faith into your estate planning endeavors. Instead of simply leaving behind assets, legacy planning lets you leave behind much more of who you are and what made you the person … [Read more...] about The Benefits of Legacy Planning
Each of us will die eventually. This article looks at how planning can make your passing easier for your loved ones. Specifically, this article will look at the importance of the manner in which assets are left for your loved ones. Your Planning Can Help Your Loved Ones … [Read more...] about Your Planning Can Help Your Loved Ones
As Oklahoma City living trust attorneys, we offer assistance with the creation of trusts as part of a legacy plan or as part of an asset protection plan. You work hard to acquire money and property, and it is important that you get the right legal help to ensure that you mitigate the risks that could cause you to experience financial loss. Far too many people do not realize they need an asset protection plan and that not having such a plan in place could jeopardize your future and your ability … [Read more...] about Five Questions To Help You Determine If Your Assets Are At Risk
Most people think about Estate Planning as a way to protect your money and stuff, passing it on to whom you want, when you want and how you want. Although traditional Estate Planning can certainly handle this, there are much more important things to think about than just financial assets. Passing on your Legacy is a revolutionary approach that plans for the monetary and emotional aspects of death. Listen in as Jerry Shiles, an Attorney with the Estate Planning and Elder Law Firm of Parman … [Read more...] about Why The Most Important Things In Life Aren’t Things
Sentimental property can be difficult to deal with when creating an estate plan. Many people find it much easier to distribute their highly valuable property than they do their items with sentimental value. How do you deal with such property when creating your inheritance or estate plan? Today we are going to take a look at several options you can consider that might help you determine how best to distribute sentimentally valuable property. Sentimental Property Lists It's typically best to … [Read more...] about What to do About Sentimental Property in Your Estate Plan
In this post we will look at the tax implications that may come into play when you are planning your estate as a married person. … [Read more...] about How Can I Leave My Estate to My Spouse Tax Free?
You can give to charities and gain estate tax benefits in the process. Let's look at the estate tax first of all so that you know how to determine whether or not you are actually going to be exposed to the tax. Most people are not going to have to pay the estate tax because today there is a relatively high exclusion. After the enactment of the American Taxpayer Relief Act of 2012, permanent estate tax parameters were put into place. … [Read more...] about Assist Charities While Gaining Estate Tax Efficiency in Oklahoma
Do you know how much you are worth? If not, you can find out with a very simple calculation. Knowing your net worth is an essential part of estate planning. This figure tells you if your loved ones will have to pay estate taxes, how much you could lose if you don’t protect your assets and how well your estate is doing from one calculation to another. Assets The first step of net worth calculation is evaluating the present value of every asset that you own. For financial and retirement … [Read more...] about How to Compute Your Net Worth
That, of course, all depends upon when you die, the value of your estate and who you leave your assets to. There is no estate tax for those who pass away in 2010 but it is expected to return in 2011 and, unless Congress steps in and makes changes, it will come back with a $1 million dollar exemption, considerably lower than the $3.5 million in 2009. But even if the estate tax does come back, only assets that exceed the exemption amount will be subject to the tax. If you have a modest … [Read more...] about Will My Loved Ones Have to Pay Taxes on My Estate?