One common reason to create an estate plan is to ensure that your assets are used to provide for loved ones after you are gone. Making direct gifts within your estate plan is one way to do that. There are times when you may not want to make a direct gift if the assets are valuable or the beneficiary is unprepared to manage the assets. An Oklahoma City trust attorney at Parman & Easterday explains how you can use a living trust to stagger an inheritance instead of gifting it … [Read more...] about Staggering an Inheritance Using a Living Trust
Living Trust
Can Living Trusts Help You In Case of Incapacity?
Living trusts help you protect your assets and make sure they are able to be managed if you become incapacitated. According to the Alzheimer's Association, one in three seniors dies with Alzheimer's or some type of dementia. Over 70% of those 60 or older will require long term care before they die. Illness or injury can strike at any time and can strike anyone of any age. If you do not have a plan to ensure someone can manage your money and property, your … [Read more...] about Can Living Trusts Help You In Case of Incapacity?
Incorporating Your Revocable Living Trust Into Your Incapacity Plan
When you create a comprehensive estate plan you will be able to use your revocable living trust as a part of your incapacity planning protections. A revocable living trust, also called an inter vivos trust, or more simply just a living trust, plays a key role in protecting your estate from unnecessary probate complications. It also allows you to exert some control over what happens to your property in the event you lose capacity. Today we are going to take a closer look at why your revocable … [Read more...] about Incorporating Your Revocable Living Trust Into Your Incapacity Plan
Why a Revocable Living Trust May Not be Right For You
A lot of attention has been given to revocable living trusts in recent years. While these are excellent estate planning tools, revocable living trusts may not be right for everyone in every situation. A properly created and funded revocable living trust offers several key benefits, but that doesn't mean everyone needs one. Here are several reasons why a revocable living trust may not be right for you. A Revocable Living Trust May Not be Right For You: You Have a Small … [Read more...] about Why a Revocable Living Trust May Not be Right For You
What Is a QTIP Trust?
There is an ideal estate planning solution for every scenario that may exist. Life is not a cookie-cutter affair. People go through life changes, and these changes can require estate plan updates. Various different strategies can be implemented depending on the circumstances. With this in mind, we would like to look at the estate planning device called a QTIP trust. The acronym QTIP stands for "qualified terminable interest property." A qualified terminable interest property trust can be … [Read more...] about What Is a QTIP Trust?
What Is an Irrevocable Life Insurance Trust?
If you have reached your financial goals, your work is not done. You may have accumulated wealth, but you have to protect that wealth for the benefit of succeeding generations. The federal estate tax looms large as a source of asset erosion. It can significantly reduce the legacy that you are leaving behind. Life Insurance Policies When you are inventorying your assets to evaluate your level of estate tax exposure, you must include everything that is considered to be countable by the … [Read more...] about What Is an Irrevocable Life Insurance Trust?
What Is the Cost of Probate?
People sometimes go forward with some misconceptions about estate planning techniques. Everyone has heard of the last will or last will and testament. Most people are also aware of the existence of trusts. You may assume that a last will is the simplest and least expensive way to facilitate the transfer of your assets after you pass away. This is not necessarily the case because of the existence of the legal process of probate. … [Read more...] about What Is the Cost of Probate?
What Is the Difference Between a Guardianship and a Power of Attorney?
There are numerous things to consider when you are creating an estate plan. You certainly want to facilitate the future transfer of your monetary resources, but you should also consider end-of-life issues. With this in mind, we would like to look at powers of attorney and guardianship in this post. … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
Should I Create a Joint Tenancy With My Child?
There are various different ways to get assets into the hands of your loved ones after you pass away. When you talk with people around the water cooler, you may hear about some so-called "simple solutions." You may want to take pause before buy into these notions, because we all know about the perils of easy answers. With this in mind, we will look at the matter of joint tenancy in this post. … [Read more...] about Should I Create a Joint Tenancy With My Child?
How Long Does the Probate Process Take?
If you have never consulted with an estate planning attorney, you may assume that a last will is by far the simplest and most efficient estate planning solution. In fact, this is not necessarily the case because of the process of probate. When you use a last will to facilitate the transfer of your monetary assets, you name an executor to administer the estate. The executor does not immediately start writing checks after you pass away. He or she must admit the last will to the probate court. … [Read more...] about How Long Does the Probate Process Take?
