Once you have an estate plan in place, you may breathe a sigh of relief feeling as though you have put a significant responsibility behind you. Considering that so many people never take this step, you really have accomplished something significant when you take action for the well-being of your loved ones. Having said this, it is important to recognize that estate planning is not a "one and done" endeavor. If you created a revocable living trust while a relatively young adult, … [Read more...]
The Reason Seniors Need to Know Oklahoma Medicaid Guidelines
It is important for everyone to know Oklahoma Medicaid guidelines because Medicaid is an insurer that provides for care you might otherwise be unable to afford. Medicaid is an insurance program operated as part of a federal / state partnership. It is for people who qualify based on limited incomes. The Medicaid program cannot turn down anyone due to their medical status if they are otherwise eligible for benefits. It provides coverage for care that Medicare and private … [Read more...]
Have You Reviewed Your Living Trust Lately?
Once you have an estate plan in place you may breathe a sigh of relief feeling as though you have put a significant responsibility behind you. Considering the fact that so many people do not take this step you have accomplished something significant when you take action for the well-being of your loved ones. Having said that, it is important for you to recognize that estate planning is not a "one and done" endeavor. If you create your revocable living trust as a relatively young … [Read more...]
Understanding Estate Planning – Selecting a Good Trustee
The process of selecting a good trustee can take some time, but it is time well spent. When individuals or families come to us to talk about creating an estate plan that includes one or more types of trusts, we help them select not only the correct type of trust for their needs, but guide them in selecting the right kind of trustee. There are many options when it comes to selecting a good trustee and knowing what factors to consider as you make your choice is importan Selecting a Good … [Read more...]
Understanding Estate Planning – Video Wills
Often people come into our offices in Oklahoma or Kansas asking about video wills. While a video will can play a role in your estate plan, they are not as useful as many people think. In fact, video wills are not legally recognized and must be used with caution. To explain why this is and why you might want a video will anyway, let us look at some important issues. What are Video Wills? You've probably seen video wills in movies or TV shows. Essentially, a video will is a video (or motion … [Read more...]
Understanding Estate Planning – Wills and Living Wills
Wills and living wills serve as key parts of almost every estate plan, but they are not as similar as their names might imply. Every good estate plan will include a variety of tools, each of which is designed to protect you in various ways. Both wills and living wills have specific purposes, and each is an essential part of a comprehensive plan. Even though their names make the documents sound like they are similar, they are not. To help explain the difference between wills and living wills, … [Read more...]
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...]
Understanding Estate Planning – Pour-Over Wills
A pour-over will is something you may have heard about, but you may not be sure what it does. Pour-over wills, like other types of wills, must meet specific legal requirements to be effective estate planning tools. Pour-over wills are designed to work hand-in-hand with another estate planning tool, the revocable living trust. To better explain what a pour-over will is, how it works with a living trust, and how you might benefit from including one in your estate plan, … [Read more...]
Wills in Walmart?
Walmart shoppers might one day be able to stop in and make a last will and testament, if a development in Canada is any indicator. Last year, several Walmart stores in the Toronto, Canada area began offering low-cost legal service to shoppers. These services included the notarization of documents, as well as creating simple last wills and testaments. While no Walmarts in the United States have begun offering such services, the issue is something we thought you should know about. Walmart … [Read more...]
Understanding Estate Planning – What is a QTIP Trust?
A QTIP trust is a special kind of trust, especially useful in second marriages, designed to protect couples and their children. Like other kinds of trusts, a QTIP trust serves a specific purpose, and is only appropriate for those whose circumstances match the goals the QTIP trust achieves. To better understand what a QTIP trust is, what it does, and why you might need one, let's take a closer look. What is a QTIP Trust? The term 'QTIP' is an acronym meaning "qualified terminable … [Read more...]
