When people come talk to us about creating a revocable living trust, one of the main concerns they often ask us about is whether they can retain control of their property. In fact, many people are reluctant to create a living trust because they fear losing control over their possessions. While this fear is understandable, it's based on a misunderstanding of how a living trust works. So, to help better explain why you won't need to fear losing control over the property you place in your living … [Read more...] about I Don’t Want a Living Trust Because I Don’t Want to Lose Control Over my Possessions
What Does a Revocable Living Trust Do Exactly from Larry Parman When you are planning your estate you have a lot of things to take into consideration. Learn more about revocable living trust in this presentation. … [Read more...] about What Does a Revocable Living Trust Do Exactly
Even though it is a relatively uncommon situation, some ask us about will revival or how they can revive an old will. While revising a previously made will is possible, it typically is not the best option in most situations. Nevertheless, if you are interested in will revival, there is some basic information you need to understand. To better explain what a will revival is, how it works, and why you might choose to do it, let's take a look at some commonly asked questions. … [Read more...] about Should You Consider a Will Revival?
A closer look at revocable living trusts in Oklahoma and some of the benefits this type of trusts offer. Topics covered in this whitepaper include: Retention of ControlIncapacity PlanningProbate AvoidanceDebunking a Myth Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Why Would I Want a Revocable Living Trusts in Oklahoma?
We've been writing our blog for long time, and have covered a number of essential estate planning topics. This week, however, we are going to take a step back and to talk about some key estate planning issues with which everyone should be familiar. If you are a new reader to this blog, or are a regular reader who sometimes feels as if you are not as familiar with the important issues as you should be, we've come up with this series of blog posts to help guide you through some of the most … [Read more...] about Understanding Estate Planning Part 1 – Your Last Will and Testament
Whenever you go through a marriage, divorce, or have a child, there are some estate planning changes and issues you will need to address. We've counseled many people in Kansas and Oklahoma on creating effective wills that protect their inheritance decisions and other estate planning issues. But wills are not written in stone, and anyone who creates a will must be ready to update and modify the document should certain changes take place. People who have a will and to go through a marriage, … [Read more...] about Updating Your Will After Marriage, Divorce, or Children
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?
If you are going to be qualified for Medicare as a senior citizen, you may feel as though Medicaid is not relevant to you. These are both government health insurance programs. You qualify for Medicare by earning retirement credits while you are working. Medicaid is available to those who can demonstrate financial need. Medicaid is important for many senior citizens who qualified for Medicare because Medicare will not pay for long-term care. The majority of senior citizens will require living … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
There are some intricacies to consider when you are planning your estate. This is why it is important to work with a licensed estate planning attorney when you are preparing for the future transfer of your assets. If you use some type of online download to create your own plan, you may make mistakes that yield unintended negative consequences. For example, suppose you create a revocable living trust with a download that you purchased online. Would you know that you should also have a certain … [Read more...] about Why Would I Need a Pour Over Will If I Have a Trust?
The estate tax is a concern for many people who have been able to accumulate significant stores of wealth. At the present time the amount of the federal estate tax exclusion is $5.34 million. If you intend to transfer assets that exceed this amount, your estate is facing estate tax exposure. … [Read more...] about Will a Trust Provide Estate Tax Efficiency?