Every responsible adult should have an estate plan in place. The first version, however, is probably not going to reflect your wishes for the rest of your life. Things invariably change. Therefore, you should view estate planning as an ongoing process with the expectation that revisions will be necessary.
Evolving Family Situation
Many families evolve over the years, so your estate planning objectives can broaden or shift. For example, additions and subtractions to the family may be a factor. You may also want to alter the way assets will be distributed to the people on your inheritance list.
Marital Status and the QTIP Trust
A change in marital status would also fall into this category. There are targeted solutions that can be implemented to address specific objectives. One estate planning device that can be very useful for parents who are getting remarried is the qualified terminable interest property (QTIP) trust.
To implement this strategy, you fund the trust, and you designate a trustee to act as the administrator. Your new spouse would be the initial beneficiary of the trust, and your children would be the successor beneficiaries.
If you pass away before your spouse, they could use property that is owned by the trust, and they would receive distributions of the earnings that are generated by the trust’s assets. You could allow for distributions of portions of the principal if you choose to do so.
Your spouse would be comfortable for the rest of their life. However, they would not have the ability to change the terms of the trust under any circumstances. After their passing, your children would become the beneficiaries of the QTIP trust.
This is just one possibility. When you work with our firm to develop your plan, we will make sure that you understand all your options so you can make fully informed decisions.
Legacy Preservation
You should be prepared to take steps along the way to preserve your legacy for the benefit of your loved ones. An unexpected expense that you incur late in your life could have a devastating impact.
Over half of senior citizens will need some form of living assistance eventually, and 35 percent of seniors will reside in nursing homes. The expenses are considerable. Unfortunately, Medicare does not pay for the custodial care that nursing facilities provide.
Medicaid is the widely embraced solution because it does cover long-term care. However, it is a need-based program. This means that you can’t qualify if you have more than $2,000 in countable assets.
It is possible to convey resources into an income-only Medicaid trust to prepare yourself for future eligibility. The “future” part is quite operative because the trust must be funded at least five years before you apply for coverage.
Estate Tax
Another potential source of legacy erosion is a federal estate tax. The tax carries a 40 percent maximum rate, and it can be levied on the portion of an estate that exceeds the exclusion.
In 2024, the exclusion is $13.61 million, but it is going down to $5.49 million indexed for inflation in 2026. This will have a major impact on some folks.
There is no state-level estate tax in Oklahoma. However, there are 12 states with real estate taxes. If you own property in one of the states as an Oklahoman, the tax in that state would apply to your property.
We can help you implement a tax efficiency strategy if taxation will be an issue based on your wealth level.
General Estate Plan Reviews
In addition to the possibilities that we have touched upon, there are other reasons for estate plan revisions. With this in mind, you should work with an attorney from our firm to review your plan periodically to make sure that it is up to date.
When you maintain this relationship, your current wishes will always be reflected in your plan, and we will be well-positioned to assist your family during the estate administration phase.
Access Our Free Worksheet!
We have developed an estate planning worksheet that you can use to gain a more thorough understanding of this important process. It is being offered free of charge, and you can visit our Oklahoma City estate planning worksheet access page to obtain your copy.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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