The only constant in life is change. In spite of the fact that everyone is aware of this truism, it can be hard to incorporate it into your day-to-day life. This definitely enters the picture when it comes to your legacy. With this in mind, we will look at dynamic estate planning in this post.
The First Stage
You should put a basic estate plan in place as soon as you are a self-supporting adult. A lot of people are introduced to the concept indirectly when they embark on their careers. When you learn about your benefits, they invariably talk about life insurance and the 401(k) plan.
Even if you do not have a lot to pass along if the unthinkable takes place, you should assert your wishes. In addition, an estate plan should address possible incapacity. As sad as it is, younger people become unable to communicate due to injuries sustained in accidents every day.
An incapacity plan will include a living will that is used to state life-support preferences. You designate someone to make medical decisions on your behalf that are not related to life-support in a durable power of attorney for healthcare.
A durable power of attorney for property can be added to name someone to manage your property. This is a basic outline, but it is wise to put a plan in place early on and build on it over time.
Family Responsibilities
The next stage is extremely important and unfortunately, it is often overlooked. Even if you decide to roll the dice when no one is relying on you, things change when you have a partner.
When children come along, estate planning becomes absolutely essential. You have to name a guardian for your children in a will to make sure your wishes are known. This is one element, and then there is the matter of financial support.
Even if you do not have a great deal of money saved at a relatively young age, life insurance can be an income replacement source. Term life insurance is surprisingly affordable for young adults.
Since children cannot handle their own money, you have to account for this in your plan. You could use a living trust, and you would be the trustee while you are living. In the trust declaration, you name a successor trustee to manage the trust after your passing.
It should be noted that the trust can be the beneficiary of your insurance policy or policies. Another possibility is a testamentary trust, which is a trust embedded within a will.
The Final Step
After your children are grown and you are entering retirement, your plan may become obsolete in some ways. You may be in a very different financial position than you were 20 or 30 years ago. Relationships can change, and you may start to think about the specifics of your legacy.
Long-term care is another consideration during this stage of life. Most seniors will incur long-term care bills, and about one-third will reside in nursing homes. Medicare does not pay for the custodial care that most seniors will need at some point in time.
Medicaid will cover long-term care costs. Although it is a need-based benefit, with the assistance of an elder law attorney, you can potentially take steps to gain eligibility.
Medicaid planning will often center around the utilization of an income-only Medicaid trust. This would be an irrevocable trust, so you would surrender control of the principal. That’s the bad news, but the good news is that it would not count if you apply for Medicaid.
Until and unless you receive Medicaid benefits, you can receive income from the trust’s earnings. Since a lot of retirees rely on income they receive from invested assets, they have no intention of using the principal anyway, so this is a win-win solution.
Schedule a Consultation Today!
Our doors are open if you would like to work with an Oklahoma City estate planning lawyer to put a plan in place. We can also help you update your existing plan if things have changed over the years.
To set the wheels in motion, call us at or 405-843-6100 or send us a message through our contact page. We also have a location in Tulsa, and if that one is more convenient, the number there is 918-615-2700.
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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