Estate planning attorneys assist individuals and families who want leave their assets to loved ones. An experienced estate planning attorney can help structure an estate plan that eliminates unnecessary delays, minimizes or avoids the estate tax, and ensures the plan edifies the lives of loved ones once they receive assets.
Parman & Easterday has helped thousands of Oklahoma and Kansas families ensure their lifetime of hard work is passed on in the manner they desire. We can assist you in making effective use of the necessary legal tools to accomplish your intentions while avoiding unnecessary costs, delays, or public disclosure.
Our estate planning attorneys also offer guidance to loved ones as they inherit the fruits of your hard work. You worked a lifetime to build the estate that you are now passing on and you owe it to your loved ones to ensure their inheritance edifies their lives (as opposed to enabling their bad habits). This often requires realistic consideration of the situation of each loved one to ensure their inheritance is not wasted and we can help.
What Should You Do If You Inherit Money?
If you are inheriting assets, there are some key issues you should consider:
- Determine how the inherited property will transfer: If the deceased person had a will, or no estate plan whatsoever, you will receive the assets through a legal process called probate. If the assets are in a trust, they will transfer to you through a trust administration process. Insurance benefits may come to you directly from the insurance company, while jointly-held assets can be obtained with the presentation of a death certificate and a sworn written statement.
- Understand the tax implications of the transfer: Estate taxes are just one tax issue that can arise when assets are received after the death of a loved one. While you should not personally be responsible for estate taxes, you need to ensure that you are not responsible for income taxes on any assets you receive.
- Learn about limitations or restrictions, if any: If you inherit assets through a will, there are, typically, no conditions or restrictions. However, certain kinds of assets, like IRAs and other retirement accounts, have special rules about what you can do with them. If you are the beneficiary of a trust, you may not receive all of the assets at once. There may be certain conditions that must occur before you receive full control.
- Make a plan for the future: Once you have inherited money or property, you need to use your inheritance to honor the hard work and discipline displayed by your loved ones and leave a lasting legacy to those who follow you.
Parman & Easterday can guide you through the probate or trust administration process and help you ensure the appropriate rules and requirements are followed. We can also assist you in planning for the effective management of your inheritance to ensure its protection. Whatever your situation, whether you inherited a small amount of property or substantial assets, we can help you protect and preserve the gift you have received.
Getting Help From Estate Planning Attorneys
If you are going to receive an inheritance, call Parman & Easterday today to ensure it is appropriately protected. Our estate planning attorneys can help sort through the complex mess of probate, trust administration, insurance claims, and retirement accounts to give you a clear path forward . We also provide guidance on the creation of an estate plan that protects your loved ones from the same unnecessary headaches and complications.
To learn more about the different services our experienced attorneys can offer to you, including protecting you inheritance through proper estate planning, join us for a free seminar. You can also give us a call today at (405) 843-6100 or (913) 385-9400 or contact us online to get personalized assistance with all of your estate planning or inheritance issues.
- Are You Aware of the Veterans Aid and Attendance Pension? - August 3, 2021
- How Do You Choose a Successor Trustee? - July 29, 2021
- Five Things You Need to Know About Medicaid Planning - July 27, 2021