Oklahoma City estate planning attorneys at Parman & Easterday can provide you with invaluable help with the creation of a comprehensive legacy plan. Many people, unfortunately, think that they have done all they need to do as far as planning for the future if they have created a last will and testament. The reality is, a will is just one of many tools that can be part of an estate plan. It may not be the right tool for you to use, or it may not be the only tool that you need in order to facilitate the transfer of assets to the people you love.
Parman & Easterday can help you to assess your family and financial situation so you can make a fully informed choice regarding the tools that you need to use in your legacy plan. We can assist you with taking proactive steps to protect the wealth you have worked so hard to accumulate and with creating the right estate plan to ensure that your wealth passes seamlessly to your chosen heirs or beneficiaries. To find out more about the help our Oklahoma City estate planning attorneys can offer you, give us a call. You can also read on to learn about many different situations in which a will may not be enough for your estate plan.
When You Have a Family Business
If you own a family business, you will need to create a comprehensive business succession plan. You need to address the process of transferring ownership quickly to new owners so that there is not a long lag between the time of your death and the time the business is inherited. During this gap in time, mismanagement or uncertainty could cause your business operations to suffer, and you do not want your company put at risk because you failed to plan.
The fair market value of your company could also push the value of your estate high enough that you end up owing estate tax. If most of your wealth is tied up in your company, this could be a big problem because there may not be money available to pay the taxes that are due. You don’t want to put your heirs in a position of having to take out a loan (and it’s a huge mistake to assume they would qualify) or sell the business in order to generate enough cash to pay taxes. There may be alternative options you could use to transfer ownership so this does not happen.
When You Have Heirs With Specific Needs To Address
Your heirs or beneficiaries may have specific needs to consider when you are deciding how to structure an inheritance. For example, giving an inheritance directly to a loved one with a serious disability could be a big problem. Not only would a loved one with special needs potentially be unable to manage the inheritance, but the assets could also cause a loss of access to means-tested benefits. This could mean your disabled relative’s Medicaid is lost when you leave him an inheritance, and the entire amount of the inheritance may be wasted on medical services normally covered by Medicaid.
There are different tools you can use to address this and other situations where providing an inheritance may be more complicated. One example is when you leave money to a child under 18 who can’t manage it on his own. Another is leaving money to a spendthrift heir and you don’t want him to squander the inheritance.
When Assets Need to Transfer Quickly or Privately
According to Investopedia, it can cost three to seven percent of the value of an estate for the probate process to take place, and the process can take around a year. If you don’t want so much money spent transferring assets, if you don’t want the process to take so long, and if you want the transfer to occur privately instead of becoming court record, you should consider other methods of transferring assets outside of probate.
Getting Help from Oklahoma City Estate Planning Attorneys
Oklahoma City estate planning attorneys at Parman & Easterday can provide the personalized help and support that you need when creating a comprehensive estate plan. You need to ensure that your wishes are respected and your wealth can safely pass to loved ones. On most occasions, a will is just not enough to accomplish your estate planning goals. Don’t put your legacy at risk when there are tools out there that will allow you to take care of heirs or beneficiaries in the best way possible.
To find out more about how our compassionate and knowledgeable legal team can help with your estate planning process, 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 at any time.
Latest posts by Larry Parman, Attorney at Law (see all)
- Baby Boomers – It’s Time to Update Your Estate Plan - November 12, 2019
- Tips to Keep Your Parent from Becoming the Victim of Financial Exploitation - November 7, 2019
- How Do I Choose the Right Trustee for My Trust? - November 5, 2019