This year, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) took effect. The SECURE Act makes several big changes that affect retirement accounts. Understanding the SECURE Act is imperative to ensure your estate plan is up to date and that your estate planning goals are accomplished.
Are you looking for the perfect gift for your adult children or other family members? You may want to consider giving the gift of estate planning.
Deciding between joint and separate trusts can be quite confusing. Many factors play into which trust is more suitable. These factors include: how the couple’s assets are titled, the relationship of the couple and the state in which the couple resides.
National Estate Planning Awareness Week was adopted in 2008 to help the public understand what estate planning involves and why it is a vital component of financial wellness. This year, National Estate Planning Awareness Week takes place October 21 – 27 and encourages all to be mindful about the future for themselves and their families by creating a comprehensive estate plan.
Do you have a child who is eighteen years of age, or nearly eighteen? If so, it's time to start planning! All eighteen-year-olds need to have their own estate plan that includes a General Durable Power of Attorney, a Health Care Power of Attorney, an Advance Directive (“Living Will”), and a HIPAA Release. Read more below about each document and why they are important for your future grad to have:
A donor-advised fund, also known as a DAF, is a great way to donate to various charitable organizations without going through mountains of paperwork, all the while minimizing your taxes through deductions. It also offers tremendous flexibility for post-death giving, specifically if the DAF is funded while you’re still alive.
It would be nice and much easier for everyone if this blog post was one sentence long and simply told you the exact amount of time probate takes in the state of Oklahoma. However, probate is an extensive process, and the length depends on the complexity of the probate estate and the ease of the litigation involved regarding asset distribution and the payment of debts.
As you probably already know, a trust is a fiduciary agreement that allows a third party or trustee to hold assets on behalf of a beneficiary. Trusts are used in many ways and can specify exactly how and when the assets pass to beneficiaries. One type of trust that is especially useful is a special needs trust, also referred to as a supplemental needs trust. A special needs trust is useful for beneficiaries who are receiving or may receive Medicaid or other state/federal benefits. A special needs trust provides for an individual’s supplemental needs without disqualifying the person from benefits. In other words, it keeps a nest egg of assets for the person’s future needs and keeps the person qualified for government benefits. Supplemental needs are needs or benefits other than those being provided by the government. For example, supplemental needs might include expenses for televisions, cell phones, pre-paid funeral arrangements, personal care items and vacations.