If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an irrevocable trust.
If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.
You might think that only the super wealthy need to worry about asset protection planning. But the truth is that if you don’t have millions, you may be at even greater risk. For instance, if you are a multi-millionaire, a $50,000 judgment against you might not be that big of a deal. But for a family with a modest income, savings, and home, it could be devastating. Furthermore, asset protection planning isn’t something you can put off until something happens. Once you are under threat of a lawsuit, it’s likely too late to protect your assets. Like all types of planning, to be effective, you must have your asset protection strategies in place well before something happens. And your asset protection plan isn’t a one-and-done deal: it must be regularly updated to accommodate changes to your assets, family dynamics, and the law.
Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one.
Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one.
Whenever you merge two families into one, you are naturally going to encounter some challenges and conflict. To this end, blended families present a number of particularly challenging legal and financial issues from an estate planning perspective. Indeed, though all families should have an estate plan, planning is absolutely essential for those with blended families.
If you're looking to collect life insurance proceeds as the policy’s beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved one’s death, it can feel as if your entire world is falling apart, so it’s helpful to understand exactly what steps you need to take to access the insurance funds as quickly and easily as possible.
While most adults don’t take estate planning as seriously as they should, if you are single with no children, you might think that there’s really no need for you to worry about creating an estate plan. But this is a huge mistake. In fact, it can be even MORE important to have an estate plan if you are single and childless.
Serving as a trustee is not only a great honor, it’s also a major responsibility, and the role is definitely not for everyone. Serving as a trustee entails a broad array of duties, and you are both ethically and legally required to properly execute those duties or you could face liability for not doing so.
When creating an estate plan, people are often most concerned with passing on the “big things” like real estate, bank accounts, and vehicles. Yet these possessions very often aren’t the items that have the most meaning for the loved ones we leave behind.
As we head into summer, many parents will see their children graduate high school and prepare to leave home to attend college or pursue other life goals. This can be an exciting and emotional time, and with so much going on, estate planning probably isn’t at the front of your (or their) mind right now.
The road to retirement is a long one, and as with any journey, it helps to have a few key milestones along the way to help gauge your progress. While your individual retirement plan and goals will be unique to your income, family situation, and desired lifestyle, most Americans share a number of common retirement milestones.
Because estate planning involves actively thinking about and planning for frightening topics like death, old age, and crippling disability, many people put it off or simply ignore it all together until it’s too late. Sadly, this unwillingness to face reality often creates serious hardship, expense, and trauma for those loved ones you leave behind.
Because estate planning involves actively thinking about and planning for frightening topics like death, old age, and crippling disability, many people put it off or simply ignore it all together until it’s too late. Sadly, this unwillingness to face reality often creates serious hardship, expense, and trauma for those loved ones you leave behind.
When you think about loved ones who’ve passed away, you probably don’t think very much—or even at all—about the “things” they’ve left you. And when they do leave something behind, what you likely cherish most about the object are the memories and feelings the item evokes, not the thing itself.
Whether it’s to qualify for Medicaid, avoid probate, or reduce your tax burden, transferring ownership of your home to your adult child during your lifetime may seem like a smart move. But in nearly all cases, it’s actually a huge mistake, which can lead to dire consequences for everyone involved.
If you are a mom or dad with children under the age of 18 at home, your number-one estate planning priority should be selecting and legally documenting both long and short-term guardians for your kids. If you’ve named guardians for your children in your will—even with the help of another lawyer—your kids could still be at risk of being taken into the care of strangers!
As a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the primary factors motivating your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered due to common life events, such as divorce, serious debt, devastating illness, and unfortunate accidents.
Maybe you've heard that before investing in a professional service you should “get three estimates.” While often this is wise advice, it's actually a bad idea when it comes to estate planning. This article explains why and how you can ensure you get the most efficient and affordable plan possi...
Unless you’ve created an estate plan that works to keep your family out of court, when you die (or become incapacitated) many of your assets must go through probate before those assets can be distributed to your heirs. Like most court proceedings, probate can be time-consuming, costly, and open to the public, and because of this, avoiding probate—and keeping your family out of court—is often a central goal of estate planning.
Unless you’ve created a proper estate plan, when you die many of your assets must first pass through the court process known as probate before those assets can be distributed to your heirs. Like most court proceedings, probate can be time-consuming, costly, and open to the public, and because of this, avoiding probate—and keeping your family out of court—is our central goal. With a little advance planning, we can keep your estate and your family out of court!
I am very proud to have been selected as one of the Best Car Accident Lawyers in Edmond, Oklahoma by expertise.com. I believe strongly that injured people deserve the best representation and that is what I have strived to provide for each of my clients since I opened this firm in 2012. If you o...
In Oklahoma, motorists are only required to have $25,000.00 in automobile insurance to cover potential injuries they may cause while driving. Unfortunately, with the rapidly rising costs of healthcare, $25,000.00 does not go very far. In many situations, an innocent individual, who just happens...
On May 5, 2015, Governor Mary Fallin signed House Bill No. 1965, making Oklahoma the 46th State to prohibit texting while driving. Specifically, Section 2(A) states, “[i]t shall be unlawful for any person to operate a motor vehicle on any street or highway within this state while using a hand-he...
Odds are, you will be involved in a car accident at some point during your life. On average, there are more than 6 million car accidents each year in the United States and more than 3 million people are injured. If you have been in a car accident, there are things that you should do immediately...