Every Oklahoma resident likely knows someone who has been affected by Alzheimer's. This terrible disease affects millions each year. Planning ahead for a debilitating illness like Alzheimer's or dementia can be a good idea.
Oklahoma residents who use gifting strategies within their estate plan may be aware of the recent changes that have occurred. Many families will need to make difficult decisions regarding how to gift their money to family members. Recently, Congress changed some laws regarding the gift exemption and estate tax exemption.
Prior to engaging in any form of estate planning, individuals in Oklahoma often do not realize that there are several differing types of Power of Attorney (POA). They are used for differing purposes and situations. However, the single definition of "a document that speaks for a person when he or she cannot speak for themselves" is universal. For this reason, it is essential that a person, referred to as the "principal", make a careful, well thought-out decision as to whom will be appointed as their representing "agent."
Estate planning is essential to the timely and less stressful administration of a decedent's estate. For decedents in Oklahoma who owned oil, gas, or mineral rights, prior planning is especially recommended. These matters can quickly become a complicated situation if preparation was not made for the transfer of those rights prior to death.
Although Oklahoma farmers cannot plan for the weather, they can plan for their farm succession. A solid transition plan is critical in making sure a farmer's wishes are established for the next generation.
Oklahoma residents understand the value of estate planning. An estate plan is a wonderful tool to ensure a person's assets are transferred to the next generation in the person's desired manner. It can also be used to communicate a person's health care wishes. Although many may think estate planning is only for the wealthy, there are five documents almost everyone needs.
You have a multitude of decisions to make when you create an estate plan, and it's important to have as much relevant information as possible. Without the right guidance, you may not end up with the plan you intended.
Most Oklahoma residents know how important estate planning is to protect a person's assets and honor their wishes. Estate planning is important for almost every resident in the state. It can be important to keep in mind common estate planning mistakes in case they apply to a person's situation.
Oklahoma residents who are thinking about estate planning know that there are many estate planning terms that are thrown around. Estate planning encompasses many different subjects, depending on a family's need. Wills and trusts are often the most popular estate planning tools.
Considering how to best take care of your family may occupy a great deal of your time. You work to ensure they have everything they need to live comfortably and thrive. What about after you pass away? You may have considered taking care of your family in the event of your death, and you may have begun researching the best way to do that.