Medicaid planning may include the use of trusts

It seems like you spend one phase of life preparing for the next stage in life. You went to college to prepare for your working years and your working years preparing for retirement. Now you are getting ready for a period of time few people look forward to: the time when you may need long-term nursing care. You can expect to pay tens of thousands of dollars a year for care in an Oklahoma nursing home. Saving for that kind of expense is nearly impossible, but the sad fact is that most people over age 65 will need some kind of long-term care at some point. This may be in-home nursing, temporary care after a fall or surgery, or advanced care for Alzheimer’s or another illness. Since there is no way to accurately predict how your life will play out,

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What’s involved in due diligence in a real estate transaction?

Now that you have found the perfect piece of property and entered into a buy sell agreement, the real work begins. In order to ensure that your transaction goes smoothly, includes all of the legal requirements and results in a satisfactory transaction, you must engage in some due diligence. This often includes a number of topics that range from obtaining financing to verifying the property description to making sure the chain of title is clear. Below is a list of areas and specifics for each that may require your attention during the real estate transaction. Making sure you will own the property at the end That may sound like an odd statement. After all, you saw the property. However, you still need to verify that no one else has a right to the property. Sometimes, the required title documents are missing

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What can you normally find in a buy sell agreement?

Whether you are purchasing or selling a house or a piece of commercial property, you need a contract that outlines the rights and responsibilities of the buyer and the seller. This contract identifies all pertinent information and agreements between you and the other party. Before you begin negotiating the fine print of your buy sell agreement, it may help to know what you can expect to find in nearly all such contracts. Understanding how they progress could help you determine what points you need to focus on during your negotiations. The introductory paragraphs You will more than likely see several clauses that begin with “Whereas” as you begin your review of the contract. These clauses introduce the parties and provide basic information about the history of the relationship between you and the other party. These clauses should not contain any

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Which type of federal benefits is available to me?

If you find that you are unable to work and hold gainful employment because of a medical condition, you know that it is placing your Oklahoma family at a risk for financial duress. You need income to support your family and take care of your own needs, but if you are physically or mentally unable to do so, it can be both disheartening and overwhelming. While your situation is serious, you have certain options available to you. You could be eligible for federal disability benefits through Social Security. Your options may include either Social Security Disability Insurance or Supplemental Security Income. The eligibility requirements for each are different, and you may find it beneficial to gain an understanding of your options and your right to seek support through some type of disability program. What’s the difference between SSDI and SSI? While

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Next step in your estate plan: choosing an executor

As if estate planning wasn’t complicated enough, you are now considering who would be the most appropriate executor for your estate. The executor is the person who guides your will through probate, closing out your estate by paying off your final bills and distributing your belongings according to your expressed wishes. While in many cases, the oldest child may be the most obvious choice, this may not be best in your situation. If you have taken the time to prepare your plan for when you leave this world, you certainly want to make the best possible choice for your executor. What are the qualities of a good executor? You likely have someone in mind for the job. However, estate-planning advisors have some recommendations for those who are struggling to make the right decision. As you consider those who may be

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Teague & Wetsel, PLLC
1741 West 33rd Street, Suite 120
Edmond, OK 73013

Telephone: 405-285-9200
Fax: 405-285-9201

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