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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Alzheimer’s and estate planning

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. When a family is facing a major health challenge, it is emotionally draining as well as financially debilitating. A family may want to think ahead as to what they would do if someone is diagnosed with an incurable disease like Alzheimer’s. Alzheimer’s can have a huge financial impact on a family. Patients with Alzheimer’s require 24-hour care, which can be incredibly expensive. A carefully designed trust can ensure a family’s finances are protected if a person suffers from an expensive end-of-life disease. A person who has Alzheimer’s or dementia can easily be taken advantage of because of their lack of mental facilities. A trust can ensure

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Estate planning in 2018: Should you give more away?

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. With the December passage of the Tax Cuts and Jobs Act, the lifetime gift exemption has doubled to $11.2 million for each individual. This amount has also doubled for couples to $22.4 million. These numbers are also the same for estate tax exemption. In regards to the gift exemption, gifting is a tax strategy many families use in order to avoid estate taxes. Although a family may be able to make these gifts, it is important to think about whether they should or not. Many times, just giving heirs money

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Do you qualify for a military pension?

A pension is an important part of a person’s finances. This is especially true for those receiving veteran’s pensions. Many families in Oklahoma rely on this money that is given to those who have bravely served this country. There are certain qualifications a person needs in order to receive a military pension. A person can qualify for a military pension if they have 20 years of active duty in the Navy, Air Force, Army or Marine Corps. They may also qualify if they medically retired from the Armed Forces. Years of service activity can include active service, active duty for training or special work, full-time National Guard, temporary tour of active duty or active Guard and Reserve time. Those that were in the Reserves have slightly different terms they need to make in order to obtain military retirement benefits. They

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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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Health care directives are an important part of an estate plan

Thinking about what would happen if you became incapacitated and unable to make medical decisions is not an uplifting topic for anyone in Oklahoma. But, working out these issues before they happen is important for a person’s peace of mind and is a gift for loved ones in case the unthinkable happens. Health care directives are legal documents that spell out what medical treatments a person would want. Health care directives allow a person to make these decisions before anything happens to them. They are often used when there is a medical emergency or at the end of a person’s life. Medical directives become effective when doctors certify that a person cannot make medical decisions on their own and that a person is in a condition specified in the living will law and a person meets the state’s other requirements.

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Do you need legal help with commercial real estate?

There are many Oklahoma residents who own commercial property or who are interested in owning commercial property. Owning real estate can lead to many different legal issues for property owners. It is important to have an attorney who has experience in commercial real estate to offer their advice. For many people, commercial real estate is their way of life. Real estate is a good investment that can provide a steady income. But there can be many legal issues a property owner can run into, so it is advisable that a property owner consult with an attorney to make sure their interests are protected. Our law firm has years of experience helping our clients with their commercial property needs. We can assist with many different real estate needs. These may include the purchase of commercial properties, title claims, short sales, zoning

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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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Oklahoma commercial property management contracts

As a commercial real estate owner in Oklahoma, one of the most important things you can do is speak with an experienced attorney who can help make sure you are protected if a property manager fails to perform a job. There should be a crystal clear understanding by both parties as to what each are responsible for, and all of these agreements should be in writing. An effective property management contract should contain several things. First, it should contain liability verbage, or in other words, a “hold harmless” clause. This prevents liability of the landlord for any third party vendors hired by a property manager. Second, it should contain a list of the services and fees of the property manager, as well as responsibilities of the property owner. These should be set out individually including specific inclusions and exclusions. Third,

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Differing types of Power of Attorney

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.” There are four types of Powers of Attorney. They are simple, durable, springing and health care or business. A simple POA immediately grants power to an agent to act on the principal’s behalf. It ends upon death of the principal, or upon determination of mental incompetency of the principal. A durable POA is

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

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