June 2014 Archives

Retirement accounts bypass probate, but not bankruptcy court

When you are planning your estate, you have to decide who will get your assets when you die. For some assets, such as financial accounts and retirement accounts, you outline who will get these by naming beneficiaries on the policy. These policies don't usually have to go through the probate process.

Wills: Not just for the elderly, also for the young and single

Many people think that only older Americans who are married or have children need to worry about estate planning. That, however, is far from the truth. Younger Americans who are single also need to think about estate planning, especially if they have a net worth that is over $100,000.

Court: Medicaid can be denied based on spouse's trust holdings

The use of trusts in your Oklahoma estate plan can offer a wide variety of benefits, not the least of which is the potential for avoiding costly federal estate taxes. Although experts say that legislative changes in 2010 abolished state estate taxes in Oklahoma, the use of trusts is still worth considering. However, trust funds can sometimes impose an unnecessary burden, even though the benefactor only had good intentions. A recent case out of Connecticut demonstrates the importance of making sure that your estate planning documents are properly structured to benefit your heirs.

Beneficiary designations allow asset distribution without probate

By now, readers of this blog probably know that it is important to have suitable estate planning documents. These documents, such as your will and powers of attorney forms, let your loved ones know your final wishes. Specifically, your will lets your loved ones know how to divide your assets when you are gone. While you are going through your estate planning documents to make sure that they still reflect your wishes, there are some other documents you should also check.

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