A recent vote in the House of Representatives came out in favor of repealing the estate tax, a topic that many Americans feel strongly about. The subject has not come up for a similar vote before the House in the past decade, which some lawmakers feel makes the matter worthy of a fresh look. The issue has certainly led to debate within the legislature, as well as among Oklahoma residents who hold strong opinions on the estate planning subject.
Many Oklahoma collections hold little more than sentimental value. In some cases, however, the items that an individual has amassed within a collection are valuable in and of themselves. In such cases, it is important that the personal property be specifically addressed within the larger estate planning process.
Advanced planning can help to ensure that a person's plan for the distribution of assets and accumulated wealth is carried out according to his or her wishes at the time of death. Sometimes, health-related events occur prior to death that render a person incapable of speaking or acting on his or her own behalf due to mental or physical disabilities. Certain documents, such as living wills, if filed while one is still of sound body and mind can protect a person's decisions with regard to health care. Oklahoma residents may want to consider these documents when planning their estates.
There are numerous benefits to marriage in terms of estate planning. In a traditional marriage, where both parents share their children, one of those benefits is the fact the children will typically receive the family estate eventually, after the final parent dies. However, this will not necessarily be the case if one parent is a stepparent, with a family of his or her own. This makes for an interesting estate planning dilemma, but fortunately there is a solution.
When an Oklahoma resident sets up an estate plan, a power of attorney is a crucial consideration. There are two kinds of powers of attorney that the average estate planner needs: a health care power of attorney and financial power of attorney. When drafting these documents, estate planners will designate the person who will serve as power of attorney over their affairs in the event of incapacitation or other stipulated circumstances, but what kinds of powers are typically included in these documents?