For many in Oklahoma, ensuring that their beloved pets are properly cared for is a top priority. This is true during the owner's life and is also a part of their estate planning efforts. To that end, there are certain circumstances in which trusts are a good fit. Creating a trust can make it easier for a new owner to continue the same level of care to which pets have become accustomed.
Research suggests that individuals who hold more than $1 million in assets but less than $5 million are not taking proper advantage of estate planning measures that would serve to protect those assets from loss due to excessive taxation after death. One survey reveals that as many as one third of wealthy individuals in Oklahoma and elsewhere do not have any form of estate planning measures in place. While those with more than $5 million tend to take steps to protect their wealth, individuals and families with less than that amount seem to neglect those needs.
In an effort to simplify the passing of wealth at the time of one's death, many Oklahoma residents consider joint ownership. This estate planning approach requires that an individual completes the paperwork needed to title assets jointly with the desired heir. Upon death, the asset then becomes the property of the joint owner, which occurs outside of the probate process. While this approach may seem to be a straightforward means of transferring wealth, there are a number of negative factors to consider.
One of the most frustrating aspects of any form of advance planning is the inability to accurately predict the future. Oklahoma residents make every effort to create an estate plan that will suit a variety of potential outcomes, but there is always the risk of neglecting a critical area of need. An example is found in the area of residential medical care, and the rules governing the financial aspects of that care. For families who are concerned about the possibility of needing nursing home care, irrevocable trusts may offer a good fit.
For many Oklahoma families, having control over how their accumulated wealth is ultimately distributed is a top estate planning concern. This is an understandable focus, as many families have spent years of hard work and sacrifice in order to attain a certain level of wealth, and want to ensure that those assets are passed down in a way that rewards the positive accomplishments of their intended heirs. For many, simply handing over a sizeable pile of money is not acceptable. One tool that may provide a great for for such needs lies in the creation of revocable living trusts, or RLTs.