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Disputes, taxation may cause estate planning worries in Oklahoma

Deciding how assets should be addressed after one's death can be difficult. There are many factors that Oklahoma residents want to take into consideration while estate planning, and it is not unusual for individuals to face similar concerns despite their vastly different circumstances. In fact, the possibility of disputes between family members and taxes top many estate planners' concerns.

At a recent gathering of estate planning professionals, a survey was conducted of 109 individuals in regard to planning concerns. Of those parties, 44 percent indicated that family issues would act as the biggest contributing factor of planning stress. Results of the survey also indicated that 53 percent of the professionals noticed that their clients had a more difficult time dealing with guardianship appointments and naming beneficiaries than with other estate planning documents.

These planning professionals also shared concerns regarding tax reform. It is not unusual for individuals creating their personal estate plans to wonder how their surviving families will be affected by taxation of their estates. However, 36 percent of those surveyed indicated that their clients would likely benefit from the new tax laws relating to estate plans. 

There are many issues that could impact an individual's estate plan. Fortunately, Oklahoma residents do not have to struggle alone with their personal concerns and those related to estate planning law. There are a variety of legal resources that could help interested parties gain reliable information on estate taxes, ways to reduce the potential for conflict, planning tools and other topics that may allow individuals to create comprehensive and effective plans.

Source: wealthmanagement.com, "Family Conflict Tops the List of Estate Planning Challenges in 2018", David H. Lenok, March 28, 2018

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