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Estate Planning Archives

Periodic estate planning review keeps things up to date

Planning ahead is often the best way to avoid problems. People who plan ahead are known to save time and money as well as have more opportunities than those who play it by ear or make it up as they go along. When it comes to estate planning, making those preparations early in life can have many advantages, such as allowing one to build a substantial estate for one's heirs. However, there are likely to be events in life that will require alterations to one's will or other documents.

Charles Manson's wills raise estate planning questions

Even those in Oklahoma who were not yet born at the time of the gruesome murders attributed to the Manson family likely recognize the name Charles Manson and his distinctive face with the swastika tattoo on his forehead. Manson had spent the last 48 years in prison in another state following a killing spree that left nine people dead. His recent death at the age of 83 has left some questions about the estate planning of the convicted murderer.

Many still put off estate planning until it is too late

While medical science may be increasing the life expectancy of the population in general, this doesn't necessarily mean everyone will live longer. In fact, accidental deaths, particularly fatal motor vehicle accidents, may be on the rise. There are no guarantees in life, yet people in Oklahoma continue to procrastinate when it comes to estate planning.

Estate planning important for Oklahoma farmers

Aside from distributing their assets to their loved ones, many people use estate planning for other reasons, for example as a tool for long-term health care planning, to minimize probate, to provide for someone with special needs or to avoid estate taxes. The federal estate tax exemption for individuals is currently $5.5 million, so some may feel estate planning is unnecessary for the average person. However, Oklahoma farmers may not have the luxury of avoiding such preparations.

Estate planning is appropriate at any stage of life

The sad fact is that most people do not have a will. Many people in Oklahoma have the misconception that only wealthy seniors need to think about estate planning. However, this is far from the truth. There are many life events that may make an estate plan important, no matter the size of one's estate.

Poor estate planning leaves heir with unexpected debt

Many hope to leave a little something behind for their loved ones when they pass from this life. With the help of careful estate planning, they may be able to simplify the often complex process that follows when someone dies in Oklahoma. However, without solid advice and guidance, it is possible that well-meaning loved ones may leave their heirs with unintended burdens.

Hefner's estate planning may include Q-TIP trust

Like him or not, Hugh Hefner had an influence on society. The founder of Playboy magazine was known for his lavish, unbounded parties and was always flanked by beautiful women. When he died recently at the age of 91, many in Oklahoma may have wondered about the man's estate planning and the distribution of the fortune he spent his lifetime accumulating.

Jerry Lewis surprises some with his estate planning decisions

Celebrities either meticulously plan their estates or shock their fans by leaving no instructions for the distribution of their fortunes. The recent death of comedian and legend Jerry Lewis has not failed to garner surprise and interest from Oklahoma fans and estate planning experts alike. While some in the media report the contents of Lewis's will as shocking, other analysts argue that his actions are not all that unusual.

Discussing estate planning with family makes sense

While some may find the process of preparing their estate a complex and intimidating task, even more daunting may be discussing those plans with family members and loved ones. Broaching the subject of one's departure from this world may be uncomfortable, and some families may even consider the topic of death taboo. However, because events may unfold that place family members in the position of making life-and-death decisions for a loved one, estate planning discussions may provide a solid framework for those decisions.

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