It is not unusual for taxes to be a subject that causes many Oklahoma residents and others across the country to grumble. Paying taxes is hardly considered a desirable action by most individuals, but it is an action that must be carried out nonetheless. When it comes to estate planning, paying attention to tax implications may prove useful.
Many people treat the beginning of a new year as a time for change and reflection. Numerous Oklahoma residents may have made resolutions to better themselves or their lives in some way. For many individuals, estate planning or updating existing plans may be worth considering as they move into a new era of their lives.
When Oklahoma residents decide to get their end-of-life affairs in order, they should feel a sense of accomplishment. Just choosing to move forward with estate planning is a significant step, and actually creating a plan can have many benefits. Of course, in order to create an extensive estate plan, some individuals may need more documents than they realized.
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.
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.
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.
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.
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.
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.
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.