Estate Plan for Regular Folks

 

 

If you don't have an estate plan in place, create one now. 
Right now.

You see, an estate plan isn't just for the super-rich.

Thanks to today's ultra-generous $12.92 million exemption for singles, or effectively $25.84 million for married couples, you may have ignored an estate plan. (BTW—this generous number is set to expire at the end of 2025-- and go to who knows what.)

 

Here are five facts well 
worth remembering.

1. Even if you're not exposed to the federal estate tax, you still need to plan for the distribution of your assets and the guardianship of your minor children.

2. Having a will ensures that your wishes are respected and legally enforced after your death.

 3. A living trust can help your beneficiaries avoid probate, which can be a costly and time-consuming process—especially if you have property in more than one state. 

4. Keeping your beneficiary designations up to date, on things like IRA, 401K, and insurance policies, takes precedence over wills and living trusts when your assets are distributed.

5. Wills and living trusts alone, do not minimize federal estate tax or state death taxes.

Additionally, if you have children who have reached age 18 or above, then encourage them to give mom and dad powers of attorney for health and financial.  This will authorize you to help the young adults, if need be, without a bunch of hassle.  

We have given away many copies of FIVE WISHES which is a legal document form which works great for young people and those in the process of figuring out their estate plans. There is also a standard form on the Oklahoma Bar Association website for Power of Attorney and Living Will which many have used as well.  Ask us about this next time we meet if you have someone in your life who could benefit.