Estate planning may be the greatest gift you can bestow upon your heirs. By consulting with an experienced Tulsa estate planning attorney, you can plan to preserve assets, maintain liquidity and distribute your money and property.
To schedule a confidential will preparation or trust preparation consultation with an attorney, call the law firm of Horizon Attorneys & Counselors at Law PLC in Tulsa, at 918-398-7900, or contact us by e-mail.
If you die without a will, the laws of the State of Oklahoma will determine who your heirs are, and how much they will inherit. Your estate will go through probate court take much longer to distribute, and incur significant costs to complete the probate process. Various types of trusts exist, to benefit you and your loved ones.
- Special needs trusts (supplemental needs trust)
- Medicaid or income only trusts for Medicaid planning
- Grantor retained annuity trusts
- Irrevocable trusts and charitable trusts
Our experienced Tulsa estate planning attorneys have a number of will preparation tools available, including:
Revocable Living Trusts
Prospective clients almost universally seek to avoid probate in their will preparation and trust preparation planning, along with other objectives. Although there are several ways to avoid probate, revocable living trusts are usually the most effective and safest way to do so.
A revocable trust, combined with a durable power of attorney, is also the most effective way to eliminate a financial guardianship. A revocable living trust is sometimes referred to as simply a revocable trust or a living trust.
The Irrevocable Life Insurance Trust (ILIT):
Life insurance is a very useful tool in estate tax planning. Life insurance proceeds create needed liquidity to pay taxes and expenses, as well as providing cash for beneficiaries. Yet if life insurance is not held correctly and the premiums are not paid in the most efficient manner, its benefits are greatly reduced, as the premiums may be subject to gift tax and the death benefit may be subject to estate tax.
- Avoids the federal tax on life insurance proceeds on the death of insured-and can shelter those proceeds from estate tax for a number of generations
- Allows premium payments to qualify for the $14,000 annual gift tax exclusion
- Shelters the life insurance proceeds from the claims of the beneficiaries’ creditors
- Can be designed to provide lifetime benefits to the clients from the cash value build-up in the policies held by the trust
We recommend consulting with an experienced Tulsa estate planning attorney, as every family’s circumstances are unique. We can help you examine your estate planning goals and complete will preparation or trust preparation, including special needs trust, to provide for your loved ones.