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Talking About Your Estate Plan with Family Being able to talk with your family about your estate plan is not easy, since the underlying subtext—your own eventual death—is difficult for parents and adult children. However, by having these frank discussions, you eliminate stress and often, promote a greater family bond.... Continue reading
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Would You Be Prepared to Become “Suddenly Single”? We all know that someday we and our spouses will die, but knowing that and being prepared for what comes when one becomes suddenly single, either because of an unexpected death or divorce, is daunting, particularly for women. Among the top five... Continue reading
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Estate Planning Requires Ongoing Maintenance for Top Performance Everyone needs an estate plan, regardless of your level of net worth. Think of your estate plan like a car: it needs ongoing service to keep running smoothly. One of the key functions of an estate plan is to distribute assets after... Continue reading
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Getting Paid to Take Care of Your Aging Parents More family members than you’d imagine, do step up to take care of their elderly parents, losing time that would otherwise be devoted to other family members, their careers or self-care. Most go unpaid, but that may be changing. The financial... Continue reading
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You Can Avoid These Common Mistakes in Estate Planning It’s challenging to be faced with the business of settling an estate, when you are still grieving. That’s why it’s a kindness to put an estate plan in place that spares your family the additional pressure. Lacking an estate plan, families... Continue reading
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How Beneficiary Designations Can Doom Your Estate Plan Dotting the i’s and crossing the t’s makes all the difference when it comes to estate plans. If beneficiary designations are not up-to-date, unintended individuals like ex-wives can end up with surprise gifts! Until all of the detail work has been done,... Continue reading
Posted Oct 13, 2017 at Oklahoma City Estate & Tax Planning
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Decision from Delaware Supreme Court Underscores Need to Review Estate Plans This is a case of a well-intentioned person not following through on a significant change to his estate—the sale of a property, handling of the proceeds from the sale and granting power of attorney to his current wife—that completely... Continue reading
Posted Oct 12, 2017 at Oklahoma City Estate & Tax Planning
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What’s the Real Story About Estate Taxes and American Farmers? Taking a look at the data surrounding farms and the estate tax reveals a different picture than what is being presented. During a visit to North Dakota, President Trump said he would eliminate the federal estate tax, saying it is... Continue reading
Posted Oct 11, 2017 at Oklahoma City Estate & Tax Planning
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Why an Estate Plan is Never a “Set-it-and Forget-it” Document It feels great to have your estate plan completed—but that does not mean it is something you can file and forget. Life is all about changes, and your estate plan needs to keep pace. Just one good-sized change in your... Continue reading
Posted Oct 10, 2017 at Oklahoma City Estate & Tax Planning
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Will a Living Trust Really Work Better Than a Will? The potential for avoiding the process and costs of probate makes some people feel like living trusts are the answer to their estate planning problems. However, there are certain limitations and costs associated with trusts, which need to be considered... Continue reading
Posted Oct 9, 2017 at Oklahoma City Estate & Tax Planning
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Wealthy Americans are most likely to be Over 80 Years Old People in their 50s can buy as big a house and as fancy a car as they want, but when it comes to real wealth, that’s in the hands of Americans who are 80 and older. When it comes... Continue reading
Posted Oct 6, 2017 at Oklahoma City Estate & Tax Planning
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Can You Use a Trust to Fund Higher Education? This approach isn’t for everyone, but if your assets are large enough that you may be facing estate tax issues, a trust may reduce your potential future estate tax, while funding the costs of college education. The 529 college savings plan... Continue reading
Posted Oct 5, 2017 at Oklahoma City Estate & Tax Planning
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It’s been a Great Year for Charitable Giving at Kansas State University Any college development office would love to have the kind of year that Kansas State University Foundation reported at the end of their fiscal year (ending June 30, 2017). Gifts and commitments to the foundation reached $152 million.... Continue reading
Posted Oct 4, 2017 at Oklahoma City Estate & Tax Planning
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Even Before Baby Arrives, Parents Need to Plan for the Future It is fun to shop for baby clothes and toys, but what your baby really needs is for parents to be prepared with an estate plan, financial liquidity and an understanding of health insurance coverage and costs. The three... Continue reading
Posted Oct 3, 2017 at Oklahoma City Estate & Tax Planning
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If You Have Minor Children, You Must Have an Estate Plan It’s heartbreaking, but it does happen: both parents die unexpectedly, and there’s no will, and no one has been named a guardian. Who decides who will raise your children? Being a good parent means being responsible for the well-being... Continue reading
Posted Oct 2, 2017 at Oklahoma City Estate & Tax Planning
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Emergency Room Teams Now Part of the Battle against Elder Abuse For older patients, the emotional and physical impact of abuse often leads to premature death. Doctors, nurses and others in the ER are on the front lines and could make a difference in identifying elder abuse. Sadly, many of... Continue reading
Posted Sep 29, 2017 at Oklahoma City Estate & Tax Planning
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Don’t Let Politics Alter Your Retirement Planning A good long-term strategy will trump any short-term political impact on your retirement plan. Remember to keep your perspective, regardless of your age and stage, and focus on strategy, not headlines. It is admittedly a worrisome time for Americans whose retirement is in... Continue reading
Posted Sep 28, 2017 at Oklahoma City Estate & Tax Planning
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Make Sure These Documents are Part of Your Estate Plan An estate plan is much more than a will to distribute your worldly goods. An estate plan plans for incapacity, including conveying your end-of-life care wishes and tells others how you want to be cared for when you cannot speak... Continue reading
Posted Sep 27, 2017 at Oklahoma City Estate & Tax Planning
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What to Do with the Family Home Before or During Retirement? In markets where a home’s value is near or above a million dollars, estate planning decisions about the family home become complicated. Do you downsize and sell now, put your home in a trust or age in place and... Continue reading
Posted Sep 26, 2017 at Oklahoma City Estate & Tax Planning
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Watch Out for Uncle Sam’s Penalties in Retirement If you thought retirement was all fun and games, think again! Penalties for missing deadlines, failing to take distributions in a timely manner and other mistakes, can have a big impact on retirement finances. Taxes are just one of the unexpected elements... Continue reading
Posted Sep 25, 2017 at Oklahoma City Estate & Tax Planning
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How an Estate Plan Protects Your Loved Ones Estate plans perform a number of functions, including conveying your wishes for final care, if you should become incapacitated and appointing people to make medical decisions on your behalf. Everyone needs an estate plan, for their own peace of mind and for... Continue reading
Posted Sep 22, 2017 at Oklahoma City Estate & Tax Planning
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There’s a difference between an inheritance tax and an estate tax. New Jersey is one of just a few states with an inheritance tax. Here’s one difference between an inheritance tax and an estate tax. An inheritance tax is paid by the person who inherits assets, and how much they... Continue reading
Posted Sep 21, 2017 at Oklahoma City Estate & Tax Planning
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Could Tax Reform Take a Big Bite Out of Charitable Giving? Nothing ruffles donor’s plans for giving like tax reform. The problem is, there’s no way to know what the final shape of this year’s tax reform will be. Do you give now, or later? Charitable giving is not just... Continue reading
Posted Sep 20, 2017 at Oklahoma City Estate & Tax Planning
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What Could Go Wrong? Plenty, With Do-It-Yourself Wills You may never know the impact of a DIY will, but your heirs certainly will. This is an instance where having a professional involved makes a world of difference. We’re used to doing everything online ourselves, from making movies to creating photo... Continue reading
Posted Sep 19, 2017 at Oklahoma City Estate & Tax Planning
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The One Mistake That Can Doom Your Entire Retirement None of us can control the stock market, but we need to ensure that our investments are positioned to minimize the impact of a volatile market. This becomes more important as retirement gets closer. Traditional strategies are no guarantee of financial... Continue reading
Posted Sep 18, 2017 at Oklahoma City Estate & Tax Planning