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2019 Brings Higher Estate and Gift Tax Limits The official estate and gift tax limits for 2019 were announced by the IRS. The news for high-net worth families is good. The estate and gift tax exemption will be $11.4 million per individual and $22.8 million for married couples. There will... Continue reading
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Why You Need Disability Insurance No one wants to believe that they could get hurt or become so sick that they could not work. However, the truth is, this happens to many people. Disability insurance is part of a healthy financial plan. According to the Social Security Administration, as many... Continue reading
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What About a Transfer on Death Designation for Investment Accounts? There is no end to the ways that people try to come up with ways to transfer their assets. The problem is, even if you technically can try this strategy, it may not work out the way you want. Accounts... Continue reading
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Will a Joint Bank Account with My Child Solve a Problem or Create One? It seems like a simple answer: putting a child’s name on bank accounts, so they can access money, if needed, in an emergency or in the case of incapacity. There are some pitfalls to this strategy.... Continue reading
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How Do I Give My Car to My Heirs? The rules are a little different, if you are passing down a collectible car versus your daily driver. There are a few steps you’ll need to follow. Despite the affection some car owners lavish on their vehicles, as far as the... Continue reading
Do You Still Have U.S. Savings Bonds? Back in the day, U.S. Savings Bonds were a great way to celebrate milestones, like the birth of a child or a wedding. If you still have any savings bonds sitting in a file or buried deep in the back of your safe... Continue reading
Posted Nov 30, 2018 at Oklahoma City Estate & Tax Planning
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Unexpected Characteristics of Dementia With more than 5.7 million Americans living with Alzheimer’s disease, you’d think we would know that Alzheimer’s and other forms of dementia lead to far more than just memory loss. The typical picture of an Alzheimer’s patient, or someone suffering from any form of dementia, is... Continue reading
Posted Nov 29, 2018 at Oklahoma City Estate & Tax Planning
Inherit an IRA? Deadlines and Options You’ll Need to Know From Halloween to the Day of the Dead, the end of October and start of November are a time that many cultures remember and celebrate their ancestors. Instead of being about loss, they are about joy and life. The last... Continue reading
Posted Nov 28, 2018 at Oklahoma City Estate & Tax Planning
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What Does an Advance Directive Do? An advance directive or a living will is part of a complete estate plan. It’s not an easy document to talk about. However, having it can make things far easier for you and loved ones during a difficult time. A recent article from KRBK,... Continue reading
Posted Nov 28, 2018 at Oklahoma City Estate & Tax Planning
Dividing Heirlooms Among Family Members When it comes to distributing your assets, investment accounts are easily divided. However, tangible assets, especially those with sentimental value, can become emotional lightning rods for families. Boomers are today confronting their own mortality, and that includes preparing to transfer their wealth to children and... Continue reading
Posted Nov 28, 2018 at Oklahoma City Estate & Tax Planning
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My Spouse Passed Away. What Happens to the Medical Bills? It’s enough that you are dealing with the loss of a spouse. Now, you have to deal with the medical bills. Are you liable for their bills? It is possible that a spouse may be responsible for the outstanding medical... Continue reading
Posted Nov 23, 2018 at Oklahoma City Estate & Tax Planning
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Helping Elderly Parents Manage Financial Matters It’s a perilous combination: aging seniors with diminishing capacity and large amounts of money. Add concerned children into the mix, and it can be either a good outcome, or a disaster. While the age it begins is different for everyone, at some point during... Continue reading
Posted Nov 22, 2018 at Oklahoma City Estate & Tax Planning
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Qualifying for Medicaid Qualifying for Medicaid is not easy. Attorneys will be able to help you plan in advance, if it appears that you or a loved one will need to file a Medicaid application. The earlier you begin planning, the better your chances of success. Medicaid was designed to... Continue reading
Posted Nov 21, 2018 at Oklahoma City Estate & Tax Planning
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What is a Special Needs Trust and Do I Need One? A special needs trust holds and protects financial assets or receives funds that a disabled beneficiary may receive in the future. The special needs trust, sometimes referred to as a supplemental needs trust, is a legal structure that manages... Continue reading
Posted Nov 20, 2018 at Oklahoma City Estate & Tax Planning
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An Investment and a Lifestyle: Owning a Beach House Some people buy a house on the beach for family gatherings, while others as an income-producing property that they can enjoy during the off season. However, it’s not like buying a primary residence. Buying a house on the beach, that can... Continue reading
Posted Nov 19, 2018 at Oklahoma City Estate & Tax Planning
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How is a 529 Plan Treated, If It’s Inherited? If a family member who has 529 accounts dies, are those accounts considered part of their estate? Let’s start by defining a 529 plan. A 529 College Savings Plan is a special type of investment account created pursuant to Section 529... Continue reading
Posted Nov 16, 2018 at Oklahoma City Estate & Tax Planning
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What You Need to Know About Inheritances and Taxes Don’t spend it all at once: no matter how big or small your inheritance is, learn about the tax consequences, before you begin enjoying or investing any funds. Depending on what kind of asset you inherit, you may have no taxes,... Continue reading
Posted Nov 15, 2018 at Oklahoma City Estate & Tax Planning
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Estate Battle Still Going Strong for Singer Glen Campbell’s Estate. More than $1.3 million in claims filed by the country singer’s widow are being disputed by a court-appointed administrator. Five separate claims filed by Kimberly Campbell, the widow of Glen Campbell, are being challenged by Blaine H. Smith, a newly-appointed... Continue reading
Posted Nov 14, 2018 at Oklahoma City Estate & Tax Planning
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Don’t Go Overboard on Retirement Spending Strike a balance between enjoying yourself and keeping an eye on your retirement budget. You may need your retirement funds to last for a lot longer than you once thought. People who enjoy shopping as a recreational activity may find that it does serious... Continue reading
Posted Nov 13, 2018 at Oklahoma City Estate & Tax Planning
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Protect Yourself and Your Family With an Estate Plan Documents are at the heart of your estate plan, but they have to be created with your unique situation in mind. Not having them, or not having the right ones, could put you and your children at risk, before and after... Continue reading
Posted Nov 12, 2018 at Oklahoma City Estate & Tax Planning
Stormy Daniels Has a Nuncupative Will—You Should Not She created this will out of fear that something would happen in the immediate future, but an oral or nuncupative will is not a good idea for the long run. Full Disclosure, a memoir from Stormy Daniels that includes a dramatic narrative... Continue reading
Posted Nov 8, 2018 at Oklahoma City Estate & Tax Planning
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Veteran’s Administration New Long-Term Care Rules Go Into Effect Getting help through the Aid and Attendance program already presented a number of challenges, but new restrictions will make this help even harder to get. The Aid and Attendance program was created to help qualifying veterans with the cost of long-term... Continue reading
Posted Nov 7, 2018 at Oklahoma City Estate & Tax Planning
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How a QTIP Protects Heirs in Blended Families Lucky enough to find love the second time around? Wonderful. Want to protect your kid’s inheritance? Smart. Here’s one way to make sure they are taken care of. Estate planning for couples in second marriages when each spouse has children from a... Continue reading
Posted Nov 6, 2018 at Oklahoma City Estate & Tax Planning
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When Is Life Insurance Taxable? Here’s a commonly-held belief that is sometimes true, but sometimes false. There are times when life insurance can push an estate into the taxable range. It’s all in the details. Life insurance proceeds are income tax free. If you are the beneficiary of an insurance... Continue reading
Posted Nov 5, 2018 at Oklahoma City Estate & Tax Planning
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Passing the Family Vacation Home to the Next Generation Families with houses or vacation homes that have been the source of many happy gatherings and memories, are often kept in the family, using a number of different types of strategies. It’s the lucky family that enjoy years or multiple generations... Continue reading
Posted Oct 29, 2018 at Oklahoma City Estate & Tax Planning