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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 12 hours ago 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
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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
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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
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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
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
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Planning for Life Insurance to Help Your Beneficiaries What if you have $4 million in life insurance coverage, but no one in the family knows where the policies are or how to go about finding them? Organizing your records and telling your family members about where important documents are, is... Continue reading
Posted Oct 26, 2018 at Oklahoma City Estate & Tax Planning
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Estate Planning Basics: The Difference Between a Revocable and an Irrevocable Trust When you use the word “trusts,” people think you are talking about high income people with complicated estate planning needs. However, everyone needs an estate plan, and trusts serve many different purposes, at all income levels. The purpose... Continue reading
Posted Oct 25, 2018 at Oklahoma City Estate & Tax Planning
Rapper’s Forethought is a Surprise to Many Most 26-year olds don’t have an estate plan in place, and we all know all too well how many celebrities don’t have an estate plan. Mac Miller was different. Mac Miller, an American rapper and music producer, died very young—he was only 26.... Continue reading
Posted Oct 24, 2018 at Oklahoma City Estate & Tax Planning
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Planning for the Inevitable: The Loss of a Spouse We read about long-married couples who die in quick succession, but what happens to most couples is that one is left behind for many years. What happens to the surviving spouse? Given the sadness of the topic, it’s no surprise that... Continue reading
Posted Oct 23, 2018 at Oklahoma City Estate & Tax Planning
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Planning Ahead for Senior Care When You’re Not A Billionaire Regular people like to read about celebrities and business leaders who share the same family issues that many of us do, just on an entirely bigger scale. With big money, moguls, a lover with bad intentions and heirs seeking to... Continue reading
Posted Oct 22, 2018 at Oklahoma City Estate & Tax Planning
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How to Leave a Legacy That Includes Values as Well as Assets The general idea of planning for your own death isn’t an easy thing to do. However, you should think of it as a parting gift to those you love, giving them an opportunity to gain real insight into... Continue reading
Posted Oct 16, 2018 at Oklahoma City Estate & Tax Planning
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Lisa Marie Presley’s Post-Nup in the Courts “Lisa Marie Presley took the witness stand in her divorce trial Monday and accused her estranged husband, Michael Lockwood, of secretly running up 'possibly millions' on her credit card.” Lisa Marie Presley testified that she found out her estranged husband Michael Lockwood had... Continue reading
Posted Oct 15, 2018 at Oklahoma City Estate & Tax Planning
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Raising Children in an Affluent Household You know all the clichés about how wealthy kids can grow up spoiled. However, you are determined that your kids will learn the right values. For wealthy parents, this is a real challenge. Avoiding the “silver spoon” syndrome, where kids grow up in a... Continue reading
Posted Oct 12, 2018 at Oklahoma City Estate & Tax Planning
Four Fast Financial Fixes Some financial tasks take a long time, so we put off doing them until they become bigger in our minds than they are in reality. However, in one hour, you can actually get a lot of good stuff done. You know how setting up a system... Continue reading
Posted Oct 12, 2018 at Oklahoma City Estate & Tax Planning
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Here’s a Different View on the Causes of Elder Abuse Consider the numbers: 10,000 people who worked and saved for 40 years are turning 65 every day. It’s a perfect storm: a combination of large sums of money plus aging seniors. Seniors who are suddenly faced with managing a lifetime... Continue reading
Posted Oct 11, 2018 at Oklahoma City Estate & Tax Planning
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Talk Early and Often to Family Members About Wealth and Values The surest way to make sure the wealth you’ve created never makes it past the next generation, is to keep it a secret, or fail to convey values of service and philanthropy to your children and grandchildren. Creating wealth... Continue reading
Posted Oct 10, 2018 at Oklahoma City Estate & Tax Planning
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What Happens When Two Become One? Unless you are like those older couples, where one dies shortly after the other, chances are you will be spending a certain amount of time in your later years, as a widow or widower. Will you be ready? There are now some 20 million... Continue reading
Posted Oct 9, 2018 at Oklahoma City Estate & Tax Planning
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Retiring Abroad Can Cut Costs, Without Sacrificing Lifestyle For those who are willing to live far from family, retirement overseas allows for a fulfilling lifestyle with a touch of adventure, less expensive healthcare costs and an affordable price tag. If your vision of retirement includes living in a big city... Continue reading
Posted Oct 8, 2018 at Oklahoma City Estate & Tax Planning
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Yes, There’s STILL a Gender Gap in Financial Knowledge Despite gains in the workplace and the political arena, women continue to lag behind men, when it comes to financial and investment understanding. What can be done? Research based on data from the Investor Education Foundation of the Financial Industry Regulatory... Continue reading
Posted Oct 5, 2018 at Oklahoma City Estate & Tax Planning
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Planning for a Successful Business Transition Start by making a list of pros and cons. Will you sell to a family member? Sell to a key employee? Or just close the whole thing down? There are many different ways to go when it’s time to sell the family business, says... Continue reading
Posted Oct 4, 2018 at Oklahoma City Estate & Tax Planning