For many people, one of the main goals of estate planning is to avoid probate or at least limit the amount of assets that must go through this time-consuming process. This often becomes a priority after someone oversees a loved one’s estate through the probate process, getting a front-row view of how long it takes and how it chips away at the estate’s value. If you are concerned about how the probate process may affect your loved ones, we can help you plan accordingly. Call Entz Burton & Associates at 405-773-9800 to set up a consultation...Continue Reading...
Estate planning is an important part of taking financial responsibility. It involves making critical decisions about how your assets will be distributed and managed during periods of incapacity and after you pass away. While it may not be the most comfortable topic to discuss, estate planning is essential to ensure your loved ones are cared for and your assets are managed according to your wishes. LKP is a Las Vegas, Nevada, estate planning law firm that helps clients plan their estates and prepares legal documents to put those plans into...Continue Reading...
Having an effective and comprehensive estate plan is extremely important for anyone. Estate plans help people ensure that their assets are distributed according to their wishes. Legal disputes may also be avoided with a well-executed estate plan. Estate plans need to be legal, as defined by the California Legislature, and they also need to appropriately address every person’s individual wishes. If you are ready to put an estate plan in place, you could try to study the law and do it yourself. However, hiring an estate planning attorney...Continue Reading...
A gift is any transfer of money, assets or items of value, from one person to another where equivalent consideration (compensation) is not received in return for the item.You can give up to $15,000 each year (“annual gift tax exclusion”) to as many individuals as you wish, without allocating any of your lifetime gift tax exemption. Your lifetime gift tax exemption is $11.4 million in 2019. To illustrate how the gift tax works, assume you gave $115,000 to your child in 2019. The first $15,000 is excluded from gift taxes...Continue Reading...
Creating wills and estate plans essentially refer to choosing heirs and appointing guardians. They ensure that your loved ones will not suffer financially upon your death. You can rest in peace knowing that your ward will be cared for after your death, and not left at the mercy of fate.Wills and estate plans are important legal documents. Some people think that both are the same. However, this is not necessarily the case. In this article, we will explain the difference between the two so that you can make an informed decision.The Difference Between...Continue Reading...
Having a will in place is very important as this helps in protecting your family and your assets. When you make your will, you think that you are to end with it and would never see it again. Though future is unpredictable and a single circumstance can simply make your will void. So, it is essential to update your will and other documents of estate planning if any unforeseen event occurs.Though it’s a good idea to think regarding the terms and conditions of your will and other documents of estate planning once in a year, yet there is no rule...Continue Reading...
Do you need an estate plan? Are you confused about this? To avoid the confusion, first ask yourself the following questions:What would happen if I die today?What would happen to my wealth?Does my spouse know about the investments, insurances, debtors and creditors that I possess?Whether my wealth be appropriately distributed according to my wishes?Will there be any financial conflicts in my family? Whether there might be multiple claimants for my assets?If you are a business owner then similar issues will be applied to your business as well? Will...Continue Reading...
