Writing Your Tulsa Estate Planning Blog

Recently I’ve been able to help several professionals with asset protection. Oklahoma asset protection is an area of the law that few attorneys focus on. However, in todays litigious society more and more clients need asset protection.

We all remember the McDonalds case where the plaintiff was awarded 9 million for spilling hot coffee on her lap. That is perhaps the most famous asset protection case (or case that exposes the need for asset protection), but it is certainly not the only one.

Doctors, dentists and all medical professionals work with a target on their back. Unfortunately, they are held to almost unachievable standards. They are expected to be perfect and when they aren’t there is a lawsuit waiting to be filed.

These professionals can lower their lawsuit profile by contacting a tulsa asset protection attorney and discussing their options.

Working with clients who have beneficiaries with special needs is always rewarding. Today I helped a client create an estate plan that will take care of her and her special needs son for a lifetime. It is always amazing to me to think that something I wrote, work that I performed, will continue on for years to come. That’s what makes everyday so enjoyable and worth the effort.

I don’t know about you, but I’m glad most of this snow seems to be behind us. At least we get to say we lived through a blizzard!

Despite all the snow, I’ve managed to get a lot of work done. That is the nice thing about laptop computers and cloud computing. I was able to access all my files from my house.

Unfortunately, I had to postpone several meetings, because many of my current clients were unable to get out of their driveways. I don’t blame them. I dug out just in case, but I was excited about driving in those conditions.

So, if you are a current client, I think we’ve got everything properly rescheduled. If not, please do not hesitate to call. If you are interested in creating your estate plan, we are ready to meet with you. Call anytime!

Too long since I last wrote. That is a good thing, because I’ve helped several clients since then.

I finished up an estate plan for a couple who has been married for over fifty years. They had no planning done and needed help. We had the signing ceremony, and now they can rest assured that they have taken care of themselves and their loved ones.

After that a retirement specialist asked me to meet with clients of his. They have been married sixty five years! They have no planning in place. I met with them and they hired my firm. I’ll act as their attorney for all their estate planning.

I was also hired to work with another couple who just had their first child. They came to RTY Law through some friends. They asked me to draft their estate planning documents with emphasis on who they want to act guardian of their child in the event they are unable to do so.

Add to all this emails, phone calls, mettings, board meetings, etc., and it makes for a full week.

Disputes over wills have been around for centuries, and perhaps longer. One can imagine pre-civilization men coming to blows over the sticks, stones, and other tools of one of their deceased contemporaries. Take this quote from Voltaire, French author (1694 – 1778):

“Animals have these advantages over man: they never hear the clock strike, they die without any idea of death, they have no theologians to instruct them, their last moments are not disturbed by unwelcome and unpleasant ceremonies, their funerals cost them nothing, and no one starts lawsuits over their wills.”

via Wills, Trusts & Estates Prof Blog

I’ve been working hard on this blog for my clients, prospects, and anyone else interested in estate planning in Oklahoma. That is why it is great when good people like Michael D. Bonasera at The Ohio Trust & Estate Blog agree to link up with me. For my clients with family in Ohio, especially near Columbus, Michael appears to be doing terrific estate planning work there.

Ok, there is a lot to write about here. A huge bill just passed Congress and was signed by the Prez. There is a lot of stuff to cover in the bill. I’m going to start with the most pressing issue in this post.

The following only applies to the lucky readers who have assets in excess of 5 million, or the luckier readers who have grandparents with assets over 5 million who intend to give some to their grandkids. For those clients there is a once-in-a-lifetime planning opportunity. The problem is, this opportunity ends at midnight, December 31, 2010.

The Skinny

Transfers above the gift tax exemption (currently $13,000) to grandkids and great grandkids are subject to what is known as the generation-skipping transfer tax. The thing is, if you give money to your children it is subject to tax when you pass, and when your children pass and leave it to your grandchildren. The IRS doesn’t want you to skip that first taxation by passing straight to your grandkids, so we have the GST tax.

The Opportunity

The 2010 Tax Relief Act creates a unique opportunity to make gifts through December 31, 2010 that are not subject to the generation-skipping transfer tax. This is because, under the new law, the tax rate is zero for any generation-skipping transfer made in 2010.  Beginning January 1, 2011, the tax rate for these transfers will be 35%. In two short years the rate goes back to 55%.

The Payoff

If you intend to leave assets to your grandkids do it now, and I mean now, now. Talk to an estate planning attorney today. Even if you aren’t ready for your grandkids to get the money, create a trust and gift the money today. It will save you at least 35% in taxes.

For more info see this.

I am a Tulsa lawyer who focuses on estate planning. I’m an expert in that area of the law. What a lot of people don’t realize is estate planning is comprised of various different disciplines.

Most people understand that estate planning attorneys work with will and trusts. What people don’t understand is estate planning attorneys often handle property law matters and business law matters.

It makes perfect sense if you think about the what most estates consist of. The largest asset in most people’s estate is their home, which is real estate. When my clients have a question about buying or selling property, they talk to me, their estate planning attorney.

If a person is a business owner, chances are the largest asset in their estate is their business. If they have been in business for a number of years, their business has most likely exceeded the value of their home. It makes sense that my clients who own their own business turn to me with their business law questions.

Yes, I’m a tulsa attorney who focuses on estate planning, and that includes property and business law.

I’ll be honest, this post is an excuse for me to show you a picture of my dog, Paper. Yes, his name is Paper. That is another story all together.

Isn't he so stinking cute?

Now that I’ve verified my love for animals with this picture …

Yesterday I talked to a potential client who is interested in setting up a trust for her pets. Believe it or not, this will be the second pet trust I’ve worked on this year! Obviously, I’m not the only one who is in love with animals.

I can totally understand why some of my clients want to make sure their pets are provided for. If you exit without planning for your pet, your pet may end up in a bad home with unloving care-givers, or worse on the street.

The thing is, the court isn’t equipped to place your pet. Hopefully, you have loving family who is willing to step in, but you never know.

Even if you do have family to step in, nobody knows your pet like you do, and you should make sure and carry that information over. Make sure you let your loved ones know the food and activities your pet likes. A good tulsa lawyer focused on estate planning can help you with that.

Lastly, if you do have family to care for your pet, and especially if you don’t, make sure you provide financially in a trust. This tulsa attorney have drafted two recently. It doesn’t have to be much, even a little can guarantee that your pet continues to live a warm and healthy life.