Edmond Oklahoma Estate Planning Blog

As an Oklahoma parent of a child with special needs, you may have to provide care for that child long after you might, had he or she not had a disability, and your estate planning needs, too, involve special considerations. Chances are, you need to make accommodations to ensure that your child will receive the care he or she needs once you are no longer around and able to provide it, and at Lidia Law Firm, we understand that special needs trusts can help you accomplish this.

According to CNBC, some parents of special needs children find that caring for them over the course of their lifetimes can cost more than $1 million. Many families simply do not have that kind of cash on hand, but increasingly, they are relying on special needs trusts to help them pay for their child’s continued care once they pass on.

People create estate plans for many reasons, but many do so to protect their assets and make sure that their estate is managed in accordance with their wishes after they pass away. For some people, such as those who own a small business, having an estate plan in place is especially important and there are additional issues that may need to be reviewed.

After figuring out the most appropriate type of estate plan, small business owners should examine how their estate plan can protect their business. Tax-related issues need to be considered and it may be necessary to address various issues with respect to a family-run business. After someone passes away, many questions related to business operations can arise and it is imperative to have these issues addressed beforehand to prevent uncertainty.

Going through a divorce can be extremely overwhelming. Not only are there are host of emotions involved, but there are many issues that must be negotiated when dealing with the divorce decree. One matter that must be considered is that of the estate plan. Whether you have already created an estate plan or you have yet to organize your estate, it is important to keep in mind a few factors when dealing with divorce.

One way to ensure your property and assets are given to your desired beneficiary, it to set up an irrevocable trust. When a trust is in place, the estate may avoid probate and go directly to the beneficiaries. Furthermore, you will want to clearly distinguish what is marital property and what is separate property. While marital property is eligible for division in the divorce settlement, separate property may stay with the original owner in some cases. This will help you know what to include in your estate plan.

When a marriage is brought to an end, life can be tumultuous in many ways. Custody, property division and other family law matters can be incredibly challenging, but there are other responsibilities and stressors that may arise. For example, someone who has a trust may need to make changes to their estate plan following the end of their marriage. For some people, this can be difficult because the divorce process is stressful and time-consuming in and of itself. However, by taking care of these issues promptly, moving forward and finding a sense of peace may be easier.

A trust may need to be revised for different reasons. For example, a former spouse may be listed as a beneficiary, and it may be necessary to revise the trust in order to make sure that one's former marital partner does not receive any assets from the estate. A former spouse may have also been given authority in an estate plan, and it may need to be revised to reflect these changes. Some people may even find themselves in a new marriage after their divorce, which may also necessitate making revisions to their existing estate plan.