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For some families, it means health care planning, a will, and carefully planned beneficiary forms. For other families, it involves nominating guardians for children and making sure insurance proceeds are presented for their children’s care. And for some, it involves a trust to address all the issues that come with blended families- yours, mine and ours. Every family deserves a custom-designed plan specific to their unique needs. Schedule a consultation today to start your plan.

Cheryl Husmann offers the following Estate Planning services

Adult Guardianship

Guardianship over an adult is the court-ordered authority and responsibility to manage the affairs of your loved one when she or he can no longer make decisions about finances or health care.  Guardianship may be necessary for an adult with cognitive impairment or for an adult child with special needs.

Advanced Healthcare Directive

Advanced Healthcare Directives, also known as Living Wills, in Oklahoma are governed by the Oklahoma Advanced Directive Act.  The Oklahoma legislators recognize the right of individuals to control some aspects of their own medical care and treatment, including but not limited to the right to decline medical treatment or to direct that it be withdrawn, even if death ensues.

Asset Protection

If you are concerned about liabilities from creditors or lawsuits, advanced estate planning can help protect certain assets. High net worth individuals or professionals in industries that are more likely to be sued often need to protect their assets. But timing is key; in most cases asset protection techniques need to be established before liabilities arise.

Business Entity Formation

Businesses can be formed as corporations, limited liability companies, partnerships, limited partnerships, professional corporations or professional limited liability companies.  It is important that you choose wisely when forming your corporation.

Business Succession Planning

A Business Succession Plan should be in place at the earliest stages of a business.  All businesses, whether owned by one person or several, need a plan in place in case the owner retires, goes bankrupt, becomes disabled, gets divorced, or dies. At least one of these events is certain to occur and without a proper plan, can wreak havoc on the business and the owners or their heirs.

Estate and Trust Administration

A Trust is managed and administered by the person designated in the Trust document to be the Trustee. Administration includes many details, including taking advantage of tax benefits, maintaining information to present to beneficiaries, and managing and distributing trust assets to beneficiaries.

Estate Tax Planning

The Estate Tax is a tax on your right to transfer property at your death. Oklahoma does not have a state estate tax. The Federal Estate Tax is calculated after an accounting of everything you own or have certain interests in at the date of death and then reduced by the amount of the unified credit available in the year of death. Most individuals do not have estates large enough to be assessed the Federal Estate Tax.

Gift and Charitable Planning

Estate and tax planning techniques may be used to provide for charity and other heirs in ways that maximize the gift and minimize its impact on the donor’s estate. Gift and charitable planning may also be used to provide gifts that return income or other financial benefits to the donor in return for the contribution.

Healthcare Power of Attorney

A Healthcare Power of Attorney allows you to name a Healthcare Proxy or Patient Advocate to make medical decisions for you if you are unable to communicate on your own. You can give your agent the authority to oversee the wishes you’ve set out in your Advanced Healthcare Directive (aka Living Will), as well as the power to make other necessary decisions about health care matters.

IRA Trust

If you have significant assets in an IRA, then you should consider setting up a special type of revocable living trust that is specifically designed to be the beneficiary of your IRAs after you die. An IRA Trust is a special type of revocable living trust that is designed to hold your IRA accounts for the benefit of your loved ones after your death.

Living Will

Living Wills, also known as Advanced Healthcare Directives, in Oklahoma are governed by the Oklahoma Advanced Directive Act.  The Oklahoma legislators recognize the right of individuals to control some aspects of their own medical care and treatment, including but not limited to the right to decline medical treatment or to direct that it be withdrawn, even if death ensues.

Power of Attorney

A power of attorney grants someone else authority to act on your behalf.  A power of attorney may be general, special, durable, effective immediately or effective only upon some later event.  Having a power of attorney in place is an essential piece of an effective estate plan.

Revocable Living Trust

With no estate planning or only a Will, a deceased person’s family will have to go through probate court. Probate can be expensive, time consuming, and is often more of a burden than a help. Property left through a living trust can pass to beneficiaries without probate, can protect assets held in trust for your heirs, and leaves a legacy for your loved ones.

Special Needs Trust

If you leave money directly to a person with special needs, that inheritance will likely keep that person from qualifying for government benefits. Setting up and leaving money to a special needs trust allows you to improve the quality of life for your loved one with special needs, without jeopardizing their eligibility for benefits.

Testamentary Trust

A Testamentary Trust is a type of trust created within a Will and it becomes effective only upon the death of the person who made the Will.  The Testamentary Trust does not own assets at the time of death and the Will must go through probate court in order for assets to be transferred into the Testamentary Trust.

Trust Administration

A Trust is managed and administered by the person designated in the Trust document to be the Trustee. Administration includes many details, including taking advantage of tax benefits, maintaining information to present to beneficiaries, and managing and distributing trust assets to beneficiaries.

Trust Planning

There are many types of trusts that can be utilized to establish an estate plan tailored specifically to an individual’s needs, including revocable trusts, irrevocable trusts, asset protection trusts, charitable trusts, special needs trusts, spendthrift trusts, asset protection trusts, and many others.

Wills

Everyone needs a Will, even if you have established a trust.

Contact

Info@husmannlaw.com
(405) 285-1548

Schedule a confidential
consultation today