TESTAMENTARY DEED - For years people have been convinced to create expensive Revocable Living Trusts in order to "keep from going to probate" and so that "the government won't get everything" after you die. However, there is no longer any Oklahoma inheritance tax, and federal inheritance tax, as of Jan. 1, 2013 is not assessable unless you leave over $5 million - not a problem for most of us! Recently, the Oklahoma legislature provided a very handy tool - the Testamentary Deed. There are still some circumstances in which a Living Trust is a good decision, and it is still advisable to have a Will. But this new form of deed gives us a very useful and much cheaper alternative to the Trust for avoiding probate court or transferring title. I would be glad to discuss this option and other estate planning tools with you. Call for an appointment today.
DURABLE POWER OF ATTORNEY - What are the chances that you will become disabled, either temporarily or permanently? The older we get, the more real that possiblility becomes. Seeking a guardianship over an adult who is no longer fully capable of taking care of themselves is an expensive and emotionally draining procedure. You can avoid all of that and make things much easier for your loved ones by granting a durable power of attorney to someone. You can give them the ability to make either medical or financial decisions on your behalf - or both! I highly recommend this very inexpensive document, particularly for single adults.