The future of your loved ones is a top priority when one is thinking of estate planning. By having a course of action to ensure legal affairs are dealt with, you can save your intended inheritors substantial time and financial costs. A thorough estate plan can help your beneficiaries save costly estate taxes and unnecessary expenses that can easily be avoided. Working with experienced Oklahoma estate planning attorneys can make your beneficiaries retain the highest amount of assets while making the process convenient and effective.
At Atkins and Markoff, a combined experience of over 100 years has led to the development of a team which believes in uniquely dealing with each client and providing custom solutions. We make it our mission to educate clients with the availability and details of different options. If you are in need of a comprehensive estate plan constructed by the best in the business with personalized service and second to none support, Atkins and Markoff can help you.
Heir Planning Synopsis
While dealing with heir planning, there are certain questions that need to be answered. Before we get into what these questions are and how they can be dealt with, you should know that they are entirely based on preference and are unique to almost each and every individual. At Atkins and Markoff, we believe in providing personalized solutions to cater our clients’ needs.
“Who will be the beneficiary?”
Knowing exactly who shall benefit from your property and assets after passing is probably the most important question when one’s estate planning. If it is one person, the process is relatively simpler compared to when the property is being distributed to multiple people. At the end of the day, everything is based on your preference. Our attorneys aim to make your wishes come true depending on who you want to include in your will or trust and try their level best to make that happen as swiftly as possible.
“What will be included in your estate plan?”
There might be many different assets and properties attached to your name but not all of them would want to be included in your estate plan. Thus, it is important to pay close attention to what will be subject to distribution after your passing. Liquid assets like cash or bonds are easy to distribute and divide amongst different heirs. It is easier to give one more than the other while partitioning liquid assets. However, the division of real property and other materialistic assets can get tricky and their legal implications might not seem apparent to the naked eye. Our legal team can assist you draft and execute an estate plan, which will meet all your requirements saving you from excessive taxes and unnecessary roadblocks.
Where will your assets and property be handled after your passing?
Location is a very important part of determining a smooth transfer of your estate. Different states across the U.S. have different laws regarding the financial aspect of transfers and we want to make sure that you are fully aware of those. Varying tax consequences are something we educate our clients about so they know exactly how much of their estate will be left to their heirs. For example if a planner happens to pass in Oklahoma but has assets in another state then the governing instrument should decide whether the property would be transferred to a beneficiary or be sold with the proceeds being added to the overall estate. Our experienced Oklahoma attorneys can make these dealings simple for you to understand and address them with utmost expertise.
When and how will your estate be distributed?
Usually people distribute their estate in two ways. One of the most common ones being a lump sum payment and the other one is having it given in installments. Depending on your preference this can be decided while drawing up your estate plan. The question of when will it be distributed is also a choice you might have to make. Some people set a certain criteria for their heirs to get their estate. For example we have worked with clients in the past who want their heirs to complete high school or college before getting any assets. Some people tie this to a degree in a specific field too. Our lawyers specialize in estate planning and we can custom draft your estate plan in any possible way.
Why construct an estate plan?
Knowing that death is inevitable for all, it is important to have appointed your beneficiaries and make sure that they are taken care of after your passing. With the help of an Oklahoma attorney experienced in the estate-planning field, this can be done effectively. At Atkins and Markoff we ensure that your heirs get the maximum benefit out of the assets that you leave behind and save them any stress linked to the procedure.
Learn More about Heir Planning
If you want to educate yourself further about the details of heir planning and the many aspects that it entails. Our legal team can address can questions and concerns that you might have. Contact Atkins and Markoff today.