I cannot stress the importance of funding your Living or Revocable Trust enough!  A trust is a great tool for passing a legacy on to your children or beneficiaries when you pass away, however, the Trust only covers property actually funded (transferred) to it.

I am in the process of probating an Estate for a deceased person here in southwest Oklahoma. The individual was drawn in by an Oklahoma City attorney who created a “cut-rate” living trust for him and his wife. The problem with a cut-rate trust is that you get what you pay for and what the couple received is just a skeleton. The Oklahoma City attorney did not follow through with any funding of the Trust or keep in contact with the client to know that their living situation had changed. After the creation, the Oklahoma City attorney put all of the burden on the client to transfer assets, and it never was completed.

So what does all of this add up to? I am having to complete a public probate for the couple and will incur around $3,000 in expenses for the client. All of this is necessary because the “deal” received from the Oklahoma City attorney of a trust for $1,500 wasn’t that good of a deal, after all. In addition, the cut-rate trust does not have any planning to provide for mom now that she is in a nursing home, so there will be additional costs to get it up to date.
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What lesson is there to be learned here? The better value is to stay local and have a qualified estate planning attorney complete your Trust. You should know who you are dealing with and you should know what you are getting as part of your plan. If you have any questions on your plan, please come see me now and get them addressed, so your children do not run into the same hassle as these new clients.

I want to leave you with the quote from the son of the couple mentioned above. He said, “I guess that Oklahoma City attorney just wanted a check [from mom and dad], and when she got it she was through with us. I wish we would have come to you, because now we understand all she was after and we should have done it right and local from the start.”

Looking at proposals to raise revenue to cover the federal government deficits, the one item the President always come back to is that the “rich don’t pay their fair share”, and that if millionaires and billionaires paid more equitable amounts, the deficits would disappear (or be lessened).

A study was just completed by the Joint Commitee on Taxation that the “Buffett Rule” would generate less than $5 Billion per year. The “Buffett Rule” states that individuals making more than $1,000,000 would be subject to an additional 5% tax on income.

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The main thing to learn from this lesson in the lack of restraint by the government is that taxes will have to increase for everybody, so now is the time to visit with a qualified tax and estate planner and to ensure that your assets are properly set up in a trust or other estate planning device to avoid future taxation by Uncle Sam when these deficits become due.

When the Affordable Care Act of 2010 (Obamacare) was enacted, part of its sales pitch was the cost would not exceed $1,000,000,000,000 (One TRILLION US Dollars) over the next ten years. Of course, most of the cost savings was done by implementing taxes immediately and not implementing most of the care provisions until 2014, four years after passage. Well, it doesn’t take a genius (of which there aren’t any in Congress) to see that if you start saving today, you can offset costs in the future. However, with an individual, the cost in the future are severely limited, because an individual only has limited resources. With the Federal government, the cost can continue to explode because the government can print its own money.

Which brings me to the recent “re-scoring” of Obamacare. For the next ten years, the cost is estimated to be $1,740,000,000,000 ($1.74 Trillion). Remember, we are still two years from getting most of the “benefits” of the legislation, but we can already see where it will lead on taxes.
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My suggestion: You should make sure you are protected the best you can be against these increasing taxes and burdens. The best way to do that? Come see a qualified tax lawyer.

We will be having another basic estate planning seminar on April 5th at the First National Bank in Altus, Oklahoma. The seminar will be provided to the Retired Federal Employees group, but is open for attendance to all.  We will cover Yes, it is true that the time PWD ram rush liquid incense aromas has been the number one component antioxidant that helps fight high blood pressure, high blood sugar level, cardiovascular problems, kidney problem, vascular disease etc. buy levitra http://www.slovak-republic.org/history/national-oppression/ Some of the proposals are themselves filled with problems while the others are not going to have any kind of variation. generic cialis online If discount cialis a man is suffering from Peyronie’s disease, he can take his partner’s help in seeking for an effective treatment of men’s erection problem. In this article, we will take a look at the various erectile dysfunction remedies available, one outstanding remedy is home care. online cialis canada what options are available for passing property from your estate to your children and how you can incorporate tax planning into your estate plan.

If you would like to attend, then please let me know and I will save you seat.

In what may be one of the stranger cases with the IRS, there is contention that the above sculpture is both worthless and worth up to $65 million at the same time.

Art dealer Ileana Sonnabend died in 2007 a resident of New York City and citizen of the United States. When she passed away, the value of her estate, as determined by her children, was around $1,000,000,000 (one billion dollars) and her estate was subject to federal and New York estate taxes. According to the tax returns, her Estate had to pay $331 million to Uncle Sam and $140 milliion to New York State for the estate taxes. Those are big numbers, but they do not even include the above “art”.

You see, the above sculpture includes a stuffed bald eagle. Because the bald eagle is a part of the work of art, there is a federal statute that says any sale of the piece will result in a fine up to $1,000,000 and imprisionment for up to one year in a federal pen. Because of the penalties against transfer, the executors of the Estate said the sculpture was was worth $0. The IRS and the Department of Revenue for New York feel differently, though. They allege that even with the penalties, the sculpture is worth $65 million, which would cause another $40 million in taxes to be due.
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So what is the family going to have to do? They will have to pay the $40 million in taxes and hold on to a worthless sculpture that they can only donate to a federal institution or a Native American musuem (the only institutions which are permitted bald eagle artifacts), but even with the donation, they are not entitled to any tax deduction.

What you should learn from this is “get rid of any contraband worth any money before you die.”