I saw a recent post on taxprof blog (a website run by a Tax Law professor that reviews articles and developments in tax law) and came across this posting from the Heritage Foundation. I thought it would be a good one to share with the people of southwest Oklahoma on the new and increased taxes that will be in force January 1, 2013 if laws are not changed.

The main point of the article is that tax hikes of $494 Billion will go into effect next year. These tax hikes are comprised as follows:

Expiration of the Bush tax cuts (higher marginal rates for everyone) = $165,750,000,000

Payroll tax reduction (expiration of 2.0% deduction on earned wages = $124,636,000,000

Expiration of Alternative Minimum Tax (AMT) patch = $118,750,000,000

Tax cuts in the 2009 stimulus = $20,876,000,000

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Reduction in Section 179 (business asset purchase) expensing = $7,695,000,000

Creation of new taxes with Obamacare = $22,750,000,000

You can see the whole article here: http://www.heritage.org/research/reports/2012/04/taxmageddon-massive-tax-increase-coming-in-2013

These taxes all just reflect the increases that are already law (or set to expire). In addition to these, the “Buffett Rule” is currently before the Senate that will increase taxes on the rich an additional $22 Billion.

Now is the time to talk with your financial planner and to review your estate planning (wills and trusts) to ensure that you have the most protection allowable and are in a good situation for these tax increases.

Many clients are remarrying after divorce or loss of a loved one. With the increase in the number of remarriages, prenuptial agreements have moved from taboo to a critical estate planning tool.

If you are thinking of remarrying, remember thaat without a prenuptial agreement, your new spouse may have a claim to 50% of any property you “earn” together during your marriage, and will have a right to stay in your joint homestead for the remainder of his or her life, regardless of what your other estate planning said. If you have children from a previous marriage who you want to be cared for, then prior planning is of utmost importance.

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If you are considering remarriage, it is important for you and your betrothed to discuss the options to ensure your property goes how you wish. The goal of memories of a remarriage should allow the families to focus on the happiness you brought each other, not to foster hatred among the survivors because an inheritance was unjustly taken.

Just a reminder that we will be having a seminar today to talk about basic estate planning techniques and options for passing your estate when you pass away.

I will discuss wills, trusts, payable on death accounts, and joint tenancy and the pros and cons of each option. If you are not able to make this presentation, then you should look for one in the future as the items discussed will affect everyone at some point in their life (either when you pass away, or when you are administering an estate for a deceased loved one).
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This information is free to those in attendance and will be given by one of the most educated and dedicated attorneys in the Altus, Oklahoma area.  We hope to see you there!

Probate is the legal process of settling a deceased person’s (“Decedent”) last issues (debts owed, taxes due, who were his heirs, what property was solely his on death) and then distributing all remaing property to the heirs at law, or the persons named in the Decedent’s valid Last Will and Testament. The process is usually viewed as a necessary evil and takes anywhere from six months to two years to complete with the Court and attorneys usually in control throughout.

But probate can be avoided, all it takes is some planning while you are alive.

A revocable living trust is the most effective way for a family to avoid probate after death. An individual places assets in a trust, and all assets within the trust avoid probate. The trust passes on to the persons named by the creator or grantor. This technique, when properly maintained, allows all property to skip probate, and allows the grantor to ensure his guidelines or restrictions last well after he passes away.

Payable on death designations on banking and financial accounts (and now real estate in Oklahoma) allow a person to designate a beneficiary to receive the particular asset. This allows the property to go straight to the named beneficiaries without court involvement.
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Joint tenancy with rights of survivorship is perhaps the most commonly used estate planning technique. This involves naming another individual (or more) as a current owner on property, but also stating that if you die, your interest in the property automatically transfers to the other named joint owners. This is commonly used between husband and wife and works well, but it really is just a way to delay probate, not to avoid it.

Gifting property is another way to avoid probate. I met with a nice family just today that wanted to know what all they had to do to probate their mom’s estate. My first question to them was, “What property did she have in her name when she passed?” Their answer was only a checking account, but it was POD to the daughter. She had gifted all of her other property (house, land, other cash) to her children about a year before. They were happy to hear that a probate was not needed, because there wasn’t any estate to be administered.

All of these options have positives and negatives. Some of them, in my view, have way more positives (the revocable living trust), and some have way more negatives (joint accounts subject your property to other owners’ creditors). The best way to know what is best for you and your family is to come in and talk with a qualified estate planning attorney.