Common Question: I have a will. It may be a few years old, but not much has changed in my life, so why do I need to review it and look at other areas of my estate plan.

Summary: A will is the standard document most people think of with estate planning. It is based off of common law and was the standard for imposing your wishes back in turn of the century (the 16th Century!!) England. That being said, a Last Will and Testament still functions in the same way that a horse still functions for transportation…it will still get you there (distributing assets after your death), but it will just take a little longer and is not as comfortable for those going along with it (your surviving family).

What a Will does: Nothing, in and of itself. It is a document where one lays out his wishes while he is alive and has capacity for who he wants to get what after he dies. The Will cannot do this on its own and has to be presented to a probate court for actual proving and following through, according to the rules of the Probate Court. It does let one name who gets what, and who is in charge, but other than that, there is little more a Will actually does. The probate court is always in charge and can override what the last will and testament says.

One of the smart online cialis http://new.castillodeprincesas.com/directorio/seccion/videografos/?wpbdp_sort=-field-1 and cost effective deal. The question of your ultimate compatibility will always be india pharmacy viagra hanging over your head like an invisible elephant in the room. It improves the interest for cheapest levitra lovemaking. Medications of sexual brokenness are cheap viagra without prescription not all that much time or effort. What a Will does not do: It does not go into effect until the maker actually dies and is admitted by the Probate Court, so it has no effect during the maker’s life. Thus, the Will does not plan for incapacity (where the maker can no longer sign for himself), taxes, or creditor protection. In addition, as mentioned above, the Will does not stand  on its own, so it has to be presented to a probate court for authentication and interpretation. If court avoidance is an objective, one should look at a revocable trust, durable powers of attorney, or other planning.

Much like the transportation example above, there are many developments in the law related to estate planning. A last will and testament can work, but you should know your options when you look at your plan. As always, if you want to specifically review what you want to do, I will offer a complimentary consultation with the mention of this website. Just call 580-318-8829 to set up an appointment.

Brent S. Howard is an estate planning attorney in Altus, Oklahoma that focuses solely on wealth transfer and family wealth building. This is commonly done through planning with wills, trusts, limited liability companies (LLC) and other family planning instruments.

I attended a land auction recently where river-front land was sold. The real estate was marketed as a “hunter’s paradise” as it was about 90 acres of completely natural pastureland. However, the land was being sold subject to a lawsuit pending determination of access to the otherwise landlocked parcels. The final sales price was $51,000, which works out to about $566/acre.

The sales price is probably still high if one considers the return on investment way of calculating price.

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However, on the whole, it should be noted that prices fluctuate and really are the result of many factors. This land could have brought more and easily could have brought less, but the sales price of $566/acre is much less than the county average of about $980/acre and less than the appraised price of $800/acre for the parcel. Just a thought as you look toward your own assets and estate plan. The value for federal estate tax purposes can vary greatly and only upon sale between a willing buyer and a willing seller can one determine how much in taxes should really be due.

I have given quite a few seminars over the past five years on estate planning and have answered many, many questions. I have also helped many clients and provided all the information I can so those clients can make a knowledgeable decision regarding their estate plan. So, I want to spend the next few posts going over questions I run into with estate planning to help spread more knowledge to the people of Altus and the surrounding areas of southwest Oklahoma (and the world).

Common Question: (This is tied into the last post, but focuses more on the Elderlaw side.) My mom is getting advanced dementia and we think we will have to put her in a nursing home. She doesn’t have a lot of things, but we heard she will qualify for Medicaid if she has less than $2,000 in assets. We also know, because we heard it at the coffee shop, that she could give each of us kids and the grandkids $10,000 a year. If she does that, she would be below $2,000 and would get government assistance, right?

Short (very, very short) Answer: There are misconceptions with this answer the same as in the previous column; namely, you are trying to combine two very distinct areas of law into one simplified version.

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When someone is applying for Medicaid, they have to meet three qualifications: 1. Have a medical need, 2. Meet income limitations, and 3. Meet resource limitations. In order to prevent someone from immediately qualifying, the 2005 Deficit Reduction Act (DRA) imposed a 60 month look-back period for any transfer given without adequate consideration. If there is transfer without adequate consideration during the 60 months prior to application for Medicaid, then the government imposes a delay based on the amount given away (for OK currently one day without assistance for every $134.50 transferred).

Under this look-back rule, Mom would lose about two months of nursing home assistance for every $8,000 given away and it would be up to her or the donees to pay for that assistance, if needed. In a nutshell, the divisions that administer Medicaid do not care that the IRS give a tax break for gifts, because they are only concerned about ensuring proper applicants for Medicaid get qualified.