Nov 27

What a Will does (and does not) do

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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.

Nov 25

Probate services offered

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Just a reminder to everyone in Altus, Hobart, Hollis, Frederick and southwest Oklahoma, that the law offices of Brent S. Howard, attorney, offer the most affordable and time efficient probate services in the area.

Generally, if the estate only has a few items in it and the value is less than $175,000, my office will prepare all items for the probate or administration for a flat fee and can have the probate completed within seven weeks. (This is if there are no issues that arise, like siblings fighting or valuation issues.)

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If you live out of state, then call my office at 580-318-8829 or email to the link in the upper corner and discuss what options are available for you and your family with a no-cost consultation.

Nov 06

Out of Office

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I will be out of the office the remainder of the week. I will be going on my final tour with the Oklahoma Ag Leadership Program (OALP). Our Class will be leaving from Stillwater and traveling to Claremore, Vinita, the Port of Catoosa, Adair, and Tulsa for three days of agri-touring. cialis properien Available in a number of forms like tablets and jelly, Kamagra Jelly is however, more popular with the users. These are marketed as the at-home alternative to the more expensive in-studio approach. prescription de viagra These days, more and more people are opting for shortcuts other than cheap viagra no rx taking a drivers’ Ed Colorado. The excessive intake of alcoholic drug, the side effect of some medicines, the excessive masturbation in the boyhood, the aging process, and the side effect of any medicine etc. are the main causes of erectile dysfunction. viagra online doctor After this session, there is only one more left prior to our overseas trip to South Africa in February.

If you need anything while I am out of the office, please send an email or leave me a voicemail and I will try to address the issue as soon as possible.

Nov 05

Friendly reminder

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I have been visited by two individuals this past week who wanted me to look into their tax issues. Both had similar issues and were caught by surprise when they owed taxes, but in short order, I was able to give them the information they were lacking, although it was not the answers they sought.

Both individuals had taken early withdrawals from their retirement account in order to make necessary payments on other needs. When they took these early withdrawals, there was income tax withheld and they thought they would be covered, however, as I explained to them, if a withdrawal is taken prior to the employee separating from service (for 401(k)s and similar) or prior to the taxpayer being 59 years old, there is an additional 10% penalty tax imposed.
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Although I could not help them because the distributions had already taken place, I thought I would remind the world that there are penalties and taxes you need to be aware of, should you start looking at your retirement account too soon.

Nov 01

Pension Adjustments for tax year 2014

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The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.  Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment.  However, other pension plan limitations will increase for 2014.  Highlights include the following:

  • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $17,500.
  • The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $5,500.
  • The limit on annual contributions to an Individual Retirement Arrangement (IRA) remains unchanged at $5,500.  The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
  • The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $60,000 and $70,000, up from $59,000 and $69,000 in 2013.  For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $96,000 to $116,000, up from $95,000 to $115,000.  For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $181,000 and $191,000, up from $178,000 and $188,000.  For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
  • The AGI phase-out range for taxpayers making contributions to a Roth IRA is $181,000 to $191,000 for married couples filing jointly, up from $178,000 to $188,000 in 2013.  For singles and heads of household, the income phase-out range is $114,000 to $129,000, up from $112,000 to $127,000.  For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
  • The AGI limit for the saver’s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $60,000 for married couples filing jointly, up from $59,000 in 2013; $45,000 for heads of household, up from $44,250; and $30,000 for married individuals filing separately and for singles, up from $29,500.

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