ESTATE PLANNING

ESTATE PLANNING FOR INDIVIDUALS & FAMILIES

Estate planning is the process of creating the documents and taking any other actions necessary to ensure your assets are distributed how you wish when you pass away.

Unfortunately, many believe that estate planning is only for people wealthier than themselves. This is a common misconception. While it may not be a pleasant thought, disability and death are possibilities for all of us. While you might not own an extravagant estate on a private island, you likely still own things such as a car, house, or bank account that would need to be addressed in the event of your disability or death. But despite its somewhat confusing title, estate planning is something that needs to be done for almost everyone.

Tulsa Estate Planning Attorney
Tulsa Estate Planning Attorney

Estate planning is especially important if you:

Based in Tulsa, Serving All of Oklahoma

“The problem ain’t what you don’t know, it’s what you know for sure that just ain’t so.” - Mark Twain

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Joint Revocable Living Trust

The Joint Revocable Living Trust package is typically used by married couples. However the 2 people do not have to be married. We've also done these joint trusts for siblings.

INCLUDES: Joint Trust Memorandums of Trust Pourover Wills 2 Advanced Healthcare Directives 2 HIPAA authorizations Deed (for 1 property to be transferred into the trust) 2 Durable Powers of Attorney (Financial, Medical and Designation of Guardian)

Single Revocable Living Trust

The Single Revocable Living Trust package can be used by anyone whether they are single or married. It is probably the most common method for avoiding probate and retaining full ownership of all your assets until you die.

INCLUDES: Trust Memorandum of Trust Pourover Will Advanced Healthcare Directive HIPAA authorization Deed (for 1 property to be transferred into the trust) Durable Power of Attorney (Financial, Medical and Designation of Guardian)

Separate Revocable Living Trust

Good for people who are remarried with blended families.

INCLUDES: 2 Separate Trusts 2 Memorandum of Trust 2 Pourover Wills 2 Advanced Healthcare Directives 2 HIPAA authorizations Deed (for 1 property to be transferred into the trust) 2 Durable Powers of Attorney (Financial, Medical and Designation of Guardian)

Inheritance Trust

This trust is set up to hold money, property, investments, and other things you have inherited from your parents or others. This trust can be established before you have inherited something, or after. (Included in Revocable Living Trust Package)

Irrevocable Trust

Typically used to allow people to gift money now to grandkids or others without the gift making being received by the person now. (Included in Revocable Living Trust Package)

Medicaid Trust

If you do not have a long-term care insurance policy and you end up needing long-term care, you would be called “self-pay,” meaning you would have to pay for all of your care until your assets have been drained to the point of qualifying for Medicaid. Currently in Oklahoma the asset limit to qualify for Medicaid is $2000- which means you’d have very little financial resources to pay for what Medicaid doesn’t cover. Setting up a Medicaid Trust allows you to set aside, save and protect money placed in the Medicaid Trust without forfeiting your eligibility for Medicaid. There are special rules as to when this trust can accomplish its goal. Medicaid Trusts are best suited to those who are not already in long term care but can potentially be created for those who already are. Contact our office to speak with an attorney and find out if a Medicaid Trust is right for you.

Special Needs Trust - First Party

This would be a Special Needs Trust that is set up for the person that has special needs. If a person has a child who is incompetent, disabled, or otherwise receives benefits from the state and/or government to care for their needs, the adult may set up a Third-Party Special Needs Trust package and add this trust as well. The reasoning is if the incompetent person is high functioning and works or otherwise makes money, they can save that money in this trust as opposed to spending it down continuously below $2000. In addition, when the parent dies, the child may qualify for social security off the parent, and if that money is received, it very likely could disqualify the child from the benefits they are receiving. Having this trust established early and obtaining the necessary approvals by the state in which you live, means that if that money is received, it can be dropped into the trust immediately without risk to the child’s benefits.

Special Needs Trust - Third Party

Typically, this type of special needs trust is a special needs provision put into a Revocable Living Trust. The flat-rate price includes ancillary documents that are usually included with a trust such as a will, financial power of attorney, medical power of attorney, designation of guardian, advance medical directive, memorandum of trust, and a deeding of one piece of real estate into the trust and one deed.

Non-Trust Estate Planning Package

When a trust is determined to be unnecessary, the following documents are used to avoid probate and clearly establish the distribution of assets. INCLUDES: Last Will and Testament Pourover Will Advanced Healthcare Directive HIPAA authorization Transfer-on-Death Deed (1 property) Durable Power of Attorney (Financial, Medical and Designation of Guardian)

ADDITIONAL ESTATE  AND BUSINESS PLANNING SERVICES

At MEUS Law, we specialize in a range of legal services tailored to meet your business needs. From establishing and converting business entities to facilitating purchases and sales, our expertise covers a broad spectrum. Additionally, we craft essential documents such as irrevocable trusts and foundations, ensuring comprehensive solutions for various purposes.

 

The following is a list of the most common inquiries:

  • Buy Sell Agreements
  • Asset Purchase Agreements
  • Stock Purchase Agreements
  • Transfer-on-Death Deeds
  • Business Entity Creation
  • Contract Creation Document Review
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