Friday, January 28, 2022

Dont sign living will form and you estate plan and family have difficult decision to make

Probate Attorney OKC

Dont sign living will form and you estate plan and family have difficult decision to make. Everyone has a different idea of what a living will or advanced directive does for them and their estate plan. A living will form could cause troble if not thought out. A living will form downloaded from the Internet or another state could be a disaster. Every state has a slightly different living will form and laws. If you need help with your advanced directive or living will speak with an estate planning attorney near me or probate attorney near me.
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No estate planning whatsoever

Probate Attorney Oklahoma City

Cortes Law Firm, Estate Planning, Probate, Trust Administration

No estate planning whatsoever what happens to my assets?


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Thursday, January 27, 2022

Capital Gains tax increase? Stepped up basis capital gains tax increase

Probate Attorney OKC

Capital Gains tax increase? and President Biden elimination of stepped up basis. What is the Capital gains tax and how will it affect your revocable living trust or will based estate plan. There is a lot of discussion by the new administration regarding eliminatin the stepped up basis for capital gains tax purposes. A capital gains tax increase can happen not just by increasing the capital gains tax increase percentage, but a capital gains tax increase by eliminating the stepped up basis.

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4:23 Stepped up basis and your Estate Plan

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Transfer assets to children

Probate Attorney OKC

Cortes Law Firm, Estate Planning, Probate, Trust Administration

How to transfer assets to children in writing and by operation of law

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Wednesday, January 26, 2022

Funding a Revocable Trust? DON"T DO THIS or you wasted your time and money

Probate Attorney Oklahoma City

Funding a Revocable Trust? DON"T DO THIS or you wasted your time and money. If you have a revocable trust, then make certain to fund revocable trust. Notthing is worse than a probate because of failing to fund a revocable trust.

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0:00 Start
0:07 Revocable Living Trust
1:14 Vital to your Estate Plan
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2:55 Transferring real estate into trust
5:11 Probate assets must be probated

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Life insurance beneficiary rules

Probate Attorney Oklahoma City

Cortes Law Firm, Estate Planning, Probate, Trust Administration

Life insurance beneficiary rules defeat Last Will & Testament and Revocable Trust


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Tuesday, January 25, 2022

Probate Credit Card Debt

Probate Attorney Oklahoma City

Cortes Law Firm, Estate Planning, Probate, Trust Administration

Probate Credit Card Debt

What to do if you're an heir and your loved one left behind probate credit card debt? Some people inherit a great deal of money and assets, but what happens when they died with outstanding probate credit card debt balances and other debts? If you're an heir to this situation, there are steps that can be taken to help manage the probate process.

This is a question that we get from almost every son or daughter who comes into our office needing to probate their parent's estate, and that is, are they responsible for their parent's probate credit card debt or other debt?

And the short answer is no. Only the estate is responsible for credit card debt. However, the long answer is that credit card debt will most likely get paid out of the estate assets.

So let me explain how this works. As you know, there's different types of debt. They're secured debt and there's unsecured debt.

A secured debt is something like the mortgage on your house or maybe a lien on a car until it's paid off a car loan, correct.

Unsecured debt is a credit card. They just give you credit and you're free to spend it however you want, as long as you pay them back . Right. So generally, what happens in a probate if there is a house or there is a car?

Those debts are secured by the assets that they're connected to. So, if you have a mortgage, obviously, it's a mortgage on the house. And if we're going to sell the house, during the probate process to a third party, when you go to the title company to close on that house, the title company will make certain that the mortgage is paid off so that the new buyers, those third-party buyers, have clear title.

And there are no Liens or mortgages on the house. The same thing can happen with cars. Usually the heirs, a son or daughter who come into our office, will sell the car and use the proceeds to pay off the lien on the car in the usually, unfortunately, with cars.

The amount owed is usually pretty close to whatever the purchase amount is. Right, because car loans are much shorter than mortgages. And so, there's just usually a lot more debt associated with a car.

However, credit cards are completely different. Those are unsecured debts. And the important thing to remember here is that unsecured debts or really any debt of the estate is not your debt.

If you’re probating your mother or father's estate or even somebody else's estate with a probate attorney, in other words, you're the executor or the personal representative of their estate, you are not responsible for that debt. It is the estate that is responsible for that debt.

And if there is no money in the estate, there is no money in the estate. And unfortunately, that sometimes happens, especially with the unsecured debt, because we know that the house is going to sell and that can get paid off.

The car is going to sell, and that loan can get paid off. But if there's no money left over to pay the credit cards, then they are not going to get paid off. Unfortunately, some credit card companies, or debt collectors will start to call the heirs, the sons and the daughters and make them feel like they are personally responsible for their parents' credit card debt.

And that is simply not true in almost all jurisdictions. So, again, you should check with your probate attorney near you regarding credit card debt. In almost all cases, credit card debt belongs to the estate and not to the person or to the heirs.

Now, I said in the long run, it probably would get paid off. So let me give you an example how that credit card debt might get paid off. So, let's say that the parents own a house that they bought many, many years ago and there is a very small mortgage on itor no mortgage whatsoever. In other words, it's paid off.

And there is also credit card debt of, let's just say, fifteen thousand dollars or twenty thousand dollars. Why not? They were big spenders, and they were paying their debt off every month.

However, once they passed away, nobody was making those payments on that unsecured credit card debt. But remember, there is a house that is almost completely paid off or paid in full. Let's say that they sell that house for two hundred and fifty thousand dollars.

And it did actually have a mortgage on It for fifty thousand dollars. So, the estate will net two hundred thousand dollars into the estate bank account once the house closes. But what's important here is that the estate now has two hundred thousand dollars cash in the estate bank account to pay off whatever other debts there might be or expenses that are might be related to the probate.

Well, what are those kind of costs? Funeral costs are one of them costs in administering the probate like attorney fees and the court costs and all the associated costs and expenses that go along with probate in in the estate. And those are all also coming out of that estate bank account.

And if there are credit card debts, then the personal representative or the executor, depending on which jurisdiction you're in, will look at those particular credit card claims and determine whether or not they are valid.

I will tell you guys, usually they are. And once that determination is made, then usually in most jurisdictions, the personal representative or the executor needs to go to the judge and ask the judge for permission to pay that with credit card off so they will take the money that's in the estate bank account and pay off that credit card debt of twenty thousand dollars.

Now, remember, at this point, it's all coming out of that estate bank account. So, none of that money has gone to the heirs so far. The next step is to get that credit card company to issue a release of claim. In other words, releasing the estate from that twenty thousand dollar claim. 

Personal representative or executor has paid the claim, and now the credit card company needs to give a release to the estate that says that that debt is no longer owed, very important.

Once all credit card debts have been paid and all other expenses have been paid on the estate, usually in most jurisdictions the executor or personal representative will issue what's called a final account, and they will set it for a final hearing in which at that point the judge will order distributions of whatever assets are left.

That's very important because that doesn't happen until all debt of the estate is paid. And that's why I tell sons and daughters, you're absolutely not responsible for your parents' credit card debt unless, of course, you are a cosigner on the debt, but you are not responsible for their credit card debt.

But ultimately, if there is enough money in the estate, that credit card debt will get paid off from the assets, from the liquid assets in the U.S.

Bottom line is, don't allow the credit card companies and the debt collectors to bully you into trying to pay off or making you think that your parents' credit card debt is your credit card debt. It absolutely is not. It belongs to their state. 

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Transferring ownership of property from parent to child

Probate Attorney Oklahoma City

Cortes Law Firm, Estate Planning, Probate, Trust Administration

Transferring ownership of property from parent to child is a BAD IDEA

Transferring ownership of property from parent to child is a bad idea to avoid estate planning. It might look like an easy way out, but depending on the state in which you live, this might result in all your assets being part of the estate settlement process upon your death.

Carefully consider any change to title or deed that transfers real estate or other assets into joint ownership with another person before completion. Once you have made the transfer, it cannot be undone without both parties’ consent unless there was some concern regarding competency, coercion, fraud or undue influence. And completing such a change could trigger estate proceedings upon one party’s passing.

Consult an estate-planning attorney for assistance in developing documents that avoid probate. The estate-planning lawyer can also help you outline how property should be transferred to avoid estate taxes.

The probate process is expensive and time-consuming, so consider other estate planning options that are less likely to create difficulties for your loved ones.

Probate is a court-supervised legal method of distributing an estate to beneficiaries. While not everyone has assets that will be subject to estate taxes, avoiding probate is still worth considering.

If you own property as a single person or jointly with someone else – such as a spouse – you can leave the property at your death by writing a simple will describing who gets what and how they should receive it.

If you have minor children, leaving assets to the child's guardian would be another estate planning option.

Probate is not a private matter. The probate records are public records for anyone to see and examine. If you don’t intend for this to happen – or if it makes you uncomfortable – avoid probate. Get an estate plan instead.

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Monday, January 24, 2022

Do not SEVEN things in your last will

Probate Attorney OKC

Cortes Law Firm, Estate Planning, Probate, Trust Administration

Do not put these SEVEN things in your last will and testament for Probate

Seven things not to put into your last will and testament the number. One thing not to put in your last will and testament is any language that distributes trust assets so that means you have a revocable living trust centered estate plan.

You have a revocable trust and you also have assets that are in the name of that trust. Let's say dad several years ago went to his estate planning attorney and created a revocable living trust and as part of the package his estate planning attorney put his house that he's living in into the name of his trust which is exactly the way it should work guys.

Then in his trust he names his son Enrique as receiving that house as a distribution from the trust 

Now several years later the dad for whatever reason redoes his last will and testament without talking to his estate planning attorney or tax professional or financial advisor and in the last will and testament he gives that same house to his daughter Sally.

Do you see the problem here? The first thing is that you probably notice is he did a revocable trust, second he transferred by deed that house from his name to the name of his trust so that particular house is owned by the trust.

It doesn't matter what the last will and testament says because that property is owned by the trust and the last will and testament can only distribute property that is part of the probate estate.

Because that house is then in the name of the trust it is not part of the probate estate. It's part of the trust estate and it gets distributed under the terms of the trust

Don't do that! Don't distribute trust assets by a last will and testament because you can't do that.

Now, if the dad really wanted that house to go to his daughter Sally instead of Enrique he could have done two things.

First is amend his revocable living trust and amend the language that says that that house goes to Sally and not Enrique. Second, he could do another deed a trustee's deed transferring the property out of the trust back into his personal name and then that way when the last will and testament gets probated that would become a probate asset.

Bottom line don't distribute trust assets in your last will and testament because you can't do it.

The number two thing not to put into your last will and testament is distributing llc assets by your last will and testament. That's simply because the assets that are in your llc are owned by the llc. You might own the llc but what you actually only own is the membership interest in the llc

The llc technically owns the assets. This is very similar to number one that we just talked about so let me just give you a quick example.

Let's say that your llc owns two houses. And, let's say they're rental houses and you put them in the llc because you want the protection that you get from an llc.

Technically that llc owns the houses what you own. As the owner of the llc is just the membership interest so you personally cannot give away those two houses because they are owned by the llc

A last will and testament can distribute your membership in the llc but it cannot and I repeat cannot distribute the assets that are within the llc very important distinction.

The number three thing not to put in your last will and testament is your funeral arrangements first. Let me say most families have no idea whether or not their loved one has a last will and testament at all. If they do, then they have no idea where that last will and testament actually is.

The problem then becomes if you have wishes in your last will and testament regarding your funeral those wishes might not be known for days weeks maybe even months until somebody actually finds your last will and testament.

If you wanted to be cremated and they buried you, then we have a problem don't we? What if you wanted to be buried in a particular cemetery or you wanted your ashes spread over a certain spot?

Family didn't have the last will and testament or access to it then they would not have known those wishes and they may have already done the opposite of what you actually wanted

I've told you in another video about a safe deposit box that was part of a probate. The family thought that their loved one's last will and testament was in that bank deposit box. It took over nine months and a court order to get access to that safe deposit box at the bank.

When we opened it up guess what? There was no will and the family had wasted nine months remember.

In most states a last will and testament has no power until it actually goes to the probate process. Even then most anything that happens in a probate has to happen by court order.

Bottom line don't put your funeral arrangements in your last will and testament

Number four - organ donation. Just like the previous if your family doesn't know where your last will and testament is then they're not going to have any idea whether or not you wanted to donate your organs or transplant or for research purposes.

If they don't have access to your last one testament for weeks months or maybe even years they will have never been able to fulfill your wishes because you put that language organ donation language in your last will and testament.

Don't do that! When it comes to organ donation and you're in the hospital your family is probably more worried about whether or not you're going to get better than about whether or not you have a last one testament.

That is really not something that's even registering on their mind. If you put organ donation language in your last will and testament, then it is probably not going to get honored.

You should just not do it in the first place!

Number five don't put living will instructions in your last will and testament. First those are two separate documents.

A last will and testament is a document that distributes your assets according to your wishes. A living will states what you want to happen if medical personnel doctors have determined that you are in a persistent vegetative state with no way of coming out of it. In other words your brain dead.

Very important distinction between a last will and a living will, so don't make that mistake. If doctors do determine that you are in a persistent vegetative state and you've specifically stated or wanted only to receive pain medication, then do not put that in your last will and testament.

That goes into your living will. That's a document that needs to go with you to the hospital or wherever you're going anytime you receive medical treatment.

Very important to have that and not to put that language in your last will and testament. In order to properly memorialize your organ donation and your living will wishes and instructions make sure you go to an estate planning attorney and have those particular documents drafted separately from your last will and testament

The number six thing not to put in your last will and testament is ira designations. We actually just talked about that in a recent video so you can go back and watch that one if you want.

In that video we discussed a mom who had told her three children for several years that they were all going to be the beneficiaries of her ira. They were each going to get a third of her ira.

However the problem was that when the mom first started that ira when she got her first job 30, 35 or 40 years ago she was required to list a beneficiary.

On that form, she listed her daughter Sally because at the time that was the only child she had. Fast forward all these years and the mother never changed that beneficiary designation.

It doesn't matter what she told her children was going to happen to that ira. It doesn't matter that she put language in her last will and testament that the ira was to be distributed a third a third a third.

All the ira people cared about was that beneficiary designation which listed one child. Don't put ira beneficiary designations in your last will and testament because if you've already filled out the ira beneficiary form with your provider financial provider that is what's going to trump anything that is in your last will and testament.

The number seven thing not to put in your last will and testament is who gets your insurance money and this is the exact same situation as the ira. The insurance policies beneficiary designation trumps anything that is in your last will and testament.

If you list an insurance policy in your last will and testament and state that it's supposed to go to your three children but the actual policy only has one beneficiary, then guess who the insurance company is going to pay out to?

That one beneficiary and your other two children are out in the cold and will get nothing. Now you can list your revocable living trust as the beneficiary of an ira or a life insurance policy but you really really need to check with your estate planning attorney and your cpa or your financial advisor before you make any changes like that.

They recently changed the ira required minimum distributions to be distributed at a much quicker rate than they were before so don't make any changes until you speak with your financial advisor.

You've heard me say a gazillion million times that you need to have an estate plan in place and if possible have a revocable living trust centered estate plan.

However we still see a lot of last wind testaments either hand-written or downloaded from the internet that leave a lot to be desired bottom line.

Do not put any of these seven things in your last will and testament and make sure you speak with your estate planning attorney cpa or financial advisor before you do any of this.

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Probate Process Takes FOREVER

Probate Attorney OKC

Cortes Law Firm, Estate Planning, Probate, Trust Administration

Probate Process Takes FOREVER and families have no choice but to wait Estate Planning

Probate Process Takes FOREVER Probate is a process wherein the estate of a deceased person is passed to his heirs and beneficiaries after satisfying certain debts and taxes.

Probate can take forever because there are lots of steps involved in the probate process such as locating the decedent's assets, determining heirship, filing federal and state tax returns, paying any outstanding liabilities such as mortgages and credit card bills, distributing assets to heirs by court order, etc.

Probate takes forever because it involves various levels of review by different governmental authorities, which will make sure that the estate is distributed to its rightful owners.

During this process, creditors are given a chance to file claims against the estate and collect their debts from the deceased person's assets. Probate court proceedings may also be delayed if heirs or beneficiaries disagree on how they should divide the decedent's property or claim some items as exempt from probate.

Probating an estate can also take forever if there is a need for appraisal of certain assets such as land and business interests, which require time-consuming research and reporting.

Estate planning can help you avoid probate and save your family from the probate process which takes forever.

Probate can take forever because there are lots of steps involved in the probate process such as locating the decedent's assets, determining heirship, filing federal and state tax returns, paying any outstanding liabilities such as mortgages and credit card bills, distributing assets to heirs by court order, etc.

During this process, creditors are given a chance to file claims against the estate and collect their debts from the deceased person's assets. Probate court proceedings may also be delayed if heirs or beneficiaries disagree on how they should divide the decedent's property or claim some items as exempt from probate.

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The post Probate Process Takes FOREVER appeared first on Cortes Law Firm.

Thursday, January 13, 2022

Probate Attorney Oklahoma City

Probate OKC

Sometimes there are some aspects that require to be dealt with quickly for an Oklahoma Probate, our suggestion is constantly to look after on your own initially. The probate process is actually simply a civil legal action that collects all of your liked one's assets, pays their legitimate debts, pays their tax obligations, and finally distributes any kind of inheritance according to their estate strategy. If a Last Will does not exist, then a Probate will still be called for. The probate process is the same without a Last Will, but instead of circulation according to an estate strategy, inheritance will be dispersed according to Oklahoma regulation.

What a Probate Attorney Does: From Identifying Possessions to Dispersing Inheritance

You may not understand what a probate attorney does, but if you are reading this post, there is a good chance that you will certainly need one quickly. When somebody dies as well as leaves possessions behind - whether they had living beneficiaries or not - the executor of their estate need to experience the procedure of probating their Last Will & Testimony. This involves identifying every one of the person's assets and also recipients along with dispersing them according to state laws. A lawyer guides an executor with this process to ensure everything goes efficiently.

Do I require an Probate Attorney OKC Cortes Law Office?

If you are the administrator of a person's estate or a beneficiary left, it is important to find a probate attorney OKC asap. By doing this, they can start aiding you with probating your enjoyed one's estate as well as making certain that their assets most likely to the ideal location with no legal issues holding them up.

Probating a Last Will & Testimony should not be ignored because there could be major effects if all actions aren't complied with appropriately according to state regulations. When dealing with probates, it is very important for beneficiaries and also executors alike to work closely with probate attorneys so that whatever goes smoothly from start to finish.

A probate attorney Cortes Law Firm will help you with all aspects of probating a last will as well as testament, from determining possessions to distributing inheritances. It is very important that they are contacted as soon as possible so they can begin helping as soon as possible.

You could not assume you need probate attorneys because it feels like whatever must go efficiently without any troubles ... however this isn't always the situation - especially if a person passes away intestate (without leaving a legitimate Last Will). If this takes place, after that probate attorneys may be needed throughout the procedure of fixing an estate in between beneficiaries or for recipients neglected of a Last Will & Testimony for whatever reasons. Whatever your scenario is, there's no question that having probate lawful depiction on hand might make points simpler by making probate as painless as possible.

Probating a last will and also testament can be overwhelming, but it does not require to be - particularly if you have the help of a probate attorney OKC Cortes Law practice on your side during this procedure.

In today's world where even more individuals have been pulling out of conventional Last Wills in favor of revocable living trusts, probate attorneys have actually adjusted their solutions to include these too. A probate attorney, that is also an Estate Preparation Attorney, will certainly assist you establish a living trust fund to ensure that your properties are dispersed in accordance with its terms instead of with the probate process.

How much does it set you back to execute a Last Will?

The price of a Last Will can vary relying on where you live as well as the intricacy of your estate. These prices can be anywhere from a couple of hundred to a number of thousand dollars.

A Last Will is used to disperse your assets after fatality, but it just works after your fatality. As well as if you have minor youngsters, or other dependents that rely upon you for assistance, then making certain that there suffices money for them to proceed living their lives after the fatality of the individual who makes decisions concerning income calculations might be equally as vital as assigning sufficient money during life towards their care demands. Performing a last will and also testimony is not something any individual intends to think of frequently - yet it's much smarter than many people think as well as unavoidably much

What's the Typical Price of a Making a Last Will?

The average cost of a Last Will differs on several aspects such as the state and location where you live, how complicated your possessions are as well as extra.

Attorney fees for creating a basic Last Will prices anywhere from $150 to $500 and can take 30 minutes to a number of hours for a person to prepare it. Lawyer per hour charge's might range from $100-$1,000 per hr depending on where you live. Make certain you do your study before employing an Estate preparation attorney.

Can Executors get paid?

Yes, administrators are entitled to be spent for assuming their fiduciary duties. Some states have regulations regarding how much they are able to earn, the executor (or Personal Representative) is most definitely permitted something for their job if payment was not pre-arranged in the Last Will.

The executor of an individual's estate is charged with taking care of residential or commercial property and paying tax obligations on them while making certain that no property or obligation continues to be unclaimed after repaying any financial debts that continue to be due after death. It's a difficult task that lots of people avoid, which is why you might want to consider having a person you depend serve as your administrator.

Just how much should you pay an administrator of a Last Will?

In some territories, a basic rule of thumb is that the administrator's charge ought to generally be in between 5 to fifteen percent of the estate's value. Nonetheless, much more recently this number can vary depending on elements like just how much job is called for and also whether they are looking after challenging properties.

Some courts need administrators to send billing just like the legal representatives. The they find out a sensible per hour compensation. This is a lot more reasonable to heirs than billing a set percentage. It just depends on where you live.

Just how much does probate expense?

The expense to probate a Last Will is dependent on a couple of variables including the inheritance tax, attorney costs, and whether there are any type of various other assets in the Last Will. Probate expense in most states will certainly average in between $3200 to $7000.

This is if every little thing goes excellent as well as there are no household battles. The most effective means to identify this is to speak with a qualified probate attorney OKC.

Who spends for Last Will probate?

The estate of a dead individual will normally pay an attorney to aid them with the procedure of obtaining residential property distributed. Probate Expense are typically, by law, taken off the top before any type of circulations to successors.

These can consist of court expense, declaring costs, attorney costs, actions, and also funeral expenses.

If you find yourself requiring a probate attorney, don't wait until it's too late! There may be significant effects for those that stop working to effectively establish an estate strategy or look for legal support when dealing with probates and trust funds. If somebody has died recently without leaving any kind of documents regarding how they wanted their assets paid out, ensure to work with a knowledgeable probate attorney as soon as possible so that whatever goes efficiently from beginning to end.

Having probate lawyers on hand can make probating an estate much easier by making the procedure as simple as practical.


Estate planning for remarriage #shshould ould

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