For the majority of Americans, estate planning is an important but often neglected element of family and financial planning. Understandably, it is easy to delay considering uncomfortable issues such as what happens to our property after we pass or providing for end of life care. While estate planning may not be as fun as planning one’s next vacation, it does not have to be a dreaded endeavor. In fact, it can be a positive process that allows individuals to best provide for both themselves and those they care for most.
A common misconception is that estate planning is only for the super wealthy. Regardless of the size of a person’s bank account, without a plan in place, many negative situations there could arise.
In reality, with a smaller estate, final expenses can have an even greater effect on a family’s financial resources. By taking the time to implement an estate plan, individuals will be able to better instruct who they want (or do not want) to end up with their assets, direct how assets would be cared for in the event of a tragic circumstance, reduce the financial and administrative costs of settling affairs, and minimize discord between family members. For these reasons, many express a great degree of relief once their plan has been put in place.
Various plans exist, with not a one-size-fits-all solution; each person has particular needs and desires to plan for. Estate planning can be as simple as signing a Power of Attorney document, or it may involve executing a Last Will and Testament or Living Trust and incorporating other more complicated tax planning strategies.
With more than 40 years of combined experience, the attorneys of Entz Lewis & McCullough have developed the knowledge and skill to assist Oklahomans with all aspects of estate planning, oil and gas law, business formation, and social security disability claims.
Honest and experienced attorneys J. Michael Entz, Amy Lewis, Kimberly McCullough, and Jeff Burton always strive to provide their clients with the best counsel and are conscious about educating communities about the significance of estate planning.
For more information on estate and tax planning, Entz Lewis & McCullough will be hosting a free, no-obligation seminar on Thursday, May 4, 6-8 p.m., at the OU-Tulsa Schusterman Center (4502 E. 41st St., Room LC-138). The event is open to the public and includes a free dinner.
Those interested in attending or who have questions about estate planning, please call 1-800-633-7230, or visit elmlawok.com.