Estate Planning Lawyer Serving Edmond, OK
No one wants to think about what happens after they die, but it’s also important to make sure that loved ones are cared for.
Estate planning can feel overwhelming, and depending on its size and the number of beneficiaries, it can get complicated.
Regardless of how big or small your estate is, it’s important that you protect your family’s future by specifying your wishes for after you pass.
At Cannon & Associates, we handle estate planning services with the care and consideration they deserve. We always take the time to get to know our clients and take an individualized approach with thoughtful solutions. Our Edmond estate planning lawyers are committed to freedom and will work to ensure that your family is taken care of after you’re gone.
Cannon & Associates
Cannon & Associates is a top law firm that handles personal injury, family law, and criminal defense in Oklahoma City, OK and surrounding areas. Our broad range of skills means we have ample experience, resources, and knowledge to draw upon that can meet all of your legal needs.
We can help with everything from real estate plans, businesses, trust planning, real estate transactions, charitable planning, wills, guardianship, and more, ensuring maximum tax benefit.
We are proud to be led by John Cannon, who has an AVVO rating of 10.0, the highest possible rating. This is based on factors such as client reviews, years of experience, awards, and more. We have handled numerous cases just like yours before and are prepared to support you through all legal matters.
Call us today to arrange a free consultation with one of our skilled estate planning lawyers in Edmond. Our practice areas cover Edmond, OK, and central Oklahoma. Call our law firm in Oklahoma City now at tel:4055913935.
What is Estate Planning in Edmond, OK?
Estate planning is where an individual or a family arranges for the transfer of assets after death. At Cannon & Associates, we will help you to preserve the maximum amount of wealth possible for your beneficiaries.
Perhaps the biggest concern for estate planners is the legal matter of state and federal tax law. A quality family law firm such as Cannon & Associates can ensure maximum tax benefit.
What is Included in an Estate?
An estate is a total property, real and personal, owned by an individual prior to distribution through a will or trust. Estate planning distributes both real and personal property to individual heirs.
Real Property
Real property is real estate but includes the land itself and any buildings or other improvements to the land. Real property encompasses the rights of use and enjoyment of the land and its improvements.
Personal Property
Personal property covers everything else, such as bank accounts, cars, and household items.
How is an Estate Divided?
Wills and trusts are the most common ways people divide their estate. How you choose to divide your estate has important tax implications. Trusts avoid probate, which is a lengthy and costly legal process.
Other times, the best solution is to make inter vivos gifts while you are still alive to minimize tax.
Wills
A will directs the distribution of your assets after your death. It can also include other important matters after your death, such as who will be the guardian of the children or your wishes for your burial and funeral.
A will can assign an executor to create a trust to hold assets for particular persons. For example, you may want to withhold assets for minor children until they reach a certain age.
A will is legally required to be witnessed and signed, and its implementation is a legal process. It must be filed with the state probate court and carried out by your designated executor. The document is a public record of the probate court, which oversees its execution and has jurisdiction over any disputes.
Trusts
Trusts are legal arrangements that arrange the transfer of assets between the owner, called the trustor or grantor, to a trustee. The grantor sets the terms for the trustee’s management of assets, and the trustee is obliged to act in accordance with the terms of the document.
Unlike wills, trusts become effective upon the transfer of assets, often while the grantor is still alive. Alternatively, a testamentary trust can be created after death in accordance with a will.
Trusts serve a variety of purposes both before and after death. The grantor continues to own the assets for tax purposes while alive while they still serve the trustee. After death, the assets can be transferred outside of probate, which can have tax benefits.
Other Aspects of Estate Planning Services
An Edmond estate planning attorney can help you put together a plan that maximizes the benefits for your family. They will also help you put together legal documents to ensure your wishes are followed. No matter the size of your estate, you should have a choice in things such as:
- Assigning powers of attorney for your financial affairs and health care in case you are unable to do so yourself.
- Assigning a guardian for minor children and their inheritance.
- Establishing trusts or charitable giving.
- The treatment of retirement plans and IRAs.
- Planning in case of bankruptcy.
- Minimizing estate tax, gift tax, capital gains tax, and income tax on trusts and estates.
Why You Should Hire an Edmond Estate Planning Attorney
An Edmond estate planning lawyer at Cannon & Associates can help to ensure that your family receives the most from your assets after you die.
An Edmond family law attorney can help you avoid probate and will also ensure that all legal documents are properly filed, in line with up-to-date laws. If you make any mistakes trying to do it yourself, it can cost you time and money.
With our help, you can have peace of mind, knowing that whatever happens, your loved ones will be taken care of, and your end-of-life wishes will be adhered to.
Probate Matters
Probate can be lengthy and expensive. However, a skilled probate attorney at Cannon & Associates can help you determine if probate is needed. They will be able to advise you on how to distribute your assets at less cost.
Business Law
If you have built a business, then you will want to ensure that it is looked after if anything happens to you. At Cannon & Associates, our estate planning lawyers can help you determine who will take over your business and will help you determine the most tax-efficient strategy for transferring it.
If you own one or more businesses, it is essential that you enlist the help of a law firm that understands business and corporate law.
Contact Cannon & Associates Estate Planning Law Firm Today
Estate planning can be difficult, especially if you have large assets to distribute. At Cannon & Associates, we are devoted to assisting our clients and protecting their family’s interests.
Our skilled team of attorneys has over 50 years of combined experience, so you can rest assured that your estate is in safe hands and that you are maximizing the benefit to your loved ones.
The attorney-client relationship is at the heart of our legal services. We always respond quickly and keep you informed so that the process is as smooth as possible.
Call our law firm now at tel:4055913935 for a free consultation with an Edmond estate planning attorney.