Estate Planning

An estate is the total property, real and personal, owned by an individual prior to death and is usually distributed through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning is where you work with your attorney to determine how you want to distribute the real and personal property to your heirs taking into consideration the estate laws and your personal desires.

Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is Federal and state tax law. The maximum tax rate for estates is 55% at the federal level so it is very important to do some planning in order to avoid paying some taxes on your estate and leave a greater amount of assets to your heirs.

Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts.

Each person and/or family's situation is unique. Please call me to schedule an appointment so that we can discuss your particular needs.

We hope you will contact us by telephone at 918-592-0887, or via e-mail at shannon@muretking.com