Estate Planning Attorney in Tulsa

Learn How to Preserve Your Wealth with Help from David C. Fisher Law Firm, PLLC

It's never too early to start thinking about the future. While you may feel like you have plenty of time to make plans, the future is unpredictable. At David C. Fisher Law Firm, PLLC, we can't predict the future, but we can help you prepare for it. With thoughtful estate planning, you can secure your property and preserve your wealth for retirement and future generations. Preparation today can prevent potential conflicts and ensure that your assets are distributed according to your wishes, reducing stress for your loved ones.

Almost everyone can benefit from estate planning. If you own property, run a business, or have assets you wish specific people to inherit, you may benefit from speaking with our estate planning attorney in Tulsa. Backed by over 18 years in practice, our law firm is knowledgeable in all aspects of estate law. We are prepared to use our experience to help you. Estate planning goes beyond just property; it includes decisions about healthcare and financial management, should you become unable to make those decisions yourself.

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Get peace of mind knowing that the future is secure. Contact our Tulsa estate planning lawyers by dialing (918) 201-1062 or send us a message online.

Our Estate Planning Services

The primary benefit of estate planning is maintaining control over your estate. Suppose you die without a will or trust in place. The state's probate courts will have the ultimate control over how your assets and property are divided and distributed. Your estate may also be subject to increased taxes and probate fees. To ensure that your wishes are known and adhered to, you should seek counsel from a trusted estate planning attorney in Tulsa.

We offer a comprehensive range of estate planning services, including:

• Business succession planning
• Guardianship
• Health Care Directives
• Marital agreements, including pre- and post-nuptial agreements
• Powers of Attorney
• Probate services
• Trust administration services
• Trusts, including irrevocable and revocable
• Wills, including pour-over wills

When considering which estate planning tools are right for you, you should first consider your immediate needs and long-term goals. Though it can be emotional, you must think about who you want to inherit your assets and property and how. You and your lawyer should also discuss your retirement needs and your health care wishes should you become incapacitated. This is also a good time to consider how you want any debts to be dealt with. Engaging in a proactive discussion with a lawyer can also reveal estate planning opportunities you might not have considered, such as charitable donations or setting up education funds for descendants.

Understanding the Importance of Estate Planning

Estate planning is not just about drafting a will; it's about ensuring that your wishes are honored and your loved ones are protected. At David C. Fisher Law Firm, PLLC, we believe that a comprehensive estate plan is essential for everyone, regardless of the size of your estate. Our experienced attorneys in Tulsa can guide you through the complexities of estate planning, helping you navigate options such as trusts, powers of attorney & health care directives. Having a well-constructed estate plan in place can also alleviate burdens on family members during difficult times by providing clear instructions and reducing the emotional and financial strain.

Here are some compelling reasons to consider advanced estate planning:

• Protect Your Loved Ones: Ensure that your family is taken care of and that your assets are distributed according to your wishes. By creating specific directives, you can avoid legal disputes that may arise when wishes are not explicitly stated.
• Avoid Family Disputes: A well-structured estate plan can minimize conflicts among family members, providing clarity & reducing potential disputes. This is especially crucial in blended families where there may be different interests and expectations.
• Tax Benefits: Strategic planning can help reduce estate taxes and preserve more wealth for your beneficiaries. By utilizing trusts and other estate planning tools, you can efficiently manage tax liabilities.
• Control Over Asset Distribution: Specify when and how your assets are distributed, particularly for minor children or beneficiaries who may need guidance. This control helps maintain your legacy over generations.
• Peace of Mind: Knowing that your affairs are in order allows you to focus on enjoying life, rather than worrying about the future. Your loved ones will appreciate the foresight and care you took to make these decisions in advance.

Let us help you create a tailored estate plan that meets your unique needs and gives you confidence in your legacy.

Frequently Asked Questions

How Does Estate Planning Work in Tulsa?

In Tulsa, estate planning involves organizing your assets and creating legal documents such as wills and trusts that outline your wishes for their distribution after you pass. The process typically begins with a meeting with an estate planning attorney to assess your assets, determine your needs, and discuss your goals for your estate. 

The attorney then drafts documents that legally dictate how your assets will be managed and distributed. Estate planning in Tulsa takes into account both state and federal laws to ensure compliance and maximize tax efficiencies. It’s important to regularly update your estate plan to reflect changes in your financial situation or family structure, as laws evolve over time.

What Is the Role of a Power of Attorney in Estate Planning?

A Power of Attorney (POA) is a critical component of estate planning that allows you to designate an individual to make financial or health care decisions on your behalf if you become incapacitated. There are several types of POAs, including durable, general, and limited POAs, each serving different roles and timeframes. 

In estate planning, a POA ensures that someone you trust can manage your affairs, paying bills, managing investments, or making crucial health care decisions. In Tulsa, it's essential to execute a POA with careful consideration, as this person will have significant control over your finances and personal health decisions. Consult with an attorney to draft a POA that meets your specific needs and aligns with state laws.

Why Should I Consider a Revocable Trust?

Revocable trusts are desirable in estate planning due to their flexibility and ability to help avoid probate. Unlike irrevocable trusts, a revocable trust can be altered or terminated during the grantor’s lifetime, providing control over the assets contained within it. 

By placing your assets in a revocable trust, you maintain management during your life and provide instructions for their distribution upon your death, without going through the often lengthy and expensive probate process. This is particularly advantageous in Oklahoma, where probate can be a complex and time-consuming procedure.

How Can I Protect My Assets from Estate Taxes?

Estate taxes can significantly reduce the inheritance you leave behind for your beneficiaries. Strategic planning is necessary to minimize this impact. Utilizing tools like irrevocable trusts, gifting strategies, and setting up family limited partnerships can aid in reducing estate tax liabilities. Additionally, staying informed about both federal and Oklahoma state tax laws with the help of a qualified attorney ensures you are leveraging all available exemptions and deductions.

How Often Should I Update My Estate Plan?

Your estate plan should be reviewed and potentially updated every few years or after major life events such as marriage, divorce, birth of a child, significant changes in assets, or changes in state or federal tax laws. Regular updates ensure that your estate plan reflects your current situation and wishes. An attorney can assist you in making necessary adjustments so that your plan remains effective and aligned with your goals and ongoing legal requirements.

Choosing Between Wills & Trusts in Tulsa

There is no simple answer to this question. Estate law is a complex field, and there is no one-size-fits-all answer to estate planning. If you are just beginning with the estate planning process, wills are a good place to start. With a will, you can nominate an executor, name guardians for minor children or dependent adults, and identify how you want your property distributed. This foundational document serves as the cornerstone of your estate plan and is often augmented by other legal instruments.

While you can do a lot with wills, they do not offer the same protections from probate as trusts do. There are many different types of trusts. The two primary categories of trusts are revocable and irrevocable. 

Revocable trusts can be modified and even abolished. Irrevocable trusts are more rigid, and the grantor of the trust cannot change it once it is put into effect. The main benefits of trusts are that they can help you avoid probate, and in doing so, they keep your estate private. Additionally, trusts can provide specific instructions for asset management during your lifetime, aiding in your financial strategy.

Types of trusts include:

• Charitable trusts
• Irrevocable life insurance trusts
• Living trusts
• Special needs trusts

It's important to remember that trusts do not render wills obsolete. Even if you transfer most of your assets and property into a living trust, you will still need a pour-over will to manage your remaining property. Pour-over wills are important for helping people avoid probate. This dual approach ensures that all assets are accounted for and distributed according to your wishes, safeguarding your legacy.

Begin Your Estate Planning Journey in Tulsa Now

Most people will utilize a selection of estate planning documents, all carefully curated to meet their specific needs. Whether you have a complicated situation or are finally ready to start drafting a will, David C. Fisher Law Group, PLLC is standing by to help. Over the years, we have seen how beneficial proper estate planning can be. If you are looking for a way to maintain control of your estate and ensure that your loved ones get the property and assets you have set aside for them, call our estate planning lawyer in Tulsa. We can guide you through the estate planning process and help you make these important legal decisions with confidence. An effective plan not only manages the distribution of your estate but also addresses potential healthcare decisions and financial management in your absence.

You do not need millions to benefit from estate planning. Discuss your plans for the future with our Tulsa estate planning attorney today by calling (918) 201-1062 or contact us online. All consultations are private. Engage our services to ensure clarity and security for your estate's future.