Estate Planning
Gain peace of mind when you plan ahead
We can help with all aspects of estate planning
We’re passionate about helping individuals and families plan for the future and create an estate plan that fits their unique needs. Whether your estate is simple or complex, we believe everyone needs an estate plan to prepare for incapacity, protect their assets, document their wishes and help avoid the guardianship or probate process.
Estate Planning
Estate planning involves two key areas: planning for incapacity and planning for death. Many people focus on planning for their assets after death, but overlook planning for their potential incapacity during life. Planning ahead for both gives you peace of mind and makes the process much easier for your loved ones during difficult times.
Special Needs Planning
Parents who have children with intellectual, physical or development disabilities can include a special needs trust as part of their estate plan. This ensures their child will be provided for in the event the parents are deceased. If a disabled child receives assets without a trust in place, the child may lose Medicaid or SSI benefits. Wright Law Firm has extensive experience with special needs planning and can help guide you through the process for both third-party and first-party special needs trusts.
Charitable Planning
Charitable planning is a specialized component of estate planning for people who want to support specific charities or causes through their estate plan. There are many options available, including specific bequests, charitable remainder trusts, charitable lead trusts and donor-advised funds. We’ll talk with you about your wishes, explain the options available and help you develop a plan.
Estate Tax Planning
Individuals with larger estates may have concerns about estate tax, and there are multiple strategies that can help lessen the total tax burden of an estate. Some common options include gifting, considering irrevocable trusts and including charitable planning in the estate plan, though other strategies exist as well. In addition to estate tax planning, we can help prepare estate tax returns for you.
What our clients say
Estate planning can be a difficult topic for many people to face, but we help put clients at ease throughout the process and answer any questions you have along the way.
Our estate
planning process
We make the estate planning process as simple and straightforward as possible, and we’re always here to answer your questions. For most clients, we can complete the full process within about one month.
Take the first step toward gaining peace of mind by contacting us to schedule a consultation.
Schedule initial consultation
During this first meeting, we’ll gather some information about your needs, explain your options, answer any questions you have and provide pricing information.
Complete planning worksheet
Once the initial retainer is paid, we send you a planning worksheet to gather the information that will go into your estate plan and related documents.
Design & review the estate plan
We prepare your documents according to your wishes. We provide a detailed review of all documents before you sign them.
Gain peace of mind about the future
Once the plan is officially signed, you’ll have peace of mind that your wishes will be honored and your loved ones won’t have to figure it all out while grieving.
Why everyone needs
an estate plan
If you don’t have a plan in place, Oklahoma law dictates what happens to you and your belongings. If you’re incapacitated, the court may appoint a guardian for you. If you die without a plan in place, your estate may require probate, and it’s a lengthy process for your loved ones to navigate.
An estate plan ensures your wishes are followed in either situation. Make a plan today.
Common terms in estate planning
A will is a legal document that provides direction about your wishes for your children and your assets after death. In Oklahoma, a will must still go through the probate process to have any effect.
A trust is an agreement that transfers assets from the grantor to the trustee, who agrees to manage the assets according to the direction of the trust documents. There are different kinds of trusts, but all types transfer assets to the trustee without going through probate.
A revocable trust is one where the grantor retains control over their assets during their life and can make changes to the trust as needed. Upon death, the assets are transferred to the beneficiaries of the trust.
An irrevocable trust cannot be changed once it is signed.
A financial durable power of attorney (POA) is a legal document that allows a designated person (or persons) to act on your behalf in financial matters.
A healthcare power of attorney is a legal document that allows a designated person to act on your behalf in healthcare decisions, should you be unable to do so.
An advance directive or living will is a legal document that sets forth your wishes for end-of-life care in the event you are unable to communicate those wishes.
A HIPAA authorization allows healthcare providers who are bound by the Health Insurance Portability and Accountability Act to share your medical information with the individuals designated in the authorization.
This legal document outlines your wishes for what happens with your body after you die and names the person (or persons) who can make your final arrangements.
A trustee is the person named to administer a trust. They must act according to the directions set forth in the trust and in the best interest of the beneficiaries of the trust.
Adult guardianship is the legal process of appointing someone as a decision maker for another person who the court has determined is either partially or fully incapacitated and unable to make their own decisions regarding their personal care and finances.
If a disabled person receives assets that would disqualify them from Medicaid and Supplemental Security Income (SSI) benefits, a first-party special needs trust can be created to prevent them from losing these critical services. This type of trust must include a Medicaid payback provision that states upon the death of the beneficiary, Medicaid is entitled to reimbursement for expenses they have paid on behalf of the beneficiary.
A third-party special needs trust is funded with the assets of someone other than the disabled person and therefore, is not required to include a Medicaid payback provision. This type of trust is commonly part of estate planning for the parents of a child with special needs to ensure they are cared for into adulthood.
Charitable bequests are included in a will or trust and designate a specific gift to a nonprofit organization or foundation. Anyone can make a charitable bequest in their estate plan.
Charitable remainder trusts are often used to reduce a person’s taxable income while benefiting one or more public charities or private foundations. This is an irrevocable trust where the trust dispenses income to you or other named individuals for a period of time and then the remainder is donated to one or more charitable organizations.
A charitable lead trust is an irrevocable trust where one or more charitable organizations receive funds for a designated period of time, then the remainder of the trust goes to family members or other named beneficiaries.
Ready to get started creating a plan for your unique situation?