Many people have received stimulus checks or direct deposits which were authorized through the CARES Act (Coronavirus Aid, Relief and Economic Securities Act). The IRS issued payments automatically to individuals who filed taxes in 2018 and 2019. Some of those tax filers are now deceased, which leaves many wondering what to do with the stimulus checks and direct deposit payments made payable to deceased persons.
This is an unprecedented period of time as the COVID 19 virus continues to affect lives and businesses across our nation. Amid the uncertainty, proactive steps should be taken to be prepared and provide peace of mind. Ensuring important legal documents are in place and making crucial decisions in advance are steps every person should take to prepare for any time in which you can no longer make your own decisions. It is also important to have a plan in place for any minor children or other loved ones are dependent on you for support.
A donor-advised fund, also known as a DAF, is a great way to donate to various charitable organizations without going through mountains of paperwork, all the while minimizing your taxes through deductions. It also offers tremendous flexibility for post-death giving, specifically if the DAF is funded while you’re still alive.
Some siblings will find any reason to fight, and a parent’s estate is no exception. At Ball & Morse, PLLC, we know how effective estate planning can prevent rivalries among heirs from starting. When you take the appropriate measures, you can minimize conflict and ensure that your survivors know what to expect at your passing.
While no one wants to think about it, a fatal accident can occur at any time. To make sure that loved ones are protected, it is important to have an estate plan in place. Yet, many times, people in Oklahoma put this off because of the costs involved. Understanding the expenses associated with estate planning and taking proactive steps can help people overcome this hurdle.
In today’s world, it is not always easy to get everyone in the family under one roof. With the holidays approaching, however, many families in Oklahoma will gather in the same place to celebrate. Experts are suggesting that this is a good time to talk about estate planning, ensuring that the people who will be most affected by certain decisions will be present.
When considering your estate planning, you may want to know how some of your assets will be handled when it comes to probate. Probate is the process through which a will is legitimized. According to Oklahoma law, the probate procedure can include valuing estates, selling property, paying debts and distributing assets.
When you are putting together your estate plan in Oklahoma, you have to take into consideration a number of items. Your property, accounts and belongings will probably dominate a lot of the conversations you have with family members.
When creating or updating your estate plan, the many terms and phrases surrounding estate administration and planning may be difficult to understand. There are some definitions, such as wills, that you see often and may know a bit about. However, it can be easy to misinterpret some estate planning terms or mistakenly use them interchangeably.