Estate Planning

Estate Planning Essentials:

Estate Plan:

An estate plan must be coordinated to provided desired protection and results.

Formal written instructions for your family, doctors, and others regarding your:

Property

Finances

Family

It also empowers individuals to act on your behalf. 

It keeps you in charge as long as you are alive and well.

It minimizes the need for guardianship or probate.

Powers of Attorney:

Grants somebody else to make decisions

Have access to information

Have ability to deal with property.

Have ability to make decisions

Financial Powers

Healthcare Powers

No POAs?  May require the appointment of a guardian to manage your affairs.

Advanced Healthcare Directives:

Instructs family and doctors about the care you want or don’t want at the end of your life.

It is followed when you are unable to speak for yourself.

Provides basic choices regarding lifesaving care, feeding tubes for food and hydration.

Can name a health care proxy to make other care decisions.

No Advanced Directive:  Can cause family disagreements concerning your care and end up in court.

Last Testament

Provides for payment of debts and expenses

Names a person to be in charge

Disposes of property left in your name

Requires a Court to admit it to probate

No Will (or other plan):  Probate property will be distributed according to intestacy statutes and involve cumbersome probate procedures. 

Trusts:

Avoids probate court

Can be changed

Can protect family from predators

Can protect assets from poor decisions

Provides inheritance

Works while you are alive

No Trust:  Probate may be required to transfer titles to properties.

Transfer on Death

Vehicles, Minerals & Land

Avoids probate

Easy to set up

Inexpensive to create

Negative: Possible Disinheritance

Beneficiary Designations:

Life Insurance & Annuities

IRA, 401k, 403b other Retirement

Bank / Credit Union Accounts & CDs

Disadvantages: Limited Contingency

Estate Planning involves a skill set that identifies how property is held and how it is passed upon death.  It also involves knowing what danger signs are ahead and how to plan for them.  Knowledge of the formalities of various documents is a necessity to an effective estate plan.

Don't let your rights get bulldozed.

This company is building a 186-mile pipeline through Grant, Garfield and Kingfisher County Oklahoma. Oklahoma

You have Constitutional Rights when Eminent Domain is Claimed

They must pay:

Value of what is taken.

Value to diminished value to the remainder of the property

Expect the Easement to be Forever!

As with most proposed easements there are onerous terms that can prevent the owner from building ponds, changing grade, planting trees or shrubs. 

As in all such cases, if an agreement is reached, there will be a one-time payment and no opportunity to re-negotiate the terms.

Don’t be Afraid to Say “NO” to the Initial Offer, or any offer.

In a similar pipeline project, another company paid a range from $180 to $745 per rod with an average of a 50 foot easement. The price obtained depended upon the nature of the property and the negotiation skills of the landowner.

Permanent means permanent.

An easement may prevent you from constructing or the loss of:

Paved roads, Buildings, Fences, Ponds, Pools, Wind Farms, Utilities,

Expect everything in the easement to be clear cut away.

Loss of trees, erosion issues, loss of privacy.

If there is no power of Eminent Domain, they cannot force their way across your land.

Share this:

The Tom Stack Pipeline Project appears to be a gathering line in Blaine, Canadian and Kingfisher Counties.

As with most proposed easements there are onerous terms that can prevent the owner from building ponds, changing grade, planting trees or shrubs. 

As in all such cases, if an agreement is reached, there will be a one-time payment and no opportunity to re-negotiate the terms.

Don’t be Afraid to Say “NO” to the Initial Offer. Or any offer.

In a similar pipeline project, another company paid a range from $180 to $745 per rod with an average of a 50 foot easement. The price obtained depended upon the nature of the property and the negotiation skills of the landowner.

Permanent means permanent.

An easement may prevent you from constructing or the loss of:

Paved roads, Buildings, Fences, Ponds, Pools, Wind Farms, Utilities,

Expect everything in the easement to be clear cut away.

Loss of trees, erosion issues, loss of privacy.

If there is no power of Eminent Domain, they cannot force their way across your land.

What is the going price for a rod, Click Here?

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