Estate Planning Services

Secure Your Legacy with Estate Planning

At Melia Advisory Group, we believe that estate planning is one of the most profound acts of love you can extend to your family. Our team, with over 50 years of combined experience in investment services, is dedicated to helping you ensure that your assets will be there for those you love after you're gone. We are one of the most respected financial companies in Tulsa, OK, and we're ready to assist you in securing your legacy. To schedule a free initial consultation, please call (918) 794-9290 today.

Recognizing the Need for Estate Planning

Understanding when it's time to start planning your estate can be challenging. Here are a few indicators that it might be time to reach out to a professional:

• You want to ensure your assets are distributed according to your wishes after your passing
• You're concerned about the financial security of your loved ones
• You want to minimize potential disputes among family members after you're gone
• You have specific wishes about your healthcare or financial decisions if you become incapacitated

If any of these situations resonate with you, it's time to contact Melia Advisory Group. We're here to guide you through the process. You can also refer to our helpful Estate Planning guide for more information.

Tips for Successful Estate Planning

Do you wish to avoid the probate process entirely? It’s very important to have a “clear disposition of assets” that spells out where you want everything to go. At Melia Advisory Group, we advise the following:

• Clear any outstanding debts and avoid having an outstanding judgments against you
• Name (list) your beneficiaries
• Identify primary and secondary beneficiaries on all your financial accounts
• For non-retirement accounts, the equivalent to naming beneficiaries is called TOD, which stands for transfer on death, or POD, payable on death
• As far as life insurance and annuities are concerned, you have primary and contingent beneficiaries
• Help protect your assets against potential healthcare catastrophes
• Consider the possibility of long-term healthcare expenses
• A Durable Power of Attorney is a better alternative to putting your children’s names on an asset
  

Types of Living Trusts

There are two basic types of trusts: living trusts and testamentary trusts. A testamentary trust is set up in a will and is established only after your death. The more common type is a living trust.

Why would you need a living trust? Primarily, a living trust will help you manage your assets from the grave. Other benefits are that you could avoid having your assets become public knowledge, and the distribution of assets is typically a little quicker. It is also more difficult for someone to contest your wishes when they’re spelled out in a living trust. In fact, you could make it almost impossible to contest by including a “no-contest” clause in your living trust.

Revocable and Irrevocable Living Trusts

The two primary types of living trusts are revocable and irrevocable. So, what is a revocable trust? It’s called revocable because you remain in control. You can put assets in and you can take them out. You are the ‘trustee’ of your own trust. What you do in this case is name a successor to take over after your death as the trustee. This successor can then make decisions as to how those assets are distributed.

The problem with an irrevocable trust is that it must be a firm decision. Now, you do have some flexibility with an irrevocable trust. An example would be a real estate irrevocable trust where you can have the property inside the trust but maintain the use of the property. It must stay in the trust, but you can still use it.

Some people put their residences into a type of irrevocable trust called a qualified personal residence trust. Placing their residence in the trust means they can still use the residence while they’re still alive. An attorney can help you figure out the timeframe required for your residence to belong to the trust.

Another situation where an irrevocable trust might be useful is life insurance. When you pass away, your estate is not subject to the federal estate tax if the value of your estate is less than the exemption amount.

Special Needs Trusts

A special needs trust applies if you have a beneficiary who is physically or mentally disabled, and you want to make sure they’re taken care of after you’re gone. A potential problem could occur if you pass away and your beneficiary, who is receiving government assistance, receives a chunk of money; they could end up losing that government assistance.

At Melia Advisory Group, we advise setting up a special needs trust, so the money isn’t the property of the special needs person. You would name a trustee to disburse the funds from the trust to meet the basic needs of the disabled person. Since the language in this type of trust needs to be very specific, it’s a good idea to see an attorney who specializes in this area.

Benefits of Using a Durable Power of Attorney

The Durable Power of Attorney is a legal document that states who would be able to make financial decisions on your behalf should you become unable to make these decisions on your own. The reason it’s durable is because the standard or "Immediate Power of Attorney" ends if you become incapacitated.

For professional estate planning services, turn to the experts at Melia Advisory Group. Email us today to request a consultation. We look forward to helping you create a comprehensive financial plan.

The Advantage of Professional Guidance

While it's possible to navigate estate planning on your own, the benefits of professional guidance are significant:

• Ensure all documents are correctly filled out and filed, avoiding potential legal complications
• Gain access to cutting-edge financial strategies and tools
• Benefit from the expertise of a team with over 50 years of combined experience
• Receive personalized advice tailored to your unique financial situation and goals

At Melia Advisory Group, we're committed to providing you with expert estate planning services. Contact us today to start planning your estate.

Why Choose Melia Advisory Group?

At Melia Advisory Group, we offer more than just estate planning services. Here's why you should choose us for all your financial planning needs:

• Recognized as one of the most respected financial companies in Tulsa, OK
• Our founder, Greg, has been featured as a subject matter expert on Fox Business
• We offer consultations via Zoom, phone, or in person for your convenience
• We guarantee responses by the next business day
• We provide free consultations to help you get started

Our team of financial advisors is ready to help you secure your legacy. To begin the estate planning process, please get in touch with us today.