Galier & Associates, PC

10/14/2022

For my entire professional career, I have believed in collaborative and synergistic efforts to achieve the best results for my clients. That is why I have been a long-time member of the Oklahoma City Estate Planning Council.

The Oklahoma City Estate Planning Council (https://www.okcepc.org) is the local council affiliated with the National Association of Estate Planners & Councils (https://www.naepc.org/). Our members are drawn together in a multi-disciplinary and collaborative effort to achieve excellence in estate planning for our respective clients.

Estate planning is an often overlooked element of financial wellness, it is estimated that over half of Americans – 56% – do not have an up-to-date estate plan!

National Estate Planning Awareness Week was adopted in 2008 by members of the U.S. House of Representatives, pursuant to House Resolution 1499 and has been championed and promoted by National Association of Estate Planners & Councils. National Estate Planning Awareness Week is designed to promote public understanding and awareness of what estate planning is and why it is such a vital component of financial wellness.

National Estate Planning Awareness Week occurs the third full week of October each calendar year. This year National Estate Planning Awareness Week runs from October 16-22. It offers the perfect opportunity to reach Americans on a regular basis with a reminder of the need for estate planning and how best to find a team of professionals to assist.

This year to promote estate planning awareness, the Oklahoma City Estate Planning Council is sponsoring an information booth at the Farmers Market at Scissortail Park (https://scissortailpark.org/farmersmarket/). This Saturday, October 15, 2022, from 9am to 1 pm, the booth will be staffed by local professionals in the estate planning related fields of attorneys, CPA's, trust officers, and financial planners. We will NOT be offering specific estate planning advice or soliciting clients, but will have helpful written general information which is useful to most of the public on estate and financial topics.

We hope to see you there!

The Oklahoma City Estate Planning Council is a local organization in Oklahoma City, OK of professional estate planners focused on furthering the education of our members and the public in estate planning. Find a local estate planner or learn more about how to become an accredited estate planner (AEP...

08/13/2020

"Addition of Ethical Will to Estate Planning Documents "

It might seem redundant in estate planning to say ‘Ethical Will’ but an attorney from New York, Bonnie Kraham, suggests to include this element to your traditional estate planning documents. An ethical will is one that describes why, how or who you are to potential heirs and friends. Most executed wills and trusts are those of material and monetary assets (previously belonging to the one who has passed away).

In my opinion, this could be one of the most important documents you could have prepared, because it provides a chance for your spirit to live through one’s elected beneficiaries. There in your Ethical Will are the criteria for conducting your life the way you did and how you would hope your successors would comport themselves. For example, mine would include: table manners, societal niceties and family traditions. Of course I will elaborate on my executed documents, not here but you get it, right?

A lot of our clients, after receiving their executed documents, do not take the crucial next step: Having a large civil and open conversation with your friends and family.

I know it might sound daunting to have a conversation as serious as death with the ones, with whom you enjoy your life. If clients miss this important step they can subject the estate to a probate and mass confusion of following through wishes of the deceased person.

Working at Galier & Associates, P.C. has exposed me to the painful reality of death’s consequences; I know these kinds of things are personal and unsettling. Grief of a loved one can be made even more complicated when children, family and friends do not have any indication as to what should be happening right after you are gone.

08/06/2020

"Cat's Got Your Trust?"
To give you a famous example of someone creating a trust for their pet, this month's commentary comes from the drama of Karl Lagerfeld and his 178-400 Million pound estate.

The lives of the rich and famous can be fascinating in so many ways. Even in death the craziness does not end, as evidenced in the dispute and questions yet to be answered in the estate of Karl Lagerfeld.

Even the best laid plans can go asunder. Your estate planning is important, even if your estate is not as extensive as Karl Lagerfeld’s.
Call your estate planning attorney today.

You can read more here https://www.dailymail.co.uk/news/article-8420189/Why-furs-flying-Karl-Lagerfelds-fortune-16-months-designers-death-2019.html

07/30/2020

"Estate Planning with Your Pets in Mind"

Due to COVID-19 "family members" can even extend to our favorite four-legged children or 'grand-pups.'
More and more pets are becoming like family. And, more and more, I see posts on social media from folks trying to find homes for someone’s pets when they become critically ill or have died. With the Covis-19 pandemic, many of us are thinking about estate planning. So, when thinking about your estate plan, think about your pets too. This article will give you some insights on planning for care of your pets after you are gone.

https://animallaw.foxrothschild.com/2020/06/25/how-covid-19-has-gotten-more-animal-owners-to-consider-creating-pet-trusts/

07/24/2020

"Allegation of Fraud Usually Will Not Extend Your Time to Contest the Probate of a Will"
I don’t have an article to review or comment on this month. Rather, I have a Montana Supreme Court case I recently read and want to compare with Oklahoma law. The Montana Supreme Court upheld the denial of a challenge to a probated will based on alleged fraud in the June 2020 case of Estate of Swanberg. The Court held that the alleged fraud did not extend the time limitation, and would not permit a belated will contest.

The Facts of the Swanberg case.

Decedent executed a will and trust in 2006, and died in 2012. Decedent was survived by three children. One child (Wilson) filed a petition to probate the 2006 will, determine beneficiaries and heirs, and to appoint a personal representative.

The 2006 Will and trust left almost all of decedent’s real and personal property to Wilson. Wilson provided the required notice of the probate proceedings to her siblings (Swanbergs). The Swanbergs did not appear at any hearings or file any objections. The will was admitted to probate and Wilson was appointed as personal representative. The order settling and distributing the estate was entered in November 2016.

Two years later, in November 2018, the Swanbergs petitioned to reopen the estate, contesting the will and asserting Wilson unduly influenced their father and that a prior will left his estate to the three children in equal shares. They also alleged that, before the original probate proceeding, Wilson assured them that they would receive their “fair share” of their father’s estate. Swanbergs asserted Wilson’s assurance to be that they would receive equal shares of the estate regardless of the terms of the will and trust, and that they relied on that assurance to not contest the documents during the original probate proceeding.

In the end, Wilson not only got the lion’s share of the estate, she was also awarded attorneys fees against her siblings!
When Should a Probate Petition Be Challenged?

If In Oklahoma, probate (the formal determination that the will is proven as a decedent’s last will) is conclusive as to all (except minors and incapacitated persons) three (3) months after the order admitting it to probate. But don’t let that fool you. The probate statutes require will contests initiated after a will is admitted to probate, to be based on “evidence discovered since the probate of the will.” One of the few exceptions to this rule is where a person is given no notice of the proceeding AND is unaware of the proceeding. Therefore, if you have reason to object, your objection should be asserted at the earliest opportunity. This is often at OR BEFORE the first hearing in a probate case.
The Moral of the Story.

What should you learn from the Swanbergs’ case? In order to assess your rights in an estate, you should consult with a knowledgeable probate attorney as soon as you can after you receive notice of the case filing. Generally, under Oklahoma law, a person filing a probate case is only required to give ten (10) days notice before the hearing date. Notice is NOT required to be sent certified. Also, unfortunately, Oklahoma Courts have not yet required the notice to include a copy of the will. Although we think such a practice does not give constitutionally required notice (and could create a jurisdiction problem), we ALWAYS include a copy of the will with the notice of the hearing. If you just receive a hearing notice and no petition or no will, you should consult your attorney - quickly.
This also doesn’t mean that the will has to be litigated. An option not followed by the Swanbergs was to confirm in a written order or other detailed agreement, that they were forgoing their objection to the will’s admission in exchange for a stated settlement. This could have preserved their position, while allowing their sister to proceed. Usually we find that if a person is dealing honestly with one of our clients, they are willing to confirm their position in a binding agreement.
Give us a call if we can help you or someone you know evaluate and protect your rights in an estate.

07/09/2020

Golden Doodle Eats What?
Y’all might not know but could probably guess that I’m the youngest here in the office...only by a few years. A lot of friends and family are still unsure of what I do at our wonderful office, pertaining to Estate Planning and Probates. Well to start things off, wills and trusts are a large component of how our firm protects out clients’ assets and property even after their lifetime.

This month’s newsletter I thought I would share a moment from the days back when all we cared about was simply doing your homework and turning it in on time. And with that being said, I found this article to be more than timely because I only left college a little over a year ago.

In this newspaper article, from San Antonio TX, describes my school-girl worst nightmare: using the ‘my dog ate my homework’ excuse. You could definitely say I was a “Polly-Anna,” scratch that, I am still probably a “Polly-Anna.” While I was reading, in my mind I thought, only someone who didn’t ever do their homework would be more likely to be using the “dog ate my assignment” excuse.

I guess when it comes to legal challenges the excuse can be considered valid because the attorney, William E. Leighner, advised his clients to admit to the absence of the will. The defendants filed a pleading containing the statement: “Decedent’s original Will was purloined from Leighner’s study by an unruly two-year-old Golden Doodle named Linus, who took said original Will through the doggy door, into the back yard and devoured it.”

Instead of confessing to the teacher like in school, it’s Judge Kazen of the Bexar County Courthouse. Now if we were back in school I would absolutely never have admitted to losing the assignment, I’d rather take the penalization silently than be professionally embarrassed. In this case it is regarding validity of intentions listed in said consumed-and-digested ‘original will’ approved by the decedent (deceased person of interest).

Once a family elder passes and has real estate (property) that could be “inherited” court must uphold the intentions of the no-longer-living-person. In order to complete changes of ownership through a probate legal process must begin. Moral of the story: ask your attorney if they own a dog. Just kidding but if you would like to laugh some more, you can read the article for yourself at:

https://www.expressnews.com/news/local/article/Dog-ate-the-will-case-headed-to-trial-15317317.php

07/02/2020

COV-19 and the Long Term Care Facility Problem

With lock downs starting to be opened up and people returning to a much more normal routine, a stark statistic is emerging. The death rate in nursing homes due to the virus is alarming. And, the question is becoming, ‘how much of the economy would we have needed to close if we had viewed long term care facilities separately from the general population and managed them properly?’.

Of those states reporting, some attribute 60%, 70%, even 80% of their total COV-19 deaths to nursing homes. Oklahoma’s rate is nearly 50%. In a recent article in Forbes, Avik Roy explores the issue. If you would like to read the article it is available at https://www.forbes.com/sites/theapothecary/2020/05/26/nursing-homes-assisted-living-facilities-0-6-of-the-u-s-population-43-of-u-s-covid-19-deaths/ . If you or someone you know is in need of a guardianship, call our office today!

06/25/2020

Tiger King and Estate Planning
One episode of the recent Netflix hit Tiger King focused on the disappearance of the husband of the protagonist's arch-enemy. Joe Exotic was sentenced to federal prison for animal abuse and his part in a murder-for-hire plot against Carole Baskin. However, Baskin appears as less than lily-white. It appears that her former husband, millionaire Don Lewis, disappeared in 1997 and Baskin filed for a court order to declare Lewis death "immediately" after the statutory five year period.

Although Lewis had a will and a trust for his children from a prior marriage, the episode insinuated that the documents were fraudulently altered and that Baskin may be responsible for the Lewis’s disappearance. According to the documentary, Lewis sought an injunction against Baskin after she allegedly threatened to kill him, possibly even for a second time. Lewis’s adult children claim that there was talk of divorce and suggested that their father had attempted to arrange his affairs to minimize any entitlement of Baskin when they separated.

The episode also claimed that Lewis gave his assistant, Anne McQueen, an envelope that contained his will and power of attorney, naming McQueen as his agent and executor. The assistant also said that Lewis had told her to take the envelope to the police is anything should befall him. Supposedly, Baskin broke into the office and took the documents before presenting a different will and power of attorney to the court, with her as the agent and executor.

This new power of attorney indicated that it was prepared by Baskin and contained an eyebrow raising line: "This durable family power of attorney shall not be affected by any disability or disappearance.” Most jurisdictions, including Oklahoma, require proof of the person’s death. Usually this is satisfied by a death certificate issued by the jurisdiction where the death occured. However, court order determining death is generally required where there is a disappearance and no certification of the death.

I recently read the following article discussing the Tiger King circumstances: Tiger King: Murder, Mayhem, Madness and…Lessons About the Law of Estates? by Peter Askew. To paraphrase that article – The Tiger King story defies explanation. Although this article is from a Canadian law firm, it reminds us that even in very unusual circumstances, the there is usually “a law for that.” The aim of the article and my commentary are to demystify certain legal issues arising from the drama. So, while Tiger King brings us mischief, madness, and some brushes with murder, we hope you are reminded that the law of estates addresses many of these very unusual circumstances.

Here are Oklahoma counterparts to some of the issues discussed in the cited article:

1. Oklahoma requires that a person be missing for seven (7) years before seeking a judicial determination of death. 58 O.S. §941. However, “extended absence” required to invoke the terms of a durable power of attorney is just forty-five (45) days. 58 O.S. §1072.3;

2. Oklahoma law prevents a person causing the death of, or committing abuse or neglect to inherit or benefit from the insurance of the decedent or abused. 84 O.S. §231; and,

3. Oklahoma law sets forth the requirements for the ex*****on of a valid durable power of attorney - including the need for two (2) unrelated witnesses and a notary. 58 O.S. 1072.2.

There are protections that come with a professionally prepared estate plan. These can include the ability of your professional estate planner to testify in support of the enforcability of your plan and documents. Protection of your wishes can also be found in making your wishes known to your beneficiaries and your named fiduciaries (persons given responsibilities under your plan). If you are interested in making a plan for the enforcement of your wishes, give me a call and I’ll get an appointment set for you to visit with Tony or Christine.

06/19/2020

Some Initial Strategies to Deal with the Loss of Stretch IRA’s After the SECURE Act.

In our December 2019 Newsletter, I commented on the SECURE Act. I have been watching and reading about strategies for dealing with the loss of a longtime favorite IRA strategy - the Stretch IRA. Here is an article discussing the use of Roth conversions to improve benefits or reduce the tax burden left to IRA beneficiaries.

Tactics for Stretching Retirement Assets under the SECURE Act appears in the March 2020 issue of The CPA Journal (a publication of the New York State Society of CPAs). The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law by President Trump on December 20, 2019. The Act provision most impactful to estate planning is the curtailing of "stretched" inherited retirement assets.

In a stretch arrangement, one spouse will retire with a retirement account, which would be tapped during their lifetime and the balance would then be left to a surviving spouse. The surviving spouse would then benefit from the account and eventually leave the remainder to their children or other beneficiaries. The ultimate heirs or beneficiaries would then have the opportunity to spread required minimum distributions (RMD) over their life expectancies, which could possibly lead to years of untaxed compounding and substantial wealth accumulation.

The SECURE Act applies to the retirement accounts of individuals who die in 2020 or later. The accounts of people who have died before 2020 will fall under the old rules until the beneficiary dies. The SECURE Act eliminates the stretch for most beneficiaries (other than the surviving spouse, disabled beneficiaries, and chronically ill beneficiaries), it requires the full distribution the IRA within the 10 years following the death of the IRA owner.

As explained in the article, this may place an additional and steep tax burden on the beneficiaries, many of whom are in the prime of their earning years. This also subjects the funds of the IRA to the usually higher marginal tax rates of the beneficiary. Conversion of the IRA’s from traditional IRA’s to Roth IRA’s will require the IRA owner to incur a present tax, but would make future growth and later withdrawals non-taxable.

Although we do not render investment advice in the strict sense, we are happy to help you and your financial advisor or planner consider the impact of the SECURE Act on the various funds you may want to leave to your beneficiaries. Give us a call, we’d be happy to set a time to visit with you about creating or modifying your estate plan, including strategies to protect what you have earned and pass more of it to those you want to benefit.

If you would like to read the article for yourself, click:
https://www.cpajournal.com/2020/04/24/tactics-for-stretching-retirement-assets-under-the-secure-act/

06/18/2020

Galier & Associates, P.C. has a new website! www.galierlaw.com Take a second to click on it and look around, our team would love to hear what you think.

Hope everyone is doing well and staying safe!

Galier & Associates, P.C. is a full service law firm located in Oklahoma City, OK., focusing its services on probate, estate administration, estate planning, ancillary probate, trusts, wills, business formation, business consulting, and tax planning.

06/18/2020

Galier & Associates, P.C. has a new website! www.galierlaw.com

Our team would love it if you took a look around and tell us what you think. Hope everyone is doing well and staying safe!