Introduction:-
Since 2009, American Indians for Widows has been devoted to providing probate services in tribal communities throughout the State of Oklahoma, helping clients navigate various Federal laws specifically and uniquely applicable to Native American-status lands.
The Center houses the American Indian Wills Clinic -providing estate planning services for tribal citizens in the state of Oklahoma who hold a stake in a trust or limited interest in Native American land in Oklahoma. The Native Wills business model is competitive and Native Wills seeks to partner with the legal community in providing resources for Indian Country estate planning.
Why is Native Land is Crucial for Planning?
Native Wills success is measured in keeping tribal land in the hands of its members. Native Will provides an option for Native Americans and tribal members to control their property for Land Registration, by determining who gets particular assets.
If the Native American has off-reservation property, this may fall under the standard estate planning process depending on the State.
The reason why estate planning is so important is because, without one, ones assets could end up sitting in legal limbo for years.
An effective estate plan is helpful because it generally covers who will receive your assets, and includes a detailed plan for making medical decisions at the end of your life, in case you are no longer able to make those decisions for yourself.
Minimizing Income Tax on Property Values:-
If you are planning on leaving wealth to loved ones when you die, the estate planning process can help reduce the tax implications of your assets.
In addition to making sure that your assets go to the people you have chosen, planning also helps to minimize income, gift, and inheritance taxes. The Property tax needed to be saved by the Land User or Property User Online.
Having a written plan for the future of your estate can help make sure property is properly distributed according to your wishes.
Having an estate plan properly put in place not only helps to allocate assets according to your wishes, it also keeps the disputes within your family at bay.
What happens if you Don’t Have Property Plan?
Without a plan, your heirs may get saddled with tax burdens, and a court may dictate how to split up your assets, or even who gets to raise your children.
Raghvendra Nath suggests that, While making a will works most of the time, a private family trust is the more desirable inheritance plan tool to have if you have minor children or children with special needs.
Whether creating and filing Wills, or managing and administering assets through a private family trust, the Family Office can assist you make smart Estate Planning decisions that can survive an emergency such as the global pandemic.
Conclusion:-
Whether someone is family, a neighbor, a best friend, or a charity, traditional estate planning allows individuals to allocate their assets as they see fit. Estate and succession plans, particularly those modeled on trusts and trusts, gained increased prominence during the novel coronavirus pandemic, because they protect financial assets and assure wealth flows into the hands of the appropriate heirs.
In tribal communities, estate planning is one of the most significant legal issues that affects individual Native individuals. The estate planning clinic serves a critical need of the community, providing students valuable experience with estate planning and will writing across a variety of family and tribal community settings.
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