Lessons from Warren Buffett’s Estate Plan
Warren Buffett is one of the most successful investors of all time. His disciplined approach to investing, combined with his understanding of markets and financial foresight, has made him a global icon and model of success in the often-turbulent business world. However, Buffett, who eschews a family dynasty and is committed to giving his wealth […]
Understanding Family Business Buyouts in Oklahoma Estate Planning
Family businesses often represent not just financial assets but also generations of hard work and legacy. However, ensuring a smooth transfer of ownership can be complex, especially when multiple family members are involved or when some wish to exit the business. This is where family business buyouts come into play—offering solutions to preserve harmony and […]
The Power of Low Interest Rate Planning in Oklahoma Estate Planning
Did you know that a low-interest-rate environment can open the door to powerful wealth transfer and tax-saving opportunities? For high-net-worth individuals, leveraging today’s rates can make advanced estate planning strategies more effective than ever. The IRS establishes annual rates (known as the Applicable Federal Rates or AFRs) that are used to calculate the interest for […]
Should you have separate Oklahoma estate plans with your spouse?
Should you consider having separate estate plans with your spouse? Depending upon your circumstances, it may be advisable for a couple to engage separate legal counsel to assist with their individual estate plans. Consider the following questions: Do you or your spouse have children from a prior marriage or relationship? If yes, is there any […]
Private Annuities: A Hidden Gem in Oklahoma Estate Planning
When it comes to Oklahoma estate planning for high-net-worth individuals, private annuities can be a game-changer. This lesser-known strategy offers a unique way to transfer wealth while minimizing estate taxes, providing financial security for the annuitant, and potentially preserving family wealth for future generations. What is a Private Annuity? A private annuity is an agreement […]
Lessons Learned From 3 Famous Pet Trusts
Sometimes, pet owners can get a bit creative when providing for their pets’ future care. The following three famous cases involving pet trusts offer some important lessons. David Harper and Red: David Harper, a wealthy, reclusive bachelor in Ottawa, Canada, left his entire $1.1 million estate to his tabby cat, Red. To ensure his wishes […]
The Perils of Joint Property in Oklahoma
People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership in Oklahoma, specifically with survivorship rights, is that when one owner dies, the other owner will automatically inherit the property without it having to go through probate. Also, […]
How the Corporate Transparency Act May Impact Your Oklahoma Estate Plan
Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other illegal acts. If […]
Securing Your Legacy While Giving Back
Estate planning isn’t just about protecting assets—it’s about creating a meaningful legacy. Charitable Lead Trusts (CLTs) and Charitable Remainder Trusts (CRTs) offer a unique opportunity to balance your philanthropic goals with tax-efficient wealth transfer to your heirs. Here’s how these strategic tools work: Charitable Lead Trusts (CLTs) A CLT allows you to set aside assets […]
Won’t My Spouse and Kids Inherit Everything When I Die?
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case, the specifics will […]