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 […]
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 […]
Passing the Torch: Smart Business Succession Strategies in Oklahoma
For many Oklahoma business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession planning in […]
If I transfer my business to a trust, how will it be managed?
If I transfer my business to a trust, how will it be managed? It will depend on several factors, such as what kind of business has been transferred and how that business was managed prior to the transfer. Here are some considerations depending on what type of business it is: LLC: After a business […]