Should you have separate Oklahoma estate plans with your spouse?
Should you consider having separate Oklahoma 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 […]
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
Oklahoma 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 […]
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 […]
Can Someone Else Pay for My Oklahoma Estate Plan?
Estate planning is not just for the wealthy. Every adult should have an estate plan, yet surprisingly, most Americans do not. The perceived cost of creating one is among the most cited reasons for a lack of estate planning. The consequences of not having an estate plan in Oklahoma can become more costly in the […]
5 Ways You Can Leave Your Family a Great Legacy
Although the word “inheritance” usually conjures up images of property or accounts with significant monetary value, you can leave your family an even longer-lasting inheritance by doing these five things, whether or not your bank account is overflowing. 1. Make a Plan Often, people who do not have a lot of money think that […]
What if I cannot find a beneficiary?
When someone has named you as the executor (also known as a personal representative) of their will, or the trustee of their Oklahoma trust, you are obligated to distribute that person’s money and property according to the document’s terms to the designated beneficiaries. For convenience, let’s group together the roles of executor and trustee under […]