While the step-up basis in value is most commonly associated with the family home, it actually applies to a wide variety of assets. For your Oklahoma clients, focusing on these categories can help them identify where their greatest tax-saving opportunities lie. Here are the primary assets that can take advantage of a step-up in basis: 1. Real Estate Real property…
You can effectively reduce Estate Taxes by focusing on eliminating or lowering capital gains tax through a stepped-up basis. When it comes to protecting your legacy in Oklahoma, understanding the “stepped-up basis” (or step-up in value) is one of the most powerful tools in your kit. While many people focus solely on the 40% federal estate tax, the step-up in…
In Oklahoma probate cases, allegations of dementia frequently form the backbone of a will contest. Families often discover late-in-life estate planning changes and question whether the decedent truly understood what they were signing. While dementia is a serious medical condition, its presence alone does not automatically invalidate a will under Oklahoma law. Understanding how courts analyze dementia in testamentary capacity cases is critical…
When a loved one passes away without a will, families are often left unsure about what comes next. One of the first questions we hear in our Oklahoma estate planning and probate practice is: “Do I need to file probate if there is no will?” The short answer is yes—it is usually still required, even when there is no will….
Disputes in Oklahoma Estates and probate are a hassle and make a difficult situation even worse. When a loved one passes away, their estate enters a legal process that includes identifying assets, paying debts, and distributing property according to a Will or—if none exists—Oklahoma’s intestacy laws. While many estates are settled smoothly, disputes can arise, especially when family members disagree…
A Joint Tenancy Between Spouses is common but can cause issues if the deed isn’t handled correctly. When a husband and wife purchase property together in Oklahoma, one of the most common ways they hold title is as a joint Tenancy between spouses. Many people assume this arrangement automatically guarantees that when one spouse passes away, the surviving spouse inherits…
Oklahoma law sets some basic eligibility requirements to be an Executor or personal representative of an estate. Although there are rules, the rules are somewhat easy to satisfy. The rules are found in Title 58 of the Oklahoma Statutes. Here are the key requirements: General Eligibility in Oklahoma Disqualifications Of An Executor Under 58 O.S. § 102, certain people cannot…
When it comes to strategic estate planning in Oklahoma, especially for families with significant assets, one option worth considering is the Generation-Skipping Trust, often called a GST. This specialized trust allows grandparents or parents to transfer wealth directly to grandchildren—or even great-grandchildren—bypassing the children’s generation. While that might sound like disinheriting your kids, that’s not the goal. Instead, it’s a…
Understanding the purpose of a family trust is important when considering estate planning. A family trust is a powerful estate planning tool designed to protect and manage assets for the benefit of family members. Whether used for wealth preservation, tax advantages, or asset protection, a family trust can provide significant benefits for both the grantor and beneficiaries. What Is a…
In Oklahoma, there are tools to protect an Inheritance for your children or even your current spouse. When planning your estate, one of the most common concerns for parents is how to leave an inheritance to a child without risking that inheritance being lost in a divorce. Whether you’re worried about your child’s current marriage or future relationships, Oklahoma law…
We often get questions about who exactly owns the assets in a family trust. A family trust is a powerful estate planning tool that allows individuals to manage and protect their assets while providing for their loved ones. The answer ultimately depends on the type of trust, its structure, and the roles of the individuals involved. What Is a Family…
While both can be beneficial, a trust is often better than a will in estate planning, particularly when it comes to avoiding probate, protecting assets, and maintaining privacy. We’ll explore the key reasons why a trust is often a better choice than a will and how it can benefit your estate planning strategy. Avoiding Probate A will must go through…
A consultation with a will and trust lawyer is often the beginning point for most people looking to plan ahead. Planning for the future is one of the most important steps you can take to ensure your loved ones are cared for and your wishes are respected. Whether you are drafting a will, establishing a trust, or updating an existing…
Understanding what makes a will legal can help ensure your assets are distributed according to your wishes after your death. In Oklahoma, the state statutes outline the requirements for a will to be legally binding. If a will fails to meet these requirements, courts may declare it invalid, leaving the distribution of assets to fall under by Oklahoma’s intestacy laws….
Many wonder whether or not it’s necessary to notarize a will for it to be legally valid. While notarization is not a legal requirement for a will to be valid, including a self-proving affidavit that is notarized can make the probate process smoother and reduce the risk of challenges in court. This article explains the requirements for notarizing a will…
Creating a trust in Oklahoma isn’t as hard as many people think. When developing your estate plan, you have the option to incorporate trusts as part of your strategy. Trusts can serve as valuable tools to ensure your assets are distributed according to your wishes, while potentially avoiding the probate process. Understanding the process of creating a trust and the…
In Oklahoma, a bypass trust or family trust , sometimes called a credit shelter trust is an estate planning tool. This tool is designed to minimize federal estate taxes for married couples. It allows the first spouse to pass assets to a trust upon their death, taking advantage of their estate tax exemption, while preserving the remainder of the assets…
In Oklahoma, a Special Needs Trust and a Living Will serve very different purposes, each addressing specific needs within estate planning and healthcare decision-making. Like any trust, will or other estate planning document, before you draft one its crucial to understand the purpose you are trying to serve as part of your estate plan. Special Needs Trust in Oklahoma A…
Oklahoma probate court protect heirs from those people who interfere with an inheritance. An Inheritance can often involve not just significant financial assets but also strong personal emotions. If you’re expecting an inheritance and suspect someone is unfairly interfering with it, you may wonder if you can take legal action against them in Oklahoma. Here’s what the law says about…
In an Oklahoma probate Beneficiaries Waive Their Interest by filing a disclaimer. When you’re named as a beneficiary in a will or estate, you might wonder whether you have the option to decline your inheritance. Under Oklahoma law, beneficiaries waive their Interest in an estate, whether it comes from a will, intestacy (dying without a will), or even through other…
Transferring your parents’ home into your name may seem like a straightforward way to manage their assets, but when Medicaid is involved, it becomes more complex. If you’re considering this to avoid a Medicaid lien because of nursing home or other long-term care costs, you need to understand the rules under Oklahoma law. Understanding Medicaid Liens and Estate Recovery In…
When you are making a will, understanding every term and condition that you include is crucial to ensuring your wishes are respected after you pass away. One common feature you might consider is a no contest clause (in terrorem clause). The following information addresses this and whether it is enforceable in Oklahoma. Understanding a No Contest Clause A clause in…
Funding a Trust that you own is a critical step towards accomplishing your goals in estate planning. When you decide to manage your assets for the future—whether for retirement, legacy goals, or estate planning—one option you might consider is setting up a trust. But what does it really mean to fund a trust? And how does this process work, especially…
When someone in Oklahoma dies with no will, state laws are in charge of distributing their belongings. This process is known as intestate succession. It can be complex and confusing, and understanding the different steps that occur can help you make informed decisions about your own estate planning or that of a loved one. This article will explain more about…
In Oklahoma estate planning, the Uniform Transfers to Minors Act (UTMA) and the Uniform Gifts to Minors Act (UGMA) are both crucial pieces of legislation. This legislation is a great benefit to citizens because it allows adults to transfer assets to minors without having to create a formal trust. These tools are essential for estate planning. This is because they…
Whether or not you should put your kids on the deed to your house is a tricky option. The primary parents consider doing this is to avoid creditors or for estate planning. It is trues that Estate planning is a crucial aspect of managing your assets after your pass. After all, most people want to help their kids after they…
When you pass away you can Gift Retirement Accounts and other assets to your loved ones as part of your estate. As you consider estate planning in Oklahoma, one of the key components you might think about is how to pass on your retirement accounts to your loved ones. It’s a major aspect of managing your financial legacy and ensuring…
There are circumstances where an ex-spouse can contest a will drafted by a former spouse. When dealing with the delicate matters of wills and estates in Oklahoma, it’s important to understand the specific legal avenues available. This is particularly relevant if you’re an ex-spouse wondering if you have the standing to contest a former partner’s will. Oklahoma law provides clear…
When it comes to settling someone estate when they pass, a very common question that arises is whether all wills need to go through probated in Oklahoma. Probate is the legal process through which a deceased person’s assets are distributed. This process includes paying off debts, distributing their assts and settling their estate as a whole. Additionally, the probate process…
For the purpose of Estate Planning its important to know how you transfer property to a Trust that you own. Understanding trusts and property transfers in Oklahoma can be complex, but it’s important for managing your estate effectively. The last thing that you want is for their plan to fail due to a lack of funding the trust. This blog…
Probating a loved ones estate sometimes involves an emotional component that makes an already difficult time event harder. Because of this, challenging a will based on incapacity is one of the most sensitive issues that can arise. It should be a time to honor a loved ones whishes regarding their assets. Most times their will is a reflection of their…
When your spouse dies intestate, receiving property without a will might seem tricky. In Oklahoma, an individual who dies without a will has the distribution of their property determined by intestate succession laws. These laws serve as a default will for the deceased, establishing a hierarchy of beneficiaries based on familial relationships. This article dives into the nuances of these…
In Oklahoma having the right documents included in an estate plan is key to its success. An estate plan is a crucial tool for protecting your assets, providing for your loved ones, and ensuring that your wishes are carried out both during your lifetime and after your death. A well thought out estate plan typically consists of several key documents,…
In estate planning and probate law in Oklahoma, a unique situation arises when dealing with a pretermitted child. This is a child that is unintentionally omitted from a will. Some reasons might be because they were born or adopted after the will was made. The following information clarifies whether a pretermitted child in Oklahoma can challenge a will, and if…
When devising an estate plan, it’s crucial to understand the legal boundaries, particularly regarding the rights of a surviving spouse. 2022 Oklahoma Statutes Section 84-44 provides a framework for what you can and cannot do in terms of disinheriting a spouse. Read on to learn more about spousal disinheritance and why involving an experienced Oklahoma lawyer is crucial in navigating…
The question can a deed override a will is one people ask us all the time. When a deed conflicts with the provisions of a will in Oklahoma, the outcome will depend on various factors. This can include the type of deed, the language in the will, and the legal requirements for property transfers. When a deed for real property…
A disinheritance clause refers to the act of intentionally excluding someone from inheriting or receiving any portion of an individual’s estate, assets, or property upon their death. This typically occurs when a person who has the legal right to leave property to heirs or beneficiaries chooses to specifically exclude one or more individuals from their will or estate plan. One…
If you are married without children who gets one if you die depends if you have a will or not. In Oklahoma, the government has a default will for you if you die without one. This process of using the government’s will for you is called intestate succession. Your estate may go through probate court, and a judge will help…
In Oklahoma you can name a minor as a beneficiary of your will or insurance policy. In estate planning, people may want to give money or valuable property to a minor child, whether their own child or a grandchild or a special niece or nephew. They leave this money either in a will or as the beneficiary of an insurance…
Business Succession is an important part of well imagined estate planning. Life can change in the blink of an eye. One minute your life is excellent and exactly how you thought it would be. The next moment, you or a loved one needs immediate medical attention and may be recovering from a significant unplanned operation; you may be left to…
A special needs trust In Oklahoma is a part of a well planed estate. It is crucial to have an estate plan to help ensure that your belongings and assets go to the people you want them to after you’ve passed away. When considering what documents you’ll need to execute as part of your estate plan, it is essential to…
If someone makes a will and that person dies, you must probate a will in Oklahoma to determine if its valid. A last will and testament (known more simply as a will) is a legal document which lays out instructions for what to do with some or all of your assets at your death. Some of your assets that might…