When is the last time you thought about your estate plan? If you are like most women, you probably do not think about it frequently. However, creating a comprehensive estate plan is especially important as a woman. If you’re a woman, you’ll likely be managing your finances on your own at some point and will… Continue reading Estate Planning for Women
When buying an investment property, you have the option of purchasing it in your own name or purchasing it under the name of another entity, such as a limited liability company (LLC). The LLC then becomes the legal owner of record, not you as an individual. Purchasing commercial investment property under an LLC has significant benefits… Continue reading LLC’s for Commercial Investment Property
Two Oklahoma Statutes offer an alternative to probate for small estates valued under $50,000. If you have a valid will, these provisions will not apply to you even if your estate is under $50,000. However, those without a will and an estate under $50,000 can take advantage of these provisions and avoid the probate process… Continue reading Small Estate Affidavits – An Alternative to Probate
An Affidavit of Heirship is a sworn statement that can be used by heirs as an alternative way to transfer property and establish ownership when the original owner dies intestate or without a will. Affidavit of Heirships allow for heirs to take possession of the estate without going through probate. The Affidavit of Heirship outlines the deceased… Continue reading Affidavit of Heirship – An Alternative to Probate?
Tenants in Common (TIC) and Joint Tenancy (JT) represent different ways to own property. It is important to determine how you wish to own your property, either as Joint Tenants or Tenants in Common, because the ownership approaches provide different methods for transferring the property when and if the co-owner dies. While there are several… Continue reading The Difference Between Tenants In Common and Joint Tenants
Each time a piece of property changes ownership, defects or errors in the title may occur. A cloud, or any potential claim on the title may also arise. It is important if you are establishing ownership that you receive a good and marketable title. A quiet title action, also known as an action of quiet… Continue reading What is a Quiet Title Action?
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was signed into law on December 20, 2019 and became effective on January 1, 2020. The SECURE Act makes over two dozen changes to the law affecting retirement benefits and inherited IRAs (Individual Retirement Accounts). The revisions also apply to other defined contribution… Continue reading How Does The New Federal SECURE Act Affect Your Estate Plan for IRAs & 401(k) Plans?
A healthcare power of attorney (HCPA) refers to both a legal document and the person named in the legal document which empowers the named individual to speak with others and make decisions about your medical condition, treatment, and care. When you, the patient or creator of the HCPA, become to ill to communicate your wishes… Continue reading What is a Healthcare Power of Attorney?
Like we have discussed before on a previous post, every adult needs a Last Will & Testament or a Revocable Trust in place. However, more than half of all Americans have no planning in place! For simple estates, or at least the bare minimum for everyone, a Last Will & Testament is a good start. A Will… Continue reading Always have an attorney make your estate plan
Today, let us tell you a cautionary tale: Recently, our attorney was hired to represent an heir in a probate here in Tulsa County, Oklahoma. The person who passed away was an 87 year old male who passed away unexpectedly. He was unmarried, had no children, no living parents, siblings, etc. His living heirs are… Continue reading Why You Cannot Wait to Get An Estate Plan