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You can create an Oklahoma living trust to transfer property at death without the need for probate.
Apr 27, 2023 · Oklahoma law recognizes three general forms of deeds — warranty deeds, special warranty deeds, and quitclaim deeds —that a property owner can use to transfer real estate. The three deed forms differ in the warranty of title provided by the current owner (the grantor) to the new owner (the grantee). Warranty of title is essentially a ...
Apr 10, 2024 · In this blog post, we will guide you through the various steps involved in funding a trust in Oklahoma. We'll cover the types of assets you can use, how to transfer different kinds of assets into the trust, and the state-specific regulations you need to be aware of.
- Establishing The Trust
- Trustees
- Uses of Trusts
- Avoiding Probate
- Avoiding Estate and Gift Taxes
- Marital Deduction Trusts
- Qtip Trusts
- Spendthrift Trusts
- Asset Management
- Other Considerations
Establishment of a trust involves transferring assets to an individual or individuals who will manage those assets for the benefit of designated beneficiaries. The person creating the trust is sometimes called a trustor or grantor. The individual or individuals who manage the assets are called trustees. The grantor may serve as trustee or he may de...
Either an individual or a business entity may serve as trustee. There may be one or more trustees. Both the grantor and the beneficiary are eligible to serve as trustee, but it may be desirable for tax and other reasons to name an independent trustee. If an individual is named as trustee, a secondary trustee should be named to take charge in case o...
Transferring Income Each trust is generally treated as a separate income tax entity. However, multiple trusts with the same grantor and same beneficiary may be treated as one trust for income tax purposes if the I.R.S. can show that the principal purpose of the multiple trust arrangement is tax avoidance. Trusts are allowed a deduction for payments...
Individuals frequently desire to avoid the costs and public records of a probate proceeding. If the grantor’s goal is to avoid probate and the costs associated with probate, an intervivos (lifetime) trust must be created. If the trust is created by a will, the trust will not take effect until after the probate process is completed. Either a revocab...
A transfer of property to a revocable trust is not normally considered to be a completed gift until the power to revoke the trust terminates. This has two effects. First, no gift tax results from the transfer of property to a revocable trust. Second, any property transferred to a revocable trust will still be included in the transferor’s estate. Bo...
It is sometimes desirable to establish a trust that will provide income for life to the surviving spouse, with the principal going to children or grandchildren upon the surviving spouse’s death. From a tax perspective, it is desirable, if possible, to create the trust in such a way as to take advantage of the marital deduction. The marital deductio...
The 1981 Economic Recovery Tax Act provided a special exception which permits terminable interest property which satisfies certain requirements to qualify for the marital deduction. Such property is called Qualified Terminable Interest Property (QTIP) and trusts which satisfy the requirements are called QTIP trusts. This exception permits the marit...
Spendthrift trusts are trusts which are created to preserve assets which might otherwise be recklessly spent by beneficiaries. Such trusts limit the rights of the beneficiary’s creditors to reach trust assets before they are distributed to the beneficiary and also limit the rights of the beneficiary to transfer his right to receive income from the ...
Another potential use of trusts is asset management. If the beneficiaries are minors or lack the experience necessary to manage the assets, it may be desirable to employ a trustee with the necessary management skills. This can also be useful in the case where the grantor does not live where the assets are located. Older individuals may find it desi...
One disadvantage of an irrevocable trust is that the grantor cannot change his distribution plan during the term of the trust. Thus, it becomes especially important that care be taken in establishing an irrevocable trust. The problem is less severe in the case of a temporary trust such as a Clifford trust, in which the assets will eventually revert...
May 6, 2024 · How Do I Make a Living Trust in Oklahoma? To make a living trust in Oklahoma, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries—that is, who will get the trust property. Create the trust document.
Oct 25, 2023 · A life estate deed is a legal document that changes the ownership of a property while allowing you to live there until death. It might be useful for those wanting to avoid the probate process in Oklahoma, ensure the future ownership of their property, or even qualify for Medicaid.
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You file a lawsuit in the County Court in which the deceased person lived, and all of the documents filed in the lawsuit are publicly available. Not only are the documents publicly available, but with current technology, most of the documents can be accessed from any Internet-enabled computer.
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related to: where should i file a deed in oklahoma for a trustStart our questionnaire & get help from our independent attorneys if needed. Start today! Protect your family, home, assets & avoid probate court by setting up a Living Trust.