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Category: Estate Admin

Ancillary Probate in Oklahoma

In the context of estates, when a person dies, a probate or estate proceeding is often commenced in the county in the state where the decedent resided at the time of his or her death.  This proceeding is often referred to as the “domiciliary probate.” However, when a non-resident decendent dies leaving real property or…Read More

Understanding Estate Taxes

After passing away, your assets are taxed before they are inherited. This is because the federal government imposes what is called a federal estate tax. Most states levy an estate tax ranging from 18 percent to 40 percent and will only apply to assets that are over a certain amount. Read on to learn more…Read More

Inherited IRAs: Things all beneficiaries should know

If you’ve recently inherited an individual retirement account (IRA), you you will discover some tricky rules for those IRAs. One wrong decision can even lead to a greater tax liability for you and your family. An inherited IRA is defined as an individual retirement account opened when you inherit a tax-advantaged retirement plan like an IRA or a…Read More

Oklahoma Probate: Summary Administration in Oklahoma

Fortunately, the Oklahoma legislature has passed a summary administration law with the goal of reducing the time and expense of a regular probate estate.  This summary proceeding can be used for distributing real property and oil and gas interests. In order to qualify for summary administration, the decedent’s probate estate must meet one of the…Read More

How to prepare to receive an inheritance

The passing of a loved one is a stressful time for anyone. Add an inheritance into the mix and relationships between family members can add even more stress. One thing is certain; receiving an inheritance without proper planning is the best course of action. Below are some things to consider before moving forward with an…Read More

Estate Planning FAQ’s: Is a Beneficiaries’ Inheritance Taxable?

This is a great question and one that we hear often. Estate tax and inheritance tax are two different things. The estate tax is a tax on a person’s assets after death..In 2021, the federal government assesses a tax on all estates with a value greater than $11.7 million. Estate tax ranges from 18% to 40% once…Read More