Asher Trusts Lawyer, Oklahoma, page 2

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Clifton Baker
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Baker Law Tulsa, PLLC
5551 South Lewis Ave Suite A Tulsa, OK 74105» view map
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1. Clifton Baker Tulsa, OK
  Attorney at Law, OK
  Oklahoma City University School of Law, J.D. 1975
2. AboutBaker Law Tulsa, PLLC
  A Law Firm That Cares
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Cyrus Dean Homayouni

Trusts, White Collar Crime, Corporate, Credit & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

711 Schulze Dr, Norman, OK 73071

Jeanne Marlene Miller

Adoption, Trusts, Guardianships & Conservatorships

Status: In Good Standing

CONTACT

1316 Ann Arbor Dr, Norman, OK 73069

Dawn Desirae Hallman

Trusts, Estate Planning, Wills & Probate, Business

Status: In Good Standing

CONTACT

2230 Mckown Drive, Norman, OK 73072

Brenda Huard Barnes

Adoption, Trusts

Status: In Good Standing

CONTACT

300 Timberdell Rd, Norman, OK 73019

Cathleen Ann Jones

Gift Taxation, Trusts, Tax, Estate Planning

Status: In Good Standing

CONTACT

1125 N. Porter, Norman, OK 73071

Timothy Dale Kuykendall

General Practice

Status: In Good Standing

CONTACT

209 S. Crawford, Norman, OK 73069

Joey Don Schmidt

Trusts, Administrative Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

Norman, OK 73070

Melissa Gill Paulson

Trusts

Status: Inactive Licensed: 47 Years

CONTACT

2209 Bruckner Dr, Norman, OK 73071

John N. Schaefer

Trusts, Business Successions, Business

Status: Inactive Licensed: 58 Years

CONTACT

1405 Cherry Laurel Dr, Norman, OK 73072

Evan Andrew Taylor

Criminal, Divorce, Trusts, Federal Trial Practice

Status: In Good Standing

CONTACT

102 E Eufaula St, Norman, OK 73069

800-923-0641

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LEGAL TERMS

TRUST MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

RULE AGAINST PERPETUITIES

An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For examp... (more...)

An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For example, a person would not be allowed to leave property to her husband for his life, then to her children for their lives, then to her grandchildren. The gift would potentially go to the grandchildren at a point too remote in time.

NONPROBATE

The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surv... (more...)

The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surviving spouse and property left outside of a will through probate-avoidance methods such as pay-on-death designations, joint tenancy ownership, living trusts and life insurance. Property that avoids probate is sometimes described as the 'nonprobate estate.' Nonprobate distribution may also occur if the deceased person leaves an invalid will. In that case, property will pass according to the particular state's laws of intestate succession.

LIVING TRUST

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the t... (more...)

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called 'inter vivos trusts.'

DISCHARGE (OF PROBATE ADMINISTRATOR)

A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties hav... (more...)

A court order releasing the administrator or executor from any further duties connected with the probate of an estate. This typically occurs when the duties have been completed but may happen sooner if the executor or administrator wishes to withdraw or is dismissed.

ENDOWMENT INSURANCE

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.

TESTAMENTARY TRUST

A trust created by a will, effective only upon the death of the willmaker.

ESTATE TAXES

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.

ABATEMENT

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.

SAMPLE LEGAL CASES

In re Estate of Jackson

... in which, relying on Thomas v. Bank of Okla., NA, 1984 OK 41, 684 P.2d 553, he argued that in the September 3, 2003 order, the trial court found him to be Jackson's son and Jackson's sole surviving heir at law; that the terms of title 84, section 132 applied to trusts, as well as ...

In re Lorice T. Wallace Revocable Trust

... of the No-Contest Provisions of the Lorice T. Wallace Revocable Trust and the Lorice T. Wallace Irrevocable Trust." After a hearing the trial court found that the respondent-appellant, Mary Roma Wallace Jage, had violated the no-contest provisions included in the two trusts. ...

Welch v. Crow

... [13]. A. Title 84 OS 2001 Â§132 Does Not Apply To Revocable Inter Vivos Trusts. ... [14] The trustees respond that Â§132 applies only to wills, and not to trusts. Our recent opinion in In re Estate of Jackson, 2008 OK 83, 194 P.3d 1269, is dispositive of the question. ...

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Asher Trusts Lawyer, Oklahoma, page 2

Sponsored Law Firm

Baker Law Tulsa, PLLC

SPONSORED LAWYERS

Cyrus Dean Homayouni

Jeanne Marlene Miller

Dawn Desirae Hallman

Brenda Huard Barnes

Cathleen Ann Jones

Timothy Dale Kuykendall

Joey Don Schmidt

Melissa Gill Paulson

John N. Schaefer

Evan Andrew Taylor

TIPS

LEGAL TERMS

TRUST MERGER

RULE AGAINST PERPETUITIES

NONPROBATE

LIVING TRUST

DISCHARGE (OF PROBATE ADMINISTRATOR)

ENDOWMENT INSURANCE

TESTAMENTARY TRUST

ESTATE TAXES

ABATEMENT

SAMPLE LEGAL CASES

In re Estate of Jackson

In re Lorice T. Wallace Revocable Trust

Welch v. Crow

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