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Monty Pritchett
About | Practice Areas
Pritchett Law Group
126 West Needles Avenue Bixby, OK 74008» view map
Estate Law
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918-509-3891
1. Monty Pritchett Bixby, OK
  Attorney at Law, OK
  University of Oklahoma College of Law, J.D.
2. AboutPritchett Law Group
  A Focus On Results
3. Practice AreasExpertise
  Estate Law
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Includes: Gift Taxation

Monty Pritchett

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Estate Planning, Elder Law

E. Edd Pritchett, Jr. has been an attorney since 1995. His areas of concentration include Litigation, Insurance Law, and Personal Injury. ... (more)

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CONTACT

918-509-3891

126 West Needles Avenue, Bixby, OK 74008

Mary Gannaway

Family Law, Estate Planning

Status: In Good Standing

CONTACT

Bristow, OK 74010

Courtney L. Eagan

Bankruptcy, Divorce, Estate Planning, Indians & Native Populations

Status: In Good Standing

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150 Foley Ave, Eufaula, OK 74432

Kimberly Dianne Adams

Bankruptcy, Estate Planning, Child Custody

Status: In Good Standing

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800 S. Main St., McAlester, OK 74501

Roger Frank Wiley

Adoption, Indians & Native Populations, Gaming & Alcohol, Estate Planning

Status: In Good Standing

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14 Crooked Oak Ln, Mcalester, OK 74501

Robt Linthicum Ivester

Oil & Gas, Trusts, Commercial Real Estate, Estate Planning

Status: In Good Standing

CONTACT

Mcalester, OK 74502

Joyce Elaine Green

Oil & Gas, Adoption, Estate Planning, Commercial Real Estate

Status: In Good Standing

CONTACT

Mcalester, OK 74502

Deborah Leigh Hackler

General Practice

Status: In Good Standing

CONTACT

Mcalester, OK 74502

Jeffrey Philip Herrick

Bankruptcy, Estate Planning, Wills & Probate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

426 E Wyandotte Ave, Mcalester, OK 74501

Paul Michael Northcutt

Estate Planning, Divorce, Insurance, Medical Malpractice

Status: In Good Standing

CONTACT

321 S 3Rd St, Mcalester, OK 74502

800-923-0641

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LEGAL TERMS

SUCCESSION

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.

PER STIRPES

Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. F... (more...)

Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property 'per stirpes,' Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.

LAPSE

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.

QTIP TRUST

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.

EXEMPTION TRUST

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.

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.'

INCOMPETENCE

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at ... (more...)

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

GRANT DEED

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as descri... (more...)

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.

SAMPLE LEGAL CASES

In re Marriage of Murphy

... Id. Joint revocable trusts are an alternative estate planning technique which have become popular in common-law property states because they avoid probate and the need to sever jointly owned assets into separate trusts for each spouse. Id. at 346-347. ...

Edwards v. Urice

... 22 The evidence in the record establishes the following facts. Urice was not related to Bowers by blood and was not a natural object of her bounty. Prior to 1997, Bowers had never mentioned Urice in her estate planning or wanted him to be involved in her financial affairs. ...

Friedman v. Craig

... The motion included affidavits to support Appellant's defense against a fraudulent conveyance, ie, the transfer of the joint tenancy interest in Appellant's home to Craig in 2001 was an estate planning device necessitated by her heart surgery and a concurrently-executed second ...

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Stidham Estate Planning Lawyer, Oklahoma

Sponsored Law Firm

Pritchett Law Group

SPONSORED LAWYERS

Monty Pritchett

Mary Gannaway

Courtney L. Eagan

Kimberly Dianne Adams

Roger Frank Wiley

Robt Linthicum Ivester

Joyce Elaine Green

Deborah Leigh Hackler

Jeffrey Philip Herrick

Paul Michael Northcutt

TIPS

LEGAL TERMS

SUCCESSION

PER STIRPES

LAPSE

QTIP TRUST

EXEMPTION TRUST

LIVING TRUST

INCOMPETENCE

GENERATION-SKIPPING TRANSFER TAX

GRANT DEED

SAMPLE LEGAL CASES

In re Marriage of Murphy

Edwards v. Urice

Friedman v. Craig

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