Tuttle Estate Planning Lawyer, Oklahoma

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Clifton Baker
About | Practice Areas
Baker Law Tulsa, PLLC
5551 South Lewis Ave Suite A Tulsa, OK 74105» view map
Divorce & Family Law
A Law Firm That Cares

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800-828-0670
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
3. Practice AreasExpertise
  Divorce & Family Law
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Includes: Gift Taxation

M. Blake Yaffe

Estate Planning, Family Law, Litigation, Medical Malpractice

Status: In Good Standing

FREE CONSULTATION

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12231 South May Avenue, Oklahoma City, OK 73170

Gloria C. Bates

Adoption, Arbitration, Collaborative Law, Estate Planning

Status: In Good Standing

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2212 Shadowlake Dr, Oklahoma City, OK 73159

Harold David Hanes

Bankruptcy, Estate Planning, Litigation, Personal Injury

Status: In Good Standing

FREE CONSULTATION

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508 West Vandament, Yukon, OK 73099

Thomas B. McLemore

Bad Faith, Estate Administration, Estate Planning, Business Organization

Status: In Good Standing

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1900 Northwest Expressway, Oklahoma City, OK 73118

Joseph J. Reinke

Business Organization, Environmental Law, Estate Planning, Insurance

Status: In Good Standing

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6303 Waterford Blvd., Oklahoma City, OK 73118

Martin Postic

Estate Administration, Estate Planning, Guardianships & Conservatorships, Elder Law

Status: In Good Standing

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2212 Shadowlake Dr, Oklahoma City, OK 73159

Jennifer Nicole Thomason

Estate Planning, Trusts, Wills, Civil & Human Rights

Status: In Good Standing

CONTACT

115 E. Vandament, Yukon, OK 73099

Dawn Desirae Hallman

Trusts, Estate Planning, Wills & Probate, Business

Status: In Good Standing

CONTACT

2230 Mckown Drive, Norman, OK 73072

James M. Forgotson

Bankruptcy, Corporate, Divorce, Estate Planning

Status: In Good Standing

CONTACT

1332 Sw 89Th St, Oklahoma City, OK 73159

Wendy L. Hill

Estate, Estate Planning, Wills & Probate, Trusts

Status: In Good Standing

CONTACT

4712 Manor Hill Drive, Norman, OK 73072

800-923-0641

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LEGAL TERMS

STATUTORY SHARE

The portion of a deceased person's estate that a spouse is entitled to claim under state law. The statutory share is usually one-third or one-half of the deceas... (more...)

The portion of a deceased person's estate that a spouse is entitled to claim under state law. The statutory share is usually one-third or one-half of the deceased spouse's property, but in some states the exact amount of the spouse's share depends on whether or not the couple has young children and, in a few states, on how long the couple was married. In most states, if the deceased spouse left a will, the surviving spouse must choose either what the will provides or the statutory share. Sometimes the statutory share is known by its more arcane legal name, dower and curtesy, or as a forced or elective share.

GROSS ESTATE

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.

DISTRIBUTEE

(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (ca... (more...)

(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (called intestate), state law determines what each distributee will receive. Also called a beneficiary.

SPENDTHRIFT TRUST

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

PERSONAL PROPERTY

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.

FUNDING A TRUST

Transferring ownership of property to a trust.

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.

FINAL BENEFICIARY

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

ACCUMULATION TRUST

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation trust.

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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Tuttle Estate Planning Lawyer, Oklahoma

Sponsored Law Firm

Baker Law Tulsa, PLLC

SPONSORED LAWYERS

M. Blake Yaffe

Gloria C. Bates

Harold David Hanes

Thomas B. McLemore

Joseph J. Reinke

Martin Postic

Jennifer Nicole Thomason

Dawn Desirae Hallman

James M. Forgotson

Wendy L. Hill

TIPS

LEGAL TERMS

STATUTORY SHARE

GROSS ESTATE

DISTRIBUTEE

SPENDTHRIFT TRUST

PERSONAL PROPERTY

FUNDING A TRUST

GENERATION-SKIPPING TRANSFER TAX

FINAL BENEFICIARY

ACCUMULATION TRUST

SAMPLE LEGAL CASES

In re Marriage of Murphy

Edwards v. Urice

Friedman v. Craig

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