Inheritance in Oklahoma City

Oklahoma's Tax Laws

Since January 1, 2010 there has been no estate tax in the state of Oklahoma. In addition to the repeal of the estate tax, the Oklahoma inheritance tax has an exemption amount of $5,000,000. Spouses are also completely exempt from the inheritance tax regardless of the amount. There are many different ways in which to avoid inheritance tax. One option is to give money to future heirs while still living.

Oklahoma has no gift tax laws, but the federal government does. Federal regulations allow individuals to provide future heirs with $13,000 a year or less without facing taxes. Trusts and wills are also widely-used estate planning tools, and an Oklahoma City estate planning lawyer from our firm can help you determine the best option for your situation.

Importance of Wills & Trusts

Wills allow individuals to determine what happens to their property after their death. If you do not have a will, your estate may be passed down to individuals in amounts you did not intend. Dying intestate, or without a will, means that your property will be subject to Oklahoma's law of decent and distribution. Unless there is a prenuptial agreement, half of the estate will usually pass to the surviving spouse, and the other one-half will pass to surviving children in equal shares. The law also makes provisions for deceased's children's children and other situations.

One of the best ways to pass down property is to create a revocable or living trust, a document that provides for the management of your property and is effective while you are still living. One of the main benefits of using trusts is that they are usually kept out of probate court, which results in quicker and less expensive distribution of your property. Trusts are also better for privacy. Unlike a will, a trust does not need to be filed of record at the courthouse. One of the best aspects of a trust is that, unlike a will, it is difficult to contest.

Contact an Oklahoma City Estate Planning Lawyer

We understand that you want to pass as much of your estate to your future heirs as possible. Our firm can help assure that your estate is passed on as quickly and efficiently as possible. With 26 years of experience, we are prepared to help you draft valid wills for quick probate processes or revocable trusts to expedite the distribution of property to beneficiaries. Estate planning can be confusing, but we know the laws and can advise you on your estate options.

If you have an estate you would like to be passed down, complete a free case evaluation or contact Elizabeth A. Richards Attorney at Law to learn more about your legal options.

Elizabeth A. Richards

Attorney at Law

Elizabeth A. Richards Attorney at Law - Oklahoma City Probate Lawyer
Located at 112 West Commerce Street Oklahoma City, OK 73109. View Map
Phone: (405) 788-4662
Local Phone: (405) 319-9696.
Website:
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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(405) 788-4662