Becoming the executor of an estate involves important duties that you cannot neglect without incurring legal consequences. While you will be in charge of dispersing assets to beneficiaries, you must also ensure that any possible creditors know that they have a window to make claims against the estate. Failure to properly notify creditors can result in personal liability for you as the executor. Oklahoma law describes some procedures for an executor to give notice. Notification requirements by law Within two months of your appointment, you must publish a notice to creditors in a newspaper of ge ..read more

When starting a business in Oklahoma, choosing the right structure is important for your company’s success. One popular option is forming a Limited Liability Company. An LLC is a flexible business structure that offers benefits like protection from personal liability and pass-through taxation. This means that the business itself isn’t taxed directly, but the owner passes profits and losses through their personal tax returns, which can simplify the tax filing process. Before deciding if an LLC is the right choice for your business, it’s important to understand what an LLC entails and how it com ..read more

Managing property across international borders poses unique challenges. Proper estate planning protects your offshore assets and ensures their distribution according to your wishes. There are several strategies you can employ to safeguard your international holdings. Offshore assets Offshore assets refer to any property or investments outside your country of residence. These holdings may include bank accounts, real estate, businesses and investments in foreign markets. While diversifying your estate in this way can offer financial benefits, it requires careful consideration of legal and tax im ..read more

When preparing a will, it is not only about dividing up your belongings but also about choosing your healthcare wishes. Your will is a legal document that can communicate your personal medical preferences. Learning about medical decisions you can include in your will helps you write down your true wishes for the future. Healthcare proxy choice One important choice you can make in your will is selecting a healthcare proxy. This person will make medical decisions for you if you are unable to do so. It helps to pick someone trustworthy who deeply understands your healthcare wishes. End-of-life ca ..read more

Choosing what happens to your belongings after you die might not be fun to think about, but it is important to do. Estate planning is about making sure this transition goes smoothly. One big benefit of planning is cutting down on time spent during probate. Probate can be lengthy and cost a lot of money, but with good planning and trusts, you can make it easier and faster. Clear instructions Trusts offer a simple way to bypass probate in some cases. Unlike wills, which have to go through the probate process, assets held in trusts can go straight to your beneficiaries according to the instructio ..read more

Planning for the future involves making decisions about what will happen to your belongings and assets after you are gone. Two legal tools commonly used for this purpose are wills and trusts. While they both serve similar purposes, there are significant differences between the two. Wills In 2023, only 46% of Americans over 55 years of age had a will, which is a legal document that outlines the distribution of your property and assets after you pass away. It allows you to list who will inherit your belongings, appoint guardians for minor children and name someone as an executor to oversee the d ..read more

When starting a business, choosing the right structure is important for various reasons, including taxes. The structure you choose can significantly impact how much you pay in taxes and how you report your income. Sole proprietorship In February 2024, 436,358 individuals filed for business licenses in the U.S., many of which were sole proprietorships. In a sole proprietorship, one individual owns and operates the business. The IRS treats the business’s income as the owner’s personal income. Therefore, owners report business profits and losses on their personal tax returns using Schedule C of F ..read more

Discussing future planning with your parents, including establishing guardianship, can be a delicate subject. It involves conversations about situations where they might not be able to make decisions for themselves due to health issues or incapacity. Due to the sensitivity of the topic, starting this important conversation requires careful thought and preparation. The goal is to express concern for your parents’ well-being and the desire to protect their interests without implying they are incapable of managing their affairs. It is about preparing for the future together and ensuring you honor ..read more

In Oklahoma, probate is a court-supervised legal process that occurs after a person dies. It ensures the payment of the deceased’s debts and distribution of assets to beneficiaries as specified in their will. If there is no valid will, state intestacy laws decide the asset distribution. Probate can seem complex and daunting, and is often surrounded by misconceptions. Understanding the truths behind these myths can help demystify probate, making it more approachable for everyone. Myth 1: Probate takes forever Many believe that probate is a never-ending process. While it can take time, especiall ..read more

The Corporate Transparency Act became effective on January 1, 2024. Yet many people are still unaware of how it changes financial and reporting obligations for specific business owners. If you run a company, it is important to understand how this law might impact your enterprise. Penalties Compliance with the CTA is not voluntary. The Act carries heavy penalties to compel business owners to comply. These penalties include fines of up to $500 per day and up to $10,000 per violation. In addition, continued failure to comply could lead to up to two years of possible jail time. That does not mean ..read more