Business owners and entrepreneurs often have involvement with multiple organizations. They may diversify their holdings as a way of maximizing their income while mitigating their personal financial risk. They may also notice a gap in the local economy that they can fill after they begin operating one company. It is common for one ambitious entrepreneur to own multiple organizations that may operate in adjacent industries. Someone who runs a small trucking company, for example, might also own a small repair shop that does service and repairs on commercial vehicles. Those with investments in mul ..read more

Federal laws change frequently. Recent adjustments to federal estate tax laws have significant implications for estate planning. Understanding these changes can help individuals better prepare for the future and ensure their assets are distributed according to their wishes. Increased estate tax exemption amounts One of the most notable changes is the increase in the federal estate tax exemption. This means that a larger portion of an estate can pass to heirs without being subject to federal estate taxes. As a result, fewer estates will owe estate taxes, which could change how some people plan ..read more

The major benefit of creating a trust is exercising greater control over how and when your intended heirs receive their inheritance. However, your trust could still be at risk if you become the target of a lawsuit. This is why some individuals create an irrevocable trust. A revocable trust is one you can change and modify at any time. The problem is that in the eyes of the law, you still possess the property in the trust, so creditors may try to claim it. By contrast, the law looks at an irrevocable trust much differently. You give up asset control Once you establish an irrevocable trust, you ..read more

Establishing a nonprofit organization in Oklahoma can be rewarding, allowing people to make a positive impact in their communities. However, navigating the process of starting a nonprofit can be complex and challenging. Taking certain steps when forming a nonprofit helps ensure a smoother and more successful journey toward achieving your organization’s mission and goals. Conduct research Before diving into the process of establishing a nonprofit, conduct thorough research. Start by identifying the purpose and mission of your organization. Determine, too, the specific needs and goals it aims to ..read more

Probate is the legal procedure for handling a deceased person’s estate. This process can be time-consuming and costly. It can also expose sensitive details about your family to the public. Fortunately, there are several strategies you can use to sidestep probate and ensure the smooth transfer of assets to loved ones. Using a living trust A living trust allows you to transfer ownership of assets to the trust while you are still alive. By doing this, the assets within the trust do not need to go through probate upon your passing. Instead, you distribute them directly to your chosen beneficiaries ..read more

Estate planning requires an awareness of one’s finances and careful consideration of personal relationships. The testator putting together the plan generally needs to address the financial and legal vulnerabilities of their dependent family members while also thinking about the legacy that they leave. For many successful adults in Oklahoma, the home that they live in is their most valuable asset. They may have spent years paying off their mortgage and improving the property to make it both comfortable and valuable. Their home can have a major impact on their legacy as one of their most valuabl ..read more

Self-storage facilities have become a lucrative investment opportunity for many savvy investors. The demand for storage units continues to rise, driven by factors such as urbanization, downsizing trends and the popularity of online retail. Investing in self-storage offers several compelling reasons that make it an attractive option for those seeking to diversify their investment portfolio and generate passive income. 1. Steady and recession-resilient income A key reason why self-storage is a smart investment opportunity is its ability to provide steady and recession-resilient income. Unlike ot ..read more

Several values can guide Oklahoma estate planning. A common one is maintaining family harmony. Navigating this process without disrupting familial relationships requires a strategic approach. Clear communication of intentions Maintaining family harmony begins with the transparent communication of your intentions. Clearly express your wishes regarding the distribution of assets, properties and personal belongings. When family members are aware of your decisions, it minimizes confusion and potential conflicts. Consider holding family meetings to discuss these matters openly, providing an opportu ..read more

Estate planning helps any individual prepare for and protect their and their loved ones’ future. Nevertheless, establishing an estate plan is particularly vital for new parents. An estate plan can provide parents security and peace of mind by ensuring that they continue to protect their children even in the event of incapacity or death. If you are a new parent, below are some key reasons why you should consider establishing an estate plan. Ensuring financial security An estate plan allows you to outline the management and distribution of your assets, with your child’s financial needs as the to ..read more

Life is unpredictable, and people of any age can face unforeseen circumstances. Crafting a will is essential for everyone, regardless of age. Even younger individuals benefit from taking this proactive step, providing clarity for loved ones and minimizing potential legal complexities in the event of an unexpected tragedy. When someone passes away without a will, or dies intestate, it prompts questions about what happens to their assets in Oklahoma. In the absence of a will, the state’s intestacy laws dictate how the estate gets distributed, and the results may not align with the deceased perso ..read more