Irrevocable Life Insurance Trust in Oklahoma

Irrevocable Life Insurance Trust in Oklahoma An irrevocable life insurance trust in Oklahoma is a trust created to be the owner and beneficiary of life insurance policies with the intent of keeping the life insurance proceeds out of the insured’s estate.  Often...

Should you name a charity as your IRA beneficiary?

Should you name a charity as your IRA beneficiary? Money in a traditional IRA is tax deferred money.  Typically when money leaves an IRA there is income tax due and payable by the beneficiary.  But what if a charity receives the IRA?  A charity does not pay taxes, so...

Transfer on Death Deed

Transfer on Death Deed A relatively recent tool in Oklahoma, effective November 1, 2008, is the Transfer-on-death deed.  By signing a transfer on death deed a beneficiary can receive the interest in real property the grantor has when they pass away.  This is a...

Tenancy in Common in Oklahoma

Tenancy in Common in Oklahoma Tenancy in Common in Oklahoma is a form of ownership where more than one person owns an interest in real property (land).  With a tenancy in common, each owner may own a different percentage of the land.  For instance, if two people owned...

Tenancy by Entirety in Oklahoma

Tenancy by Entirety in Oklahoma Tenancy by Entirety in Oklahoma is joint ownership between a husband and wife. (60 OS §74)  This form of ownership acts the same as joint tenancy, but can only be created between spouses. Tenancy by Entirety ownership in Oklahoma allows...

Joint Tenancy in Oklahoma

Joint Tenancy in Oklahoma Joint Tenancy, as the name implies, is when two or more people own something jointly.  None of the owners have any more ownership than the other owners.  In more technical terms, they each own an undivided interest in the whole property....