Guidance from a Tulsa and Broken Arrow Estate Planning Attorney When creating an estate plan, many families wonder whether it's wise to divide decision-making responsibilities between multiple people. For example, one adult child might serve as Durable Power of Attorney…
Estate planning traditionally focuses on efficiently transferring assets at death while minimizing the tax burden to your beneficiaries. However, a truly comprehensive estate plan encompasses something deeper: the transmission of your values, wisdom, and family legacy to future generations. At…
Key Points: LLC owners should plan for what happens to their business upon death or incapacity. Single-member LLCs generally face fewer complications than multimember LLCs. Death clauses in operating agreements or buy-sell agreements help protect the LLC and heirs. Without…
Key Points: Dividing a business during divorce can be complex and requires careful planning. Determining whether the business is marital or separate property is critical. Business valuation may involve multiple experts and different methods. Prenuptial, postnuptial, and operating agreements can…
Probate is the court-supervised process of either (a) carrying out the instructions laid out in a deceased person’s will, or (b) applying state law to distribute the assets and property of someone who died without a will. Not all wills,…
Happy Easter! Although your fur-babies are not considered dependents for tax purposes, there are reasons to add them to your estate plan. The Humane Society estimates that half a million pets get sent to shelters every year because their owners…
Key Points: Placing LLC membership interests in a trust combines liability protection with estate planning benefits. Trusts help avoid probate, protect assets, and plan for incapacity. There are three main types of trusts for LLCs: revocable, irrevocable, and asset protection…
In a public corporation, shareholders can sell company stock at the current market price at any time. However, selling shares in a privately held corporation is more complicated because stock cannot be sold to the general public. Typically, private companies…
A business owner may relocate a business to another state for a variety of reasons, including increased real estate costs, property taxes, business taxes, or business regulations in the old location; changes in the target market; or even personal or…
No one enjoys thinking about their own funeral, but making those funeral planning arrangements in advance yourself may be one of the most thoughtful acts you can do for your loved ones. More and more people are including funeral planning…