Future Planning

[Droff]

I searched and found a few responses to 'attorney', might have a couple answers but still wanted to ask. I need to get my stuff lined out, either with a will, trust or some other way to make sure whatever I have left at the end isn't a goat rope for my kids.

Any recommendations for an attorney for this? I'm in the OKC area....

I have a gun trust that was put together by a member several years ago, can't remember who at this point. I'm not even sure it's valid or if there is something more I need to do, so I'd like to get that squared away as well so someone with experience in this arena as well would be helpful.

Thanks.

 

[swampratt]

My aunt went through heck with a will her husband had.
One person told her to look into a TOD. Or TOP.

So she set one of those up for her 3 children and it was $18 and super easy.

Does Oklahoma have TOD deeds?


On November 1, 2008, Oklahoma's "Nontestamentary Transfer of Property Act" (Title 58 O.S. §§ 1251-1258) went into effect. This law allows a "record owner" to use a "Transfer-On-Death Deed" to name another person to receive his real estate without going through probate.

 

[Jason Freeland]

Following

 

[kirk1978]

My aunt went through heck with a will her husband had.
One person told her to look into a TOD. Or TOP.

So she set one of those up for her 3 children and it was $18 and super easy.

Does Oklahoma have TOD deeds?


On November 1, 2008, Oklahoma's "Nontestamentary Transfer of Property Act" (Title 58 O.S. §§ 1251-1258) went into effect. This law allows a "record owner" to use a "Transfer-On-Death Deed" to name another person to receive his real estate without going through probate.

TOD is the way to go for the big items.

 

[HoLeChit]

Whatever you guys do, don’t go through Ron “skip” Kelly in OKC. He came to my mom as a suggestion from attorneys at the OKC courthouse after my dad died. They were still married, he had very little to his name, maybe $40k to include the house. No will though. It was just a probate court deal. Skip took my mom for about $8k in attorneys fees, with an additional surprise $4k bill after she wouldn’t let “one of his people” sell the house for her. When she protested this surprise bill and asked for the reason behind it, he threatened to sue her. It also took over a year and a half after taking my mom on for her to get a cent of the “estate”.

 

[turkeyrun]

I need to get some planning done.


Following

 

[PanhandleGlocker]

My aunt went through heck with a will her husband had.
One person told her to look into a TOD. Or TOP.

So she set one of those up for her 3 children and it was $18 and super easy.

Does Oklahoma have TOD deeds?


On November 1, 2008, Oklahoma's "Nontestamentary Transfer of Property Act" (Title 58 O.S. §§ 1251-1258) went into effect. This law allows a "record owner" to use a "Transfer-On-Death Deed" to name another person to receive his real estate without going through probate.

Family members did this recently. Everything was so smooth after the death.

 

[JEVapa]

Mark Fitch in OKC. He's been our family's lawyer WRT estates and land for the last 40 yrs. He's GTG in my book.

 

[wawazat]

Whatever you guys do, don’t go through Ron “skip” Kelly in OKC. He came to my mom as a suggestion from attorneys at the OKC courthouse after my dad died. They were still married, he had very little to his name, maybe $40k to include the house. No will though. It was just a probate court deal. Skip took my mom for about $8k in attorneys fees, with an additional surprise $4k bill after she wouldn’t let “one of his people” sell the house for her. When she protested this surprise bill and asked for the reason behind it, he threatened to sue her. It also took over a year and a half after taking my mom on for her to get a cent of the “estate”.

That's the kind of thing that makes a person think about how hungry the gators down south are that time of year.

 

[OKRuss]

TOD is the way to go for the big items.

What's the cost basis used for TOD of say a home? Will it be the current value or value when purchased? My wife had something similar with her Mom where if done one way there would be capital gains to pay(house purchased for $40K but sold for $100K) and the other the cost basis was $100K so no taxes on the gains. Only taxes would be if sold house for more than $100K.

We have a living trust with a will to itemize our items going to friends/family. I got an attorney through my work benefits. Can't 100% recommend him but he did a good job on ours and due to company subsidizing it was very affordable.

Either way - PLEASE get a will or living trust or something written down. Wife went through probate due to younger brother not having a will and his assets were distributed evenly by the judge to his 5 siblings. He despised 3 of the 5 but they still each got 20% of his estate. Wasn't much but just the principle of it made me nauseated.