Gift Planning: How to Best Structure Gifts of Land, Cars, or Insurance (Part 2)

Gifts made during your lifetime will reduce the size of your taxable estate, depending on your state’s taxes and death duties, after you’ve passed on. But by reducing the size of your estate, there may be savings in probate-related expenses and federal estate taxes. Trust Issues Another option is to put the home/land in an irrevocable trust; your beneficiary how has a financial interest in maintaining the home/land, and you can deduct any costs you incur that are associated with said maintenance. Then there is the QPRT, or the “qualified personal residence trust,” which is somewhat more acceptable to the IRS, but there are risks involved. A QPRT works this way: Let’s say you want to give y

Legal Financing Available Now

As a lawyer, I want to help folks plan for or get through tough times. However, as many have noted, there is a large gap in access to justice or legal services based on pricing. In the past, the only solutions seemed to be: (i) lower your prices, (ii) accept payment plans, or (iii) take less cases. None of these options appealed to me. In any of them, I am able to serve a limited number of clients and at the end of the day, still not be sure I can keep my doors open to continue helping clients in the future. About six months ago, I began researching solutions. Today, I'm happy to roll out the first solution with our introduction of MyLegalLoan.com.* With this service, clients or their friend

Gift Planning: How to Best Structure Gifts of Land, Cars, or Insurance (Part 1)

Gifts made during your lifetime will reduce the size of your taxable estate, depending on your state’s taxes and death duties, after you’ve passed on. But by reducing the size of your estate, there may be savings in probate-related expenses and federal estate taxes. While there are a few states that impose an inheritance tax on a dead person’s property, Oklahoma is not one of them. Oklahoma doesn’t collect an estate tax either, under certain conditions. Generally speaking, an inheritance is not considered income, and so you won’t have to report it on your state or federal income tax returns. There are exceptions to this, such as with inherited IRAs and taking distributions from them, but t

(405) 293-2925

Text or call

711 South Husband Street, #7

Stillwater, Oklahoma 74074

  • White Instagram Icon

©2020 by Jonathan Udoka, Attorney - Udoka Law, P.C.

Disclaimer | Privacy Policy