Author Archives: Tyler Barrett
If I transfer my business to a trust, how will it be managed?
If I transfer my business to a trust, how will it be managed? It will depend on several factors, such as what kind of business has been transferred and how that business was managed prior to the transfer. Here are some considerations depending on what type of business it is: LLC: After a business […]
Things to Consider When Gifting Property to an Unmarried Partner
How do large gifts between unmarried couples function from an estate planning perspective? “Gift” has a specific legal meaning rooted in contract law. It is something that is transferred from one person to another for a nonbusiness reason and without compensation. A few conditions must be met to make a gift valid: ● The person […]
Have You Chosen the Right Trustee?
Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that a trustee plays not only in handling trust matters but also in providing for and protecting your loved ones. What is a trustee? A trustee is a trusted decision maker who is tasked with handling all […]
Why Deathbed Planning Might Give You Additional Grief
None of us likes to think about our own death or enjoys planning for that occasion. However, if you do not create an estate plan or fail to update it regularly, you are likely setting your loved ones up for even more stress and grief after you pass away. It may add to your own […]
Will Our Child Have to Manage Multiple Trusts After Our Death?
When a married couple creates an estate plan using a revocable living trust, they have the option of creating a single joint trust or two separate individual trusts. While the pros and cons of each are beyond the scope of this article, spouses may choose to create separate trusts for a variety of reasons including […]
What is a Blind Trust?
Trusts are typically set up for the benefit of a trustmaker’s loved ones, a charitable organization, or a third party, with the trust money and property being distributed to the beneficiaries upon the trustmaker’s death. But there are situations in which a person may want to set up a trust to be used during their […]
Ways to Leave Oklahoma Real Estate to Your Loved Ones
Updated 10/3/2023 Owning real estate continues to be a very popular investment vehicle for individuals and couples alike. One attractive feature of investing in real estate is that investment property can also double as a personal residence. In other cases, real estate investments may be rental, recreational, commercial, or farm properties. Whatever the case, it […]
Things to Consider Before Accepting Your Inheritance
The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting. Accepting an inheritance is a free and […]
3 Reasons for Considering a Family Office
A family office provides management services to a family whose businesses and wealth have become too complex and significant to manage by themselves. A family office often combines investment, legal, and tax services along with lifestyle and administrative services, such as making travel arrangements or coordinating the use of a vacation property. In addition to […]
How to Protect Yourself from Claims of Self-Dealing When Serving as a Trustee
What Is self-dealing in trust administration? A trustee usually has quite a bit of discretion in their management of a trust’s accounts, money, and property. At the same time, as a fiduciary, a trustee also owes the trust’s beneficiaries a duty of loyalty, which prohibits the trustee from self-dealing. In the simplest terms, self-dealing happens […]
