Eldorado Estate Lawyer, Oklahoma, page 3

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Clifton Baker
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Baker Law Tulsa, PLLC
5551 South Lewis Ave Suite A Tulsa, OK 74105» view map
Divorce & Family Law
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1. Clifton Baker Tulsa, OK
  Attorney at Law, OK
  Oklahoma City University School of Law, J.D. 1975
2. AboutBaker Law Tulsa, PLLC
  A Law Firm That Cares
3. Practice AreasExpertise
  Divorce & Family Law
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Antoinette Terese Quinn

General Practice

Status: In Good Standing Licensed: 16 Years

CONTACT

1804 Javelina Dr, Altus, OK 73521

Antoinette Terese Quinn

General Practice

Status: In Good Standing Licensed: 16 Years

CONTACT

1804 Javelina Dr, Altus, OK 73521

Morgan Rebecca Harkins Christie

Military

Status: In Good Standing Licensed: 11 Years

CONTACT

308 N 1st Street, Altus Afb, OK 73523

David L Cummins

Estate, Criminal

Status: In Good Standing

CONTACT

215 N 2Nd Blvd, Hollis, OK 73550

Ryan C. Ditchkofsky

General Practice

Status: In Good Standing Licensed: 13 Years

CONTACT

308 N 1st St Bldg 52, Altus Afb, OK 73523

Diann McMahan

General Practice

Status: Inactive Licensed: 44 Years

CONTACT

Altus, OK 73522

Nicole Renae Prichard

General Practice

Status: In Good Standing Licensed: 21 Years

CONTACT

97 Amw/Ja, Altus Afb, OK 73523

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LEGAL TERMS

RESIDUARY ESTATE

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.

CHARITABLE TRUST

Any trust designed to make a substantial gift to a charity and also achieve income and estate tax savings for the person who creates the trust (the grantor).

GRANTOR RETAINED INCOME TRUST

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).

ENTITY

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from i... (more...)

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.

TRUST CORPUS

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, t... (more...)

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'

IN TERROREM

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.

FUNDING A TRUST

Transferring ownership of property to a trust.

EXEMPTION TRUST

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

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Eldorado Estate Lawyer, Oklahoma, page 3

Sponsored Law Firm

Baker Law Tulsa, PLLC

SPONSORED LAWYERS

Antoinette Terese Quinn

Antoinette Terese Quinn

Morgan Rebecca Harkins Christie

David L Cummins

Ryan C. Ditchkofsky

Diann McMahan

Nicole Renae Prichard

TIPS

LEGAL TERMS

RESIDUARY ESTATE

CHARITABLE TRUST

GRANTOR RETAINED INCOME TRUST

ENTITY

TRUST CORPUS

IN TERROREM

FUNDING A TRUST

EXEMPTION TRUST

SUCCESSOR TRUSTEE

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