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Monty Pritchett
About | Practice Areas
Pritchett Law Group
126 West Needles Avenue Bixby, OK 74008» view map
Estate Law
A Focus On Results

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918-509-3891
1. Monty Pritchett Bixby, OK
  Attorney at Law, OK
  University of Oklahoma College of Law, J.D.
2. AboutPritchett Law Group
  A Focus On Results
3. Practice AreasExpertise
  Estate Law
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Bob Rabon

Commercial Real Estate, Estate, Indians & Native Populations, Commercial Bankruptcy

Status: In Good Standing

CONTACT

402 East Jackson, Hugo, OK 74743

Robert Lee Rabon

Administrative Law, Personal Injury, Divorce, Trusts

Status: In Good Standing

CONTACT

202 N 2Nd St, Hugo, OK 74743

Scott F. Doering

Criminal, Family Law, Commercial Real Estate, Wills

Status: In Good Standing

CONTACT

121 N Central Ave, Idabel, OK 74745

Emily Maxwell Herron

General Practice

Status: In Good Standing

CONTACT

108 North Central, Idabel, OK 74745

Scott F. Doering

Criminal, Estate Planning, Commercial Real Estate, Family Law

Status: In Good Standing

CONTACT

121 N Central Ave, Idabel, OK 74745

800-923-0641

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LEGAL TERMS

FAMILY ALLOWANCE

A certain amount of a deceased person's money to which immediate family members are entitled at the beginning of the probate process. The allowance is meant to ... (more...)

A certain amount of a deceased person's money to which immediate family members are entitled at the beginning of the probate process. The allowance is meant to help support the surviving spouse and children during the time it takes to probate the estate. The amount is determined by state law and varies greatly from state to state.

ANCILLARY PROBATE

A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are... (more...)

A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are necessary if the deceased person owned real estate in another state.

TESTAMENTARY TRUST

A trust created by a will, effective only upon the death of the willmaker.

INHERITANCE TAXES

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited prop... (more...)

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

ESTATE TAXES

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.

CONTINGENT BENEFICIARY

1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisf... (more...)

1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.

SPENDTHRIFT TRUST

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

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.

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Grant Estate Lawyer, Oklahoma

Sponsored Law Firm

Pritchett Law Group

SPONSORED LAWYERS

Bob Rabon

Robert Lee Rabon

Scott F. Doering

Emily Maxwell Herron

Scott F. Doering

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LEGAL TERMS

FAMILY ALLOWANCE

ANCILLARY PROBATE

TESTAMENTARY TRUST

INHERITANCE TAXES

GENERATION-SKIPPING TRANSFER TAX

ESTATE TAXES

CONTINGENT BENEFICIARY

SPENDTHRIFT TRUST

ENTITY

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