Estate Planning

Jones Law Office is a Tulsa Firm Providing Careful and Professional Legal Advice in Estate Planning.

When you die, will your property and personal effects pass to the persons you choose, or will the State of Oklahoma make the decision for you? We will customize an estate plan to meet your specific needs so that you – not the government -- make the choice of to whom and how your estate is passed.

With our experienced counsel, you can rest assured that when you die, your property is gifted to the loved ones you wish to honor, and that your assets reach your intended beneficiaries without difficulty, unnecessary expenses or taxes.

Will you receive proper care as you age? Who will take care of you and your property if you are incapacitated? A proper estate plan can ensure that there is continuity in the handling of your money and property.

Some of our estate planning services include:

  • Marital, Family & By-Pass Trusts
  • Testamentary Trusts
  • Irrevocable Trusts & Insurance Trusts
  • Dynasty Trusts & Wealth Preservation Trusts
  • Living Trusts / Revocable Trusts
  • Intentionally Defective Trusts
  • Family Limited Partnerships or Limited Liability Companies
  • Special Needs Trusts to Protect a Child
  • Estate Tax Advice
  • Asset Transfers & Gifts
  • Charitable Bequests
  • Last Will and Testament
  • Living Wills and Directives to Physicians
  • Healthcare Power of Attorney
  • Durable Powers of Attorney
  • Declaration of Guardian in Event of Later Incapacity
  • Guardianships and Conservatorships
  • Appointment of Agent for Disposition of Remains
  • Buy-Sell Agreements regarding Business Interests
  • Business Succession Planning

We believe that family matters, and strive to provide personal care and attention to each of our clients. We believe in understanding the needs of individuals and their families in making estate-planning decisions. This enables us to create a customized plan that will fit each client's particular needs.

With over 25 years of legal experience, Jones Law Office, PLLC has developed a respected reputation in the legal community.

With the Jones Law Office as your advocate, you will have the services of attorneys who know the law and how to best protect you and your loved ones. You will have allies who care about and watch out for your best interests. Contact us now to help you devise the right estate plan for your needs.

Trusts are often categorized by their characteristics:

  • In a Revocable / Grantor Trust, (LT), has the Settlor serving as a Trustee of the Trust and reserving certain powers, such as the ability to amend or revoke the terms of the Trust. The IRS then treats the Grantor Trust as the alter-ego of the Settlor, and ignores the Trust for tax purposes during the Settlor's lifetime. This means that, for most living trusts, no separate tax returns will have to be filed for the trust.
  • An Irrevocable Trust, (TT or LT), cannot be changed once it is created. This type of trust is often used for special tax or asset protection purposes, as well as being used for insurance.
  • A Spendthrift Trust, (TT or LT), shelters an inheritance from the beneficiary's creditors, judgments, bankruptcies, messy divorces, and so forth. It is usually used with an heir that cannot or should not be allowed to manage the money or they will just loss it quickly.
  • A Grantor Trust, (LT),
  • A QTIP Trust, or qualified terminable interest property trust, (TT), takes advantage of the unlimited marital deduction, but restricts the surviving spouse's ability to change the distribution of the trust after the spouse's death. QTIP Trusts are often used in second marriage situations.
  • A Dynasty / Legacy Trust, or perpetual trust, (TT or LT), is created in a State with an expanded or repealed Rule of Perpetuity, thus avoiding many of the estate and income taxes. Primarily used to ensure the continuation of family businesses or to insure behavior and influence future generations.
  • A Wealth Preservation Trust, (TT or LT), is an Oklahoma creation used for protecting an unlimited amount of money and property in Oklahoma from creditors for a grantor’s family or charity.

Personal Estate Planning Pricing

We feature an estate-planning package that includes:

  • Pour-over Will
  • Revocable Living Trust
  • Advanced Medical Directive (Living Will) and Appointment of Health Care Proxy
  • Durable Power of Attorney
  • Memorandum of Trust (6)
  • Instructions on transferring Assets and property into the Trust
  • Advanced Mental Health Directive
  • Quitclaim Deed for one Property
  • Detailed planning guide for funeral plans and wishes
  • Survivors guide to handling Estate issues.

This package is available for $990 A spouse may get the same package for an additional $600.

If you need a specialty trust or will or other document not listed below, if your estate is over $2,000,000, or if you need onsite services for either the disabled or home bound please contact us for appropriate pricing.

Estate Planning Services
Advance Mental Health Directive $95
Advanced Medical Directive $95
Amendment to Trust $95
Assignment of Mortgage $95
Durable Power of Attorney $95
Memorandum of Trust $95
Quit Claim Deed $95
Revocable Living Trust $95
Standard Will $95
Independent Trusts
Child's Educational and Support Trust $750
Qualified Personal Residence Trust (QTIP) $750
Irrevocable Life Insurance Trust $750
Intentionally Defective Trust $750
Dynasty Trust Package $2,900
Wealth Preservation Trust $1,900
Additional Trust Provisions
Separate Educational or Spendthrift Trust Provisions $350
Generation Skipping Trust provision $350
3QTIP Trust provision $200

A Trust that has not been funded with the transfer of assets and property into it is of no value. If you need assistance funding the trust, beyond basic instructions, those services are available with pricing dependant upon the sizes, types and locations of those assets.

Tax Planning and Trusts

When Congress passed the Economic Recovery Tax Act of 1981 (ERTA), several major changes were made to the wealth transfer taxation scheme. Further changes resulted from the Taxpayer Relief Act of 1997 (TRA), The Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRRA), the American Taxpayer Act of 2013 (ATRA), and the Tax Cuts and Jobs Act of 2018 (TCJA).

An unlimited marital deduction was created for all transfers by gift, trust, or inheritance between husband and wife, so long as the parties are legally married and each is a U.S. citizen.

An annual gift exclusion of $15,000 (2019) is the amount any person can give to another person in a single tax year without any federal gift tax consequence. The ATRA has provided an adjustment for inflation, but only in increments of $1,000. The number of gifts per year to different people is currently unlimited. A married couple can give $30,000 if they file a gift tax return.

A unified credit for estate and gift taxes is available to all citizens. The unified credit creates an effective lifetime exemption equivalent of $11,400,000, which is the amount any citizen can pass by gift or inheritance totally free of federal estate or gift tax (2019 tax year under TCJA).

By proper tax planning, a husband and wife will eventually be able to pass an estate of $11.8 million free of federal estate and gift tax. This may only be achieved properly through use of a trust and other tools. In addition, the trust must be properly drafted to take advantage of the constantly changing Federal and State laws.

In Oklahoma there is no Estate tax.

The generation-skipping transfer tax is a flat 40% tax designed to penalize transfers to a younger generation which have skipped an intervening living generation, such as grandparent to grandchild, bypassing the child. The GST tax lifetime exemption is $11.4 million in 2019.

Key points to remember:

  • Transfers by gift or inheritance to a spouse are free of tax
  • Oklahoma has no estate or gift tax
  • Gifts of $15,000 per person per year are free of federal gift tax
  • Every person can pass up to $11,400,000 free of federal estate or gift tax (2019 tax year)
  • Federal estate and gift taxes range from 18 to 40%
  • The GST exemption is $11,400,000 and the tax is 40%
  • A QTIP Trust permits a married couple to retain the marital deduction while protecting the children's inheritance from future second spouses

Advanced Planning Techniques

Once a family's total estate has grown beyond $22,800,000, or the estate of a single person beyond $11,400,000 (the current exemption equivalent levels for 2019), more sophisticated and advanced techniques need to be considered to allow the family or individual to cope with the heavy burdens of estate taxes and estate administration costs. Here are some of the more popular choices:

  • Irrevocable life insurance trusts --One of the few estate tax shelters left today, an ILIT allows the owner of an insurance policy to exclude the insurance death benefit from his or her taxable estate. These are often set up and funded with special second to-die life insurance policies as a means of proving the liquidity to pay estate taxes.
  • Limited or Family limited partnerships --An old concept now used for a modern purpose, the LP/FLP allows the taxpayer to distribute the assets of a family business amongst various family members and beneficiaries during lifetime. The primary tax benefit is the ability to take advantage of minority and marketability discounts in appraising the estate, which can reduce the taxable value of a business by 35% or more.
  • Charitable remainder unitrusts --This is a special type of trust which allows the taxpayer to contribute highly appreciated assets to a charity, but during the lifetime of the donor and spouse, receive an annual income payment. A CRUT provides a triple tax deduction: capital gain income tax on appreciated property is avoided, a charitable income tax deduction is available, and the gifted assets are removed from the taxable estate. CRUTs are often used as a substitute for retirement funds for highly compensated individuals such as physicians and surgeons.

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Let us help solve your problems.

Initial half hour consultations are free of charge.

918.770.8339