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What is an ancillary estate proceeding?

On behalf of Teague & Wetsel, PLLC posted in Estate Administration & Probate on

In our country today, it is not at all uncommon for a person to live and, ultimately, die as a resident of one state while having property in several states, including Oklahoma. Assuming the property involved requires estate administration and probate, it may mean that a personal representative in another state may have to complete an ancillary estate proceeding here in Oklahoma. One of the most common reasons ancillary estate proceedings are necessary in Oklahoma is that a person owns some sort of interest in Oklahoma real estate, such as mineral rights in a tract of land. In this situation, the deceased person’s personal representative or executor will have to petition an Oklahoma court in order to get the land properly transferred to the deceased person’s lawful heirs or intended beneficiaries. Fortunately, ancillary proceedings do not mean a personal representative

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Helping you address your estate planning needs

On behalf of Teague & Wetsel, PLLC posted in Estate Planning on

Planning for your future doesn’t always mean deciding where you want to go to college, where you want to live or what career path you want to take. For many Oklahoma residents, this means drafting an estate plan. The estate planning processes is often looked at as something that could be put off until later in life. However, it is important to consider your financial, business, tax and health care needs and issues earlier in life. This could help an individual or family avoid serious problems at the time of death. Even if you have gotten over the hurdle and finally drafted an estate plan, this doesn’t mean you are off the hook. It is very likely that you will need to revisit your estate plan several times following its creation. Life changes, and a person’s goals, interests and needs

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What is the eviction process in Oklahoma?

On behalf of Teague & Wetsel, PLLC posted in Landlord-Tenant Law on

Those who own rental property in Oklahoma hope that they have good renters. Usually this is the case, but occasionally a property owner needs to evict their renter. There is a process for eviction “for cause” that Oklahoma property owners should be familiar with in landlord-tenant law. The first step in an eviction is to terminate the rental agreement or lease. A landlord will need to have legal cause in order to terminate a lease. Legal cause can include unpaid rent, criminal activity or lease violations. In order to terminate, a landlord must give the renter notice. The amount of notice a landlord needs to give depends on the violation. In non-payment of rent, the landlord needs to give a five-day notice to pay the rent. If the tenant does not pay the rent in five days then the landlord

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Don’t have children? Estate planning is still important

On behalf of Teague & Wetsel, PLLC posted in Estate Planning on

Many Oklahoma residents may wonder if estate planning is important for their situation. Many people may think they don’t have enough assets to worry about it, or maybe they don’t have a spouse or kids. But, an estate plan is important for a number of reasons and everyone should have at least a basic will and power of attorney. Over 55 percent of Americans do not have a will. This can lead to big problems when they pass away and they haven’t designated how they want their assets distributed. Or, if they become incapacitated, they have not designated a power of attorney or shared their healthcare wishes. Even if a person does not have children, basic estate planning is a necessity. If there is no will, there can be unintended beneficiaries to a person’s estate. This has happened with world-famous

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Digital assets should be included in estate plans

On behalf of Teague & Wetsel, PLLC posted in Estate Planning on

Most Oklahoma residents know the value of protecting assets in an estate plan. Usually people consider assets like property, person belongings and financial accounts in these plans. Digital assets are relatively new, but equally important, assets that should be included in an estate plan. Almost everyone has an online presence. There are some tips to help a person prepare their digital assets for after they pass away. First, a person should make an inventory of all of their online accounts, sign-on information and passwords. A password manager service can be used to safely store all passwords and log in information and this can be shared with an estate executor. In addition, a person should have a digital asset plan incorporated into their estate plan. The more specific a person is about their digital assets the better. A person may want

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Medicaid Planning Options for Oklahoma Seniors

On behalf of Teague & Wetsel, PLLC posted in Long-Term Care Planning on

The cost of nursing home care can quickly exhaust a nest egg, and the reality is that seniors need to plan now if their goal is to preserve assets for loved ones while also covering the cost of long-term care. Here are some options for Oklahoma seniors to consider. Effective Medicaid planning can help defray the costs of nursing home care or assisted living. A common misconception is that one has to spend down all of one’s hard-earned assets in order to qualify for Medicaid benefits. Depending on your specific situation, you may be able to avoid needlessly spending down assets by instead implementing an integrated strategy. For example, eligibility for Medicaid may be preserved in a number of ways: Establishing an irrevocable trust Developing an effective gifting schedule Concentrating wealth into exempt assets Investing in an annuity for your

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What assets are exempt from Medicaid?

On behalf of Teague & Wetsel, PLLC posted in Long-Term Care Planning on

Many Oklahoma residents who are getting older need to live in a skilled nursing facility. A nursing home is an extremely expensive place to live and many people can spend their life savings in just a few months. Planning ahead for a nursing home stay is smart, especially in order to preserve a family’s assets and use Medicaid. Many will advise seniors to use Medicaid to pay for their nursing home stay. But, in order for a senior to qualify for Medicaid, they must reduce their assets. Medicaid reviews a person’s assets and places them into two categories, exempt assets and non-exempt assets. Exempt assets include the person’s house, personal belongings, one car, life insurance policies whose face value is less than $1500, cash less than $1600 and certain kinds of trusts. It is smart for Oklahoma residents to develop

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Understanding the SSD and SSI Programs

On behalf of Teague & Wetsel, PLLC posted in Disability Benefits on

There is a lot of misunderstanding about Social Security disability benefits, particularly with regard to eligibility, the application process and the kinds of benefits available. Here is what you should know if an injury, disease or medical condition prevents you from working. SSD and SSI are separate programs that provide monthly disability benefits. To qualify for Social Security Disability (SSD) benefits, you must have sufficient work history, and your disability must have lasted or be expected to last for at least 12 months. If you are eligible, your monthly benefits will be based on the extent of your injury and your previous earnings. The Supplemental Security Income (SSI) program provides monthly disability benefits based on need. Recipients of SSI benefits do not have to have a work history, and these benefits are available to children and others with limited resources.

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Things to consider when buying investment property

On behalf of Teague & Wetsel, PLLC posted in Landlord-Tenant Law on

Many Oklahoma residents have investment property or are considering buying investment property. Investment property can be a good way to increase a family’s income and diversify their portfolio. There are many landlord-tenant laws that must be followed along with other things to keep in mind when thinking about buying investment property. With the decrease of available homes on the market, rental properties have become increasingly hard to find. This can be a good thing for those who are considering purchasing rental property. Some things to keep in mind for potential buyers include making sure they have a large down payment of at least 20% or more in order to secure a good mortgage rate. If a buyer is handy and able to fix things themselves that can also save quite a bit of money. A person just starting in investment

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Tips for Executors Dealing with Property in Multiple States

On behalf of Teague & Wetsel, PLLC posted in Estate Administration & Probate on

If you feel overwhelmed by your duties as the executor of an estate, you are not alone. Executors often feel unsure of how to proceed with probate, especially in the midst of grieving the loss of a loved one. In many cases, executors and personal representatives have to consider not only the property within the deceased’s home state, but also property that the deceased owned in other states. How are multistate probate issues handled in Oklahoma? While every situation is different, often it is necessary to open a secondary probate in the state where the property is located. This secondary probate is called ancillary probate. Depending on the circumstances, you may be dealing with overlapping areas of law. If you are facing multistate or multicounty probate issues, you may need the assistance of a professional with experience in real estate

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Contact

Teague & Wetsel, PLLC
1741 West 33rd Street, Suite 120
Edmond, OK 73013
Telephone: 405-285-9200
Fax: 405-509-2362
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