Business Finance

Posts Tagged ‘estate’

In February of 2010, activity and interest were beginning to start for UCF parents who wanted to invest in a property for their student.

Instead of throwing rent down the drain on a local apartment, the sharp price decline in the UCF area has allowed parents to not only get a great deal on a home, but save money monthly. When purchasing a 3 or 4 bedrooms home, 2 or 3 of the rooms can be rented to friends in the range of $500 dollars per month.

This allows the parents to pay less per month for their child’s housing, give them the opportunity for a big payoff when they sell the property and offers their child a much safer / study friendly environment as opposed to off campus apartments.

These types of properties can be purchased somewhere north or south of $150,000, with many townhomes in the low 100,000 range.

When a loved one passes away in Oklahoma, unfortunately it’s often not simply a case of organizing a funeral and then getting on in peace with the grieving process. There are often many complex financial issues to deal with such as inheritance tax, financial planning, probate and estate conservation. This is especially true when your loved one failed to do any financial planning. Here we’re going to look at Inheritance Tax in Oklahoma State and who you can go to, to get assistance with it.

What is Inheritance Tax?

An estate tax or death duty is a tax on the estate, or total value of the money and property of a person who has passed away. In some jurisdictions like Tulsa or Oklahoma, such taxes were previously known as inheritance taxes. The inheritance tax in the US is implemented by federal laws and collected by state revenue bodies. Unlike other states, the Oklahoma estate tax does not follow federal estate tax laws.

A death in the state of Oklahoma leads the decedent’s estate into the probate process and a filing of estate taxes. According to the website of the Oklahoma state government there are three tax forms that need to be completed. Completion of these forms begins with the 35 page Form 454 and it’s 14 schedules ranging from Real Estate (Schedule A-1) to Oil, Gas and Minerals (Schedule A-2) to Intangible Personal Property (Schedule C-1).

Have I lost you yet?

We’ve only begun to scratch the surface of Oklahoma’s estate tax process. Form 454 is 35 pages with 14 schedules and it is just the first of three forms to complete. There are estate exemptions for heirs that change depending on the year the person dies.

You have other concerns

Cash for inheritance is an option available to heirs who wish to sell inheritance assets bequeathed to them through a Will or trust. When assets are held in probate it can take several months or years before final distribution occurs. If heirs do not want to wait for estate settlement, they can assign inheritance rights to a funding source in exchange for a lump sum cash payment.

Cash for inheritance can provide quick cash which heirs can use in any manner they desire. When a person dies their estate must undergo the process of probate, unless protected by a trust. Probate protects decedent’s assets to ensure inheritance is distributed according to their last will. If no will exists, probate is required to determine rightful heirs and settle the estate according to probate laws.