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«ESTATE PLANNING A Simplified Guide for Oklahoma Farm and Ranch Families Circular E-726 Oklahoma Cooperative Extension Service Division of Agriculture ...»

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Trustee–The person or corporate trustee holding title to the trust property, appointed to execute, administer, and carry out the terms of a trust or under trust law for the benefit of the beneficiary.

Trustor–Maker of a trust. Also referred to as a settlor, grantor, or creator.

Suggested References for Futher Study Publication 559 - Federal Tax Guide for Survivors, Executors, and Administrators, District Director, Internal Revenue Service.

Publication 950 - Introduction to Estate and Gift Taxes, Internal Revenue Service.

Oklahoma Estate Tax Law and Oklahoma Gift Tax Law, Oklahoma Tax Commission.

End Notes This publication is a revised and updated version of a former publication, entitled Estate Planning. Authors include J C. Hobbs, Area Extension Agricultural Economics Specialist, Mike Hardin, Extension Economist Emeritus, Farm Management; Glenn Laughlin, Professor Emeritus, Business Law; Cecil D. Maynard, Professor Emeritus, Agricultural Economics; and Marcia L. Tilley, Associate Professor Emeritus, Agricultural Law.

References will be made throughout this circular to statutes or laws of “succession,” “descent,” and “inheritance.”

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The rule is generally stated as follows: The value of the joint tenancy property is included in the estate of a decedent, except the portion of the property that was acquired by the other joint owner or owners, for adequate and full consideration in money or money’s worth, or by bequest or gift from a third party. (For marital joint tenancy, see Taxing Joint Tenancy Property on page 9.) Federal Estate Tax Law is complex. This discussion is limited to some of the broad aspects for planning purposes.

As there are many technical exceptions and limitations, Internal Revenue Code Sections 2001 through 2622, should be referred to as the final authority. Your tax counsel will help you interpret these references.

After 1976 and before 1/1/1982, joint tenancy property may have met the “qualified joint interest” test. If the test was met, the joint tenancy ownership in properties created by husband and wife after 1976 and before 1/1/1982 was treated as belonging one-half to each spouse for estate tax purpose. Also in the 1978 Revenue Act, spouses were given credit on jointly-owned property when they participated in the management and operation of the business.

These tests were difficult because many spouses could not prove such participation.

The new increased marital deduction will not apply under an old will or trust unless certain conditions are met.

Prior to 1/1/1982 a marital deduction in effect was the greater of $250,000 or one-half of the adjusted gross estate.

Wills should therefore be reviewed and revised, if written prior to 1/1/1982. The transitional rule was extended to 1/1/1983 for generation-skipping trusts.

Title 84, Oklahoma Statutes, Sections 41 through 57.

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Oklahoma State University, in compliance with Title VI and VII of the Civil Rights Act of 1964, Executive Order 11246 as amended, Title IX of the Education Amendments of 1972, Americans with Disabilities Act of 1990, and other federal laws and regulations, does not discriminate on the basis of race, color, national origin, gender, age, religion, disability, or status as a veteran in any of its policies, practices, or procedures. This includes but is not limited to admissions, employment, financial aid, and educational services.

Issued in furtherance of Cooperative Extension work, acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture, Robert E. Whitson, Director of Cooperative Extension Service, Oklahoma State University, Stillwater, Oklahoma. This publication is printed and issued by Oklahoma State University as authorized by the Vice President, Dean, and Director of the Division of Agricultural Sciences and Natural Resources and has been prepared and distributed at a cost of $1.29 per copy. 0707 JA Revised.

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This reflects a change in the law effective July 1, 1985. Prior to that time, if there were children, the surviving spouse received only a 1/3 share and a the children shared equally in the remaining 2/3 share.

Non-joint industry property includes property acquired before marriage and property acquired individually during marriage such as an individual b inheritance. If there is no will, a lawsuit will probably develop to determine when and how the property was acquired.

If no parents survive, then the 2/3 of non-joint property goes to brothers and sisters and the children of any deceased brothers and sisters.

c This reflects a change in the law effective July 1, 1985. Prior to that time, the surviving spouse received a 1/2 share of non-joint industry property d and the parents received a 1/2 share.

If the deceased is a minor and parents do not live together, the entire estate would go to the parent who was responsible for care of the minor.

e Extension

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