Estate Planning for Spouses with Marital Deduction/Bypass Trusts after the Tax Cuts and Jobs Act

By: David W. Wulfers The Tax Cuts and Jobs Act became law in December 2017, changing the landscape of estate planning for a limited time. The estate, gift and generation skipping transfer tax exemptions each increased to $10,000,000, adjusted for inflation, for each individual.[1] However, those changes will sunset on December 31, 2025, and the […]

Qualified Property Appraisers for Estate Tax Purposes

By: Pamela K. Wheeler and David W. Wulfers When valuing assets for estate tax purposes, qualified appraisals should be used.  A qualified appraisal is one which satisfies certain requirements set forth in the Internal Revenue Code, regulations and other documentation published by the Internal Revenue Service (“IRS”).  The reasons to use qualified appraisals include avoiding […]

Acceleration Clauses in Promissory Notes and Mortgages

By: David W. Wulfers A friend approaches you and asks to borrow some money from you, stating he/she needs it to help purchase a home for the first time.  You say, “Sure, I will get online and get some legal forms to make it official.”  When surfing online, you come across a form of a […]

What to Expect During a Mortgage Foreclosure in Oklahoma

By: David W. Wulfers The following describes the steps taken in an Oklahoma judicial mortgage foreclosure case after a mortgagee obtains a judgment foreclosing its first in priority mortgage against a debtor on that mortgage. 1. Writ of special execution.  This document refers to an order to the sheriff to levy upon real estate where a […]

Oil & Gas: What’s the best way to resolve a dispute between a non-operating working interest owner of a well located in Oklahoma and its operator?

By: David W. Wulfers Generally, the answer to the question above will depend if the dispute involves interpretation of a private agreement involving private rights and duties between the non-operating working interest owner[1] and the operator, or involves the public’s interest in the conservation of oil and gas.  Reviewing credible Oklahoma authorities can provide better […]

Terminating Irrevocable Trusts.

Terminating Irrevocable Trusts.[1] By: David W. Wulfers When a trust document describes the trust as an irrevocable trust, can it be revoked?  Yes.  It can be revoked by the creator of the irrevocable trust, referred as a trustor, settlor or grantor, and all living persons having a vested or contingent interest in the trust, referred […]

If a subcontractor on a construction project for the state, county or municipal government entity is not paid by the general contractor, what should the subcontractor do to get paid?

By: David W. Wulfers In Oklahoma, a contractor receiving award of a construction contract exceeding $50,000 for construction or repair of a public or private building or improvements on public real property must furnish a bond payable to the state in a sum not less than the total sum of the contract, or an irrevocable […]