Estate planning for farm successions

Although Oklahoma farmers cannot plan for the weather, they can plan for their farm succession. A solid transition plan is critical in making sure a farmer’s wishes are established for the next generation. A farm succession plan focuses on the future of the farm. When creating a succession plan, a farmer should focus on what the end result should be. This may include the future visions of the farm, income needed for retirement and health care and whether or not the farmer wants to stay involved in the farm operations. A farm succession plan may include transferring ownership to a family member, liquidating farm assets, selling the property or renting or leasing land and equipment. Risks need to be evaluated as well including cash flow problems, unresolved issues among family members and retirement funds. A legal professional familiar with estate

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Compensating adult children for home care

Getting old is a fact of life for most of us. As the population continues to age, care for older people is needed. Many older people in Oklahoma are not able to care for themselves exclusively, and rely on skilled nursing care or family members to meet their needs. If an adult child is helping their aging parents, there are ways for the parents to compensate them. For many adult children, caring for an aging parent can be a full-time job, or at least a part time job with many hours. Sometimes a child has to give up their job to care for their parent. There can be a few options for parents to compensate their children for the sacrifices they may be making by taking care of them. First, they can pay their child pursuant to a caretaker contract.

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Next step in your estate plan: choosing an executor

As if estate planning wasn’t complicated enough, you are now considering who would be the most appropriate executor for your estate. The executor is the person who guides your will through probate, closing out your estate by paying off your final bills and distributing your belongings according to your expressed wishes. While in many cases, the oldest child may be the most obvious choice, this may not be best in your situation. If you have taken the time to prepare your plan for when you leave this world, you certainly want to make the best possible choice for your executor. What are the qualities of a good executor? You likely have someone in mind for the job. However, estate-planning advisors have some recommendations for those who are struggling to make the right decision. As you consider those who may be

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Five estate planning documents a person needs

Oklahoma residents understand the value of estate planning. An estate plan is a wonderful tool to ensure a person’s assets are transferred to the next generation in the person’s desired manner. It can also be used to communicate a person’s health care wishes. Although many may think estate planning is only for the wealthy, there are five documents almost everyone needs. Regardless of the amount of a person’s assets or the person’s age, one important document everyone needs is a durable power of attorney. This document authorizes another person to act on their behalf if they become in capacitated. Advanced medical directives are also important. They dictate medical treatments that a person wants if they are not able to communicate their wishes. Advanced medical directives include a living will, power of attorney for health care and a Do Not Resuscitate

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Our firm is available to help with your tenant legal troubles

Recently, this Oklahoma legal blog provided an informative post on the rights that landlords have with respect to the individuals who lease their rental spaces. For example, under certain conditions a landlord may have the right to evict a tenant and retain their security deposit to compensate the landlord for losses incurred due to the tenant’s malfeasance. Landlords can place certain restrictions on what activities tenants may engage in on their premises and may seek payment of missed rental checks and other costs when their tenants fall behind. But as previously mentioned, tenants have rights, too. Landlords may not kick their tenants out of their properties without notice and landlords must abide by state and federal laws that prohibit disparate treatment in the housing market. A landlord may believe that they have good cause to remove a tenant from their

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Teague & Wetsel, PLLC
1741 West 33rd Street, Suite 120
Edmond, OK 73013

Telephone: 405-285-9200
Fax: 405-285-9201

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