Category Archives: Estate Planning

Sep 30

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock

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From the IRS, but I know that this applies to a few clients of mine, so I wanted to re-post here:

WASHINGTON — Farmers and ranchers who previously were forced to sell livestock due to drought, like the drought currently affecting much of the nation, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the Internal Revenue Service announced today.

Farmers and ranchers who due to drought sell more livestock than they normally would may defer tax on the extra gains from those sales. To qualify, the livestock generally must be replaced within a four-year period. The IRS is authorized to extend this period if the drought continues.

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The IRS is providing this relief to any farm located in a county, parish, city, borough, census area or district, listed as suffering exceptional, extreme or severe drought conditions by the National Drought Mitigation Center (NDMC), during any weekly period between Sept. 1, 2014, and Aug. 31, 2015. All or part of 48 states and Puerto Rico are listed. Any county contiguous to a county listed by the NDMC also qualifies for this relief.

As a result, farmers and ranchers in these areas whose drought sale replacement period was scheduled to expire at the end of this tax year, Dec. 31, 2015, in most cases, will now have until the end of their next tax year. Because the normal drought sale replacement period is four years, this extension immediately impacts drought sales that occurred during 2011. But because of previous drought-related extensions affecting some of these localities, the replacement periods for some drought sales before 2011 are also affected. Additional extensions will be granted if severe drought conditions persist.

Jun 01

Word of the Day

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Going to try to pick up on this where I left off

Agent – A person with legal authority to act on behalf of a principal.

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To learn more about agents, powers of attorney, principals and other estate planning options, please contact Brent S. Howard, the only attorney in Altus and surrounding southwest Oklahoma that focuses practice solely on estate planning, taxes, business planning, wills, trusts and probate.

Sep 19

50 Years of the War on Poverty

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I read an article earlier this week that it has been 50 years since President Lyndon Johnson launched the US into the War on Poverty. From the article (http://legalinsurrection.com/2014/09/the-war-on-poverty-has-failed/#more-99806) it states that the inflation adjusted amount is nearly $22 TRILLION in 2012 US dollars. Yet, the article states that there has only been a decrease in people living in poverty from 19% to 15% over the 50 years. This comes as the U.S. and states are administering 120+ programs that look to redistribute wealth.

In my line of work (business, estate and tax planning), I see a few wealthy clients, but mostly I see upper middle class people. Most have made the American dream through hard work, saving, and most importantly, not spending beyond their means.
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I always think back to the teaching of Jesus when Mary anointed his feet with expensive oils and the disciples admonished her for using such oil when it could have been sold and benefited the poor. Jesus said, “you will always have the poor.” I think that the government needs to heed this and instead of seeking to make all equal through wealth distribution, to do its part to educate and give opportunity to make it rich. Just my thoughts.

Dec 20

Estate Planning Word of the Day

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Summary Administration – noun. A shortened process of probate; either with a last will and testament or without.

A summary administration is a statutory relief for beneficiaries of estates that are deemed small or uncomplex by the state legislature. In Oklahoma, the amount for an estate to qualify for summary administration has recently been raised to $200,000, so any estate with a total probatable value less than this can go through the shortened proceedings. The legislature also says the uncomplex proceedings that qualify for summary administration are those where the Decedent was a resident of another state at his time of death and estates of Decedents who have been deceased more than 5 years.

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If you have a loved one that has passed away and think that summary administration may be needed to transfer the Estate, then please call my office at 580-318-8829 for a consultation. I serve all southwest Oklahoma counties and will travel to Altus, Mangum, Hobart, Sayre, Frederick, Lawton, Duncan, Anadarko, Apache, Weatherford, Clinton, and other smaller towns in the area.

Dec 11

Estate Planning Word of the Day

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Probate noun The legal process of administering an Estate of a deceased person. The probate estate has three main functions: 1. Ensuring all assets are accounted for; 2. Payment of final expenses and debts of the decedent; 3. Distributing the remaining property to the heirs/beneficiaries of the Estate.

Probate is not necessarily a hard process, but it is often time consuming and is open to the public. These are the two most common reasons that individuals use a trust, payable on death designation, or joint tenancy ownership to avoid a probate.
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The law offices of Brent S. Howard perform probate procedures for all of southwestern Oklahoma, including the towns of Altus, Hobart, Hollis, Sayre, Frederick, Mangum and Snyder. If you have had a loved one pass away, then please call my office to set up a complimentary consultation to discuss any actions that are needed for their estate.