Any resident of the State of Oklahoma who dies on or after January 1, 2010 will not leave an estate burdened by the Oklahoma estate tax lien. After several years of legislative orchestration toward a total phase-out of the tax, the finale of the Oklahoma estate tax is to be played on December 31, 2009! This holds the potential to greatly decrease the time necessary to close a transaction which involves real estate owned by the estate or trust of a decendent.
No longer will it be necessary to wait until the inventory of the estate of the decedent is formally accounted to the Oklahoma Tax Commission so that a release or exemption of the Oklahoma estate tax lien may be obtained. Where title to real estate is held by a surviving joint tenant or a private revocable trust, not only may the necessity for the probate or the administration of the decedent's estate be avoided, the extra time and expense of securing the tax release will also be spared the surviving property owner or successor trustee.
The above information was obtained from Jack Holloway's, attorney with Holloway & Managhan, e-newsletter in April, 2009. Always seek the advise of an attorney for estate planning.
The Butler Team
Tina & Mike Butler