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You and your spouse live in Oklahoma and have an estate of $3,000,000. One million of the estate is the value of your home.
You and your spouse live in Oklahoma and have an estate of $3,000,000. One million of the estate is the value of your home. You want to provide your spouse and two children with the proceeds, limiting their tax burden. How would you divide your estate?
Hint: You may want to consider estate tax, inheritance tax and gift tax in Wyoming.
Your 200 description must be accompanied by an excel spread sheet demonstrating the amount you are leaving to each person and the taxes they will pay.
Use Word, double spaced 12 point font. Use Excel.
There is no inheritance tax in Oklahoma. Estate tax is .5% to 10% based on the amount of the estate. The student should understand that if the estate in its entirety is left to the spouse, there is no tax if the spouse is the co-owner.
