The minor child reaches age 18 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. The transfer can be delayed up to age 21 if noted in writing.Oklahoma does not impose an inheritance tax.
Oklahoma imposes an estate tax equal to the maximum credit allowed under the federal tax code for paid state estate and inheritance taxes under IRC Sec. 2011. However, the current federal tax code does not permit a credit for paid state estate or inheritance taxes. Therefore, there is no credit estate tax in effect at this time.
Oklahoma does not impose a GST tax.
Oklahoma does not impose a gift tax.
The minimum age of a person competent to make a will is 18.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when –
The minor child reaches age 18 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. The transfer can be delayed up to age 21 if noted in writing.
The minor child reaches age 18 for other custodial transfers.
The minor child dies.
Non-qualified Annuities: Exempt.
Life Insurance Cash Value: Exempt.
Life Insurance Proceeds: Exempt.
The executor or administrator of an estate, where otherwise authorized, may control, conduct, continue, or terminate any of the decedent's accounts on any social networking website, microblogging or short message service website, or email services website.
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