If you have ever been involved with a non-profit (501(c)(3)) organization, then you are well-aware that raffles or lotteries are a common fundraising method. However, until 2004, it was illegal in Oklahoma for non-profits to use raffles or lotteries to raise funds for the organization.

Starting a business can be both an exciting and nerve-racking time in the life of the prospective owner. Prospective business owners often begin with a grand idea on which to build a successful company, but do not know what steps to take to form the underlying business entity.

In its most basic form, a Real Estate Purchase Agreement (or “REPA” for short) is a contract between the buyer and the seller in which the parties’ rights, terms, and responsibilities are listed with regards to the purchase of real property. These contracts are often overlooked or inadequately drafted as the parties expect every aspect of the transaction will go smoothly.

Myth #1: When you die, your beneficiaries have to file a probate for your estate.

Truth: If you have a properly funded trust, your beneficiaries will not have to file a probate with the court. Instead, the appointed successor trustee will carry out your wishes regarding your property pursuant to your instructions contained in the trust.

Capital gains tax is a tax on profit made when selling certain assts. The most common assets subject to capital gains tax are stocks, bonds, real estate, jewelry, and vehicles. You calculate a “capital gain” by subtracting the original cost of the asset from the total sale price.