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. Thankfully, several legislators recognized the fact that raffles were one of the cheapest and simplest …
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. Myth #2: Estate planning …
What 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. Capital Gain = Total Sale Price – Original Purchase Price The …