You need a steadfast plan, no matter how complex your situation. Too often people fail to ensure adequate protections are put in place,and their estates are settled in unintended ways: diminished inheritances, high federal estate taxes, costly delays, and confusion. We have seen it all.
We want to save your estate—and your money.
At Hallman & Associates, we pride ourselves on our clients’ satisfaction with all the estate and tax services that we offer. We are thorough and vigilantly committed to your unique needs.
A good estate plan allows you to confidently direct some of life’s most important decisions: controlling your property while you are alive and well; providing for yourself and loved ones in the event of incapacity or disability; distributing your assets; and minimizing the impact of professional fees, court costs, and taxes during life and at death.
You have worked hard to get where you are today. Make sure your legacy and hard-earned assets are protected. Because estates valued over a certain amount are subject to tax liability, we will work with you to create a strategic estate plan to reduce those taxes. Your legacy is our focus, and we will strive to ensure that it includes the maximum amount of your hard-earned assets. We utilize many different tax strategies, including a Deferred Sales Trust.
Deferred Sales Trust (DST) - An emerging alternative to the §1031 exchange. You have the opportunity to defer the gain on a sale of appreciated assets or a closely held business by using a DST. Unlike a §1031 exchange, a DST does not require you to reinvest in like-kind replacement property and is not subject to the timeline restrictions of a §1031 exchange. In short, a DST is an irrevocable trust that utilizes the installment sale treatment under the Internal Revenue Code (IRC) §453 in order to defer the taxes due on the sale of a business, real estate or other taxable assets. The grantor sells the asset to the DST in exchange for a promissory note or deferred installment contract. The DST then owns and controls the asset until it is sold to another third-party for the full sales price. Then, the proceeds of the sale are used to pay the grantor under the promissory note or deferred installment contract. Contact us today to discuss how we can assist you with this tax planning opportunity.
Structure your estate in a way that protects your legacy—and minimizes taxes, professional fees, and court costs paid during life and at death. Our firm provides a full range of estate planning and probate services. We also assist with all aspects of estate and trust administration. You can rest easy knowing that your plan is not only in great hands, it is custom designed just for you and your family.
Your legacy requires a top-notch team. We partner closely with other professional advisors, including certified financial planners, investment advisors, financial consultants, insurance professionals, certified public accountants, and tax advisors,to design the most comprehensive and effective estate and tax plan for you. We take a team approach, and we are all on your side.
Which business entity is right for you? We will work with you to design an asset protection and succession plan for your business. We can help minimize taxes, simplify ownership transfer, and safeguard business continuity beyond the founding generation. We advise business owners about formation options and succession planning, so that your business can continue to thrive. We can help you cover all your bases—now, tomorrow, and for generations to come.
You are covered. At Hallman & Associates, we handle all aspects of estate and trust administration, including the distribution of trust assets and annual trust accountings. We advise and represent trustees in their fiduciary roles and beneficiaries alike.
Protect your hard-earned assets. A trust can be used to transfer assets to qualify for Medicaid; fund the healthcare needs of a disabled loved one; support a charitable cause;or provide support and maintenance for you, a child, spouse, family member, or pet. Trusts are an important part of a smart estate plan; they can minimize taxes, provide privacy and efficiency at death, and avoid probate.There are many different kinds of trusts. At Hallman & Associates, we will work with you to identify the best match for you and your needs.
A Living Trust, created during your lifetime,allows you to manage your assets and receive an uninterrupted flow of income while you are alive, even if you become incapacitated. A Living Trust also controls the transfer of assets at death.
A Power of Attorney authorizes another person to make decisions on your behalf about your finances and healthcare. A Durable Power of Attorney governs financial decisions and a Healthcare Power of Attorney guides the type of medical and personal care treatment that you desire to receive, should you lose the ability to make and communicate your own decisions. A Power of Attorney, used in conjunction with a Revocable Living Trust, can enable you to completely avoid a court-appointed conservator or guardianship, if you ever become incapacitated or otherwise unable to manage your affairs.
You deserve to make important decisions about your own life—no matter what happens. A Living Will contains instructions regarding life support and end-of-life treatment. In the event that you lose the ability to make and communicate your own decisions, a Living Will specifies circumstances under which you would not like your life to be prolonged and identifies who may make these types of decisions for you.
Keep your plans as you intended them. A Will allows you to clearly define your wishes. It functions as a set of instructions to the court regarding the distribution of your probate estate. A Will specifies who will inherit from your estate and who will act as your executor or personal representative.
Probate is the often-expensive legal proceeding that concludes all legal and financial affairs after someone has passed away. If a person dies without a Will, his or her estate must be administered according to the laws of the state. If a person dies with a valid Will, the Will shall be probated by a court. Probate tends to be pricey and time-consuming, though it can be avoided by establishing a trust.
2230 McKown Drive
Norman, Oklahoma 73072
100 Crescent Court,
Dallas, Texas 75201
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