Real Estate Law
In the Blackwell area, the most common real estate transaction is the sale/purchase of a residential property. For most people, buying or selling residential real property constitutes a singularly important financial event -- and, too often, it is one that many buyers or sellers entrust to people not trained to understand and anticipate the problems and dangers of a real property transaction. Yes, the law of real property is complicated, and, yes, those complications can be frustrating at times. But with the help of one of the real property experts at Boersma Law Firm, you can rest assured that your purchase or sale will be handled professionally and proficiently. In addition to residential sales and purchases, Boersma Law Firm also handles commercial real estate transactions, issues with rental properties, and foreclosure of mortgages.
Most often a real estate deal starts with a contract of sale saying who is selling, who is buying, and what is being sold and bought. The contract sets the price of the sale, and it controls which party bears which expenses. The first, and often the largest, expense is for abstracting. Oklahoma continues to use abstracts as the basis for determining ownership of property, even when title insurance is purchased. Prior to the closing of the sale, an abstract must be created or re-certified so that it can be examined by an attorney who then prepares a title opinion. This opinion sets out who holds title to the property and whether there are defects in that title. The tittle opinion also lists all liens and mortgages and other encumbrances that are outstanding against the property. Because the title opinion shows problems with the status of ownership, it is a vitally important step for any buyer, and it is almost always required if the buyer is financing the purchase through a financial institution.
Once the abstract has been reviewed and the title issues resolved, the sale is ready to be closed. Usually a closing is handled through a closing agent who prepares documents for the transaction, including a settlement statement to show all the expenses each party is paying. The settlement statement also shows how much money the buyer needs to bring to the closing and how much money the seller will receive.
The attorneys at Boersma Law Firm often serve as closing agents for real property transactions, handling sales totaling more than $1.5 Million in each of the last ten (10) years. Each sale, regardless of price, receives the same time and attention to detail to ensure that the client's needs are met and that all issues are resolved.
Most often a real estate deal starts with a contract of sale saying who is selling, who is buying, and what is being sold and bought. The contract sets the price of the sale, and it controls which party bears which expenses. The first, and often the largest, expense is for abstracting. Oklahoma continues to use abstracts as the basis for determining ownership of property, even when title insurance is purchased. Prior to the closing of the sale, an abstract must be created or re-certified so that it can be examined by an attorney who then prepares a title opinion. This opinion sets out who holds title to the property and whether there are defects in that title. The tittle opinion also lists all liens and mortgages and other encumbrances that are outstanding against the property. Because the title opinion shows problems with the status of ownership, it is a vitally important step for any buyer, and it is almost always required if the buyer is financing the purchase through a financial institution.
Once the abstract has been reviewed and the title issues resolved, the sale is ready to be closed. Usually a closing is handled through a closing agent who prepares documents for the transaction, including a settlement statement to show all the expenses each party is paying. The settlement statement also shows how much money the buyer needs to bring to the closing and how much money the seller will receive.
The attorneys at Boersma Law Firm often serve as closing agents for real property transactions, handling sales totaling more than $1.5 Million in each of the last ten (10) years. Each sale, regardless of price, receives the same time and attention to detail to ensure that the client's needs are met and that all issues are resolved.
Energy Law
For most of Oklahoma's history, energy law meant only oil and gas law, because those were the primary energy sources found in our state. Now, however, as the demand for new types of energy have grown, so too has the area of energy law. Lawyers in Oklahoma, as in other states, must now be ready to assist clients with issues relating to wind energy, biofuels, and other renewable sources of energy production. Since our nation has committed itself to diversification in energy sources, Boersma Law stands ready to address clients' needs in all those areas.
Certainly, oil and gas law still constitutes the bulk of the issues we face with clients. The leasing of minerals, production from wells, the plugging of wells, and the restoration of surface areas are the areas we address most often. And with over thirty (30) years' experience in oil and gas law, the attorneys at Boersma Law Firm are more than able to help clients navigate the oftentimes confusing intricacies of oil and gas law. For exploration and production clients, we have the same level of experience with drilling title opinions, division order title opinions, assignments of interests, farm-in and farm-out agreements, and other legal matters pertaining the exploration and production of oil and gas.
More and more, however, we also find that clients are facing decisions in the newly emerging fields of wind energy and biofuel energy, especially given the natural geography of Oklahoma and the fertile soil we have for the growing of biofuel crops. While these areas of the law are rapidly changing and are, as yet, rather unsettled, many of the same principles that apply to oil and gas law also apply to renewable energy law. By applying the expertise of our oil and gas experience, coupled with a clear understanding of newly adopted laws and regulations, the attorneys at Boersma Law Firm can provide needed guidance and advice for clients who are moving into these new, and exciting, areas of renewable energy.
Certainly, oil and gas law still constitutes the bulk of the issues we face with clients. The leasing of minerals, production from wells, the plugging of wells, and the restoration of surface areas are the areas we address most often. And with over thirty (30) years' experience in oil and gas law, the attorneys at Boersma Law Firm are more than able to help clients navigate the oftentimes confusing intricacies of oil and gas law. For exploration and production clients, we have the same level of experience with drilling title opinions, division order title opinions, assignments of interests, farm-in and farm-out agreements, and other legal matters pertaining the exploration and production of oil and gas.
More and more, however, we also find that clients are facing decisions in the newly emerging fields of wind energy and biofuel energy, especially given the natural geography of Oklahoma and the fertile soil we have for the growing of biofuel crops. While these areas of the law are rapidly changing and are, as yet, rather unsettled, many of the same principles that apply to oil and gas law also apply to renewable energy law. By applying the expertise of our oil and gas experience, coupled with a clear understanding of newly adopted laws and regulations, the attorneys at Boersma Law Firm can provide needed guidance and advice for clients who are moving into these new, and exciting, areas of renewable energy.
Corporate Law
The association of persons in pursuit of the same goal into a legalized structure - the corporation -- is the dominant business model in the world. Corporations facilitate business goals while protecting the personal assets of the participants from liability for actions or debts of the corporation. And the protection from liability is the reason corporations are such a popular and important element of business law. Large enterprises, small businesses, family farmers can all benefit from the corporate structure, and the attorneys at Boersma Law Firm are ready to help.
In addition, the attorneys at Boersma Law Firm have extensive experience in representing non-profit corporations. From the creation of the non-profit, through the obtaining of recognition of exemption from the Internal Revenue Service, Boersma Law Firm can handle all the needs of a charitable, educational, or religious organization.
For most of the 20th century, the basic corporation was the most used vehicle for business ventures. In the latter part of the century, however, new forms of legal entities were enacted by state legislatures and became increasing popular, such as Limited Liability Companies. But even with the newer entities, the basic benefit remains the same -- protection of personal assets from business liability.
In a regular corporation, one or more persons form the corporation by filing incorporation documents with the Secretary of State of Oklahoma. Those persons are called the "incorporators," and they hold the authority of the corporation until they take action to place that corporate authority in the hands of the shareholders and directors. Shareholders are the actual owners of the corporation, such ownership being represented by shares of stock, and the shareholders elect the board of directors. Directors set operational policies and procedures and elect officers who oversee the daily operation of the corporation.
For limited liability companies, the initial process is the same; the interested persons file documents with the Oklahoma Secretary of State. In limited liability companies, however, the owners are called the members and their ownership interest is set out in an Operating Agreement. That agreement also governs how the company will be managed and by whom. Limited liability companies can be member-managed or the members can appoint a manager.
In addition, the attorneys at Boersma Law Firm have extensive experience in representing non-profit corporations. From the creation of the non-profit, through the obtaining of recognition of exemption from the Internal Revenue Service, Boersma Law Firm can handle all the needs of a charitable, educational, or religious organization.
For most of the 20th century, the basic corporation was the most used vehicle for business ventures. In the latter part of the century, however, new forms of legal entities were enacted by state legislatures and became increasing popular, such as Limited Liability Companies. But even with the newer entities, the basic benefit remains the same -- protection of personal assets from business liability.
In a regular corporation, one or more persons form the corporation by filing incorporation documents with the Secretary of State of Oklahoma. Those persons are called the "incorporators," and they hold the authority of the corporation until they take action to place that corporate authority in the hands of the shareholders and directors. Shareholders are the actual owners of the corporation, such ownership being represented by shares of stock, and the shareholders elect the board of directors. Directors set operational policies and procedures and elect officers who oversee the daily operation of the corporation.
For limited liability companies, the initial process is the same; the interested persons file documents with the Oklahoma Secretary of State. In limited liability companies, however, the owners are called the members and their ownership interest is set out in an Operating Agreement. That agreement also governs how the company will be managed and by whom. Limited liability companies can be member-managed or the members can appoint a manager.
Estate Planning
The greatest gift anyone can give his or her family is a well-planned estate strategy that simplifies the transfer of assets from a decedent to the heirs. No one likes contemplating death, but the failure to do so and to plan appropriately makes a difficult time even worse for those who are left behind. Be it a basic Last Will and Testament or a complex trust arrangement, thoughtful planning ensures that your wishes are carried out by those you leave in charge.
Any estate plan must also, of course, take into consideration the tax consequences of transferring property from a decedent to living heirs. This transfer of property is a potentially taxable event under current Internal Revenue laws, although the State of Oklahoma repealed its inheritance tax effective January 1, 2010, and the federal inheritance tax has seen many changes in recent years. The attorneys at Boersma Law Firm diligently study new tax laws and regulations in order to keep fully informed about changes to inheritance taxes so that we can advise our clients on the best ways to minimize taxes while still carrying out the wishes of the client.
The simplest estate plan consists of three documents: a Last Will and Testament, a Durable Power of Attorney, and an Advance Directive for Healthcare. The Will is your direction as to the distribution of your assets at your death -- the "who gets what" document. In addition to setting out a distribution scheme, the Will also allows you to appoint a Personal Representative who will manage the estate while it is being administered in court. For young parents, the Will is also the document that contains the directions for who will care for your minor children and who will manage the property and assets you leave to those children. The Durable Power of Attorney is your appointment of an attorney-in-fact to handle your affairs if you are alive but unable to take care of your affairs on your own. The Durable Power of Attorney allows the attorney-in-fact to take for you any action that you could take for yourself, including the decision to seek medical attention. Lastly, the Advance Directive for Healthcare is your statement to your family, your medical providers, and the world that you do not want to be kept alive by artificial means -- the Advance Directive is an end-of-life document. In the Advance Directive, you can appoint a Healthcare Proxy who will enforce your wishes with your medical providers when the time comes.
What happens if you do not make a Will or Power of Attorney? For persons who do not have a Will, Oklahoma law determines who will inherit your estate. This statutory distribution plan is called "intestate succession," and these laws give your estate to the surviving spouse and children first. Your surviving spouse's share of assets depends on whether your surviving spouse is the parent of your surviving children and whether the property you leave was acquired during marriage, prior to marriage, or through gift or inheritance.
When a person is unable to handle his or her own affairs, and does not have a Power of Attorney in place, the only option available to the family is to go to court to have a guardianship established. Not only are guardianships created by the court, they are overseen by the court, and the guardian must make annual reports to the court for as long as the guardianship remains in place.
A guardianship is not the only time that court proceedings come into play. Although a Will states your wishes as to distribution of your assets, it is not effective unless it is administered by a court. The process for court administration of a Will is called probate. While probate is not often complicated, it is a slow process in Oklahoma, with even the simplest probate taking six to eight months to complete. During this time, your heirs have only limited access to your estate (and only upon court approval), which can sometimes create problems.
Probate can be avoided by establishing a Revocable Living Trust. This trust holds title to all your assets and remains in existence even after the death of the creator of the trust. In a trust instrument, you set out how your property and assets are to be distributed and you appoint one or more persons to serve as Trustee. In most cases, the distribution of assets to your heirs can take place in a matter of weeks. Creating a trust requires the investment of some time because the attorney must be certain that all your assets are owned by the trust. Real property must be deeded to the trust, bank accounts and investment accounts must be changed to show that the trust is the owner, and insurance policies and retirement accounts must be amended to list the trust as beneficiary. But it is only by having your assets held by a trust that allows for the avoidance of probate.
Any estate plan must also, of course, take into consideration the tax consequences of transferring property from a decedent to living heirs. This transfer of property is a potentially taxable event under current Internal Revenue laws, although the State of Oklahoma repealed its inheritance tax effective January 1, 2010, and the federal inheritance tax has seen many changes in recent years. The attorneys at Boersma Law Firm diligently study new tax laws and regulations in order to keep fully informed about changes to inheritance taxes so that we can advise our clients on the best ways to minimize taxes while still carrying out the wishes of the client.
The simplest estate plan consists of three documents: a Last Will and Testament, a Durable Power of Attorney, and an Advance Directive for Healthcare. The Will is your direction as to the distribution of your assets at your death -- the "who gets what" document. In addition to setting out a distribution scheme, the Will also allows you to appoint a Personal Representative who will manage the estate while it is being administered in court. For young parents, the Will is also the document that contains the directions for who will care for your minor children and who will manage the property and assets you leave to those children. The Durable Power of Attorney is your appointment of an attorney-in-fact to handle your affairs if you are alive but unable to take care of your affairs on your own. The Durable Power of Attorney allows the attorney-in-fact to take for you any action that you could take for yourself, including the decision to seek medical attention. Lastly, the Advance Directive for Healthcare is your statement to your family, your medical providers, and the world that you do not want to be kept alive by artificial means -- the Advance Directive is an end-of-life document. In the Advance Directive, you can appoint a Healthcare Proxy who will enforce your wishes with your medical providers when the time comes.
What happens if you do not make a Will or Power of Attorney? For persons who do not have a Will, Oklahoma law determines who will inherit your estate. This statutory distribution plan is called "intestate succession," and these laws give your estate to the surviving spouse and children first. Your surviving spouse's share of assets depends on whether your surviving spouse is the parent of your surviving children and whether the property you leave was acquired during marriage, prior to marriage, or through gift or inheritance.
When a person is unable to handle his or her own affairs, and does not have a Power of Attorney in place, the only option available to the family is to go to court to have a guardianship established. Not only are guardianships created by the court, they are overseen by the court, and the guardian must make annual reports to the court for as long as the guardianship remains in place.
A guardianship is not the only time that court proceedings come into play. Although a Will states your wishes as to distribution of your assets, it is not effective unless it is administered by a court. The process for court administration of a Will is called probate. While probate is not often complicated, it is a slow process in Oklahoma, with even the simplest probate taking six to eight months to complete. During this time, your heirs have only limited access to your estate (and only upon court approval), which can sometimes create problems.
Probate can be avoided by establishing a Revocable Living Trust. This trust holds title to all your assets and remains in existence even after the death of the creator of the trust. In a trust instrument, you set out how your property and assets are to be distributed and you appoint one or more persons to serve as Trustee. In most cases, the distribution of assets to your heirs can take place in a matter of weeks. Creating a trust requires the investment of some time because the attorney must be certain that all your assets are owned by the trust. Real property must be deeded to the trust, bank accounts and investment accounts must be changed to show that the trust is the owner, and insurance policies and retirement accounts must be amended to list the trust as beneficiary. But it is only by having your assets held by a trust that allows for the avoidance of probate.
