GOODBYE TO OKLAHOMA ESTATE TAX

Any resident of the State of Oklahoma who dies on or after January 1, 2010 will not leave an estate burdened by the Oklahoma estate tax lien. After several years of legislative orchestration toward a total phase-out of the tax, the finale of the Oklahoma estate tax is to be played on December 31, 2009! This holds the potential to greatly decrease the time necessary to close a transaction which involves real estate owned by the estate or trust of a decendent.

No longer will it be necessary to wait until the inventory of the estate of the decedent is formally accounted to the Oklahoma Tax Commission so that a release or exemption of the Oklahoma estate tax lien may be obtained. Where title to real estate is held by a surviving joint tenant or a private revocable trust, not only may the necessity for the probate or the administration of the decedent's estate be avoided, the extra time and expense of securing the tax release will also be spared the surviving property owner or successor trustee.

The above information was obtained from Jack Holloway's, attorney with Holloway & Managhan, e-newsletter in April, 2009. Always seek the advise of an attorney for estate planning.

The Butler Team

Tina & Mike Butler

918.740.1000

ButlerTeam@cctulsa.com

HAPPY EASTER!

Happy Easter From The Butler Team!

Here's a great site for some Easter Holiday fun with your family. CLICK HERE for unique Easter egg decorations, recipes, crafts, egg hunt tips, party ideas, games, and activities for children.

TERMITES - Don't Ignore The Signs

Termites cause billions of dollars in damage each year. They primarily feed on wood, but also damage paper, books, insulation, and drywall. While buildings may become infested at any time, termites are of particular importance when buying or selling a home since a termite inspection/infestation report is normally a condition of sale. Besides the monetary impact, thousands of winged termites emerging inside one's home are an emotionally trying experience — not to mention the thought of termites silently feasting on one's largest investment. Termites are found in every state in the US. Hawaii has the highest concentration of infestation and Georgia tops the list in the continental US. It has been said that there are two types of homes in the US "Those with termites and those that will have them." and "It's not if you have termites, it's when you'll have termites."

Why are infestations often discovered during March - May? Spring typically is when large numbers of winged termites, known as "swarmers," emerge inside homes. In nature, termites swarm to disperse and start new colonies. Triggered by warmer temperatures and rainfall, the winged termites emerge from the colony and fly into the air. The swarmers then drop to the ground, shed their wings, pair off with a mate, and attempt to begin new colonies in the soil. Few swarmers emerging outdoors survive to start new colonies. Swarmers emerging indoors are incapable of eating wood, seldom survive, and are best removed with a vacuum. They do, however, indicate that an infestation is present.

Other signs of infestation are earthen (mud) tubes (shown right) extending over foundation walls, support piers, sill plates, floor joists, etc. The mud tubes are typically about the diameter of a pencil, but sometimes can be thicker. Termites construct these tubes for shelter as they travel between their underground colonies and the structure. To help determine if an infestation is active, the tubes may be broken open and checked for the presence of small, creamy-white worker termites. If a tube happens to be vacant, it does not necessarily mean that the infestation is inactive; termites often abandon sections of tube while foraging elsewhere in the structure.

Termite-damaged wood is usually hollowed out along the grain, with bits of dried mud or soil lining the feeding galleries. Wood damaged by moisture or other types of insects (e.g., carpenter ants) will not have this appearance. Occasionally termites bore tiny holes through plaster or drywall, accompanied by bits of soil around the margin. Rippled or sunken traces behind wall coverings can also be indicative of termites tunneling underneath.

Oftentimes there will be no visible indication that the home is infested. Termites are cryptic creatures and infestations can go undetected for years, hidden behind walls, floor coverings, insulation, and other obstructions. Termite feeding and damage can even progress undetected in wood that is exposed because the outer surface is usually left intact.

Ridding a home of termites requires special skills. A knowledge of building construction is needed to identify the critical areas where termites are likely to enter. Many of these potential points of entry are hidden and difficult to access. Termite control also utilizes specialized equipment such as masonry drills, pumps, large-capacity tanks, and soil treatment rods. A typical treatment may involve hundreds of gallons of a liquid pesticide injected into the ground alongside the foundation, beneath concrete slabs, and within foundation walls. Termite treatment is a job for professionals.

The Butler Team

Tina & Mike Butler
918.740.1000
ButlerTeam@cctulsa.com