Trust Management Archives | Trust Company of Oklahoma

When Fireworks Aren’t Fun

Taking proactive steps with your estate plan can diffuse tensions among beneficiaries.

The Time for Gifting

Making gifts to family and charity doesn’t have to be a year-end chore.

Off to a Good Start

Three Ways to Gift Money to Children and Grandchildren

Roth IRA Conversions

This year marks the Roth IRA’s 25th anniversary. It’s a popular tool for many retirement savers. Before you convert your accounts into a Roth IRA, make sure it’s the right choice for you.

Is There a Pilot on Board?

Choosing your successor trustee is a lot like choosing a co-pilot – be careful who you choose to handle your assets after your death.

Decanting Statute Will Rewrite Oklahoma’s Trust Playbook

Much like how a game in 1912 forever changed the game of football, a new Oklahoma statute will change the way trustees can act on behalf of beneficiaries.

Unraveling Biden’s Tax Plan

President Joe Biden’s revenue proposal could affect income, capital gains and estate tax rates. Find out what changes could be coming.

Spousal Lifetime Access Trusts

The Spousal Lifetime Access Trust may be the perfect tool to shift assets out of your taxable estate.

The Importance of Preventive Financial Care

Its better to be safe than sorry. Make your estate planning a priority in 2021.

Through Thick And Thin

2020 was without a doubt an interesting year. Despite all the challenges, the economy rebounded sharply. What does the future have in store for 2021?

Walden, Donuts and Estate Planning

Lessons on estate planning from Thoreau’s masterpiece.

One Hundred Years Later – Dispatches From Route 66

Are you suffering from Presidential Election Fatigue? Let’s take a look at the 1920 U.S. Election for some healthy historical perspective.

A Leader’s Legacy – Saying Farewell to Tom Wilkins

Recently, Thomas W. Wilkins retired as CEO of Trust Company of Oklahoma after 30 years serving our clients. He will remain as Chairman of our Board of Directors and the values he has instilled in all of us are his strongest legacy.

It Takes a Team – The Recipe for Successful Estate Planning

Couples get better investment results when both spouses discuss their views with their financial professionals.

2020 OCTOBER NEWSLETTER

Hazards of Other People’s Money

Six tips to avoid mistakes and litigation when serving as individual trustee.

To Infinity and Beyond – Dispatches From Route 66

It’s an Apple-and-Tesla new world. Let’s talk about paradigm shift.

Estate Planning for Children Moving Out

The essential estate planning documents to ensure your new adult is legally and financially prepared for adulthood.

Whittney Stauffer Joins Friends of Finance Board of Directors

Trust Company of Oklahoma (TCO) is proud to announce that Vice President Whittney Stauffer has been elected to the Friends of Finance Board of Directors.

The slate of officers for 2020-2021 is comprised of President: Lane Wilson, Williams; Vice President: Mike Osborne, Ernst & Young; Treasurer: T. D. Eureste, ONEOK, Inc.; and Secretary: Mike Neal, Tulsa Regional Chamber.

Since 1985, the organization founded by the University of Tulsa’s Collins College of Business has brought leading business executives to TU’s campus to share their perspectives on business issues.

“Friends of Finance fosters meaningful conversations about the economy and the financial industry. As past president of the Friends of Finance Board, I have personally supported the organization over the years. TCO is extremely proud of Whittney’s commitment to serve the organization as a board member. Her experience and skills will certainly enrich Friends of Finance’s mission” stated James F. Arens II, president and CEO of Trust Company of Oklahoma.

About Trust Company of Oklahoma

Founded in 1981, Trust Company of Oklahoma provides asset management and unbiased financial advice for individuals, families and organizations in Oklahoma and throughout the country. Trust Company of Oklahoma currently manages approximately $4.5 billion in client assets from their offices in Tulsa and Oklahoma City.

Trust Company of Oklahoma Promotes Jim Arens to Chief Executive Officer, Michael Hopper to Chief Operating Officer

Tulsa World, July 26, 2020

James F. Arens II, CFA is Trust Company of Oklahoma’s new Chief Executive Officer (CEO) and Michael Hopper, CFP^®, CTFA its Chief Operating Officer (COO). Thomas W. Wilkins is retiring as CEO after thirty years with the Tulsa-headquartered firm. Tom will continue to serve on the company’s Board of Directors.

James F. Arens, II

Jim joined Trust Company of Oklahoma (TCO) in 1997. For 12 years, he served as the company’s Chief Investment Officer and became President in 2019. Jim is also a member of TCO’s Board of Directors. He earned a Bachelor’s in Finance and Accounting from Southern Methodist University and an MBA from the University of Texas at Austin. Jim holds the Chartered Financial Analyst designation, is past president of the CFA Society of Oklahoma and is active in the CFA Institute.

Jim serves on Tulsa’s Gilcrease Museum National Board, the Asbury United Methodist Church Administrative Council and as Chairman of the University of Tulsa Student Investment Fund Board. He also serves on the investment committees for Holland Hall and the University of Texas MBA Student Investment Fund. Additionally, he is a member of the Young Presidents Organization (YPO) in Tulsa.

“Jim has demonstrated dedication to our clients and to the company for over two decades. His experience as Chief Investment Officer at TCO, along with his management skills, are two of the many reasons why our company is in great hands,” stated Thomas W. Wilkins. “I can’t wait to see TCO continue to grow under Jim’s leadership,” he added.

Michael Hopper

Michael has been with TCO since 2013. He is an Executive Vice President, a member of the Board of Directors, and Manager of the Agency Division. Michael serves individuals, families and businesses with trust management, retirement planning and financial advice. Prior to joining TCO, he accumulated nearly 10 years of insurance and investment experience.

Michael has a Bachelor’s of Business Administration in Economics from the University of Oklahoma. He is the current President of the Tulsa Estate Planning Forum. Michael is a Certified Financial Planner (CFP^®) professional and holds the Certified Trust and Financial Advisor designation.

About Trust Company of Oklahoma

Trust Company of Oklahoma is the oldest and largest independent trust company in the state, with locations in Tulsa and Oklahoma City. Founded in 1981, the firm provides asset management and unbiased financial advice for individuals, families, and other organizations in Oklahoma and throughout the country. TCO currently manages approximately $4.5 billion in client assets.

Protecting Your Loved Ones

Oklahoma families now have the right to install monitoring cameras in assisted living residents’ rooms. This could help avoid abuse and neglect, but also provide peace of mind during lockdowns. Read Lesa Creveling’s article on Tulsa World.

The Price of Greatness – Dispatches From Route 66

Philip Mock reviews TV series about Michael Jordan.

Feeling More Secure After the SECURE Act

IRA and estate planning without the stretch provision.

Returning Stimulus Payments Made to Deceased Individuals

Have you received a stimulus payment made to your deceased spouse? Here is how to return it.

Adoption and Estate Planning

If you (or a family member) ever placed a child for adoption and don’t want him to be an heir, you should revisit your estate planning documents.

Subzero Oil Prices and the Storage Problem

U.S. crude sold at -$37.63 a barrel on Monday, a historic drop below zero. How did we get to this point in the oil and gas industry?

What Will Your “New Normal” Look Like?

How will the COVID-19 social distancing affect your life going forward? Read.

Outlast The Storm

You can’t control the stock markets nor stop COVID-19. Managing investments in the midst of the pandemic.

The End of the Stretch IRA

The SECURE Act eliminated a popular feature, the “Stretch IRA.” Learn how this will impact your estate planning and charitable contributions.

Tax Day Delayed To July 15

As COVID-19 grips the nation, the IRS delayed the deadline to file and pay federal income taxes. Read more.

Our Response To COVID-19

Our offices are open and our services continue uninterrupted. Read more.

Don’t Let Fear Paralyze You

In times of uncertainty with stock market and health concerns, it is easy to let fear paralyze us. Read Lesa Creveling’s article.

Why Have TCO Serve as Your Corporate Trustee

Although you may ask a relative or a friend to be your trustee, a corporate trustee can be a wiser choice. Learn more.

Guardianship Checklist

While confronting mortality can be difficult for any parent, it’s beneficial to leave your nominated guardian with a guide for raising your children in the event of your absence or incapacity. Learn more.

Planning for Addict Beneficiaries

While the topic of substance abuse in families can be difficult, it’s a growing epidemic that is important to take into account when estate planning.

Phone Scam Alert

Do not fall for the Suspended Social Security Number scam.

A Beneficial New Year’s Resolution

Some resolutions are hard to accomplish. This one is easy – but very important, especially with the passage of the SECURE Act.

SECURE Act Significantly Impacts Your Retirement Planning

If you have an IRA heading into 2020, here’s what you need to know about the new tax law and how it may impact your retirement and estate planning.

Doing the Limbo

Our Chief Investment Officer looks back at 2019. Stock returns were very strong, but the bond market forced investors to play the limbo game.

New Year’s Resolution: Revisit Your Estate Plan

Now that the holidays are officially behind us, many of you are revisiting that final vestige of the season: the resolution list.

Be a Responsible Property Owner: Properly Store Your Documents

While record-keeping can be a tedious task, it’s essential to being a responsible property owner.

Graduating From the Kids’ Table

While dividing attendees into two tables works well for a packed house during the holidays, don’t apply this philosophy to estate planning.

Understand Proposed IRA Changes Before Making Estate Planning Decisions

Changes may be on the horizon for legislation regarding Individual Retirement Accounts (IRAs). Understanding and reviewing the proposed bills is prudent before making estate planning decisions.

Chill Before Serving to Avoid Family Litigation

Litigation can be destructive to families, both financially and emotionally. Learn how families can avoid the courts to settle their differences.

Bob McCormick Hits the Open Road

Our colleague is taking an early retirement at the end of the year. Although we don’t normally announce retirements in this publication, it is important to note a few of Bob’s lasting impacts on us, his colleagues.

Where There’s a Will…

What do Aretha Franklin, President Abraham Lincoln and Prince have in common? Find out.

Upside Down

Making Sense of the Recent Yield Curve

How to Talk To Your Heirs About Your Estate Plan Without Ruining Your Relationship With Them

There can be big benefits to your family knowing your estate plan. But how to communicate to your heirs who gets what without spoiling the relationships with each of them?

What Does Your Family Look Like?

Family structures have become more complex over the last few decades. Most households are now the result of blended families with working moms, adopted kids, second marriages, and the list goes on. Your estate plan needs to be customized for your specific situation.

IRA: Why, When & How Often?

Here we share some important guidance on when to withdraw funds from your IRA. While withdrawal may seem like an easy task, you may find yourself paying more in taxes than necessary.

The Fiduciary Rule: What It Means For You

We have served our clients with a fiduciary duty since our founding in 1981.

Alzheimer’s And Dementia Patients Are Easy Prey For Scammers

Avoid being a victim of financial exploitation.

Don’t Be A Silo

Individual trustees do not need to face all the challenges alone.

Honey, We Forgot The Car!

How to handle cars in estate planning

Row, Row, Row Your Boat

Are you, your family members and professional advisors rowing in the same direction when it comes to your estate plan?

Collecting Spousal Social Security Benefits

Social Security benefits are an important component to retirement planning. Here’s what you need to know about receiving Social Security on your spouse.

Staying on The Yellow Brick Road

Financial exploitation and elder abuse continue to rise. How can you protect yourself and your lifetime savings? Read Lesa’s article.

Beyond Our Borders: Why You Should Be Investing in International Markets

It is important to invest in international stocks. Here’s why.

DPOA: A Document With Super Powers

A Durable Power of Attorney is a super document. It allows a trusted representative to act in your place. Learn how a DPOA can help you.

Playing Hoops With the IRS

Are you a small business owner or investor? Please meet Qualified Business Income (QBI) deduction.

Happy Birthday, Batman!

Batman, the first comic strip trust fund baby, turns 80 today. What lessons can we draw from the Dark Knight?

2019 Taxes Cheat Sheet

Easily find out how much you owe the IRS on income taxes, long-term investment capital gains taxes, or trust taxes. A printable cheat sheet to keep on your desk.

Alzheimer’s and Dementia Patients Are Easy Prey For Scammers

Each day, Alzheimer’s or dementia patients are at a high risk of being financially exploited. Learn how to spot it and how to prevent it.

“Drill, Baby, Drill”

The oil and gas market has been a rollercoaster. Oil barrels reached the $75 price range then dropped again. What does 2019 hold for the energy industry?

The Return of Volatility

It was a challenging year for investors. We wrapped up 2018 with a second 10% correction for the year. What’s driving investor anxiety and how does 2019 look like for the markets?

It’s Not Too Late To Build A Fence When The Cows Are Out

Estate planning and asset protection are really nothing more than building and maintaining fences. A successful plan keeps the cows (assets) in and the wolves (creditors) out.

Tariffs And Raisins – Children Pick Up On The Darndest Things

The Trump administration recently imposed steep tariffs on several countries, including China. In retaliation, China imposed tariffs on American products. This isn’t the first time the U.S. grapples with competitive tariffs, though. Learn more about our country’s history of tariff conflicts and the current conflict’s impact on our economy.

The Certainty of Taxes in Retirement

Many retirees mistakenly believe that once they retire they won’t have to pay taxes anymore. Your retirement success depends on planning carefully your income and taxes. Read article.

Decrypting the Bitcoin Bubble

The cryptocurrency’s meteoric rise in 2017 had the investment community in awe. Today, the Bitcoin phenomenon has turned into a bloodbath. Investors’ confidence is gone. Read an interview with Senior Vice President Michael Abboud about Bitcoin’s rise and fall.

Tax Reform: How It Affects You

Congress recently passed the largest piece of tax reform legislation in more than three decades. The bill affects most taxpayers. One area is the ability to deduct charitable contributions. Vice President Emily Crain broke it down to what you need to know.

Trusts articles

Tulsa World, July 26, 2020

James F. Arens, II

Michael Hopper

About Trust Company of Oklahoma