Richard D. Craig

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  • Overview
  • Experience
  • Honors & Involvement
Bio overview

Richard Craig’s practice encompasses wealth transfer tax planning; corporate, individual and partnership taxation; tax and corporate aspects of business transactions; asset protection planning; and the litigation of tax matters in both state and federal courts.

Prior to attending law school, Richard worked as a tax accountant in both public practice with Arthur Andersen & Co. and in private industry. He has been a certified public accountant since 1981.

Richard has written numerous articles and papers and is the co-author of Oklahoma Limited Liability Company Forms and Practice Manual, a 14-chapter practice manual containing forms and explanatory text and analysis for lawyers, accountants, tax specialists, estate planners and real estate professionals.

In addition to being a frequent speaker and panelist on tax matters and related topics, Richard has served as an adjunct professor at the Oklahoma City University School of Law and the University of Oklahoma College of Law.

Richard is an elected fellow of the American College of Trust and Estate Counsel (ACTEC) and has been a member of the Business Planning and Asset Protection Planning Substantive Committees of ACTEC. He is also an elected member in the American Law Institute, a professional organization with a membership limited to 3,000 eminent federal and state judges, distinguished lawyers and respected law professors. His contributions to the Institute’s mission of legal research and reform include membership and participation in the ALI’s Third Restatement of Property (Wills and Other Donative Transfers) and Third Restatement of Trusts consultative groups.

Additionally, his achievements have earned him inclusion in The Best Lawyers in America (business organizations; closely held companies and family businesses law; corporate law; tax law; tax litigation and controversy; trusts and estates; trust and estates litigation), Chambers USA Guide to America’s Leading Lawyers for Business, and Oklahoma Super Lawyers (“Top 50 Oklahoma Lawyers”).  He was selected by Best Lawyers as the “Oklahoma City Trusts and Estates Lawyer of the Year” for 2012, “Oklahoma City Tax Litigation and Controversy Lawyer of the Year” for 2015, 2017 and 2019, and “Oklahoma City Tax Lawyer of the Year” for 2016, honors only given to a single lawyer in each legal specialty in each market.

Richard has previously served as the leader of the firm’s Tax & Family Wealth Group and on the board of directors.

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Experience, Honors, & Awards

Representative Experience

  • Actively involved in drafting the Oklahoma Limited Liability Company Act and obtaining Revenue ruling 93-92, which dealt with the federal tax classification of Oklahoma limited liability companies.

Honors & Awards

  • Elected Fellow of the American College of Trust and Estate Counsel
  • Listed in the Chambers USA Guide to America’s Leading Lawyers for Business
  • Selected by peers for inclusion in The Best Lawyers in America (business organizations; closely held companies and family businesses law; corporate law; tax law; tax litigation and controversy; trusts and estates; trusts and estates litigation)
  • Named “Oklahoma City Trusts and Estates Lawyer of the Year” for 2012, “Oklahoma City Tax Litigation and Controversy Lawyer of the Year” for 2015, 2017 and 2019, and “Oklahoma City Tax Lawyer of the Year” for 2016 by The Best Lawyers in America
  • Listed in Oklahoma Super Lawyers
  • Named to Oklahoma Super Lawyers’ list of “Top 50 Lawyers”
  • Rated AV Preeminent by Martindale-Hubbell Peer Review Ratings

Professional Organizations and Memberships

  • American College of Trust and Estate Counsel (Fellow)
  • The American Law Institute
  • Oklahoma Bar Association (Former Chair, Taxation Section)
  • Oklahoma Society of Certified Public Accountants
  • Oklahoma County Bar Association

Civic Involvement and Leadership

  • Norman Chamber of Commerce
  • Leadership Norman

ATPs display in this column

At The Podium

Discounting Transfer Tax Values of Interests in Family-Owned Entities

2016 Corporate Counsel Seminar
Oklahoma City, Oklahoma | December 8, 2016

Exit Planning for Closely Held Businesses: Favorite Top Ten Tax Planning Techniques

OSCPA’s Oklahoma Tax Institute
Tulsa, Oklahoma | December 4, 2015

An Inconvenient Tax and the Equal Sharing of Miseries

Oklahoma Tax Institute
Tulsa, Oklahoma | December 5, 2013

End of the Decade Transfer Tax Planning in One Month: All of the Virtues Planners Dislike and None of the Vices We Admire

Oklahoma Tax Institute
December 1, 2010
Attorney Articles

Articles

Oklahoma Limited Liability Company: Forms and Practice Manual

Data Trace Publishing Company |
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Admissions

  • Oklahoma, 1985
  • U.S. District Court for the Western District of Oklahoma
  • U.S. Claims Court
  • U.S. Tax Court
  • U.S. Supreme Court
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Education

  • LL.M. Taxation, New York University, 1984
    • Wallace Scholar; Graduate Editor, Tax Law Review
  • J.D., with highest honors, University of Oklahoma, 1984; Editor-in-Chief, Oklahoma Law Review
  • B.S. (Accounting), with highest honors, East Central University, Ada OK, 1979
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Professional Certification

  • Certified Public Accountant (Inactive)
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In The News

Photo of McAfee & Taft exterior signage with the Best Lawyers logo overlaying the image
Graphic featuring a blue background blended with Leadership Square exterior photo and the Super Lawyers 2022 logo
Best Lawyers names 128 McAfee & Taft lawyers to 2023 lists
Super Lawyers 2021
Best Lawyers 2022

Oklahoma Super Lawyers honors 93 McAfee & Taft attorneys in 2020 edition

Oklahoma Super Lawyers honors 101 McAfee & Taft attorneys in 2019 edition

Oklahoma Super Lawyers honors 113 McAfee & Taft attorneys in 2018 edition

Best Lawyers honors 25 McAfee & Taft attorneys as ‘Lawyers of the Year’ for 2019

The Best Lawyers in America names 107 McAfee & Taft attorneys to 2019 edition

The Best Lawyers in America names 102 McAfee & Taft attorneys to 2018 edition

Best Lawyers names 21 McAfee & Taft attorneys 2017 ‘Lawyers of the Year’ in 22 practice areas

Best Lawyers names 17 McAfee & Taft attorneys as 2016 ‘Lawyer of the Year’ in 18 categories

McAfee & Taft shareholders elect three new members to 2015 board of directors

Big lottery win could easily be followed by big loss

USA Today |

What to do after you hit the Mega Millions jackpot

Associated Press |

Richard Craig Elected to The American Law Institute

Richard Craig Elected to McAfee & Taft Board of Directors

Richard Craig quoted in article on lottery jackpot winnings

The Oklahoman |

Richard Craig to Speak at OBA Seminar in Ardmore