Author: Larry Parman, Attorney at Law / Category: Estate Planning / Posted: 17 May 2013
The value of your estate can be dramatically trimmed down by the federal estate tax. During the current calendar year the estate tax exclusion is $5.25 million, and the maximum rate of the tax is 40%.
We have a gift tax in place as well. This gift tax is unified with the estate tax. So this lifetime $5.25 million exclusion applies to the combination of the taxable gifts that you give throughout your life coupled with the taxable value of your estate.
Author: Larry Parman, Attorney at Law / Category: Estate Planning / Posted: 16 May 2013
We came across an interesting article on the Forbes website recently that underscores the importance of estate planning. You definitely don’t want to die intestate, especially if you are in possession of considerable resources.
Intestacy is the condition of dying without having executed a last will or any other type of estate planning document that directs the transfer of your financial assets. Each state has its own specific rules of intestacy succession. In Oklahoma your spouse and your children are first in line.
Author: Larry Parman, Attorney at Law / Category: Estate Planning, Taxes / Posted: 13 May 2013
Edward Koch was the mayor of New York for three terms, and many people may not be aware of the fact that he also served as a congressman from New York.
Koch died in February at the age of 88, and according to sources the value of the estate that he left behind was somewhere between $10 million and $11 million.
Those who serve in the Armed Forces routinely engage in heroic acts for the benefit of our country. While no reward can ever be truly sufficient given the sacrifices involved, veterans do receive certain benefits that can come in quite handy when they reach their senior years.
One of these is the Veterans Aid and Attendance special pension.
Author: Larry Parman, Attorney at Law / Category: Estate Planning / Posted: 08 May 2013
Now that May is here, you might be checking in with those New Year’s resolutions you made in January to see if you’re on track. We’d like to suggest adding another item to your list: resolve to plan your estate in 2013.
Sadly, the majority of U S residents currently have no plan in place, choosing instead to rely on the wisdom of the courts to settle their estates after they’re gone. This might sound like a good plan in theory – after all, the courts will divide your estate among your family members and unless you have a considerable amount of assets, this kind of court-directed division should be pretty fair…. right?
Most people don’t know which assets they need to include in their estate plan, and which ones the government will include (whether you plan for it or not) when calculating the value of your estate for tax purposes. When we help our clients identify which of their belongings to include, we most often find that they way underestimate the value of their assets and “stuff.”
In this short video, Larry Parman discusses the items to include in your estate plan, including the obvious and not-so-obvious ones, and the frequently overlooked wildcard. He also shows how “thinking like the government” will help you avoid the most common problems.
Author: Larry Parman, Attorney at Law / Category: Estate Planning, Taxes / Posted: 29 Apr 2013
When you have been successful throughout your life you may recognize the fact that you have the ability to do some amazing things for your family when the time is right. This is where intelligent estate planning comes into play.
There may well come a time when a role reversal occurs and you find yourself in a position where you have to take care of your parents or a single parent to one extent or another.
Many people are proud and they do not want to tell their children that they are having difficulties either physically or cognitively. And of course, some people with cognitive problems are not fully aware of them.
While there are a variety of tools and forms that can make up a comprehensive estate plan, we thought it would be beneficial to go over some of the more common documents. Here then, is a quick look at three estate planning documents you’re most likely to encounter.
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