When you create a trust, your goal is usually to provide protection for the assets you put into the trust. There are different kinds of trusts that can protect your assets from different risks and that protect your property in different ways. For example, certain trusts can keep your property safe in case of your incapacity, from misuse by irresponsible heirs who are bad at managing money, or in case you have to enter a costly nursing home. There are many different reasons … [Read more...] about What Happens to Assets When Creating a Trust?
Living wills are a very important component of your estate plan. Your estate plan may also include a last will and testament and even a trust. Many people are confused about the difference between a living will and a last will and testament, and an experienced estate planning attorney can advise you on the important differences between a living will and a last will. The attorney can also help you understand the legal tools that should be included … [Read more...] about Are Living Wills Different from Regular Wills?
It is important to understand the laws related to wills and probate so you can make informed decisions during the estate planning process. Many people do not take any action to plan for what happens at the end of their life or after their death. Of those who do make advanced plans, it is common to create a will but not to take any other estate planning steps. Creating just a will is not enough to provide you and your family with the protections you and they need and … [Read more...] about Why Wills are Such a Common Estate Planning Tool?
There is no issue of interest to the elder law community more attention-getting than that of long-term care costs. According to the United States Department of Health and Human Services, seven out of ten Americans will eventually require some type of long-term care. You will probably need care, and Medicare won't pay for it. All that's left is to get out your checkbook, right? That may be an option, but in 2016 the average annual expense for a private room in a nursing home was over … [Read more...] about Latter Life Expenses Loom Large
One of your highest responsibilities as a truly loving parent is planning for the unthinkable. It is critical that you plan ahead in case you are not there for your minor children due to death or incapacity. Listen in as Larry Parman, Founding Attorney and Owner of Parman & Easterday, and Paralegal, Stacey Bond, discuss her tragic experience of losing her husband in her thirties with two young boys and why Estate Planning is so important for families with minor children. … [Read more...] about Truly Protecting Minor Children Requires Preparing for the Unthinkable
When planning for possible retirement, you have a lot of things to think about. There is the matter of financing your active retirement years, and there are some additional expenses that could arise during your twilight years. Accumulating necessary resources can be challenging for many individuals. Social Security income is quite limited. Sometimes there are no easy answers. Full retirement can be elusive. Many people are deciding to continue to work even after they … [Read more...] about Retirement Planning: Consider Limitations
Most people think about Estate Planning as a way to protect your money and stuff, passing it on to whom you want, when you want and how you want. Although traditional Estate Planning can certainly handle this, there are much more important things to think about than just financial assets. Passing on your Legacy is a revolutionary approach that plans for the monetary and emotional aspects of death. Listen in as Jerry Shiles, an Attorney with the Estate Planning and Elder Law Firm of Parman … [Read more...] about Why The Most Important Things In Life Aren’t Things
This is the first estate and elder law planning post on our new law firm blog. We will be posting at least weekly and invite your observations and comments. Later today I will jot a few thoughts about the new annual gift exclusion and how it works. Thanks for joining us. Larry Parman … [Read more...] about Welcome to the Parman & Easterday Blog
My clients tire of me telling them this. Yet, too often it seems a well designed estate plan goes awry. Here’s an example I picked up from a post by Lou Ann Anderson in a report she wrote. Pay attention to this. This concerns a large estate. That’s not the point. It happens to estates of all sizes. In New York City a trial is underway in which Anthony Marshall, son of New York socialite and philanthropist Brooke Astor, and estate planning attorney Francis Morrissey, Jr., face charges of using … [Read more...] about Bad Behavior Can Ruin A Good Plan!
While attending a meeting of the American Academy of Estate Planning Attorneys, one of the presenters discussed the status of legislative proposals concerning estate tax. In a nutshell…. Today the estate tax exclusion is $3.5 million. As written, current law says the estate tax will be repealed in 2010 and revert back to a $1 million exemption in 2011. With 58 seats in the Senate (plus two Independents), a clear majority of 255 in the House and their party occupying the White House, no one in … [Read more...] about How Sensible and Relief-Oriented ARE the Federal Estate Tax Legislative Proposals?