Right now, the largest generation ever in the United States is starting to retire. The Baby Boomers, born after the end of World War II, are finally reaching their “Golden Years.” If you are a Baby Boomer, that likely means you should take the time to update your existing estate plan if you have not done so in the last several years. An Overland Park estate planning attorney at Parman & Easterday explains why it is important for Baby Boomers to review and revise their estate plans. Why Does … [Read more...]
Tips to Keep Your Parent from Becoming the Victim of Financial Exploitation
If you have a parent who is getting up there in age and is living alone, you undoubtedly worry about their mental and physical health. You may also worry that your parent could become the victim of elder abuse in the form of physical or mental abuse. What you may not be worrying about, however, is the very real risk of financial exploitation. To help you protect your parent, the Overland Park elder law lawyers at Parman & Easterday offer tips to prevent financial abuse. What Is Elder … [Read more...]
How Do I Choose the Right Trustee for My Trust?
Although a Last Will and Testament remains the common addition to any estate plan, another very popular estate planning tool is a trust agreement. If you choose to include a trust in your comprehensive estate plan you will need to appoint a Trustee to administer the trust. An Oklahoma City trust attorney at Parman & Easterday offers some suggestions for how to choose the right Trustee for your trust. Trust Basics A trust is a separate legal entity that owns and holds property for the … [Read more...]
When Was the Last Time You Updated Your Beneficiary Designations?
If you have an estate plan in place already, you are ahead of over half the population in the United States. Taking the time to create that plan, however, is only the first step toward protecting everyone and everything that is important to you. You must also update your plan for it to be successful and work as intended. For example, the Oklahoma City estate planning attorneys at Parman & Easterday explain the importance of updating your beneficiary designations. The Importance of Updating … [Read more...]
Social Security Retirement Benefits and Your Retirement Plan
In the United States, we start planning for retirement as soon as we start working. At one time, planning for retirement meant nothing more than paying into the Social Security Retirement System. Today, however, those benefits typically only represent a portion of one’s retirement plan. Knowing how the system works and how much to expect in Social Security Retirement benefits, however, remains a crucial component of most retirement plans. Toward that end, the Overland Park retirement planning … [Read more...]
What Are the Different Types of Special Needs Trusts?
For any parent, the desire to protect and provide for a child is a strong motivating factor within their estate plan. For the parent of a child with special needs, protecting and providing for their child takes on a heightened importance because their child may never be completely independent. Achieving those goals, in turn, requires careful estate planning which often includes the inclusion of a special needs trust. For those who are unfamiliar with a these trusts, an Overland Park special … [Read more...]
Can My Mother’s Nursing Home Evict Her?
Although we often prefer not to think about it, the reality is that as we age, so do our parents. If you have a parent whose physical and/or mental health is such that he/she requires the type of care that can only be provided by a nursing home, you undoubtedly worry about the quality of that care. One thing you may not be worrying about – until it happens – is your parent being evicted from the facility. The Oklahoma City elder law attorneys at Parman & Easterday explain under what … [Read more...]
What Happens If a Third Party Refuses to Honor a Power of Attorney?
A Power of Attorney is one of the most well-known of all estate planning documents. Most people execute one, or are named as an Agent under one executed by someone else, at some point during their lifetime. Although the basic concept behind a Power of Attorney (POA) is relatively simple, putting a POA to the test can become problematic. For example, what do you do if a third party - a bank or another financial vendor - refuses to accept a POA? To help answer that question, the Overland Park … [Read more...]
Avoid These Mistakes When Making a Will
Making a will is something virtually everyone needs to do. If you have any family or any property, you need a will. You can use the will to dictate what is going to happen to your children and your property after your death, as well as to provide instructions for your funeral. Your will is an opportunity to control your legacy and make sure the causes you care about and the people you love are provided for with your assets after you are gone. Unfortunately, while many people know they need a … [Read more...]
Disinheritances and Estate Planning
A common question asked of estate planning attorneys concerns the issue of disinheritance. Many people want to know if it's legal to disinherit a child, grandchild, sibling, or even a spouse. If it is, how do you do it? While no two situations are identical and you need to speak to an attorney if you need legal advice, there are some general principles surrounding disinheritances with which you should be familiar. Inheritance Rights When it comes to inheritances, there is a basic legal … [Read more...]
