The loss of a loved one is difficult enough without questions being raised about the validity of the Last Will and Testament left by the decedent. Sometimes, however, these questions cannot be avoided and a Will contest ensues. One of the common claims in a Will contest is that the Testator lacked “testamentary capacity.” What exactly does that mean? The estate planning lawyers at Parman & Easterday can provide an overview of what is required to prove lack of testamentary capacity in an … [Read more...]
What Assets Can You Have and Still Qualify for Medicaid in Oklahoma?
Even if you made it through your entire working years without ever turning to Medicaid for help covering your healthcare expenses, there is a very good chance you will need to do just that as a senior to cover the high cost of long-term care. If you do end up needing to qualify for Medicaid, both your income and your assets will be considered when determining eligibility. Knowing that, what assets can you have and still qualify for Medicaid as a senior in Oklahoma? Why Might You Need to Qualify … [Read more...]
What Can a Beneficiary Do If a Trustee is Non-Responsive?
Many people choose to use a trust to distribute assets to loved ones instead of, or in addition to, leaving the inheritance via their Last Will and Testament. Along with allowing lifetime gifting, holding assets in trust for a beneficiary can also help protect inherited assets from potential threats, stagger the distribution of an inheritance, and help an estate avoid probate. If you are the beneficiary of a trust it means that you are entitled to benefit from the assets held by the trust … [Read more...]
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...]
Oklahoma Protects Elders From Abuse Says Study
As the number of older adults continues to climb in the United States, government officials, private advocacy groups, and society in general are all struggling with how to handle the numerous and varied needs of this segment of the population. Everyone is concerned about elder abuse, neglect, and exploitation. As various states wrestle with how to protect a vulnerable population from the predators who prey on them, it appears some states are having more success than others. Although there is … [Read more...]
What Can Go Wrong If You Don’t Work With Overland Park Medicaid Lawyers
Overland Park Medicaid lawyers are invaluable advocates who can help you to protect your future. Unfortunately, far too many people do not realize the importance of working with a Medicaid lawyer as they get older and the chances of needing costly healthcare increase. You do not want to make the mistake of not getting the legal help you need to help you prepare to qualify for Medicaid, as doing so could have adverse consequences and cost you and your loved ones. Parman & Easterday can … [Read more...]
How The Transfer Of Assets Can Impact Medicaid Eligibility
No one likes to look ahead to the possibility of needing long-term care, but failing to consider this very real possibility could be a costly mistake. Statistically, 70% of us will require long-term care before we die. If you end up in long-term care at some point, the cost of that care could cause you to turn to Medicaid for assistance, and if you failed to plan ahead, you probably will not meet the “countable resources” eligibility guidelines for Medicaid. Attempting to qualify for Medicaid … [Read more...]
Top Living Trust Benefits
You can reap many benefits from having a revocable living trust, and Parman & Easterday will help you identify them should you be interested in creating such a trust. We will also help you understand other legal tools you may want to add to your asset protection or estate plan. Everyone's family and financial situation is different. The pros and cons of a living trust will be different, too, depending on your situation. If you want personalized legal advice to help you decide if … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...]
Who Should Be in Charge of Your Child’s Inheritance Trust?
The moment you become a parent, estate planning takes on a heightened importance. Naturally, you want to make sure your child will be protected and financially secure in the event anything ever happens to you. Your minor child, however, cannot inherit directly from your estate. For most parents, the solution is to establish a trust to manage and protect a child’s inheritance until the child reaches the age of majority or the age at which you feel he or she will be able to effectively manage the … [Read more...]
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