If you are a beneficiary of an irrevocable trust, you are entitled to receive notices and communications regarding trust business. One of those notices may be what is referred to as a “Crummey” notice. Because it is important for you to have a clear understanding of your rights as a beneficiary, an Overland Park trust attorney at Parman & Easterday explains the purpose of a Crummey notice. How Does a Trust Operate? First and foremost you need to understand how a trust operates. Trusts … [Read more...] about I Received a Crummey Notice. What Do I Do Now?
Most of us start thinking about retirement fairly early on in our working career. As we get closer to retirement age, we need to make a number of important decisions about our retirement. At what age we should begin accepting Social Security retirement benefits is one of those decisions. Before you decide to accept your retirement benefits early, an Oklahoma City retirement planning attorney at Parman & Easterday explains the downside of doing so. Understanding the Social Security … [Read more...] about The Downside of Taking Early Retirement
Caring for an elderly family member or loved one can be both mentally and physically exhausting. It can also be extremely stressful even if you live close by and have needed resources close at hand. If you are trying to provide care from afar, your stress level can go through the roof. To make your job a little easier, an Oklahoma City elder law attorney at Parman & Easterday offers some tips for long-distance caregivers. Unpaid Caregivers – What You Need to Know According to the … [Read more...] about Caregiving from Afar — Tips to Help You Care for a Loved One When You Can’t Be There
If you die intestate and do not have a will to provide instructions about your wishes, you will not have control over who inherits your property. Then, the state of Oklahoma will determine who should receive money and assets that you acquired over the course of your life. So, unless you want the state of Oklahoma to decide who get's your assets, it is important to create a will. That way you do not die intestate. Yes, when you create a will, you avoid the laws of instate … [Read more...] about What are the Rules for Intestate Succession in Oklahoma?
One of the most common additions to the average estate plan is a trust. One reason for this is that trusts can help achieve a multitude of estate planning goals from staggering an inheritance to your children over a period of time to planning for Medicaid eligibility. One thing that all trusts have in common is the need to a appoint a Trustee to administer the trust. If you are unfamiliar with trusts, you may be curious about Trustee compensation. To help you better understand how a trust works, … [Read more...] about Is a Trustee Entitled to a Fee?
We often hear many questions about credit scoring, credit reports, and consumer credit issues, so, we thought it might be useful to discuss some common credit score trip-ups that people in Overland Park might fall victim to. There is a lot of information about credit scores on the Internet, as well as a lot of rumors that many people believe, that simply aren't true. Protecting yourself from these common errors is relatively easy once you know what to look for. Today we are going to review the … [Read more...] about Avoiding Credit Score Trip-Ups in Overland Park
If you have a parent, grandparent, or other older family member who is starting to show signs of physical and/or mental deterioration, the fear of Alzheimer’s disease may loom large in your subconscious. Maybe your loved one has already been diagnosed with the early stages of dementia and you are concerned about what to expect in the future. Although we often use the terms “dementia” and “Alzheimer’s” interchangeably, they aren't quite the same thing. An Oklahoma City elder law attorney at … [Read more...] about Dementia and Alzheimer’s – Understanding Both
It’s that time of year again – time to hang the lights, decorate the tree, and fill the house with the smell of baked goods. It’s the one time of the year when people make an extra effort to be friendly and really embrace the spirit of the holidays. Unfortunately, it is also prime time for scam artists. Although they may target anyone, these predators frequently target the elderly, particularly during the holiday season. An Overland Park elder law attorney at Parman & Easterday offers tips … [Read more...] about Tips to Help You Avoid Holiday Scams
For many people, a primary motivation for creating their estate plan is so their loved ones are provided for in their absence. That said, simply gifting a beneficiary money, or other assets, isn’t always an ideal plan. If your beneficiary is a spendthrift, you probably will want someone to control how the assets you gift are used. An Oklahoma City estate planning attorney at Parman & Easterday explains how a spendthrift trust may help you maintain the control you need over the assets … [Read more...] about Is a Spendthrift Trust Right for My Estate Plan?
From the moment you first learned you were going to be a parent you probably started worrying about protecting and providing for your child. That need to protect and provide is likely evident in your estate plan because you want to be sure your child is financially secure if something happens to you. But simply leaving an inheritance behind for your child isn’t enough. As an Overland Park estate planning lawyer at Parman & Easterday explains, you need to decide who you want to manage and … [Read more...] about Who Should Guard My Child’s Inheritance?