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Parman & Easterday

Oklahoma Estate Planning Attorneys

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Home » Archives for Courtesy of Parman and Easterday

Courtesy of Parman and Easterday

Spring Summit 2022: Celebrating Friendship in the Lone Star State

June 22, 2022 by Courtesy of Parman and Easterday

The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the conference. … [Read more...] about Spring Summit 2022: Celebrating Friendship in the Lone Star State

Filed Under: Estate Planning, Legal Education

The Power in Powers of Appointment

June 8, 2022 by Courtesy of Parman and Easterday

Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised. Read on to learn more … [Read more...] about The Power in Powers of Appointment

Filed Under: Estate Planning, GPOA, Legal Education, LPOA, powers of appointment

The Toll of Serving as Fiduciary

June 1, 2022 by Courtesy of Parman and Easterday

Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great … [Read more...] about The Toll of Serving as Fiduciary

Filed Under: Estate Planning, Legal Education

Business Succession Planning May Be Easier than You Think

May 25, 2022 by Courtesy of Parman and Easterday

Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation … [Read more...] about Business Succession Planning May Be Easier than You Think

Filed Under: Attorney, Business succession, Estate Planning, Legal Education

What an In Terrerem Clause Can Do for You

May 18, 2022 by Courtesy of Parman and Easterday

Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You

Filed Under: disinherited beneficiary, Estate Planning, in terrorem clause, Legal Education, no contest clause, Trust, Will

Let’s Talk about Trusts…and Taxation

May 11, 2022 by Courtesy of Parman and Easterday

Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation

Filed Under: Estate Planning, Legal Education

Application of the Transfer for Value Rule to the Sale of Life Insurance

May 4, 2022 by Courtesy of Parman and Easterday

Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences.  Read on to learn more. … [Read more...] about Application of the Transfer for Value Rule to the Sale of Life Insurance

Filed Under: Estate Planning, Legal Education

What Estate of Marion Levine Means for Life Insurance

April 27, 2022 by Courtesy of Parman and Easterday

Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more.  … [Read more...] about What Estate of Marion Levine Means for Life Insurance

Filed Under: Estate Planning, Legal Education

Estate Planning – Something You Shouldn’t Do Yourself

April 20, 2022 by Courtesy of Parman and Easterday

It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family. Read on to learn more. … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself

Filed Under: consumer, Estate Planning, Legal Education

Just When You Thought You Understood the 10-Year Rule, Think Again

April 13, 2022 by Courtesy of Parman and Easterday

IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again

Filed Under: consumer, Estate Planning, Legal Education, Retirement Planning

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