Deciding who to leave your estate to is usually not difficult. Deciding how to leave it, however, can be complicated. This is particularly true if you have an intended beneficiary who cannot be trusted to manage her own money. If you find yourself in that position, a spendthrift trust may be the solution. If you are unfamiliar with the concept, the trust attorneys at Parman & Easterday explain a spendthrift trust below. Trust Basics At its most basic, a trust is a relationship in which … [Read more...]
Disinheritance
Each of us will die eventually. This article looks at how planning can make your passing easier for those whom you leave behind. Specifically, this article will look at how you can disinherit someone with the least disruption to the family.Disinheritance … [Read more...]
Can I Reject an Inheritance Someone Left Me?
When a loved one passes away, the survivors typically say very little out loud about how the decedent’s estate assets are to be distributed. The reality, however, is that the assets of a decedent must be passed down to the beneficiaries and/or heirs of the estate pursuant to the decedent’s Will or trust or using the state’s intestate succession laws. If you recently lost someone close to you, there is a good chance that the decedent left you an inheritance. What do you do if you don’t want that … [Read more...]
Understanding Life Insurance
Although every estate plan should be uniquely designed and tailored to meet the needs and goals of the person creating the plan, there are some estate planning tools and strategies that can frequently be found in most estate plans. One of those tools is life insurance. Life insurance is a versatile estate planning tool that can help provide for loved ones, help you grow your estate assets, and even help cover the cost of your funeral and burial. The key to getting the maximum benefits out of … [Read more...]
The Importance of Communicating Your Plans
Each of us will die eventually. This article looks at how planning can make your passing easier for those whom you leave behind. Specifically, this article will look at the importance of communicating your plans with your loved ones to avoid disputes after your death.The Importance of Communicating Your Plans … [Read more...]
What Does It Mean If a Fiduciary Engages in Self-Dealing?
Throughout your estate plan, you will likely nominate or appoint several people or agencies to fiduciary positions. A fiduciary position is a position of trust, meaning you should take as much time as is necessary contemplating your choice before deciding who the best person (or entity) is for the position. One way a fiduciary can breach the duty of trust imposed on him/her is by engaging in self-dealing. To ensure that you understand the importance of a fiduciary’s role in your estate plan, an … [Read more...]
What You Need to Know about the Cost of Dying
If you prefer not to think about your own funeral and burial – you are hardly alone. Most people don’t want to dwell on the reality of their own mortality. You should, however, know enough about the practical expenses involved in a funeral and burial to recognize the wisdom of including a funeral planning component in your comprehensive estate plan. With that in mind, the Overland Park estate planning attorneys at Parman & Easterday discuss what you need to know about the cost of … [Read more...]
Your Planning Can Help Your Loved Ones
Each of us will die eventually. This article looks at how planning can make your passing easier for your loved ones. Specifically, this article will look at the importance of the manner in which assets are left for your loved ones.Your Planning Can Help Your Loved Ones … [Read more...]
How Is Incapacity Defined and Who Decides If I Am Incapacitated?
When you contemplate your estate plan, and the goals and objectives related to that plan, you likely focus almost entirely on how to provide for your loved ones when you are gone and how your estate assets will be distributed to those loved ones. In fact, you may not have considered the need to plan for any other important possibility. You should, however, plan for the possibility of incapacity. With that in mind, the Oklahoma City incapacity planning attorneys at Parman & Easterday explain … [Read more...]
Can I Own a Home and Qualify for Medicaid as a Senior?
Although you may not realize it yet, there is a very good chance that you (or a spouse) will need to qualify for Medicaid as a senior to help cover the high cost of long-term care. With that in mind, it is a good idea to clear up some of numerous myths and misconceptions about Medicaid eligibility and benefits. One of the most common of those misconceptions is the belief that you cannot own a home and qualify for Medicaid. The Oklahoma City Medicaid planning attorneys at Parman & Easterday … [Read more...]
