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Straight Answers From an Estate Planning Lawyer

May 25, 2023 by Larry Parman, Attorney at Law

estate planning attorney

If you were sitting next to an estate planning lawyer on an airplane and you had a chance to pick their brain, what would you ask? It would definitely be an enlightening conversation. In this article, we will present a hypothetical give-and-take here to pass along some valuable information. Why is estate planning important? You would die intestate if you pass away without any estate planning documents. The probate court would step in to sort out the matter. In the process, they would appoint a … [Read more...] about Straight Answers From an Estate Planning Lawyer

Filed Under: Estate Planning Tagged With: Estate Administration, taxes on inheritances, Wills and Trusts

How Tax and Non-Tax Considerations Impact Estate Planning – Part I

May 24, 2023 by Courtesy of Parman and Easterday

Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. Read on to learn more. … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I

Filed Under: Estate Planning, Legal Education, taxation

How Can You Leave an Inheritance to a Dog?

May 23, 2023 by Larry Parman, Attorney at Law

inheritance to a dog

Most people look at the question of leaving an inheritance to a dog as something that is kind of out there. An eccentric rich person like Leona Helmsley may leave millions to their dog, but it’s just not sensible for others, right? That makes sense on the surface, but you may look at the question much differently under certain circumstances. Combating Loneliness A significant percentage of older Americans experience loneliness after losing their spouses along with many friends and … [Read more...] about How Can You Leave an Inheritance to a Dog?

Filed Under: Pet Planning Tagged With: inheritance to a dog, Pet Planning, pet trust

Estate Planning: Where Do You Begin?

May 18, 2023 by Larry Parman, Attorney at Law

estate planning

In our last post, we started to examine the subject of estate planning preparedness, and we will follow up in this entry. Estate Planning Preparedness Caring.com has been conducting surveys each year of the estate planning preparedness of American adults. They say that the only two things in life that are certain are death and taxes. According to these studies, a lot of people ignore one of them. The 2023 survey was released recently, and it found that 34% of respondents had estate plans in … [Read more...] about Estate Planning: Where Do You Begin?

Filed Under: Estate Planning Tagged With: DIY wills, estate planning preparedness, nursing home asset protection

What’s in President Biden’s Revenue Proposals?

May 17, 2023 by Courtesy of Parman and Easterday

Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding … [Read more...] about What’s in President Biden’s Revenue Proposals?

Filed Under: Estate Planning, Legal Education

Who Gets Your Assets If You Don’t Have an Estate Plan?

May 16, 2023 by Larry Parman, Attorney at Law

oklahoma intestate succession

There are people that are under the impression that the government will step in and take care of everything if you fail to put an estate plan in place. Many of these individuals intend to execute some type of strategy in the future. However, they are in no hurry, because they feel as though there is a safety net. If you were to die without a will or a trust, in a legal sense, the condition of intestacy would exist. Under these circumstances, it is true that the state would step in to provide … [Read more...] about Who Gets Your Assets If You Don’t Have an Estate Plan?

Filed Under: Estate Planning Tagged With: oklahoma intestate succession, prevent intestacy, Wills and Trusts

How Do You Keep Your Estate Planning Decisions Private?

May 11, 2023 by Larry Parman, Attorney at Law

estate planning

hA lot of people think that a last will is the right choice as an asset transfer vehicle unless you are a multimillionaire with estate tax concerns. In fact, this is nothing more or less than a commonly held misconception. Yes, it is true that high net worth individuals use trusts to gain estate tax efficiency. However, these are irrevocable trusts. People that have been successful without entering the true financial stratosphere could benefit from another type of trust called a revocable … [Read more...] about How Do You Keep Your Estate Planning Decisions Private?

Filed Under: Estate Planning Tagged With: estate planning privacy, living trusts, Probate

The Intersection of Bank Failure and FDIC Insurance

May 10, 2023 by Courtesy of Parman and Easterday

Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance

Filed Under: consumer protection, Estate Planning, Legal Education

Oklahoma Nursing Home Costs: Surveys Shed Light

May 9, 2023 by Larry Parman, Attorney at Law

Oklahoma nursing home costs

The most important matter that elder law attorneys address is the long-term care situation. Most senior citizens will need some type of help with their activities of daily living eventually. Some of them can receive the assistance they need in their own homes from family members and friends, but residential long-term care will often become necessary at some point. Since Medicare is a health insurance program for seniors, and many elders require nursing home care, you may assume that … [Read more...] about Oklahoma Nursing Home Costs: Surveys Shed Light

Filed Under: Elder Law Tagged With: Medicaid planning, nursing home asset protection, Oklahoma nursing home costs

The Joy in Joint Trusts

May 7, 2023 by Courtesy of Parman and Easterday

Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more. … [Read more...] about The Joy in Joint Trusts

Filed Under: Estate Planning, Legal Education

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The information on this Oklahoma Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

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