Clarity is essential in an estate plan. This article examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later. Clarity is Key to Planning … [Read more...]
Why Crowdfunding May Cost You Medicaid Eligibility
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medicaid? Read on to learn how crowdfunding can impact Medicaid eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD/POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. TOD (Transfer on Death) designations, POD (Pay on Death) designations, and beneficiary designations can be useful in the right circumstances. Each of these tools allows for an automatic transfer to the named beneficiary at the death of the owner. But these tools can have a few shortfalls. First, if the … [Read more...]
Does a Trustee Get Paid?
While a Last Will and Testament remains the most common estate planning document, trusts are not far behind given how many estate planning goals can be furthered using a trust. All trusts must have a Trustee whose responsibility it is to administer the trust. If you recently learned that you have been appointed as the Trustee of a trust, you probably have a number of questions, starting with whether or not you will be compensated or your service. To answer that question, an Oklahoma City trust … [Read more...]
What Is a “Durable” Power of Attorney?
Although every estate plan is uniquely tailored to fit the needs and goals of the individual creating the plan, there are some common tools that are found in the average estate plan. A Power of Attorney (POA) is one of those tools. If you are thinking about adding a Power of Attorney to your estate plan, you will need to decide which type of POA you need. You will also need to decide whether to make your POA durable or not. To help you decide, the Oklahoma City estate planning lawyers at Parman … [Read more...]
Should I Take Out a Reverse Mortgage?
If you are a senior, you have undoubtedly seen and/or heard an advertisement for reverse mortgages. If you are also living on a fixed income and wish to enjoy a bit more financial freedom, a reverse mortgage can certainly be tempting. At the same time, it is crucial to have a thorough understanding of how a reverse mortgage works before deciding to accept one. To help you, the Overland Park elder law attorneys at Parman & Easterday explain some reverse mortgage basics. What Is a Reverse … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...]
Things to Consider When Creating a Trust
In the past, trusts were used almost exclusively by wealthy families to guard and pass down family wealth from one generation to the next. Over time, however, trusts have become much more useful to the average person. If you are thinking of adding a Trust to your your estate plan, you need to consider the terms very carefully. To get you started, the Oklahoma City trust attorneys at Parman & Easterday discuss some of the things you may wish to consider when creating a trust. Trust … [Read more...]
What Are the Steps in the Probate Process?
Most people will be involved in the probate of an estate at some time during their life. Your involvement may be the result of overseeing the administration of an estate or as the beneficiary of an estate. In both instances, knowledge of the probate process is beneficial. It is also beneficial to understand the probate process to help you create your own estate plan. With that in mind, the Oklahoma City probate attorneys at Parman & Easterday discuss some common steps in the probate … [Read more...]
How Does a Veteran Qualify for Aid & Attendance?
In the United States, veterans, their dependents, and survivors are entitled to a number of benefits and may qualify for assistance programs as a result of the veteran's service. One program that may help veterans and their spouses should they need help in their home, or to move into an assisted living or long-term care community is the Veterans Aid & Attendance program. The VA&A program is not a well-known program. The benefits it provides can make a huge difference to seniors needing … [Read more...]
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