Do you have friends and family members who periodically bug you about setting up an estate plan? If so, you may be putting them off because you are convinced you don’t really need an estate plan yet. You are hardly alone. People often think they don’t need an estate plan because they only have a modest estate. As an Overland Park estate planning attorney at Parman & Easterday explains, the need for estate planning is not directly related to the size and value of your estate. Myths and … [Read more...] about Do I Really Need an Estate Plan?
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee. Use Trust Protectors for Added Protection and Flexibility … [Read more...] about Use Trust Protectors for Added Protection and Flexibility
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread. Read on to learn more. … [Read more...] about Preparing for Coronavirus
In this week's blog post on understanding estate planning, we will direct our attention to the concept of a fiduciary. You may not be familiar with the term. A fiduciary is a person or organization that plays a key role in your estate plan. Most estate plans rely on multiple fiduciaries, each with specific duties, responsibilities, and abilities, to help protect your interests and your estate. Let's take a look at some common questions about fiduciaries, their jobs, and why they … [Read more...] about Understanding Estate Planning – What is a Fiduciary?
When the topic of estate planning comes up, the focus is usually on the need to create a plan, not on what to do with the plan once you have created it. It can, however, be equally important to safeguard your estate plan documents to ensure that they work as intended. An Oklahoma City estate planning attorney at Parman & Easterday explains how to keep your estate plan safe. What’s In Your Plan? The estate plan you create should be as unique and individual as you are. Nevertheless, … [Read more...] about Keeping Your Estate Plan Safe
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning