When you think about estate planning for pets as a young person, it may sound strange. But for senior citizens, this can become very relevant. A Cure for Loneliness Many elders experience loneliness after losing loved ones, and this can cause distress and lead to depression. Pet ownership can provide an ideal solution with sweeping benefits. Basic companionship is a large part of the equation, but there are other considerations. If the pets are dogs, they will need exercise, so the dog … [Read more...] about An Overview of Estate Planning for Pets
Now that we have a new administration and slim Democratic majorities in both chambers of Congress, there are some shifting taxation priorities. Of course, there is formidable resistance from the other side of the aisle. There are those clamoring for more taxes on the wealthy and proposals that would expand federal transfer taxes. In this post, we will look at potential changes to the federal estate tax exclusion and the step-up in basis. Potential Exclusion Reduction The federal estate tax … [Read more...] about New Majority May Push for Transfer Tax Expansion
The simple will or last will and testament is the document most people think of when they think of estate planning. In this post, we will look at the legal requirements for executing a will and a viable alternative. Purposes and Basic Requirements A will can be used to record how you want your monetary assets to be transferred after you pass away. If you create a will, you name an executor to act as the estate administrator. You can also designate a guardian for minor children in a will. … [Read more...] about What Are the Legal Requirements for a Will in Oklahoma?
Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. by Steve Hartnett Ordinarily, charitable deductions are only available as an itemized deduction. When you file your federal taxes, you have an option to take itemized deductions or the standard deduction. The standard … [Read more...] about It’s Better to Give, Especially This Year
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. by Steve Hartnett Young nurse is taking elder man’s blood As Americans grow older, more and more of us need help with our daily activities. It could be a little help or a lot of help, depending on the situation. Of course, the level of assistance we need … [Read more...] about How Will You Obtain the Care You Need?
If you are in the process of creating, or adding to, your estate plan, you will need to decide what to do with your estate planning documents when the plan is complete. Like most people, you probably keep other valuables in your safety deposit box, making that an obvious choice. The Oklahoma City estate planning attorneys at Parman & Easterday explain why your safety deposit box is not the safest place for your estate planning documents. Your Estate Planning Documents In many … [Read more...] about Why Your Safety Deposit Box Is Not Safe
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. April 7, 2020 by Steve Hartnett The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
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