Although most Americans admit to knowing the importance of inheritance planning, over half do not have a plan in place. If you are among those who have yet to get started on a plan, it may help motivate you to learn more about inheritance planning. Toward that end, an Oklahoma City inheritance planning attorney at Parman & Easterday explains some inheritance planning basics. DIY planning does more harm than good. In the 21st century, it is tempting to try to save time and money by … [Read more...] about Inheritance Planning Basics
Creating a fair inheritance plan is one of the primary goals of many people who come to us for estate planning assistance in the Oklahoma City area. Whether you have siblings, children, friends, or others to whom you wish to leave an inheritance, developing a plan that matches your goals is important. This can take some time to do properly. Today, as a part of our series on understanding estate planning, we will look at what it takes to develop a fair inheritance plan. Fair Inheritance Plan - … [Read more...] about Understanding Estate Planning – Developing a Fair Inheritance Plan
From the moment you first learned you were going to be a parent you probably started worrying about protecting and providing for your child. That need to protect and provide is likely evident in your estate plan because you want to be sure your child is financially secure if something happens to you. But simply leaving an inheritance behind for your child isn’t enough. As an Overland Park estate planning lawyer at Parman & Easterday explains, you need to decide who you want to manage and … [Read more...] about Who Should Guard My Child’s Inheritance?
If you plan to gift assets to a minor, either while you are alive or after you are gone, care must be taken to ensure that those assets are protected and properly managed while the beneficiary is a minor. There is more than one way to do that. The Uniform Transfer to Minors Act (UTMA) was created specifically to provide one option while creating a trust is another possibility. To help you better understand your options, the Oklahoma City trust attorneys at Parman & Easterday explain the … [Read more...] about What Is the Uniform Transfer to Minors Act?
A common question asked of estate planning attorneys concerns the issue of disinheritance. Many people want to know if it's legal to disinherit a child, grandchild, sibling, or even a spouse. If it is, how do you do it? While no two situations are identical and you need to speak to an attorney if you need legal advice, there are some general principles surrounding disinheritances with which you should be familiar. Inheritance Rights When it comes to inheritances, there is a basic legal … [Read more...] about Disinheritances and Estate Planning
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...] about Can I Reject an Inheritance Someone Left Me?
It is not uncommon for people to talk to an estate planning attorney because they want to do everything possible to keep wealth in the family. Even people who do not consider themselves wealthy often ask about how to keep as much of their property in the family as possible, instead of losing it to taxes or squandering it in other ways. While this is an important question, it's also an incredibly complicated one. When people want to keep wealth in the family, there are a number of … [Read more...] about Understanding Estate Planning – What Can You Do To Keep Wealth in the Family?
One of the most important inheritance planning tools people can create is the revocable living trust. Through this type of trust, you can take what would normally be probate assets and turn them into non-probate assets. In other words, with a revocable living trust you can make most, and potentially all, of your inheritance choices outside of the probate process. It's only those assets that do not otherwise transfer outside of probate, or those you forget to transfer into the trust's name, that … [Read more...] about Free Report: Oklahoma Inheritance Planning When You Have a Family
Inheritance Planning When You Have a Family In Oklahoma - Specific Tools For Managing Options from Larry Parman As your life, family, and financial circumstances change, so too might your inheritance choices or needs.A good inheritance plan is flexible enough to grow with you over time, and one that you can modify without too much difficulty. Learn more about inheritance planning when you have a family in Oklahoma in this presentation. … [Read more...] about Inheritance Planning When You Have a Family In Oklahoma – Specific Tools For Managing Options
For divorced people entering into second marriages, or considering marriage for a second or subsequent time, understanding how your new marriage will affect your estate plan is essential. Marriage alters many of your estate planning options, and subsequent marriages are no different. Learning how your new marriage will affect you and your family and updating your estate plan to reflect your new circumstances is important. Second Marriages and Inheritance Rights Spouses automatically … [Read more...] about Second Marriages and Your Estate Plan