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?
When you consider your estate plan, you typically think about those to whom you want to leave your assets when you are gone. But what if there is someone you that you do not want to inherit from you, such as an errant child or relative? Can you just not mention them in your Will or is there something else you need to do to ensure they do not receive anything from your estate? An Oklahoma City estate planning attorney at Parman & Easterday explains the procedure for disinheriting someone in … [Read more...] about Can I Disinherit Someone?
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?
For most people, the primary motivation for creating an estate plan is to ensure that their estate is distributed according to their wishes after they are gone. If that is one of your primary goals, you most likely wish to provide for your loved ones in your absence as well. Yet, the question remains: How long will it take those loved ones to actually receive the inheritance you leave them? The Overland Park inheritance planning attorneys at Parman & Easterday explain why it could take … [Read more...] about How Long Will It Take to Your Loved Ones to Receive Their Inheritance?
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?
Estate planning and the idea of an intestate estate are so closely related that understanding one concept (intestate estate) typically increases your knowledge of the other. If you know what an intestate estate is, you will understand why having an estate plan is so important. Today we are going to take a closer look at intestate estates, what they are, why they matter, and what you can do about them. Intestacy Who inherits your property after you die? Will it be your … [Read more...] about What is an Intestate Estate?