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...]
Understanding Estate Planning – What Can You Do To Keep Wealth in the Family?
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 strategies … [Read more...]
What is an Intestate Estate?
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 spouse, your children or … [Read more...]
Making an Estate Plan When You’re Newly Married
For newly married couples in Kansas, Missouri and Oklahoma, one of the more important issues you and your new spouse need to talk about is the creation of a comprehensive estate plan. In the process of planning for the wedding, going through the ceremony, perhaps going on a honeymoon, and then adjusting to your new life together, a lot of newly married couples can forget about the legal implications of marriage. Many of these implications affect estate planning issues. So, if you are a newly … [Read more...]
Free Report: Oklahoma Inheritance Planning When You Have a 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...]
Inheritance Planning When You Have a Family In Oklahoma – Specific Tools For Managing Options
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...]
Second Marriages and Your Estate Plan
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 have the … [Read more...]
Estate Planning When You’re in a May-December Relationship
A May-December relationship is one in which there is a significant age difference between the partners. In such relationships, planning for future contingencies may be different than it is for couples closer in age. May-December estate plans are not necessarily more complicated than others, but they require looking at certain estate planning situations differently. May-December Relationships and Inheritances A key part of any estate plan is inheritance planning. May-December relationships … [Read more...]
Understanding Estate Planning – Divorce And Estate Plans
When someone divorces in Kansas, Missouri or Oklahoma, understanding how the divorce will affect an estate plan is essential. Divorce is a stressful, emotional, and difficult time for anyone. Taking the time to address estate planning concerns prior to, during, or even after the divorce is often something people put on the back burner. Today, as part of our ongoing series on essential estate planning issues in Kansas, Missouri and Oklahoma, we will look at how divorce can affect an estate plan … [Read more...]
Free Report: Oklahoma Inheritance Planning When You Have a Family – Part1
Let's say you decide to create an inheritance plan. How do you do this? What inheritances are you legally obligated to leave behind? What are you allowed to do, and what are you prevented from doing? While your attorney will explain your options in more detail, you need to understand that when it comes to inheritance planning, you have almost complete freedom to make whatever inheritance choices you want. While you are restricted from making certain inheritance choices if you are married, you … [Read more...]
