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...]
What Is the Uniform Transfer to Minors Act?
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...]
Disinheritances and Estate Planning
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...]
Can I Reject an Inheritance Someone Left Me?
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...]
How Long Will It Take to Your Loved Ones to Receive Their Inheritance?
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...]
