Many factors go into retirement decisions. This article examines many of those factors, such as where to retire, access to healthcare, income taxation, estate taxation, property taxation, etc. This article includes many links to helpful lists. Retirement is Complicated … [Read more...]
Understanding Estate Planning – Debts Left by the Deceased
A common fear many convey to their estate planning attorney is the concern that their family will have to pay the debts they leave behind. While this is important to consider and understand, generally your family will not be forced to repay any debts you leave behind. To understand why, you need a basic understanding of the process that follows death, and the status of debts left behind by the deceased. Debt and Your Estate Once you die, all property and legal issues you leave behind will be … [Read more...]
Financial Steps to Take When You Find Out You’re Pregnant
Learning that you are pregnant is a wonderful, joyful time, but also one that can lead to a lot of stress. When you realize that you are going to become a parent, whether it is for the first time or not, you will naturally start to worry about the future. Will your child be healthy? Will any complications arise during the pregnancy? And what about your child's financial future? Will you be able to adequately prepare for the financial realities surrounding pregnancy, childbirth, and the … [Read more...]
What NOT To Do When A Trust Is The IRA Beneficiary
In a Private Letter Ruling (PLR ) on June 20, 2014, the IRS ruled that a surviving spouse who received proceeds from her deceased husband’s IRA through a trust could not roll over the IRA funds because more than 60 days had passed since their receipt. The PLR tells us what not to do when a trust is the beneficiary of an IRA. “Ben’s” IRA named a trust as beneficiary of his IRA. The trustees were his two children. Ben’s wife “Ann” was to receive 25% of the IRA. After Ben died, the proceeds of … [Read more...]
Common Questions About Insolvent Estates and Who Has to Pay For Them
Sometimes when a person dies in Kansas or Oklahoma, that person leaves behind an insolvent estate. In this situation, the deceased person's family members often have a lot of questions about the debts left behind. Many people want to know, for example, if they, as a relative of the deceased, will be responsible for paying any unpaid debts. Even though this concern is common, it is rarely a significant issue. To help explain why this is true, let's take a look at insolvent estates and what … [Read more...]
Stretching Your IRA for the Next Generation
As traditional pension plans have largely been eliminated in recent decades, it is very common for people to have a large portion of their financial wealth held in an Individual Retirement Plan (IRA). Naming a trust as the beneficiary of an IRA can reduce the chances of probate and ensures the IRA is covered by the protections built-in to the trust. But did you know that you can also require that the IRA distributions be stretched over the lifetime of a beneficiary? … [Read more...]
Discover A Top Business Killer Rarely Thought About and the 7 Keys To Avoiding It
) There are a lot of reasons businesses fail, but there is one major reason that most business owners rarely think about and even more rarely plan for. Join Parman & Easterday attorneys Blaine Peterson and Jerry Shiles as they discuss this top killer of businesses and the 7 keys to avoiding it. To Learn More About Smartly Protecting Your Business and Family In The Long-Run, Claim Your FREE Report by copying and pasting this URL into your browser: … [Read more...]
Lessons from the Estate of Charity Icon and Millionaire, Brooke Astor
In May 2012, the $185 million estate of New York socialite and philanthropist Brooke Astor was finally closed. The Court approved a settlement ending a civil case between Astor's descendants and the charities she supported in her will. … [Read more...]
Things You Should Discuss With Your Spouse Before You Retire
Do you have a vision for your retirement? If so, good. Now, does your spouse share that vision? If yes, even better. If no, you may be headed for trouble. We find spouses often disagree about key retirement details and it’s crucial you sit down and work out a plan together you can both accept. … [Read more...]
Free Report: The Dangers of Do-It-Yourself Wills
We all know the importance of estate planning - it protects our loved ones and ensures their financial stability after we're gone. But some estate plans are better than others... and some estate plans can do more harm than good. That's why Parman & Easterday have created this exclusive report, The Dangers of Do It Yourself Wills and Living Trusts. In it, you'll learn the benefits of having an experienced attorney in your corner and find out why do-it-yourself forms aren't the smart … [Read more...]
