While no one wants to think about a time when our parents are no longer around, the truth is, that day will come and there are actions we can take now to be better prepared. So although it may be an uncomfortable conversation, talking to your parents about their estate plan and end-of-life decisions will help you ensure that their wishes are carried out. The first thing to remember is to start the conversation early. Waiting until your parents become ill or incapacitated will make it … [Read more...] about Asking the Difficult Questions
While most people plan to leave their estate to their spouse and children, there are instances when you might not want your spouse to inherit. This is common when couples are estranged but have not yet sought a formal divorce for example, and the parties wish to create individual estate plans that do not include the spouse as the primary beneficiary. But cutting your spouse out of your estate plan isn’t quite so easy. All states recognize the existence of marital property in one form or … [Read more...] about Disinheriting Your Spouse
We all know the importance of having a Will to divide our assets after we’re gone. But there’s still more to be done. Simply having a Will won’t do your loved ones any good if they can’t find it and in addition to the Will, there’s other items your family will need as well. For starters, you should create a list of passwords to all your online accounts. Knowing how to access your bank records, your email and any other online services you have will come in handy as your family begins the … [Read more...] about Protect Your Loved Ones With A Little Planning
Beginning September 1, 2010, Oklahoma pet owners will have an additional tool to use to provide care for their pets after the owners are no longer able to provide the needed care. On May 12, 2010, Governor Brad Henry signed HB 1641. This bill allows individuals to create trusts where their pets are the initial beneficiary. As long as the pet is alive, the Trustee has to provide care to the pet (or pay a caregiver). A separate trust enforcer is appointed by the Owner to ensure the Trustee is … [Read more...] about Pet Trusts Now Enacted for the State of Oklahoma
Choosing an attorney to handle your estate planning takes some serious research and consideration. There are a number of things you will need to look at before choosing the right attorney for you. One of the first things to consider is the attorney’s actual experience with the estate planning process. A law degree does not make your attorney an expert in one field or another – experience alone will do that and the more complex the field, the more experience is needed. A larger estate, for … [Read more...] about Tips for Choosing an Estate Planning Attorney
Many of our clients are confused about the current estate tax law. This year (2010) there is no estate tax. Next year (2011) the estate tax exclusion reverts back to $1 million and a maximum tax of 55%. This is an outcome few predicted, most believing – how could they in retrospect – that a prudent Congress would “fix” the law by extending the 2009 exclusion of $3.5 million into the future. Prudent tax policy was pushed over the side of the Health Care mountain. Click HERE to read a new article … [Read more...] about Confused About the Current Federal Estate Tax Law?
Speaking of health care…. We have to talk about this. Caution: some may be offended by the following. So, before you go forward, be aware that the content is strong. Some may not like it. If you’re open minded, want some facts and new ideas, tune in. Health care costs are spiraling out of control. We know there are problems with our current system. We’re told if they are left untended, the current system will bankrupt us. We hear there are 40 million uninsured people in the U.S. By the … [Read more...] about The “Health Care” Debate
This is the first estate and elder law planning post on our new law firm blog. We will be posting at least weekly and invite your observations and comments. Later today I will jot a few thoughts about the new annual gift exclusion and how it works. Thanks for joining us. Larry Parman … [Read more...] about Welcome to the Parman & Easterday Blog