• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Parman & Easterday

Oklahoma Estate Planning Attorneys

Call Now: (405) 843-6100
(913) 385-9400

Attend a Webinar - OK Attend a Webinar - KS/MO
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Asset Protection Worksheet
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
        • Yukon Elder Law
      • Medicaid
      • Nursing Home Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Probate Resources
      • Leawood Probate
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Kansas
      • Johnson County
        • Fairway
        • Mission
        • Overland Park
        • Prairie Village
        • Shawnee
      • Wyandotte County
    • Oklahoma
      • Edmond
      • Midwest City
      • Moore
      • Norman
      • Oklahoma City
      • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Wills and Trusts » Are Trusts Only for Wealthy People?

Are Trusts Only for Wealthy People?

June 6, 2017 by Larry Parman, Attorney at Law

Oklahoma City Living Trust Attorneys

Oklahoma City trust attorneys can provide you with help if you decide to make a trust. Many people could benefit from the creation of a trust, but do not realize the potential advantages that could come from using this powerful and versatile legal tool. Although it is a common misconception that trusts are only for people who have sizeable estates, the use of a trust can benefit a variety of people with varying degrees of wealth. 

To find out if creating a trust could help you or your loved ones, contact Parman & Easterday today. Our Oklahoma City trust attorneys will carefully review your financial and family situation, as well as your estate planning goals, to help you decide if a trust is the right choice for you.

If you could benefit from having a trust, we will help you decide what kind of trust to create and will guide you through the technicalities of creating a trust that is legally valid and enforceable in the eyes of the law. Give us a call today to find out more about the many ways in which our firm can help people from all different income and wealth levels to benefit from the use of a trust.

Why Creating a Trust Isn’t Just for the Wealthy

Creating a trust is not just for people with lots of money who want to provide a trust fund for their kids to live on. While you can create a trust to dole out income to your children after you are gone, there are many other reasons for trust creation.

For example, if you get sick and need nursing home care some day, Medicare will not cover the costs of care since Medicare only pays for care in a skilled nursing facility under limited circumstances and only for a brief period of time. Medicaid pays for care, but most people do not qualify because you must spend down your assets below a specific threshold of countable resources before Medicaid will pay for you.  That is, unless you have worked with an elder law or Medicaid attorney who uses trusts and other legal tools to assist you in retaining your wealth while obtaining Medicaid coverage.

Protecting assets from loss if you need nursing home care is just one reason people at all different income levels should consider creating a trust. A trust could also be beneficial if you’re going to leave money to a child under 18 or one with disabilities as it allows you to have more control over when and how an inheritance is distributed.

If you have pets you want to have cared for after your death, a trust allows you to provide financially for their care while ensuring the money is spent as you desire. Trusts can also help you protect your assets in case of incapacity near the end of your life, or to provide a financial gift to a disabled loved one without causing a loss of access to means-tested benefits, such as Medicaid or SSI. And these are just some of the different things a trust can do for you. You should talk with an experienced trust and estate attorney about whether a trust will give you the control you want over your assets and legacy.

When Should You Talk to Oklahoma City Trust Attorneys?

Oklahoma City trust attorneys can provide you with advice on whether creating a trust is a good idea in your situation. If you wish to use a trust for asset protection purposes, such as keeping your wealth safe if you want Medicaid to cover needed nursing home care, you need to begin planning now, hopefully well in advance of the time you need care and when your assets will be at risk. Do not wait to talk with an attorney.

As soon as you have family members to protect, a nest egg that you want to keep secure, or concerns about future risks to your wealth, you should talk with a trust lawyer. Your attorney will help you move forward with accomplishing your goals, whether a trust is the right legal tool or whether other alternatives could potentially be better to meet your needs.

Getting Help from Oklahoma City Trust Attorneys

Parman & Easterday can provide you with personalized advice on whether trust creation is the right choice for you. If you think you and your family could benefit from the protections a trust provides, please contact us.  We will help you decide what is right for you, and if a trust is the right way to proceed, we will help you create a legally valid trust that offers the advantages you seek. Give us a call today at (405) 843-6100 or (913) 385-9400 or contact us online to find out more about the ways in which our firm can help you with all aspects of trust creation.

  • Author
  • Recent Posts
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
  • Is Long-Term Care Insurance a Good Investment? - March 2, 2021
  • Testamentary Trust vs. Living Trust: What’s the Difference? - February 25, 2021
  • What Is a HIPAA Release? - February 23, 2021

Filed Under: Wills and Trusts

Other Articles You May Find Useful

wills
Are There Different Types of Wills?
Oklahoma City probate attorney
Can I Contest My Husband’s Will?
Oklahoma City trust administration attorney
Parman & Easterday Trust Administration Tips
Overland Park estate planning attorney
Who Should I Appoint as My Executor?
Creating a Will
Questions to Ask Yourself When Creating a Will
Overland Park trust attorney
Revocable Trust Advantages

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Upcoming Seminars

    To be notified of our upcoming Seminars please fill out this form!
See all seminars

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018
parman_sidbr_map

Where We Are

OVERLAND PARK, KS
10740 Nall Avenue, Suite 160
Overland Park, KS 66211
Phone: (913) 385-9400
Fax: (913) 385-9422
parman_sidbr1_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 5:30 PM

Footer

footer-logo

The information on this Oklahoma and Kansas Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2021 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube