Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Courtesy of Parman and Easterday
1d ago
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to utilize whatever remains of their AEA to avoid losing it. Married individuals have a particularly use ..read more
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Facing the Future: Navigating Long-Term Care and Medicaid Eligibility
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Larry Parman, Attorney at Law
1d ago
As we age, the prospect of needing long-term care becomes a harsh reality for many. Unfortunately, misconceptions often cloud the waters, particularly regarding the role of Medicare and Medicaid in this crucial aspect of senior care.While Medicare provides invaluable health insurance coverage, it’s crucial to understand its limitations when it comes to extended custodial care.Understanding […] The post Facing the Future: Navigating Long-Term Care and Medicaid Eligibility appeared first on Parman & Easterday ..read more
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Redefining the Journey: Inheritance Planning as a Lifelong Process
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Larry Parman, Attorney at Law
1w ago
Inheritance planning often evokes images of wills and legal documents, filed away and gathering dust until a life’s journey ends. But this static perspective does a disservice to the reality: estate planning is a dynamic process, evolving alongside you through life’s chapters.As priorities shift and circumstances change, so too should your plan adapt, ensuring your […] The post Redefining the Journey: Inheritance Planning as a Lifelong Process appeared first on Parman & Easterday ..read more
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What You Need to Know about the Corporate Transparency Act
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Courtesy of Parman and Easterday
1w ago
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting Company. The provisions of the Corporate Transparency Act are designed to help prevent and combat money lau ..read more
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The Pitfalls of DIY Estate Planning
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Larry Parman, Attorney at Law
1w ago
The internet promises ease and convenience, and estate planning is no exception. DIY download kits and online worksheets seem tempting, offering a seemingly cost-effective way to secure your legacy.However, before embarking on this self-guided journey, consider the hidden risks and limitations lurking beneath the surface of these seemingly straightforward solutions.Legal RisksOne Size Doesn’t Fit All: […] The post The Pitfalls of DIY Estate Planning appeared first on Parman & Easterday ..read more
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Estate Planning Steps to Take After a Divorce
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Larry Parman, Attorney at Law
2w ago
Divorce marks a significant shift in one’s personal and financial life, necessitating careful estate planning to secure your future and that of your loved ones. Here’s a comprehensive guide to the steps you should take post-divorce, with a special focus on the value of a qualified terminable interest property trust if you’re contemplating remarriage.Reevaluate Your […] The post Estate Planning Steps to Take After a Divorce appeared first on Parman & Easterday ..read more
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Do You Want to Discuss Dynasty Trusts?
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Courtesy of Parman and Easterday
2w ago
Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount, practitioners and clients should consider whether a Dynasty Trust makes sense for them. The post Do You Want to Discuss Dynasty Trusts? appeared first on Parman & Easterday ..read more
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Incapacity Planning: Avoid the Fallout From Adult Guardianship
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Larry Parman, Attorney at Law
2w ago
Incapacity planning is an often overlooked but crucial aspect of estate planning. It ensures that your wishes are respected and your affairs are in order if you become unable to make decisions for yourself.State InterventionThe pitfalls of adult guardianship, known as conservatorship in some states, highlight the importance of this planning. Without proper documents, a […] The post Incapacity Planning: Avoid the Fallout From Adult Guardianship appeared first on Parman & Easterday ..read more
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Beginning Your Estate Planning Journey: Essential First Steps
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Larry Parman, Attorney at Law
3w ago
Estate planning is an essential process for securing your legacy and ensuring your wishes are fulfilled. If you’re starting to think about estate planning, taking the right first steps is crucial.This blog outlines these steps, guiding you through the initial phase of your estate planning journey.Understanding Estate PlanningBefore diving in, understand what estate planning involves. […] The post Beginning Your Estate Planning Journey: Essential First Steps appeared first on Parman & Easterday ..read more
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What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Parman & Easterday | Oklahoma Estate Planning Attorneys
by Courtesy of Parman and Easterday
3w ago
Some of my favorite blog topics come from headlines.  In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune.  It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate.  The post What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning appeared first on Parman & Easterday ..read more
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