Parman & Easterday

11/02/2022

What’s Estate Planning Got to do with Interest Rates – Part II | Oklahoma Estate Planning Attorneys

As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/26/2022

What’s Estate Planning Got to do with Interest Rates – Part I | Oklahoma Estate Planning Attorneys

Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/25/2022

Does Your Estate Plan Address Incapacity? | Oklahoma Estate Planning Attorneys

We all know that you arrange for your loved ones to receive their inheritances when you plan your estate. At the same time, you should also address the eventualities that you may face toward the end of your life. We will look at some of those eventualities in this post. Aging and Incapacity There is […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/20/2022

What Is a QDOT and Why Would You Use One? | Oklahoma Estate Planning Attorneys

There is a targeted estate planning approach that can be utilized to address any situation. This is one of the reasons why you should work with an attorney when you are planning your estate. With this in mind, we will look at the legal device called a qualified domestic trust (QDOT) in this post. Federal […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/19/2022

The Inflation Reduction Act | Oklahoma Estate Planning Attorneys

President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/18/2022

This Case Demonstrates the Dangers of DIY Estate Planning | Oklahoma Estate Planning Attorneys

A lot of people think that they can take legal matters into their own hands. You simply download boilerplate documents off the internet, fill in the blanks, and legal counsel is simply not needed. In reality, this is a major oversimplification. Yes, a layperson can execute a legally binding document. Doing so, however, may work […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/13/2022

Do You Report an Inheritance When You File Your Income Tax Returns? | Oklahoma Estate Planning Attorneys

It is natural to think that you may have to claim an inheritance as taxable income when you file your federal and state tax returns. In fact, in a rare instance of good news about taxation, this is not the case at all. We will look at the details in this post and provide an […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/12/2022

The Intersection of Asset Protection Planning and Estate Planning – Part II | Oklahoma Estate Planning Attorneys

As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/11/2022

Consider the Benefits of Aging in Place | Oklahoma Estate Planning Attorneys

After the active retirement years start to wane, life for seniors will take on a different complexion. Living assistance may be necessary. There is a concept called “aging in place” that you should understand when you are looking ahead toward the future. Modification of Living Spaces It can be difficult to accept the limitations that […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/06/2022

Take These Four Steps to Create Your Estate Plan | Oklahoma Estate Planning Attorneys

A lot of people that do not have estate plans in place know that it is important. However, they procrastinate because they do not know how to proceed. It can be hard to enter uncharted waters. In this post, we will share four easy steps you can take to put your estate plan in place. […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/05/2022

The Intersection of Asset Protection Planning and Estate Planning – Part I | Oklahoma Estate Planning Attorneys

As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

10/05/2022

Pet Planning: Don’t Assume Pet Ownership Window Is Closed | Oklahoma Estate Planning Attorneys

When you attain senior citizen status, you have to think a bit differently than you did when you were younger. This applies to a wide range of subjects, and pet ownership is one of them. Loneliness and Social Isolation Far too many elders experience loneliness and social isolation later in life. If you lose your […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/21/2022

Understanding Undue Influence – Part II | Oklahoma Estate Planning Attorneys

Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions for the slighted beneficiaries. These questions usually revolve around methods to have the plan overturned. Most states give clients tools to protect their carefully crafted plans, even after their death.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/15/2022

Why Do You Need a Lawyer to Plan Your Estate? | Oklahoma Estate Planning Attorneys

There are people that cannot understand the role of an estate planning lawyer as it applies to most families. They get the fact that multimillionaires need attorneys to sort out the distribution of multigenerational wealth and estate tax responsibilities. However, they assume that a simple DIY will can suffice for everyone else. In reality, there […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/14/2022

Some photos from another wonderful Parman & Easterday Seminar run by Mr. Larry Parman! Be on the look out on our website for future Parman & Easterday Education Event information!

And a huge thank you to the Central Oklahoma Home Builders Association for having us!

09/14/2022

Understanding Undue Influence – Part I | Oklahoma Estate Planning Attorneys

Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions. Most of the time, clients have consulted with a competent attorney regarding their reasons for structuring the plan the way that they have. Sometimes, other factors are at play and the plan doesn’t represent the testator’s true wishes, but rather, another individual’s testamentary desire. That’s undue influence and there are ways to guard against it.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/13/2022

Lessons Learned From the Estate of Zappos Multimillionaire Tony Hsieh | Oklahoma Estate Planning Attorneys

Zappos online shoe store seems like a fixture that has been around forever, but it actually became a reality due to an interesting twist of fate. In 1999, a young entrepreneur named Nick Swinmurn was looking for capital to actualize his vision of an online shoe store that would dominate the marketplace. Though it is […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/08/2022

Are You Aware of the VA Aid and Attendance Pension? | Oklahoma Estate Planning Attorneys

U.S. military veterans who served for at least 20 years become eligible for a retirement pension. The exact details vary depending on the dates of service. The benefit amount increases if you serve beyond the 20-year threshold. If you are a veteran, you made sacrifices for your country. This pension can facilitate a comfortable retirement. […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/07/2022

Death and Your Digital Footprint | Oklahoma Estate Planning Attorneys

As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/06/2022

Estate Plan Revisions May Be Necessary | Oklahoma Estate Planning Attorneys

Unless you put your estate plan in place late in your life, revisions will probably be necessary. Circumstances in your life will evolve. There may also be changes in the law. Either one of these can directly impact aspects of your estate plan. Let’s look at the details. Family Growth An estate plan for a […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

09/01/2022

A Look at Three Targeted Estate Planning Solutions | Oklahoma Estate Planning Attorneys

One of the reasons why personalized attention is important when you are creating your estate plan is because every family is different. The right way to proceed for one person may not make sense for the next. As a layperson, you will not understand all the estate planning tools that are available and why you […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/31/2022

Pondering Portability | Oklahoma Estate Planning Attorneys

The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/30/2022

Are There Any Probate Shortcuts in Oklahoma? | Oklahoma Estate Planning Attorneys

Most people think that they should use a will as an asset transfer vehicle. Unfortunately, many of them do not think about the estate administration phase. The executor that is named in the document will complete the hands-on tasks, and the probate court will provide supervision. It is important to have a basic understanding of […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/25/2022

The celebrating never stops here at Parman & Easterday! The team recently came together after work to celebrate the birthday of our wonderful Larry Parman! It was a great time with even better food (as you can clearly see)!

08/25/2022

Be Aware of Pending Estate Tax Expansion | Oklahoma Estate Planning Attorneys

We do not discuss estate taxes very often because they do not impact most Americans. However, there is the condition of being “land rich and cash poor.” In addition, there is going to be a wider estate tax net cast in the near future, so more families will be exposed to this tax. Estate Tax […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/24/2022

What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053 | Oklahoma Estate Planning Attorneys

To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/23/2022

We recently celebrated the birthday of our very own Scott Parman with some fabulous cake in and out of the office! It was a great day of celebrating with both friends and family. Thank you Scott for being a wonderful member of the Parman & Easterday Team!

08/23/2022

Adapt Your Estate Plan Based On the Beneficiaries | Oklahoma Estate Planning Attorneys

Some people think that you have to use a will when you plan your estate unless you are very wealthy. If there are drawbacks or limitations, that’s the way it goes. In reality, you have options, and you can provide for each inheritor in the ideal manner. Spendthrift Protections Every named beneficiary would receive lump-sum […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/17/2022

How Do I Trust Thee…Part III | Oklahoma Estate Planning Attorneys

If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article provides a framework for clients considering naming an institutional trustee.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/16/2022

Experts: Alzheimer’s Explosion Will Unfold | Oklahoma Estate Planning Attorneys

Elder law attorneys are sharing information about some important topics that are a bit disconcerting. As unpleasant as they may be, you should be aware of the eventualities that can come about when you reach an advanced age. In this article we will discuss some of those eventualities and look at what appropriate precautions you […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/11/2022

www.parmanlaw.com

When you are in possession of appreciated assets you have to be concerned about capital gains taxes when you realize a gain. “Realizing” is not as sophisticated as it sounds. You realize a gain when you sell an asset that increased in value while you were holding onto it. Short-Term vs. Long-Term Capital Gains There […]

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08/10/2022

How Do I Trust Thee…Part II | Oklahoma Estate Planning Attorneys

When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of an irrevocable trust could defeat the intended tax consequences. This article explores what powers a trustor should avoid serving as a trustee of an irrevocable trust.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/09/2022

Who Gets My Assets If I Die Without a Will? | Oklahoma Estate Planning Attorneys

A surprisingly high percentage of adults in the United States do not have any estate planning documents in place. Caring.com is a popular website that has been conducting preparedness surveys over the last several years. Their research indicates that the trend is going in the wrong direction. In 2017, 42 percent of all American adults […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/04/2022

Pandemic Demonstrates the Importance of Advance Directives | Oklahoma Estate Planning Attorneys

Estate planning attorneys always emphasize the fact that you should have a plan in place as soon as you are a self-supporting adult. It becomes absolutely essential when you have a partner and/or children depending on you. Caring.com has been conducting annual surveys to gauge the estate planning preparedness of American adults. They have found […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

08/02/2022

Legacy Preservation Alert: Your Estate May Be at Risk | Oklahoma Estate Planning Attorneys

People typically think that estate planning is an exercise in splitting up a pie into slices for future distribution. Without question, you have to arrange postmortem asset transfers, but legacy preservation should be an important consideration. Simply put, if there is nothing left to pass along, your estate plan is not going to do much […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

07/28/2022

How Much Does Probate Cost? | Oklahoma Estate Planning Attorneys

In far too many instances, people make false assumptions about estate planning that have a snowball effect. They think that something that they heard is etched in stone, and they proceed with that understanding. In some cases, the original premise was simply off-base. This enters the picture when it comes to probate. You may have […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

07/27/2022

How Do I Title Thee…Part II | Oklahoma Estate Planning Attorneys

We often recommend a trust as part of a comprehensive Estate Plan. This article is the second in a two-part series that examines the effect that title has on an Estate Plan. The first step is understanding what forms of ownership your state recognizes and the potential benefits and detriments of each. The second is determining which form of ownership best accomplishes the goals of the client.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

07/27/2022

How Do I Trust Thee…Part I | Oklahoma Estate Planning Attorneys

When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This article examines the various considerations that should be made when naming a trustee.

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.

07/27/2022

IRA Inheritance Planning: What Are the Rules for Beneficiaries? | Oklahoma Estate Planning Attorneys

When you are contributing into your 401(k) plan or another type of individual retirement plan, you are developing a nest egg to draw from during your senior years. As time goes on, you may find that you will not be exhausting the account during your lifetime. At that point, you have to look at your […]

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Contact our Oklahoma estate planning attorneys at (405) 843-6100 to learn more about how we can help you.