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405-843-6100 | 918-615-2700 | ParmanLaw.com August 2023
Your Estate Planning Attorney Should Be Your Financial Advisor Plus, A New Attorney Joins Our Team
Our Crusade: To help our clients discover new possibilities for financial security, to protect and preserve their assets, and to live their best lives with complete peace of mind.
2. Holistic Perspective: When your attorney is also your financial and investment advisor, they can take a comprehensive approach to your financial well-being. They are well-versed in your personal circumstances, goals, and values, allowing them to tailor financial strategies that align with your needs. This holistic perspective ensures that your legal and financial plans are integrated seamlessly. 3. Confidentiality and Trust: Attorneys are bound by strict codes of ethics and professional responsibility, including attorney-client privilege. This means that all communications between you and your attorney are confidential. By entrusting your financial matters to your attorney, you can have confidence in the privacy and security of your sensitive information. 4. Fiduciary Duty: Estate planning attorneys have a fiduciary duty to act in their clients’ best interests. You can have peace of mind knowing that they are ethically bound to make investment and financial decisions that benefit you. 5. Seamless Collaboration: Having your estate planning attorney as your financial advisor fosters seamless collaboration and communication. They can work closely with other professionals, such as accountants, to create a cohesive financial plan that covers all aspects of your life. In conclusion, when your estate planning attorney has the proper training and licenses as a Registered Investment Advisor (as we have), having them serve as your financial and investment advisor offers numerous benefits. Remember, making sound financial decisions will set you on the path to financial success and security.
Clients and Friends,
I hope this newsletter finds you well and eager to learn. Here I touch upon two critical topics. First, the case for your estate planning attorney serving as your financial/investment advisor. Second, an important announcement about a new attorney joining our team. In today’s fast-paced world, making wise financial decisions is crucial. That’s why I want to make the case that you should consider using your planning attorney (that would be us) as your financial and investment advisor. Here are a few compelling reasons to support this idea: 1. Expertise: Estate planning attorneys undergo extensive education and training to understand the law, giving them a unique advantage in financial matters. When you combine estate planning and financial/investment expertise from over 30 years of experience as a licensed FINRA broker and Registered Investment Advisor, you have a formula for effective estate and financial/investment planning. IMPORTANT ANNOUNCEMENT We are delighted to announce that Maris Skinner has recently joined our firm. The most important thing to know about Maris is that she meets our standard of being a good person ,with a great attitude and a passion for serving our clients. She also meets our other requirements. Maris received her undergraduate degree from the University of Oklahoma, graduating Magna Cum Laude in journalism. Next was her Juris Doctorate, again from the University of Oklahoma, followed by her admission to the Oklahoma Bar Association. More recently, Maris was recognized as one of 405 Magazine’s Top Attorneys in 2022–2023 and was designated as a Super Lawyers Rising Star in 2022–2023. We are excited to have Maris as part of our excellent legal team. We are continuing to take steps that will enable our firm to serve our clients long into the future.
Should you have any questions, want further information, or want an independent review of your investment positions, please feel free to contact me. We are here to support your journey toward financial empowerment and success.
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THE GO-TO GUIDE TO GIFT TAX
How Much Can You Give Tax-Free?
instances aren’t impacted by the gift tax. Some tax-free offerings include:
married, your spouse can match your gift, and as a couple, you can give up to $34,000 per individual tax-free. If a gift exceeds this amount in any one year, you must pay a tax. How do you gift strategically? Although gift taxes seem burdensome, they can benefit those who properly plan. People with a significant estate will often schedule gifts each year to minimize their estate and, as a result, reduce the estate tax that would need to be paid upon their death. This strategy is an excellent way to save money for a family in the long run. This guide to gift taxes is simply an introduction. To determine your gift tax responsibilities, call us at 405-843-6100. You may also be able to learn a few new strategies that can protect your estate!
If you’re giving a substantial amount of money or property to someone, you’ll likely have to pay a gift tax. The IRS applies this federal tax on any individual who transfers assets to someone else without anything significant in return. You don’t need to worry about gift taxes if you’re just giving your child a small allowance, but when transferring thousands or millions of dollars, you will likely have to hand over a chunk to the IRS.
• Educational expenses • Medical expenses • Gifts to a spouse • Gifts or donations to political organizations or charities
Be sure to speak with your financial advisor or a tax professional on whether your gift requires a tax. You always want to err on the side of caution.
What does and doesn’t require a gift tax? Gifts include property, bank account transfers, cash, stocks, vehicles, art, lenient loans, and more. Sounds like everything, right? Well, a few
How much can you give? As of 2023, you can give up to $17,000 per
individual annually free of tax, meaning you aren’t limited to gifting just one person before you’re hit with a gift tax. If you’re
CHOOSE THE RIGHT SITTER FOR YOUR PET
Your Family May Not Be Up to the Task!
• Does your pet have a disability or need to take medication that would be better handled by a professional?
When your children were young, you wouldn’t trust their care to any old babysitter, would you? Of course not! Now, your pets are no different. When you head out for a summer vacation, they deserve to be cared for by someone who will pamper and protect them the same way you would. The only problem is, who? Friends and Family vs. Professionals You may be tempted to ask your sibling, friend, or child to watch your pet. This can be a great solution because you trust them, and they’ve bonded with your furry friend already. But have you considered a professional? Some situations may call for a little more. Use these questions to help you decide: • Will your friend or family member be able to visit your home regularly or stay there temporarily while you’re gone to avoid disrupting your pet’s routine?
• Does your friend or family member
know how to stay cool and react calmly in case of a veterinary emergency?
If your loved one is pressed for time or easily stressed, or your pet has medical needs, you may be better off working with a professional. How to Find the Right Pro When choosing a professional pet sitter, don’t start with the flier on the stop sign pole down the street (it was probably put up by a 10-year-old). Instead, call your pet’s vet, groomer, and/or trainer and ask if they can recommend a nearby pet sitter. You can also ask friends and family who are conscientious pet owners. Then, thoroughly check the sitter’s credentials and experience. Look for signs that they’re
serious about their work, like certifications, insurance, and background check information, and set up an interview and meet-and-greet with your pet. If you can’t find a sitter through your network, consider online groups like the National Association of Professional Pet Sitters, Care.com, Pet Sitters International, Rover, or TrustedHousesitters, and use the same vetting strategy. For more help choosing a great sitter, visit HumaneSociety.org/resources .
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ART THIEVES MADE HER FAMOUS A Little-Known Painting Caused Worldwide Frenzy On Aug. 21, 1911, Vincenzo Peruggia made history and immortalized a once unnoticed painting. Leonardo Da Vinci’s “Mona Lisa” was stolen long before the iconic painting was heavily secured as it is now. Peruggia and two other Italian handymen stole the now-infamous portrait from the Louvre. What ensued is one of the most internationally followed thefts of modern times.
by Darlene Parman MARGIE’S KITCHEN: PEACH COBBLER
My late mother, Margie, shared her love through good ol’, homemade, Texan cookin’. And nothing says “I love you” like a delicious dessert that melts in your mouth. Recently, Larry’s brother Stan and his wife Betsy hosted a delightful family reunion at their home near Califon, New Jersey, and I made Margie’s peach cobbler for about 25 family members. I’m not sure if the kids or the adults enjoyed it more, but I do know it warmed everyone’s hearts, brought smiles to their faces, and filled their bellies! So, of course, I wanted to share this recipe with you so you can spread the same kind of love at your next get-together with family and friends.
Historian James Zug shared with National
Public Radio the odd nature of Peruggia’s choice of art, as “the ‘Mona Lisa’ wasn’t even the most
famous painting in its gallery, let alone in the Louvre.” The painting was so inconspicuous that it took a whole 28 hours before anyone realized it was missing.
Ingredients
• 1 tsp. baking powder
• 1 stick butter
Headlines ran worldwide of the mysterious theft and even pointed suspicion at the famous American art lover and tycoon J.P. Morgan and renowned artist Pablo Picasso! Tensions were building in Europe as World War I was imminent, and that soon led to suspicions of German interference. The Louvre was shut down for nearly a week amid the frenzy but soon reopened with an empty space where the “Mona Lisa” once hung, bringing in countless spectators. It actually took an entire 28 months before the painting was finally returned. When Peruggia and his crew could not sell the picture due to the sheer magnitude of the investigation, they tried one last-ditch effort over a year later to sell it, only for them to be reported and finally arrested. His sentence? Eight months in prison! After his capture, the art thief changed his story from looking to sell the painting to wanting to return the “Mona Lisa” to her country of origin as a symbol of national pride. Noah Charney, a professor of art history and author, explained that the theft made the “Mona Lisa” famous. “There was nothing that really distinguished it per se, other than it was a very good work by a very famous artist — that’s until it was stolen,” Charney detailed. “If a different one of Leonardo’s works had been stolen, then that would have been the most famous work in the world — not the ‘Mona Lisa.’”
• 1 tsp. lemon juice
• 1/2 cup flour
• 1/2 tsp. of cinnamon
• 1/2 cup sugar
• 2 cups peaches, sliced and peeled
• 1/2 cup milk
Directions 1. Put butter in 8” by 8” baking dish in oven and melt. 2. Mix flour, sugar, baking powder, cinnamon, lemon juice, and milk. It will be a lumpy paste.
3. Pour paste over melted butter.
4. Spoon sliced peaches over top of batter, DO NOT STIR!
5. Bake 45 minutes at 350 degrees or till brown on top.
6. You can double this with a large 9” by 13” pan. Cook 10-15 minutes longer or till brown on top.
If you have a recipe you’d like us to share in Margie’s Kitchen, please mail it to us or email it to info@parmanlaw.com. We’ll feature it in our newsletter or on our website!
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Oklahoma City: 405-843-6100 Tulsa: 918-615-2700 Parmanlaw.com
13913 Quail Pointe Drive, Suite B Oklahoma City, OK 73134
INSIDE THIS ISSUE
Why Your Estate Planning Attorney Should Serve as Your Financial Advisor
1
There’s a Tax on Gifts?
2
Find a Trustworthy Pet Sitter
Margie’s Kitchen: Peach Cobbler
3
How Did ‘Mona Lisa’ Become Famous?
The Endless Fight for Jimi Hendrix’s Estate
4
Jimi Hendrix Left a Legacy Without a Will THE HENDRIX FAMILY FEUD
Meanwhile, Jimi’s brother Leon continuously argued he should inherit his brother’s estate since he was closest to him. He tried to reason that if Jimi had made a will, he would be named the inheritor. The argument didn’t hold up in court. Then, sadly, Al passed away in 2002. In Al’s will, he didn’t give Leon control of Experience Hendrix LLC — he gave it to his daughter Janie Hendrix, Jimi’s stepsister. Again, Leon tried to persuade the court he should have control of the late musician’s estate. But Janie’s name was on Al’s will, and Leon was noted to have been removed since he struggled with drug abuse. Now, Janie continues to successfully run the family business and keep the legacy of Jimi Hendrix strong.
We often hear about celebrities’ haphazard wills (like Ike Turner and Aretha Franklin), but what happens when a celebrity passes without one? This legal catastrophe occurred when legendary guitarist Jimi Hendrix passed away at 27. The result was a long legal battle, explosive family division, and ongoing lawsuits. Jimi Hendrix, known for classic hits such as “All Along the Watchtower” and “Voodoo Child,” died abruptly, leaving his massive estate without a designated beneficiary. Without a will, the court must follow the laws of intestacy, and as Jimi had no wife or children, his estate would go to his parent, Al Hendrix. However, in 1990, Al sued Jimi’s lawyer for mishandling his son’s music rights. After winning the case, he created Experience Hendrix LLC, a family-owned organization that controls the legacy of the guitar aficionado.
Noel Redding and drummer John Graham “Mitch” Mitchell sued the Hendrix estate, claiming they deserved a portion of the profits. But Experience Hendrix LLC sued them for the invalid claims, and their battle is still ongoing. Let this chaos be a warning that you shouldn’t wait to create your will!
However, the legal mayhem isn’t over yet. In 2022, the families of bassist David
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