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405-843-6100 | 918-615-2700 | ParmanLaw.com October 2024
BASEBALL, FLY FISHING, AND A REMINDER!
Greetings, Clients and Friends,
thousand would not come close to touching the number of attendees. I’ll leave it here — the people and sites were, shall we say, eye-opening. Next up, family. A week in Sun River, Oregon, just outside Bend, Oregon, was a break from the Oklahoma heat, though not as much as you might hope for. One hot, long, 17,000-step hike about did me in. Someone forgot to tell me the Bend area is a high desert with an elevation of over 4,000 feet. Our son, Scott; our daughter, Aly; her husband, Mike; and our grandsons, Dez and Sage, joined us for the week. Aly and Mike live in Portland, Oregon, so spending time with them is special. I enjoyed my first fly fishing experience. Caught a few. Biggest one of the day, or that’s what I was told a fly fisherman should say. I regret there is not more regular one-on-one time with those boys, but Aly and Mike are great parents. We have great faith they are getting the education and upbringing they deserve and need. Now business. We have sent multiple alerts and information about the new Corporate Transparency Act. I won’t repeat it again. Check past notices. Reminders: 1) For entities formed prior to Jan. 1, 2024, you have until Dec. 31, 2024, to file; 2) Entities formed since Jan. 1, 2024, must file within 90 days of formation of the new entity; and 3) the penalties for failing to comply are ONEROUS. Fines up to $500 PER DAY and possible PRISON TIME. In England, “On yer’ bike,” is a request for someone to leave. Today, I borrow its meaning and say, “Get this done.” Next, the connection between upcoming elections and your pocketbook. ATTENTION: Read the insert in this newsletter. It outlines the tax proposals of one of our presidential candidates.
Today, I have a number of things on my mind, some personal, others professional. I remember an admonition shared by a friend long ago. His mother told him her prayer for him was that “I pray the good Lord keeps his arm tight around your shoulder and His hand on your mouth.” With that in mind, here goes.
Attending a baseball game at Wrigley Field, the iconic baseball stadium in Chicago, was on my Bucket List. The best case was a St. Louis Cardinals versus Chicago Cubs game (or two) at Wrigley. Rather than kick that can down the road, I made it happen. The first weekend in August, my brother, Stan, and his son, Matt, joined me and my son, Scott, for two games. We went all in. Flew in Friday morning, attended an afternoon game. Dinner that night was at Gene & Georgetti’s. G&G’s is one of Chicago’s classic steak houses and a restaurant I have dined in for 40 years. We were the last to leave at 1 a.m. We rallied for a good workout on Saturday morning and attended another game Saturday afternoon. Each team won a game. Saturday night, we enjoyed dinner at Tre Dita, a newer, equally excellent dining experience. We enjoyed brunch on Sunday morning and flew home that afternoon. Great hotel. Little did we know the annual Lollapalooza concert was being held that weekend at Grant Park. Two hundred
As always, I extend my deepest gratitude for your loyalty and trust in us, and my …
Very best regards,
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FROM 18 ONWARD 3 Essential Legal Documents Every Young Adult Should Have
Every person needs an estate plan, regardless of age or income level. It’s easy to think estate planning is only for the wealthy or older adults, but even young adults can benefit from having essential legal documents in place. Here are three critical estate planning documents every young adult should have and why they’re so important. Health Care Power of Attorney One of the most important documents for any young adult is a health care power of attorney, also known as an advanced health care directive. This document allows a family member or another trusted individual to make health care decisions on behalf of the young adult if they become incapacitated. Without this legal document, parents and legal guardians will be barred from making health care decisions for them and will not be allowed to access their medical information. This can
create complications during an already challenging time.
Financial Power of Attorney A financial power of attorney is another crucial component of a young adult’s estate plan. This document ensures someone can manage their bills and any financial affairs if they are ever physically incapacitated. Whether paying rent, managing bank accounts, or handling other financial matters, having a financial power of attorney provides peace of mind that these tasks will be taken care of without disruption. A Simple Will Finally, every young adult should have a simple will. While it might seem unnecessary for someone with few assets, a will is essential for ensuring their property is distributed according to their wishes.
It also simplifies the process for loved ones during a difficult time, reducing potential disputes and confusion. A simple will can address the distribution of personal belongings, digital assets, and any other property, providing clarity and direction for those left behind. Estate planning is not just for the wealthy or older adults; it’s also a crucial step for young adults. Taking these steps now can provide peace of mind and protect them and their loved ones in the future.
The Urban Dog’s Survival Guide How to Make Your Home a Paradise for Your Pooch
Drown out the chaos with white noise. Every outside noise can sound like a potential intruder or a friend they haven’t met yet. To keep the barking at bay and help your dog stay calm, consider placing a white noise machine near the source of everyday noises, like the front door. It’s like giving your dog their own personal bubble of Zen, shielding them from the chaos of the outside world. Treats are a dog’s best friend. Navigating busy neighborhoods and parks can be a sensory overload for your pup. To keep them focused and calm, arm yourself with their favorite treats. Not only does this keep their attention on you instead of the swirling vortex of scents and sounds, but it also makes these common spaces a source of positive reinforcement. Daily walks and trips to the park become much more appealing when a tasty snack is involved!
Mental gymnastics keep them active. Just like us, dogs need mental stimulation to stay sharp and content. Incorporating mental enrichment activities into your dog’s daily routine can make a big difference, especially on those rainy days when a long walk isn’t in the cards. Puzzle feeders or a good old game of hide and seek with treats can keep their brains buzzing and boredom at bay. Create a cozy corner. Set up a dedicated space in your home where your dog can retreat and relax. This could be a cozy corner with their bed, some favorite toys, and maybe even an item that smells like you. It’s their haven from the hustle and bustle of life! Living with a dog doesn’t have to be ruff. With these simple adjustments, you can ensure your pup feels as much at home in your house as you do. After all, it’s not just your space — it’s their den, too!
Living in a house with a furry companion has quirks and challenges, especially when your companion is a barking bundle of joy. While we love having them around, keeping our canine pals happy may require a bit of creativity and a lot of care. Here are some tail-wagging tips to ensure your dog is as comfortable in your home as you are!
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In the early 20th century, Coney Island was the beating heart of America’s burgeoning amusement park industry. Three rival theme parks — Steeplechase Park, Luna Park, and Dreamland — engaged in fierce, cutthroat competition that dramatically reshaped this iconic destination. A Tawdry Reputation Transformed Coney Island’s reputation was once far from wholesome. Known as “Sodom by the Sea,” it was considered a tawdry, vice-filled destination. That began to change in 1897 when Steeplechase Park opened. Its founder, George Tilyou, sought to bring clean fun to the masses, creating a lighthearted atmosphere exemplified by his iconic “Funny Face” caricature. Stealing Ideas and Underhanded Tactics Tilyou’s success soon drew the attention of rival park operators. In 1902, he lured away the founders of the popular “A Trip to the Moon” attraction from the upcoming Luna Park. These underhanded tactics were common, as the parks constantly copied each other’s rides and acts to one-up the competition. Rapid Innovation Drives Change This competitive spirit drove rapid innovation at Coney Island. Over just a few years, the parks introduced groundbreaking new attractions like the Rotating Barrel, Thunderbolt roller coaster, and the world’s largest Ferris wheel. They transformed the public’s perception of amusement parks, elevating them from sideshows to immersive, technologically advanced experiences. The Birth of the Modern Amusement Park The era of Coney Island’s dueling theme parks was short- lived, lasting only from 1904 to 1911, but its impact can still be felt today. The parks’ relentless one-upmanship drove the rapid evolution of the amusement park industry, laying the foundation for the iconic destination Coney Island has become. What began as a vulgar locale became a glittering symbol of American ingenuity and the pursuit of wholesome fun. While the tactics of these rival parks may have been underhanded, the lasting legacy of their fierce competition is undeniable. The rapid innovations, technological advancements, and shifts in public perception from this crucible of competition continue to shape the amusement park experience today. The Rivalry That Redefined Entertainment Coney Island’s Cutthroat Carnival
MARGIE’S KITCHEN: HAM AND CHEESE SLIDERS
by Darlene Parman
My amazing momma, Margie Trammell, did not cook “just” to feed family and friends; her purpose was to pour love and joy into their lives. I hope this article empowers you to do the same! Growing up in the South, football season was a big part of our social life. Friends and family gathered at our house every weekend. It involved hours of eating — chili, dips, chips, Fritos, sandwiches. I have fond memories of college games on Saturday and the Dallas Cowboys on Sunday! With football season upon us, this is an easy, delicious recipe to feed the fans while tailgating or at your game day party. These sliders are filling, can be prepared in advance, and do not require silverware.
Ingredients
• One 12-count package of Hawaiian sweet rolls, sliced in half • ¾ lbs of thinly sliced cooked deli ham • ¾ lbs of thinly sliced Swiss cheese
• ½ cup unsalted butter • 1 tbsp Dijon mustard • 1 tbsp Poppy seeds
• 2 tsp of dried minced onion • 2 tsp Worcestershire sauce • ¼ tsp salt • ¼ tsp pepper
Directions 1. Line a 9x13-inch pan with aluminum foil and coat it with non-stick spray. Preheat oven to 350. 2. Keeping the rolls connected, use a large, serrated knife to slice them in half so you have a top and bottom slab. Do not pull the rolls apart. 3. Place the bottom slab of rolls in the prepared pan. Evenly layer one- half of the sliced ham over the rolls. Next, evenly layer the cheese over the sliced ham. Lastly, evenly layer the remaining ham over the sliced cheese. 4. Add the top slab of rolls and set aside. At this point, you can refrigerate the rolls until they are ready to prepare the topping and cook. For the Filling: 5. In a microwave container, carefully heat butter until melted. 6. Add the mustard, poppy seeds, onion, Worcestershire sauce, salt and pepper. Whisk until smooth. 7. Slowly pour the mixture over the rolls. Use a brush to evenly spread it over the tops of the rolls. 8. Cover with aluminum foil and let stand for 10 minutes. 9. Bake covered for 20 minutes at 350 F. 10.Uncover and bake another 5 minutes or till lightly browned. 11.Cut into individual sliders and serve. If you want us to share a recipe in Margie’s Kitchen, please 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
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INSIDE THIS ISSUE
Summer Fun and a Reminder!
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Estate Planning Essentials for Young Adults
Turn Your Home Into a Dog-Friendly Haven
Ham and Cheese Sliders
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The Cutthroat Competition Behind Coney Island
The Legal Drama Behind Larry King’s Handwritten Will
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Lessons Learned From Larry King’s Handwritten Will
When iconic TV host and author Larry King died at age 87, he left a legacy of iconic interviews and memorable moments over a long radio and television career, including 25 years at CNN. But an unexpected twist was his secret handwritten will that dramatically changed the plans for his estate. Despite its brevity and simplicity, this last-minute discovery sparked a heated legal battle. Handwritten or “holographic” wills are legal in many states, including California, where Larry King resided. These wills don’t require the usual formalities of being witnessed but must be entirely written and signed by the testator — the person to whom the will belongs. While this might seem like a convenient shortcut, it often leads to serious legal challenges, particularly around the will’s credibility and the testator’s intentions.
In Larry King’s case, his handwritten will excluded his wife, leaving his entire estate to his children. This was a shock, especially since California law entitles a surviving spouse to half of all the assets acquired during the marriage. King’s wife was understandably taken aback, leading to a family feud ultimately resolved through a confidential settlement. This situation is a stark reminder of why handling estate planning with thorough care and legal guidance is crucial. While a handwritten will can be a legal document, it’s generally better suited for straightforward estate circumstances. A more comprehensive approach is advisable to avoid family disputes in more complex situations, like Larry King’s, who had considerable assets and a blended family.
Photo: Peabody Awards
Larry King’s situation emphasizes the crucial importance of having a well-thought-out estate plan that considers all legal aspects and potential family dynamics — King was married eight times to seven women and had three surviving biological children. While handwritten wills are a valid option, they should be used cautiously. Taking proactive steps in estate planning can help prevent conflicts and ensure your final wishes are respected, providing peace of mind for you and your loved ones.
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Specifically, as of 9.24.24, Harris would: Double the capital gains tax to match the personal income tax rates. This would subject some gains to tax rates in excess of 40%. End the step-up in basis tax basis for estates. This would end the tax-free transfer of most estates to beneficiaries and treat death as a taxable event for capital gains purposes. Tax unrealized capital gains (aka a wealth tax). This would tax expected but unrealized profits that may or may not actually materialize if the market falls. Question-would the government reimburse you for taxes paid when the market values fall? Allow the Tax Cuts and Jobs Act to expire on December 31, 2025. That would trigger a massive tax increase on Main Street folks and mean good-bye to a 20% small business deduction. Immediate expensing of capital investments and lower tax rates would disappear. Those policies helped create economic prosperity in 2018-2019 before COVID. Reduce the estate tax exclusion to $3,500,000 and step up the estate tax rates from 40% to 55%, 60% and 65%. That’s a wake-up call. Implement a 10% surtax on estates over $1billion. Add new code section 2901 would essentially end the use of new grantor trusts. Reduce the $18,000 annual exclusion to $10,000 per person and limit the total lifetime amount of annual exclusion gifts to $20,000 per donor. Impose the generation-skipping transfer tax on transfers to anyone three generations below the transferor of the trust. Add new code section 2705(a) that would limit discounts by reason of family control and section 2705(b) would limit the discount on the transfer of non-business assets. These tax plans look like a giant step toward socialism. It adds up to more government control over our lives (Over Please)
*** Tax Alert *** Elections matter. A lot. The visions for our country expressed by our two presidential candidates, both flawed, are worlds apart. The policies they offer to achieve their respective vision are more worlds apart. One candidate is stealing a page from the Biden 2020 candidacy, not by staying in the basement to avoid questions rather by remaining above it all to avoid questions and accountability. One is even stealing some of the other candidate’s more popular policies on energy and the border even though votes and videos state an opposite position. Some ideas out there are just plain stupid. Many “free stuff” policy ideas are blatant attempts to buy votes. The thought that price controls on food or credit card interest rates can end inflation reflects ignorance. Higher food prices are the effect of multiple poor policy decisions, not the cause. Shortages and inflation follow price controls. Big picture: one candidate is on the record favoring open borders, free everything, continued efforts to “talk” our enemies into not trying to destroy us (and giving them billions to do so), elimination of private health insurance, tax policies that make your head spin (see below for details), a commitment to the costly Green Energy platform that will create backouts all over the U.S., turning the Supreme Court upside down by packing judges who will support political agendas rather than the law, tighter regulation on businesses, and allow criminals to run amok by defunding the police. In her first major policy speech, Vice President Harris announced a plan to lower housing costs that will be funded by using Senator Elizabeth Warren's American Housing and Economic Mobility Act of 2024. Those initiatives will be paid for by a $5 trillion tax increase . This represents a radial reconfiguration of the transfer tax system, and there may not be time for you to make the best decisions for your financial future between the election and the end of 2025 when many current features of the income and estate tax laws expire. It's critical that you know how these proposals will radically change the planning decisions that you have implemented.
and a loss of freedom. President Eisenhower warned us about the growing influence of the “military- industrial complex”. His statement was true. If updated to reflect today’s environment, the statement would express fear about the “…large corporate/military/industrial complex supported by an omnipotent administrative state, legitimized by a Justice Department, a FBI and CIA that manufacture lies to destroy political opponents, all super glued together by the mainstream media that is no longer journalistically independent.” Okay, that’s off my chest. Hopefully, voters will cast their ballot for the candidate they believe supports policies that will create the safest and most prosperous country for all Americans. If you are interested in your economic well-being and this country’s safety, this vote should not be close. Yet, apparently it will be. Too many of us do not examine the details of public policy and the implications of that policy if implemented. Too often, we become single issue voters and vote for a candidate even if we disagree with that candidate on 99% of the other critical issues. Or we vote for who looks good and sounds good. When Ben Franklin left the Constitutional Convention a Mrs. Powell asked him, “What have you given us, Mr. Franklin?” He replied. “a Republic, ma’am, if you can keep it”. Our nation’s safety, prosperity, and survival depend on an informed and educated populace that acts responsibly and works to understand the candidates and what they stand for. Absent that, either Ayn Rand’s Atlas Shrugged will appear, or all of us will be wishing we would have taken George Orwell’s 1984 more seriously.
Upcoming Education Events: For those interested in learning how estate planning can benefit your family and as a refresher for Clients… Wills, Trusts, and Estate Planning Made Easy and Painless:
Learn How to Protect Your Loved Ones, Hard-Earned Money, Belongings & More Tuesday, November 5, 2024 2 – 4 PM or 6 – 8 PM The Hilton Garden Inn; Edmond Conference Center 2833 Conference Drive; Edmond, OK 73034 OR Tuesday, December 10, 2024 1520 Garth Brooks Boulevard; Yukon, OK 73099 RSVP at 405-286-9009 (24-hr hotline) or www.okcprogram.com 2 – 4 PM or 6 – 8 PM Fairfield Inn & Suites
FREE Book for Your Loved Ones & Friends! Do you have loved ones or friends who may benefit from discovering how estate planning can provide them the same Peace of Mind you enjoy? If so, show them how much you care by gifting them a FREE
copy of Larry Parman’s best-selling book, The Straight Shooter’s Guide to Estate Planning: A No-Nonsense, Straight Forward, Easy-to-Read Book Explaining Wills, Trusts, & Estate Plans for the Rest of Us . This book will help them understand the basics of Estate Planning and discover how it can benefit their personal and/or family’s security, quality-of-life, and well-being. To have this free Gift shipped to them lickety-split, call us at 405-843-6100 or have them call us at the same number. Or email us at info@parmanlaw.com.
Dates We Will Be In Our Tulsa Office: Wednesday, November 13, 2024 Wednesday, December 18, 2024 Wednesday, January 15, 2025 Wednesday, February 12, 2025 Office Address: One Memorial Place 7633 E. 63rd Place; Tulsa, OK 74133 Call us at 918-615-2700 or 405-843-6100 to schedule your complimentary appointment should you have any questions or need us for anything.
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