Check out the latest edition of our newsletter!
405-843-6100 | 918-615-2700 | ParmanLaw.com August 2024
Don’t Wait Until It’s Too Late Important Estate Planning Reminders
Clients and Friends:
according to the terms of the beneficiary form you signed. Typically, we recommend you modify the beneficiary of these assets to include the trust as the contingent or secondary beneficiary. We continue to receive inquiries from clients and online requests about saving the family home if a loved one must enter a nursing home. In many cases, someone has deeded over ownership of the home to a child or grandchild. Unless ownership was transferred more than 60 months earlier, a penalty period of disqualification for Medicaid assistance will be imposed. There are many other rules that complement this principle, all making it more challenging to protect the home. A note: I am creating more videos that are attached to our electronic newsletter. Watch them. Sometimes you get “Larry in the Raw” if something has clicked my passion button. You’ll find good reminders and information. You can subscribe to our YouTube channel and watch at YouTube.com/@parmanandeasterday. Reminder: It is critical that BOTH spouses understand both the estate planning and financial side of their life. Frankly, it upsets and saddens me when I hear one spouse talk about how they take care of their investments and that the other spouse is not involved for whatever reason. Guess what? There are serious unintended consequences when the one “in the know” passes away (we know because, sadly, our own Clients provide far too many cautionary tales). That lack of knowledge and comfort puts the survivor’s financial future at risk. Finally, there is power in the idea of “paying it forward.” You can empower so many people — loved ones and friends — by helping them discover how estate planning may best help their families. We are happy to send them a copy of my book, articles, and other valuable resources and invite them to one of our Education Programs to help them on their estate planning journey. Let us know how we can help.
Today, blocking and tackling … a few basics to remember when planning your estate and ensuring it operates exactly as you wish at the time of death or disability. Estate planning should never be thought of as a “one-and- done” proposition. Your life changes, the law changes, and our recommendations about your situation change. A better way to look at it is to treat your estate plan like your car. You change the oil every 3,000–5,000 miles, right? Likewise, your plan should be reviewed every three years. Recently, we again experienced the perils of waiting until it is too late. A couple came in and described a health crisis. They were scrambling to update the plan to reflect their current wishes. Now, we are wondering if the husband has the capacity to complete the updates. Fortunately, our documents offer options, even at this point. I get it. Without a crisis, it’s often easy to procrastinate and not take action. But after the crisis, it is too late to do anything of value. Keep your plan up to date. If you are using a trust as the foundation of your plan, know that your trust is a contract. It is a substitute for a will, identifying who receives your assets and when. It also identifies a successor trustee to manage and oversee the distribution of your estate exactly as you have outlined. In the context of estate planning, the GOLDEN RULE states that any asset in your individual name at the time of your death must go through a DEATH PROBATE. Assets left outside your trust will eventually be distributed according to the terms of your trust, but only after a probate — which is exactly what you wanted to avoid in the first place. For the trust assets to avoid probate and go to your intended beneficiaries, the trust must own the assets. Or, be connected to your trust via appropriate beneficiary designations. We refer to this as “funding” your trust. When assets are properly titled in the name of the trust, they are distributed to your beneficiaries exactly as you have outlined in the trust document. Proper funding means we transfer ownership of real property, minerals, bank accounts, CDs, brokerage accounts, mutual funds, and privately owned companies (such as LLCs) to the name of the trust. There are exceptions to the GOLDEN RULE. For example, we do not change ownership of your IRAs or other retirement accounts. Those assets, along with annuities and life insurance, transfer at death
Finally, we thank you for your referrals and online reviews. It helps our firm help others, and we very much appreciate all of you who show this trust and confidence in us. We do not take that lightly and strive to earn it every day.
ParmanLaw.com | 1
FURRY FRIENDS, HAPPY HOMES
Create a Comfortable Haven for Your Canine Companion
We consistently adjust and add things to our homes to make them more comfortable, but we should remember our furry friends, too! Our dogs also deserve a comfy spot to rest, and it’s as easy as picking up a few items from your local home improvement store.
to this behavior. The next time you’re out, pick up a bitter apple spray and use it on your baseboards, furniture legs, and anything else your dog may chew on to prevent them from tearing up your home. You might not think you need to buy new appliances when you get a dog, but it can help you maintain your home better. Certain vacuum cleaners pick up pet hair better than others. Additionally, you will need to run their beds and toys through the washer and dryer at some point, so ensure your appliances are up for the task.
Since dogs spend most of their time on the ground, especially if you don’t allow your pups on furniture, you should make extra efforts to ensure the floor fits their needs. As dogs grow older, they will need more traction to move around. Soft rugs can provide them with a snug spot to rest. You might think that installing carpet is a better option, but dogs can have accidents and get sick more frequently as they age, putting your carpet at risk. Many stores also sell comfy, machine-washable dog beds at reasonable prices. Another area of your home you should pay attention to is your baseboards, as your furry friend may mistake them for chew toys. This is much more common in puppies, but dogs of all ages are susceptible
Finally, make sure you have a doormat or something for the dogs to walk over near your doors. This will prevent them from tracking mud, dirt, and other debris into your home.
Bringing home a dog can be fun but requires preparation. Take these steps to ensure your dog is comfortable and your house is fully puppy-
proofed for their arrival.
Transfer Trouble
LIMITATIONS AND RISKS OF TRANSFER ON DEATH DEEDS
Disinheriting by Mistake If a will and TODD contain conflicting information regarding property inheritance, it can cause significant problems for your beneficiaries. Old TODDs can also resurface and derail other estate plan documents representing the deceased’s most recent and accurate wishes. Because of this, it is important to revoke TODDs before completing new estate plan agreements. Potentially Costly With TODDs, there is no warranty of title, which means a property owner’s debts may be passed on to their beneficiary along with the property. In effect, your beneficiary may be liable for your financial obligations, which can cause undue economic hardship. Another shortcoming with TODDs is that, unlike wills, they cannot be amended and must be revoked. If you want to rework a TODD, you must incur the costs of drafting one entirely from scratch, making the money you spent on your previous TODD meaningless.
Many once-complicated processes have become simplified in the modern age of convenience, such as booking a hotel room online. It can be tempting to try to simplify other parts of our lives with a couple of
clicks on a computer. However, when it comes to estate planning, simple does not always mean better . An example of this is the Transfer on Death Deed or TODD. TODDs allow you to name a beneficiary who will receive your property upon your passing. While this seems like an elegant and hassle-free way to establish your inheritance, it has significant downsides and potential pitfalls. Joint Ownership One of the greatest points of contention around TODDs involves joint ownership. If you are a joint owner of a property, the other joint owner will inherit sole ownership upon your death — regardless of whether there is a TODD on record. This is an especially important issue for married couples, who often share joint ownership of a property, such as a home; this joint ownership will supersede the TODD, even if the intended beneficiary is someone other than your spouse.
2 | 405-843-6100 | 918-615-2700
While France may be known for its artwork, culture, and cuisine, the French Revolution was anything but beautiful, cultured, or tasteful. Instead, it was a brutal, vengeful affair, culminating in the ruthless execution of the French royal family and the end of their royal line. One of the most famous characters from this brutal time was the French queen, Marie Antoinette. She became a symbol for all complaints levied against the French throne, from extravagant spending to their brutal crackdowns on dissent, even though she wasn’t the actual perpetrator. In the end, it didn’t matter. Marie Antoinette, at age 37, was beheaded by guillotine in October 1793. Here are three true facts about Marie Antoinette. Cake: Not on the Menu Although many ascribe the infamous words, “Let them eat cake,” to Marie Antoinette, she likely never uttered them at all. Many other royals, including the French noblewoman Marie Therese more than a century earlier, had been credited with uttering the notorious sentence. So, someone else had likely said it before the French Revolution ever happened. Young Newlyweds Talk about a crowded household: Marie Antoinette was the 11th daughter of Holy Roman Emperor Francis I, the head of the powerful and influential Habsburg dynasty. She did not spend many years at home, however, because she was just 14 years old when she married the future king of France, Louis XVI. Faux Farmer Despite her regal estate and lavish lifestyle, one of Marie Antoinette’s favorite pastimes was pretending to work as a farmer. She had an entire fake farm built on the grounds of her palace in Versailles, where she and other noblewomen would dress in costumes and pretend to be sheepherders and milkmaids. Interesting Facts About the Late French Queen Marie Antoinette
MARGIE’S KITCHEN: CHOCOLATE PEANUT BUTTER PIE
by Darlene Parman
Here, I share tried-and-true, good old-fashioned recipes that my late, magnificent momma, Margie Trammell, used to cook up to spread joy, love, and compassion to family and friends. Growing up, I remember those church dinners ... long tables of homemade goodies (no store-bought items allowed), and gatherings of friends and relatives to celebrate life — friendly faces, laughing kids, old stories retold — a gentler time when people were not so rushed and actually paid attention to one another. Momma often added this dessert to the spread of goodies, and it never lasted long! It’s simple but provides a spark of joy for your loved ones and their taste buds!
• 25 Oreos • 5 tbsp salted butter, melted • (Or, to save time, use a Keebler chocolate pie crust) Ingredients
For the filling: • 1 cup creamy peanut butter • 1 (8 oz) package cream cheese, softened • 1 1/4 cups powdered sugar • 8 oz Cool Whip topping
Directions For the crust: 1. Preheat the oven to 350 F.
2. Place the cookies in the bowl of a large food processor. Process until finely crushed, about 1 minute. Transfer to a bowl and pour the melted butter over top. Stir with a fork to combine. Press the Oreo mixture firmly into the bottom and up the sides of a pie plate. Bake until set, 5–7 minutes. Remove from the oven and allow to cool completely. For the filling: 3. In the bowl of a stand mixer or with a hand mixer, beat the peanut butter with the cream cheese until smooth. Add the powdered sugar and beat until smooth. Add the thawed whipped topping and beat until smooth, scraping the sides as needed. 4. Pour the filling into the crust and smooth the top with a spatula. Chill for at least 4 hours before serving. Margie’s Tip: Add more deliciousness! Drizzle with Hershey’s syrup or sprinkle with milk chocolate chips or crushed Oreo’s. Even better, stick a whole Oreo on top! Yummy! If you have a recipe you’d like us to share in Margie’s Kitchen, please mail it to us or email Info@parmanlaw.com. We’ll feature it in our newsletter or on our website!
ParmanLaw.com | 3
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
Oklahoma City: 405-843-6100 Tulsa: 918-615-2700 Parmanlaw.com
13913 Quail Pointe Drive, Suite B Oklahoma City, OK 73134
INSIDE THIS ISSUE
1 2
Don’t Wait Until It’s Too Late
Create a Dog-Friendly Home With Simple Upgrades
The Drawbacks of Transfer on Death Deeds
Chocolate Peanut Butter Pie
3
The Truth About France’s Marie Antoinette
Don’t Make the Same Financial Mistake as Chadwick Boseman
4
A Stark Reminder of the Importance of Wills and Trusts Chadwick Boseman’s Estate Debacle Photo: Gage Skidmore
Everyone needs to have a will or trust set up for their financial future. Even if you feel too young to think about it, it’s never too early to prepare for the only guaranteed milestone in life. Take Chadwick Boseman’s estate as an example. Back in 2016, the actor (best known for his starring role in Marvel’s “Black Panther”) was diagnosed with stage III colon cancer, and he hadn’t even turned 40 yet. After quietly battling this awful disease in private, Boseman died only four years later on Aug. 28, 2020, leaving behind his parents, a wife, and many more family members who were devastated by their loss. Tragically, he didn’t leave behind a trust for his estate. When this happens, the deceased’s financial assets must go through probate, a court-supervised process for
identifying and distributing those funds to the deceased’s beneficiaries.
In California, where Boseman lived, intestacy laws require the probate courts to decide where someone’s assets can go. His widow petitioned the court to become the estate’s representative, which she was granted, allowing her to allot her late husband’s inheritance to be split evenly between herself and Boseman’s parents. However, because he didn’t establish a trust for these funds, legal fees and the U.S. government claimed a third of his net worth, a cut worth $1.5 million. And Uncle Sam could have taken even more of his estate if Boseman had lived in a different state without intestacy laws. If this is what the system can do to a celebrity with millions of dollars, imagine what can happen to the estates
of everyday people. All your planning, saving, and preparing for your family’s future in the wake of your absence could be gone overnight if you don’t have the right legal documents in place.
4 | 405-843-6100 | 918-615-2700
Attention Business Owners: We Can Help You Complete Your Corporate Transparency Act Filing By Larry Parman
process, between now and September 30, 2024, we are prepared to help you complete your filing . We cannot assist beyond that as the year-end crunch would overwhelm our staff capability. We will send you a list of questions to answer and complete and submit the form for you based on the information you provide. The fee for this service is $500 per entity. Call Lynn Mills or Amber Harrison in our office at 405-843-6100 to coordinate your requests for assistance. We will continue monitoring the CTA's legal journey. In the meantime, you can focus on running your business confidently, knowing you have a legal team watching your back. Our Wonderful Clients Speak Out: “The entire staff was gracious and helpful.” “My husband and I had been thinking about a will and estate plan for several years and never moved forward because we didn’t know where to start. It seemed like such a daunting task.
The legal landscape is always changing. Despite the legal uncertainty regarding the Corporate Transparency Act (CTA), we recommend you comply with the requirements in 2024 . If you own a business or we created an entity for you as part of your estate plan, you might wonder about filing deadlines. Our advice is to comply with the filing requirements. Completing your CTA report sooner rather than later ensures it's out of the way, no matter the final legal outcome. Here are the details of the CTA and what you should do. The CTA: A Quick Recap This law and its reporting requirements aim to combat money laundering and other financial crimes. The CTA, which went into effect January 1, 2024, requires “reporting companies” in the United States to disclose information regarding its beneficial owners, i.e., the individuals who ultimately own or control a company, to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). Reporting companies include both domestic and foreign entities. Domestic reporting companies include corporations, LLPs, LLCs, or any other similar entities created by filing a document with a secretary of state or any similar office under the law of a state. Reports are to be filed with the Oklahoma Secretary of State. In some of your states, other agencies are responsible for approving entity formations. Our Advice: File! The penalties for non-compliance are severe. They include hefty fines and possible jail time, making completing the CTA report critical. Although the law is being challenged in court, the risk is not worth it. Our Offer You can go to the Oklahoma Secretary of State’s website, download the form, and complete it yourself. For those uncomfortable or uncertain about that
We received a mailer from Parman and Easterday for an informational presentation. We weren’t sure what to expect (high pressure sales pitch?) but were pleasantly surprised by the professional and no- pressure approach. We learned about potential pitfalls
that never crossed our mind and quickly realized we needed help.
If you or anyone you know would like to receive this free newsletter, please call 405-843-6100 to request being added to our mailing list. We scheduled an appointment with Maris, who was friendly, knowledgeable, patient and professional. She made the entire process easy, letting us know precisely what was required and was always responsive to our needs. The entire staff was gracious and helpful. We couldn’t be more satisfied and highly recommend this firm (and Maris) for your estate planning needs. ” Scott and Diana Schaeffer; Oklahoma City, OK
Upcoming Education Events: For non-clients 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, August 20, 2024; 2 – 4 PM or 6 – 8 PM Hampton Inn 1833 Warren Drive; Midwest City, OK 73110 (next to the Black Bear Diner) RSVP at 405-286-9009 (24-hr hotline) or www.okcprogram.com ++++++++++++++++++++++ Client Education Webinar How to Be a Successful Successor Trustee: Make Sure Your Loved One(s) and/or Successor Trustee(s) Know Exactly What To Do If You Become Disabled or Pass Away Tuesday, September 24, 2024; 6:00 – 8:00 PM This is held via Zoom so you may watch from the comfort and convenience of your own home or office. RSVP at 405-286-9009 (24-hr hotline) or www.parmanlaw.com/trustee IMPORTANT: Invite your successor trustees and loved ones
Dates One of Our Attorneys Will Be In Our Tulsa Office in 2024: Wednesday, August 7 Wednesday, September 11 Wednesday, October 9
Wednesday, November 13 Wednesday, December 18
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. We look forward to seeing you!
Pay It Forward by Sharing the Gift of Peace of Mind
who will benefit from this valuable Education Program. How to Live Fully Every Day: 1) How is what you do every day making someone’s life better? 2) What one thing can I do today to make someone feel special? 3) Do one thing every day that scares you (or at least makes you uncomfortable).
Part of our Crusade is to educate our communities on how Estate Planning can help protect their families and loved ones. As such, we consider select opportunities to join with organizations, institutions, companies, associations, non-profits and churches to provide free, highly valuable education and awareness to their members, customers, staff, and constituents. If you know a group (church, civic, social, company, etc.) that would benefit from receiving one of our highly valuable Estate Planning Programs, call Scott at 405-843-6100.
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6Made with FlippingBook Ebook Creator