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405-843-6100 | 918-615-2700 | ParmanLaw.com December 2023
SALUTING VETERANS AND SECURING LEGACIES A Special Holiday Season Message
financial information on receipts and disbursements from a trust after a parent’s death but before final distribution. In another case, beneficiaries destroyed or allegedly stole valuable property. Be mindful of who you select to serve as your successor trustee. Fourth, on the economic front, the era of free money in the form of extremely low-interest rates is over. Artificially low interest rates to prop up a weak economy penalized savers — especially seniors — and rewarded borrowers, mainly publicly traded corporations and homebuyers. Policymakers are struggling to keep the economy going, reduce inflation (a tax on all of us), and pay interest on our national debt. That number is about to exceed what we spend on our national defense. This is a time to pay careful attention to your investment strategy, especially for those who are retired or nearing retirement. Let us know if you want us to review your investment and retirement plan or help you develop one for the first time. What’s most important to us during this holiday season is to be sure you are physically, emotionally, and financially well. We hope you had a wonderful Thanksgiving: a wonderful day with family and friends, the kids home to enjoy your unique recipes yet again, naps after too much turkey, grandchildren dipping their fingers in the pumpkin pie before it goes in the oven, and no one noticing when you drop cranberry sauce on your trousers or go back for “thirds.” We hope your other holiday celebrations are just as enjoyable! You are special to us. We appreciate, even treasure, our relationship. You will be in our holiday season prayers. Some of you have lost loved ones this year. We know you are entering a challenging period. We honor and share your loss. We knew them. We know the special people they were. We give thanks for that as well.
Clients and Friends,
As I write this column on Veterans Day, I stand and render a perfect salute to those of you who served our great nation, those who stood tall, those who shed blood, and as President Lincoln said at Gettysburg, “those who gave their last full measure” to defend our freedom. I acknowledge and honor you. Now, a few reminders.
First, remember my repetitive call regarding your estate plan. If you have a trust, you must keep your assets titled in the name of the trust to avoid probate. If you have a trust and acquire a new asset, you take title to that asset in the name of the trust. The one exception is your IRA or retirement accounts. Those assets remain titled in your name. They are connected to your trust by the appropriate beneficiary designation. Second, there is confusion among financial advisors about whether you can name a trust as either a primary or contingent beneficiary of your trust. The answer is yes . You can name your trust as a beneficiary of your retirement account. The trust has to meet specific requirements to be a qualified “look-through” trust. Our trusts meet those requirements. And, yes, even when the trust is a designated beneficiary, those receiving the funds must still comply with the (fairly) new SECURE Act requiring a 10-year payout. Call us if you have any questions about how much you must take out each year. Third, we see evidence that bad behavior can ruin a good plan. What do I mean? People often underestimate the friction within our family and the consequences this can have on your plan when you are gone. We‘ve experienced a trustee failing to provide
Take this day and embrace this gift of life. It is not a dress rehearsal. No one — no one! — is promised a tomorrow. Seize today, and squeeze it. Drain from it every drop you can, and have a stunning day!
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MONEY WORRIES KEEPING YOU UP AT NIGHT?
EXPLORE EXPERT FINANCIAL ADVICE THIS HOLIDAY SEASON
“The Total Money Makeover” by Dave Ramsey, a New York Times bestseller, is all about practical advice centered around the beginning of someone’s financial journey. He teaches readers how to successfully dig themselves out of debt, how to create a budget that doesn’t leave them starving, tips for creating an emergency fund, and more. Middle-Aged Adults (40s and Early 50s): ‘Your Money or Your Life’ by Vicki Robin and Joe Dominguez By this point in most people’s lives, they’ve established a career and have regularly occurring costs they’ve learned to manage. But isn’t there more to life than that? This book is for those who want to break out of that monotony and finally achieve financial freedom. However, the most significant benefit of this book is that it helps people who have already been stuck on the financial hamster wheel step off and look at what they want in life, set goals for those dreams, and use their finances to achieve them. Pre-Retirees (Late 50s, Early 60s): ‘The Four Pillars of Investing’ by William J. Bernstein Individuals in this age range can see retirement on the horizon. They’ve built their career over several decades and likely have a retirement account waiting for them. However, the fear becomes the thought of running out of money once the steady stream of work income is gone. In that case, setting up a diversified portfolio is a good idea. William J. Bernstein, dubbed “a hero to frustrated investors everywhere,” is an American financial theorist and neurologist. In “The Four Pillars of Investing,” he uses what he knows about people, our brains, and investing to create a practical and easy-to- read guide for anyone looking to start their investing journey and create that perfect portfolio. Retirees (65 and older): ‘How to Retire Happy, Wild, and Free’ by Ernie J. Zelinski At this point, work is in life’s rearview mirror, but that doesn’t mean money is, too. But retirement isn’t just about someone watching a bank account to see how much they have. Retirees want to do the things they love, like the trips they’ve been waiting to take or the hobbies they’ve been meaning to start. Ernie J. Zelinski, an international bestselling author and life coach, agrees. In his book, “How to Retire Happy, Wild, and Free,” he offers advice on making the most out of retirement, including managing finances while pursuing hobbies and passions.
No matter the economy, time of year, or stage of someone’s life, money is on people’s minds. According to a July 2023 report from LendingTree, “56% of Americans say they’re worried about their future financial situations, with 35% losing sleep over money.” The study further breaks down the percentage of this financial fear per generation. It found that over 50% of every age group, from Gen Z to baby boomers, were worried about their finances. Gen Xers (ages 43–58) had the highest majority at 61%. So, can we do anything about our financial situations, or will this fear haunt us forever? Of course, many resources advise cutting back expenses and saving more, but with the average American holding $21,800 in personal debt, doing so is easier said than done. Luckily, financial experts who understand these issues have written books containing far more effective, realistic, and actionable advice than “spend less, save more.” This holiday season, you may find yourself with more downtime than usual — a long plane ride ahead of you to visit family or time off your job. Whatever the reason, the extra time is the perfect opportunity to read the advice from these financial experts and take control of your financial present and future. We also understand that the financial issues a 20-year-old faces are far different than those a 65-year-old might face. So, to help you find the most effective book for your situation, we’re giving you the best books to read this holiday season, categorized by life stage. Young Adults (20s and 30s): ‘The Total Money Makeover’ by Dave Ramsey When young adults are first entering the workforce and beginning to build their careers, every penny counts. Wide-sweeping advice about investing in real estate or the top stocks to buy may not always be realistic, especially with student loans, rent, or a first mortgage on someone’s plate.
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THE GUARD SQUIRREL WHO WENT NUTS ON A BURGLAR Anyone robbing a house must know they’re getting into a dangerous situation. But the teenager who burgled Adam Pearl’s Meridian, Idaho, home had no idea what consequences were in store. Many homeowners have a guard dog, but Pearl got his home security from Joey, his pet squirrel. One day in 2017, Pearl came home and saw that something seemed amiss. Joey was excited, and the doors he’d left closed were now open. After finding scratches on the lock of his gun safe, Pearl knew there’d been a robbery and called the police. Officer Ashley Turner couldn’t help but notice Joey’s presence in the house but didn’t believe he was connected with the case — at first. A few hours later, Turner returned to Pearl’s house with his missing belongings and a story to tell. She’d partially identified the perpetrator by the suspicious scratches on his hands.
MARGIE’S KITCHEN: CRUNCHY SWEET POTATO CASSEROLE FOR THANKSGIVING AND CHRISTMAS
by Darlene Parman
In this edition, I share a recipe that smacks of tastiness, thankfulness, and holiday spirit! Like many families, Thanksgiving and Christmas were a big deal in our family. My mom, Margie — who is the inspiration for this column — cooked for days preparing all our favorites. She set her beautiful table with linens and her best china and crystal for the formal event. She rose early in the morning to start the turkey. I remember my mom, grandmother, and aunt scurrying around the kitchen, putting on the finishing touches for a perfect presentation. With everyone gathered around our big dining room table dressed in our Sunday best, we would take some family pictures, say a prayer for our many blessings, and dig in. We hope you enjoy this perfect complement to your turkey and dressing!
During questioning, Turner said the burglar confessed to the home invasion and explained why he’d left sooner than intended: Joey attacked while he was attempting to break into the gun safe. Unsurprisingly, the rodent’s violence was frightening. “He wasn’t expecting to have, you know, a
Ingredients
• 2 tsp vanilla
• 6 medium yams or sweet potatoes
Crunch/Topping:
• 1 cup sugar
• 2 cups brown sugar
• 1 tsp salt
• 2/3 cup flour
• 4 eggs, beaten
• 2 cups pecans, chopped
• 1 1/2 sticks butter, melted
• 2/3 cup melted butter
• 1 cup milk
squirrel come flying out of nowhere at him,” Officer Turner said. The thief reported that leaving was the only way to stop Joey’s aggression. After learning of his bravery, Pearl rewarded Joey with his favorite candy, Whoppers. But he then had a difficult choice ahead. When Joey was still a tiny baby, Pearl and his wife had taken in the abandoned squirrel. They had intended to release Joey back into the wild when spring came, but they were no longer sure. Ultimately, they let Joey decide. After he started playing with other squirrels through the home’s sliding glass door, the Pearls installed a cat door so he could come and go as he pleased. Joey spent several weeks outdoors with other squirrels by day and returned to the Pearls by night. Eventually, he requested one final scratch behind the ears before disappearing into an apple tree and leaving the Pearls’ house behind forever. Though Joey returned to the great outdoors to live with his kind, his legend is a warning to humans. When you break into someone’s home, you never know what you might find.
Directions 1. Preheat oven to 375 F. Pierce each sweet potato several times with the tines of a fork. Place the potatoes on a rimmed baking sheet lined with foil. Bake until tender, about 45 minutes. Test with a knife inserted in a potato; it should offer no resistance. 2. Once potatoes are done, peel the potatoes and place in a medium bowl. Mash potatoes and add the remaining ingredients except topping. Blend until well incorporated. Pour into a large baking dish. 3. In a medium bowl, mix topping ingredients and spread mixture evenly over top of the yam mixture. Bake at 350 F for 35–45 minutes until bubbling.
May you have a bountiful and joyous holiday season!
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
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INSIDE THIS ISSUE
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Saluting Veterans and Securing Legacies
Your Holiday Reading List: Expert Financial Advice for Every Generation
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Crunchy Sweet Potato Casserole for Thanksgiving and Christmas
Guard Squirrel on Duty: The Rodent Who Sent a Burglar Running
A $14,000 Christmas Miracle
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A $14,000 Christmas Miracle
in gratitude when Eaton announced he had one more surprise left. He then handed Carl a cashier’s check worth $10,000 to spend however he wanted. “Thank you so much,” Carl replied emotionally before trailing off, “You don’t know …” It’s unclear how East Idaho News and their Secret Santa chose Carl as the subject of this generosity, but the selection was no accident. Carl had lost a leg above the knee 37 years prior but still worked four days a week at age 72, sometimes clocking 14-hour days. He’d also suffered more recent setbacks; his wife died from a brain aneurysm in 2010. Meanwhile, he had three COVID-19 infections in less than three years. Despite worsening health and pain caused by his amputated lower leg, Carl continued to begin work at 2 a.m. while also making time to attend his grandchildren’s sports games.
When truck driver Carl opened his trailer door to a news crew in 2022, he did not appear to be in the mood for company. The 72-year-old East Idaho resident initially seemed standoffish and skeptical of the unexpected correspondent and his camera, asking several questions about why they were visiting him. But when reporter Nate Eaton handed Carl an early Christmas gift from “an anonymous person,” he warily relented and invited the crew inside. When he opened the gift box, Carl found a stack of gift cards inside. He appeared surprised and puzzled, so Eaton explained that four gift cards were worth $500 each for gas for his truck. Another $2,000 was included on four additional cards from a local supermarket so he could purchase groceries. In shock, Carl responded, “Holy crap!”
Carl explained the gift meant he could finally retire.
He repeatedly requested the identity of his Secret Santa, but East Idaho News refused to say. So, Carl instead thanked his anonymous gift-giver through the camera. His hard exterior melted away, leaving only gratitude and awe behind. In his last words in the broadcast, Carl promised to “pay it forward” by finding a way to help someone else.
He began to tear up at the unexpected generosity and shook the reporter’s hand
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