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405-843-6100 | 918-615-2700 | ParmanLaw.com October 2023
Times Are Changing, and So Is the Economy FROM ECONOMIC DOMINOS TO CHANGING FAMILY DYNAMICS
Clients and Friends,
I have so much on my mind, but I don’t know where to start. The best place is to express our gratitude for your support, online reviews, referrals, and the opportunity to let us serve you and your family all these years. They say coaches are only as good as their players. Firms like ours are only as good as our clients. Without you, there is no Parman & Easterday, and for that, we thank you. Next, we are learning to embrace the changing nature of estate planning for our clients’ families. Things are much more complicated than a few years ago when most clients had been married once, had two or three children, and lived in the same home for 35 years. Navigating constantly shifting demographic changes is almost as challenging as keeping up with the law and helping clients apply it with wisdom. Family relationships can be frayed when money is on the table. When a successor trustee fails to fulfill their fiduciary duty to other beneficiaries, it creates serious legal problems. You’ve often heard me say, “Bad behavior can ruin a good plan.” I guess the reason we are often referred to as attorneys and counselors at law is because we often provide as much “counseling” as legal advice. We have added another attorney to our staff to help keep up with our increasing workload. Maris Skinner joined us two months ago. Maris is OU/OU, undergraduate and law. She brings 10 years of estate, probate, and corporate experience to our firm. We are excited to have her on board. Carol McKenny recently joined us as well. She is a certified paralegal who brings experience in handling estate planning matters to our firm. Again, she will provide much-needed support as we continue to grow. For all business owners, here’s your reminder that in addition to estate planning, we handle a significant number of business planning cases. Whether creating an LLC or series LLC for asset protection, buy-sell agreements, or business purchase/sale agreements, we can assist you. Please contact us if you would like to know more about these services.
And finally, here are a couple of words on the economy. I recently finished writing a book called “Economic Dominos.” It describes what occurs during the economic cycle in the U.S. and, more specifically, what specific policy actions trigger predictable reactions. For example, it explains how an exploding money supply and undisciplined government spending leads to inflation, or how inflation leads to tight monetary policy and, therefore, higher interest rates. That’s where we are today in the cycle.
Given the fragile nature of the worldwide geopolitical condition and how unforeseen events can shock our economy, we will be
watching carefully. If you would like to learn further about how your investments are positioned to absorb various economic shocks, let us know.
That’s all for now.
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A Greener Future for All
EXCITING ADVANCES IN THE WORLD OF SUSTAINABLE ENERGY
of Transport to proceed, as concerns have been raised regarding the durability and reflectivity of the panels.
The hunt for sustainable energy sources continues! Throughout the past two decades, we have seen countless efforts around the globe to develop more environmentally friendly energy practices. You may have noticed solar panels appearing on roofs around your community or watched news reports about wind turbines offshore. These are far from the only efforts organizations, governments, and individuals are making. Two large-scale sustainability projects were announced that could lead to a more sustainable future. Solar Railways In many areas of Europe, the best way to get from point A to point B is by train. Switzerland alone has a national railway network that stretches over 2,000 miles. A startup called
New Wind Turbines Offshore wind farms are nothing new. They first appeared in 1991, but the technology has evolved immensely. The Spain-based startup X1 Wind has created a new floating wind turbine prototype that could change the entire industry. Located off the Canary
Islands, the X1 floating turbine is more efficient and environmentally friendly than other turbines. The best news? In March, it generated its first kilowatt- hour of power, opening the door for further manufacturing. These are just a couple of the many sustainability projects recently introduced. As long as we continue to develop and discover environmentally
Sun-Ways recently announced a plan to outfit Swiss railway lines with solar panels to generate additional power. Sun-Ways developed a specialized train car to lay down solar panels between the rails of the track using minimal labor. The company estimates
that its solar panels can generate 2% of Switzerland’s annual energy consumption. At the time of writing this article, Sun-Ways is still waiting for a sign-off from the Federal Office
friendly practices, we can look forward to a greener future for all.
SAFEGUARD YOUR FAMILY’S FUTURE WITH A TRUST
categories: revocable and irrevocable. A revocable trust can be changed anytime during the owner’s lifetime. An irrevocable trust is set in stone as soon as you sign the agreement. One of the best parts about trusts is how they help keep your money in the family for generations. Many don’t realize it until they go through probate, but extreme taxes and fees arise after you pass away. Without proper planning, the value of your estate can dwindle to nothing as your family pays these fees, leaving minimal amounts for them. This is not what you want to happen to your loved ones. The benefits of a trust are endless. Call us if you have any questions about trusts or want to create one to protect your family and assets.
only need a will, and everything else is just extra, but this is rarely the case.
When people begin the estate planning process, they usually do so to protect their assets and set their children and grandchildren up for success. An estate plan helps you safeguard everything you worked for and distribute your assets to your loved ones. However, many people believe they
Wills have become synonymous with estate planning thanks to pop culture, but in reality, wills are the bare minimum for most people’s estate planning needs. A will only comes into effect after you’ve passed away. If you become incapacitated, your health care and durable powers of attorney act in your place, which can complicate things. Having a will does not guarantee you’ll avoid probate, either. If you want to safeguard your family and assets fully, consider establishing a trust instead of just having a will. With a trust, you have more freedom and control over the management of your assets. There are different types of trusts to fit everyone’s specific needs, but they all fall into two
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Say Goodbye to Pet Hair Woes Tips and Tricks for a Hair-Free Home There’s no doubt about it: We love having our furry friends by our sides each day. Dogs, cats, rabbits, and other small animals make great companions, but they also come with their own challenges. One obstacle nearly every pet owner has to deal with is an overabundance of pet hair throughout their homes. Pet hair sticks to surfaces, and it’s not uncommon to find it on your clothes, on your carpets, or even in your car. You shouldn’t have to pat yourself down with tape or use a lint roller to remove hair whenever you leave the house, so here are a few methods to remove pet hair around your home. Fabric Softener Spray It’s no secret that fabric softener helps remove pet hair from clothes when used in a washing machine, but it can also free up the pet hair trapped in your carpets, rugs, and car seats. Mix 2 tablespoons of fabric softener with water in a spray bottle before applying the mixture to the hair-heavy area. This will cause the hair to clump together, which you can then sweep up with a broom. Run a vacuum cleaner over the area, and it will look (and smell) as good as new! Drill Brush You might not think your power tools would come in handy for this chore, but you’d be surprised. Using a brush attachment on a power drill is one of the best ways to loosen up pet hair. All you have to do is run the brush over the hair-covered area and follow behind it with your vacuum cleaner hose or crevice attachment, and the surface will look pristine. Brush attachments for drills are reasonably inexpensive and can be bought online or in home improvement stores. Prevention You don’t have to limit where your furry friends can go in the house, but using easily washable furniture and car seat covers will make pet hair cleanup much easier. Frequent passes with your vacuum, broom, and mop can also prevent pet hair buildup, but so can getting your pets groomed regularly! Whether you brush your furry friend down every day or take them to a professional groomer, these acts can help remove loose hair and stop it from ever reaching your floors.
MARGIE’S KITCHEN: BUTTERSCOTCH COFFEE CAKE
by Darlene Parman
This article is dedicated to my fabulous Texan mother, Margie Trammell. She spread her love through cookin’, so we continue the tradition here by sharing her yummy recipes and those provided by friends of Parman & Easterday. Here’s to baking more love into your life! This coffee cake is from my dear friend and Parman & Easterday client, Elizabeth Wilson, and is perfect for any celebration. The picture is of one I baked for a staff birthday (moments after the candles were blown out). The original recipe does not call for icing, but, let’s be honest, cake isn’t really cake unless there’s frosting on it. So, I created my own mix to add deliciousness on top of delight. Here’s to spoiling your loved ones with this divine treat!
Ingredients
• 1 cup water • 5 tsp cinnamon (1 tsp for cake and 4 tsp for pecan mixture) • 1 cup brown sugar • 3/4 cup chopped pecans (optional)
• 1 box of yellow cake mix (18.5 oz) • 1 box of instant vanilla pudding mix (3.4 oz) • 1 box of instant butterscotch pudding mix (3.4 oz) • 4 eggs, beaten • 1/2 cup oil
Directions 1. Preheat oven to 325 F. 2. Blend together dry cake mix, dry pudding mixes, eggs, oil, water, and 1 tsp cinnamon. 3. In a small bowl, combine brown sugar, cinnamon, and pecans. 4. Sprinkle half of the brown sugar mix into the bottom of a well- greased Bundt pan. 5. Pour half of the batter into the greased pan. 6. Sprinkle remaining brown sugar mix evenly over batter. 7. Pour the remaining half of the batter into the greased pan. 8. Bake at 325 F for 50 minutes. Cool long enough to remove from Bundt pan. Invert onto serving platter. And my secret to a moist Bundt cake: After inverting onto platter, I seal with plastic wrap to cool. This infuses the moisture back into the Bundt cake. My “from scratch” Cinnamon Brown Sugar Icing: 1 tsp cinnamon, 2 tbsp milk, 1 tsp vanilla, a quarter of a cup of brown sugar, a quarter of a cup of nuts (optional), and enough powdered sugar to thicken. Another topping: Purchase a good butterscotch or caramel sauce (like Braum’s) and pour over the cool cake as a glaze.
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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How We’re Handling Change and Growth
All Aboard the Green Energy Revolution
Future-Proofing Your Assets With Trusts
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Margie’s Kitchen: Butterscotch Coffee Cake
Pet Hair Takeover? Not Anymore! Top Solutions for Hair-Free Living
Lessons From Anna Nicole Smith’s Billion-Dollar Drama
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THE ANNA NICOLE SMITH STORY Costly Consequences of Neglected Estate Planning:
didn’t make this change in his will or any other estate planning document. Instead, his $1.6 billion estate went to his son, Pierce Marshall. The matter went to probate, where it was determined that Smith would inherit nothing. The following year, she filed for bankruptcy in California, and the California court disagreed with the probate results, stating that Smith was entitled to $449 million. The case then proceeded to the federal level and was eventually presented to the U.S. Supreme Court. The Supreme Court ruled in Smith’s favor, but when all was said and done, there were no winners. Pierce passed away in 2006, and Smith passed away the following year. Smith’s son also passed away in 2006 and was the only beneficiary on her estate plan, as Smith had failed to add her 5-month-old daughter to it before she passed. There were several more legal battles between Smith’s and Pierce’s estates — one of which made it in front of the Supreme Court again — before finally, the last of Smith’s
Whenever a prominent celebrity, entrepreneur, or athlete passes away, there’s usually quite a bit of money left on the table. Most of these individuals put careful consideration into their estate plans to ensure their assets are distributed appropriately, but that’s not always the case. In 1995, Anna Nicole Smith found herself in the middle of a probate case that would haunt her for the rest of her life. In 1991, a 23-year-old Smith met 86-year-old petroleum tycoon J. Howard Marshall. Marshall was worth over $1 billion at the time and quickly became smitten with Smith. In the following years, Smith appeared in TV shows, movies, and advertisements, and her popularity exploded. In June 1994, Smith and Marshall married in Houston, but their wedded bliss was short-lived. Marshall passed away 13 months after the wedding at the age of 90. Before passing away, Marshall promised Smith half of his estate. Unfortunately, he
cases was closed on Oct. 24, 2022, over two decades from when the disputes began. There are many lessons we can learn from this situation, but the most important one is to update your estate plan whenever you experience a life change. It’s also wise for celebrity couples to have a prenuptial agreement. It would have saved everyone years of struggle if Smith or Marshall had done either.
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