Estate Planning for Seniors in Oklahoma
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Transcript of Estate Planning for Seniors in Oklahoma
ESTATE PLANNING
FOR SENIORS IN OKLAHOMA
– PART2
“In this second discussion on estate planning for seniors, we will focus on some specific areas and topics
that senior estate plans need to focus on.”
By Larry Parman OKLAHOMA ESTATE PLANNING ATTORNEY
Estate Planning for Seniors in Oklahoma – Part 2 www.ParmanLaw.com 2
In this second discussion on estate planning for seniors, we are focusing on
specific areas and topics that senior estate plans need to address. As you and
your attorney go through the estate planning process, you'll want to be ready to
ask any questions you have. Review the individual issues your plan addresses,
write down your concerns, and then discuss your questions with your attorney.
This is the only way to get the most out of your plan. The best plan is one in
which you take an active role and one that addresses all of your concerns. So to
help guide you through the process of creating an estate plan, here are several
issues your plan will focus on.
PLANNING FOR INCAPACITY
Many people live their entire lives without losing physical or cognitive abilities.
Others are not so lucky. Though incapacitation can occur to anyone at any time,
seniors are most at risk. What will happen to you when you lose your ability to
communicate or make choices? Who will make choices for you? What if your
Estate Planning for Seniors in Oklahoma – Part 2 www.ParmanLaw.com 3
cognitive abilities remain healthy, but you develop a physical disability? Will you
want to retain control over your finances while relying on others to manage your
physical needs?
Your estate plan needs to
address all these ques-
tionsand with a variety of
tools. You'll need powers
of attorney, advance
medical direct-ives, and
other tools that ensure
your wishes are
protected and that
people capable of
managing your affairs
are there if and when the time comes that you need to rely on them to care for
you.
PLANNING FOR LONG-TERM CARE
The idea that you might one day not be able to care for yourself and might
require part or full-time assistance is not something a lot of people like thinking
about. But the statistics on seniors and long-term care are sobering. Some 68
percent of seniors will become cognitively impaired or have a disability that
impairs daily activity.
Estate Planning for Seniors in Oklahoma – Part 2 www.ParmanLaw.com 4
About 50 percent of seniors will live in a nursing home or assisted living
community for at least part of their lifetime, and a large percentage of these will
live there for five years or more. The average costs of nursing homes vary, but
can easily exceed $70,000 or more per year.
So what are seniors to do? What if you don't need assistance at the moment, but
are worried you might in the future? How will you pay for long-term care? Is
insurance a good option for you? What about Medicaid or Medicare?
Your long-term care plan must answer these questions and more. Some long-
term care planning, such as Medicaid planning, is best done years in advance of
requiring care. Acting sooner rather than later is not just wise, it's necessary.
PLANNING FOR INHERITANCES
As a senior, another essential piece of your estate plan is deciding who inherits
Estate Planning for Seniors in Oklahoma – Part 2 www.ParmanLaw.com 5
what and when. Whether you have children, a spouse, grandchildren, charities,
religious organizations, educational institutions, or others to whom you wish to
leave an inheritance, you should confer with your attorney before making your
final decisions. There is no best way to do this. Deciding what you want to leave
and to whom requires careful thought. Your attorney will explain your options,
but you have to make the final decision. Once you've made your choice, your
attorney will guide you through the process of ensuring these choices are
honored.
MAKING A PLAN
There is never a better
time to begin estate
planning than right
now. If you're a senior
and have yet to begin
planning, your need is
even greater.
Unexpected problems
can arise and not
having the right plan in
place can mean
unnecessary complications for you, your family, and your loved ones. Even if
you're in good health and don't believe you need to worry about estate planning,
you need to be prepared for what the future might bring.
In short, if you are a senior citizen, you need to create an estate plan
immediately. Even if you created a plan years ago when you were younger, you
Estate Planning for Seniors in Oklahoma – Part 2 www.ParmanLaw.com 6
need to be certain the plan still works and meets your current needs. Documents
can become stale or no longer fit your needs.
If you haven't already done so, contact us as soon as possible to help you create
an estate plan that provides you with all the protections you want and need.
Estate Planning for Seniors in Oklahoma – Part 2 www.ParmanLaw.com 7
About the Author Larry Parman
After helping his own family deal with a lengthy probate and a battle with the IRS following his father’s death in a farm accident, Larry made a decision to help families create effective estate plans designed to reduce taxes, and minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors. Following a dozen years in the investment banking and financial services business, in the mid-1980s Mr. Parman formed a law firm that gives families the peace
of mind that comes from having created a premier estate and financial plan.
After forming his law firm in 1984, he offered a series of public and private seminars to inform the public about using a Living Trust as the foundation
of a family’s estate plan. Today, Parman & Easterday is one of the leading business and estate planning law firms in the Midwest. The firm’s primary focus is on business and estate planning, elder law, asset protection, and providing effective estate planning solutions for clients. Today, the firm’s premier estate plan design is referred to as a Legacy Wealth Plan.
Mr. Parman is a frequent guest on the radio and can be seen on television talk shows explaining the
importance of proper estate planning. Prosperity Productions selected Mr. Parman as a featured speaker in a nationally-recognized educational video on Living Trusts. He is the author of numerous
published articles on financial and estate planning matters and the co-author of two books, Estate Planning Basics: A Crash Course in Safeguarding Your Legacy and Guiding Those Left Behind in
Oklahoma: Settling the Affairs of Your Loved Ones.
Mr. Parman is a member and Fellow of the American Academy of Estate Planning Attorneys. He is also a member of the Oklahoma and Missouri Bar Associations, the American Bar Association, and the
Oklahoma City Estate Planning Council.
www.ParmanLaw.com
OVERLAND PARK, KS 10740 Nall Avenue, Suite 160 Overland Park, KS 66211 Phone: (913) 385-9400 Fax: (913) 385-9422
OKLAHOMA CITY, OK 13913-B Quail Pointe Drive Oklahoma City, OK 73134 Phone: (405) 843-6100
Fax: (405) 917-7018