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.

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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

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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

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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.

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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