Farha Attorney at LawFarha Attorney at Law2024-03-18T15:44:14Zhttps://www.farhalawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1503470/2023/02/cropped-Farha-site-icon-c-32x32.pngOn Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526132024-03-18T15:44:14Z2024-03-18T15:44:14ZEstate planning to protect your long-term care needs
You have a lot of estate planning options. But if you want to shield your assets while protecting your ability to secure funding for long-term care, then you need to exercise care. One way to do that is to reduce your assets to the point that you qualify for Medicaid. Here are some ways to do that:
Spend down assets: Medicaid has a five-year lookback period. This means when you apply for Medicaid coverage, the government is going to look at your assets and financial transactions to see if you just quickly and recently got rid of assets to meet eligibility requirements. If they find that you did so during the five years proceeding your application, then you’ll likely be denied coverage. If you can spend down your assets prior to the five-year lookback period, though, then you’re more likely to be in the clear for coverage purposes.
Use a Medicaid asset protection trust: This trust allows you to remove assets from Medicaid eligibility considerations while still protecting them. For example, if you place your residence in the trust, then ownership will transfer over to the trust, but you’ll still be able to reside in the home. Some assets aren’t transferrable to this type of trust, though, so you may have to liquidate some of them to properly fund the trust. Just keep in mind that this type of trust is irrevocable, meaning that you can’t remove assets from the trust once they’re placed inside of it.
Use long-term care insurance: A long-term care insurance policy might be able to help you cover some of the expenses that you experience from a nursing home or other long-term care stay, but there are a lot of nuances to these types of policies. So, be sure to have a full understanding of what your policy can and can’t do for you.
Utilize an annuity: Through an annuity, you receive regular payments based on a premium that you’ve paid. Because you reduced your assets by paying the premium, you might then qualify for Medicaid given that the periodic payments received through the annuity will be spaced out enough so as to not impact your eligibility.
Figure out the best way to protect your potential need for long-term care
There’s a lot that goes into the estate planning and long-term care planning process. And you have to competently navigate all aspects of your plan if you want to protect your access to needed healthcare and shield your assets for your loved ones’ benefit. If you need help figuring out the best way to do that in your unique set of circumstances, then now is the time to get to work learning more about the process and the tools available to you.]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526112024-02-13T19:23:31Z2024-02-13T19:23:31Zcompensated for everything you lost, you must itemize and calculate your damages.
Economic damages
Oklahoma law uses two main categories for damages: economic and noneconomic. Economic damages include losses that can be verified, such as your medical expenses and the wages you lost while you were unable to return to work.
It's important to note that economic damages aren't limited to the losses you suffered up until you filed your lawsuit. To recover the full compensation you deserve, you must also calculate how these economic damages will continue in the future. This is especially important in cases involving serious injury. If your injuries will require you go through medical and rehabilitative care for many years, you should be compensated for those costs. Similarly, if your injuries mean that you can't do the kind of work you did before the accident, and that you will therefore earn less than you did before you were injured, you should be compensated for that future loss of income.
Noneconomic damages
A serious injury can affect almost every aspect of your life, and it isn't easy to put a price tag on some of these changes. The category of noneconomic damages is meant to help the injured recover compensation for these losses, which can include pain and suffering, loss of companionship, disfigurement, mental anguish and more. If you aren't compensated for these losses, you are not being compensated for everything you have lost as the result of someone else's negligence.
However, Oklahoma law places some limits on the total amount of noneconomic damages available. In most cases, noneconomic damages are capped at $350,000. In most medical malpractice cases, the limit is $300,000. Under the state's comparative negligence law, you cannot recover at all if you were more than 50% at fault for the accident in which you were injured.
There are some exceptions to the noneconomic damages limits. These are chiefly for cases in which the defendant's behavior was especially egregious.]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526052024-01-31T17:14:49Z2024-01-31T17:14:49Zeffective estate planning that looks at creating longevity and security. That might sound challenging to do, and it is to a certain degree, but there are several estate planning vehicles that can help you along the way.
Trusts you can use to ensure your estate assets last
The number of estate planning tools that you can use can quickly become overwhelming. But you can choose those estate planning options that are right for you simply by reading up on what each of them can and can’t do for you. Here are some that you might want to consider if you’re looking for estate planning vehicles that will ensure asset longevity:
Spendthrift trust: This trust releases assets incrementally so that a beneficiary can’t spend away the assets too quickly. This provides support to your named beneficiary while protecting estate assets from misuse and the beneficiary’s creditors.
Discretionary trust: Similar to a spendthrift trust, this estate planning tool allows assets to be released as deemed appropriate by the trustee. Given that the trustee has control over when and how assets will be disbursed, you’ll want to choose someone you trust to act in that capacity.
Incentive trust: Here, assets are held in the trust until an identified triggering event occurs. That event could be the birth of a child, graduating from college, holding a full-time job for a specific period, or completing some sort of substance abuse treatment program. You have a lot of room to use this trust as you see fit, which can drive your loved one to make smart decisions while protecting your assets until your beneficiary is ready to receive them and use them in a responsible fashion.
Generation-skipping trust: As its name implies, this trust allows assets to skip over your children to be inherited by your grandchildren. This has tax advantages, but it also allows your assets to support your family in the long-term without risk of them evaporating within one generation.
Remainder trusts: With this type of trust, an initial beneficiary is supported by the trust’s assets, and anything remaining in the trust at the time of the beneficiary’s death is distributed to a second named beneficiary. This adds a bit of longevity to your estate’s assets.
Create the custom-tailored estate plan you want
These are just a few of the ways that you can develop an estate plan that ensures your assets will last long-term. There are several other options that you can utilize to bring your vision of the future into reality. You simply have to know what’s out there for you to use and how to implement them into a cohesive plan.
That can be stressful to think about as you navigate daily life, but it’s not something that you have to overwhelmed by. You can find support in developing your estate plan so that you can put your mind at ease knowing that your affairs are in order.
]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526082024-01-29T21:43:30Z2024-01-29T21:43:30ZStudy shows Oklahoma roads are some of the safest in the country
It might surprise you to know that Oklahoma has been ranked as one of the best states to drive in.
Oklahoma came in fourth place in an overall ranking of the best states for driving, with Iowa, Georgia and Kansas being in the top three.
The study that determined these rankings examined several different factors including average gas prices, road conditions and traffic congestion on the roads. Other considerations included the cost of owning and maintaining a car and access to vehicle maintenance facilities.
Despite these positive statistics, motor vehicle accidents can still happen on Oklahoma roads and you should do your best to be prepared and stay safe while driving.
Tips for staying safe on the roads
Always make sure your vehicle is properly maintained. Have regular maintenance checks done and avoid driving if your vehicle is not working properly, especially on busier roads or highways.
Use the safest available route. You probably know the roads and highways that are likely to be the busiest, so using back roads or an alternate route can make for a safer drive.
This is not always practical, since sometimes the busiest route is the fastest. When you find yourself stuck in traffic, give other drivers plenty of space. Do not tailgate. This increases your reaction time and reduces the chance of colliding with the vehicle in front of you if you must come to a sudden stop or are rear-ended by the vehicle behind you.
Stay in the middle lane on a three-lane road. This is usually the safest lane. The left lane is usually filled with the fastest drivers while the right lane contains drivers entering or exiting the highway.
Give yourself extra time if you know you will likely face heavy traffic or if you must be somewhere at a certain time. Avoid aggressive driving if you fall behind schedule. Remember that getting to your destination safely is your goal.
A car accident can change your life forever
The aftermath of a car accident can be difficult. While you try to heal from your injuries, you may face mounting medical bills and miss work or even lose your job.
The impact of a car accident is not always just physical. Accident victims often experience severe mental and emotional injuries after the accident that require ongoing counseling and therapy.
Compensation for these and other costs through a personal injury action can help you start to rebuild your life after an accident.]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526042023-12-06T06:39:40Z2023-12-06T06:39:40Zestate plan is right for you.
Estate planning vehicles that can shield your wealth from creditors
You have options when it comes to protecting your wealth from creditors. Here are some of the most commonly utilized estate planning vehicles that could help you do just that:
Irrevocable trusts: Through the establishment of one of these trusts, you transfer ownership of the assets to the trust, but you also can’t reverse the transaction. Since you’ve completely relinquished ownership of the assets placed into one of these trusts, creditors lose the ability to reach those them. There several types of irrevocable trusts you can use, too, including a spendthrift trust and discretionary trust to limit the release of assets, a special needs trust to care for a loved one with medical needs, and a charitable remainder trust to support a cause in which you believe.
Accounts with pay-on-death provisions: Several accounts allow you to name a beneficiary to whom assets will be paid once you pass away. This creates a direct transfer of wealth, oftentimes unimpeded by creditors’ reach. Checking, savings, and individual retirement accounts can be subjected to these provisions. It’s worth noting, though, that some of these assets could be claimed by creditors in probate court, but they have a lot of leg work to successfully do so.
Lifetime gifting: While you’re still alive, you can transfer up to $17,000 a year to each individual. This gifting is exempt from taxation and outside the reach of creditors. It also allows you to see your loved ones enjoy your wealth while you’re still around.
Certain business structures: Another option is to transfer some of your wealth to a newly created business, such as a family limited partnership. Since these assets then become owned by the business and the partnership, it becomes much more difficult for your individual creditors to reach them.
As you can see, there are a lot of different approaches you can take to try to protect your wealth from creditors. By doing so, you can ensure that those assets are passed down to your loved ones just as you envisioned. That said, this process isn’t automatic, so you need to be proactive in developing the estate plan that’s right for you and your family.
Do you need further guidance in the creation of your estate plan?
If so, then take comfort knowing that help is available. There are a number of resources online to help give you a basic foundation of what to expect and what to look for when creating an estate plan, but we discourage you from trying to create an estate plan on your own, as the DIY process can be fraught with dangers that can threaten the legal viability of your plan.
So, if you’re ready to get started on your estate plan, then now is the time to read up on the process and look for any additional assistance that you may need. We hope that our blog and rest of our website will prove beneficial in that regard.
]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526032023-11-15T20:07:28Z2023-10-27T19:05:52Zrecent statistics show that truck accidents increased in Oklahoma between 2020 and 2021. There was a total of 4,784 truck accidents in 2020 and 5,575 in 2021, reflecting a 16.5 % increase.
Out of these accidents, there were 75 fatalities in 2020 and that number increased to over 100 in 2021. Over 1,000 truck accidents resulted in injuries during both years.
Common causes of truck accidents
These statistics demonstrate the importance of knowing some top causes of truck accidents and what you can do to avoid becoming a truck accident victim.
Some common causes of truck accidents include:
Distracted driving
Drowsy driving
Improperly maintained trucks
Lack of training
Truck drivers have hectic schedules and often put in long days. This means many drivers may be driving while sleepy or exhausted, creating unsafe conditions for everyone on the road.
The long hours on the road can also contribute to an increase in distracted driving. Truck drivers should never be using their phones while driving, but other activities, such as eating or adjusting a navigation or music system are other forms of distracted driving that can cause accidents.
Trucks must be regularly maintained to keep them safe for highway driving. A poorly maintained or serviced truck can cause an accident, as can incorrectly loaded or secured cargo.
Trucking companies have a duty to properly train drivers before sending them out on the roads. If the idea of drivers operating huge vehicles at fast speeds without the proper training sounds scary, it should.
Weather is another factor involved in many truck accidents. Heavy rain and high winds can make operating a large truck difficult and create a risk for every driver on the road.
What you can do to avoid a truck accident
You can reduce your risk of a truck accident by avoiding risky driving behaviors yourself, such as distracted, drowsy or drunk driving. Follow the traffic laws and do not speed, especially if you are driving around large trucks.
If you get nervous driving near trucks, avoid them as much as you can. Drive safely past them and keep as far ahead of them as you can without speeding. If you cannot safely pass them, pull over into the slow lane and let them pass you.
An accident with a large truck can destroy your entire life. Healing and recovering from your injuries can take a long time. You may be unable to work while you recover or be unable to work ever again depending on your injuries. The entire experience can have a huge mental and psychological impact on you.
You have rights as a truck accident victim, including the right to be compensated for your damages. Compensation requires proving negligence,]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526022023-09-28T05:10:05Z2023-09-28T05:10:05ZOklahoma Highway Safety, there were nearly 700 fatal accidents in Oklahoma in 2021. The loss of a loved one in an accident can be overwhelming for the family members left behind. In addition to dealing with the devastation of suddenly losing someone they love, they may also have to worry about paying bills and supporting their families.
If someone's negligence, recklessness or an intentional action caused your loved one’s death, you may be able to file a wrongful death lawsuit on behalf of the deceased person who cannot file a personal injury claim for themselves.
Who can file a claim?
In Oklahoma, a personal representative of the person who passed away is the only one who can file a wrongful death claim. If the deceased had named an executor in the will, that executor is the personal representative. If there is no will, the court will have to appoint a personal representative. Typically, that will be a close family member.
What damages can I recover?
While the personal representative is the only one allowed to file suit, several parties may recover compensation, including surviving spouses, children, and parents of the deceased. These parties may recover damages for:
Medical, burial, and/or funeral expenses.
Loss of income/benefits the deceased would have earned if they were still alive.
Pain and suffering experienced by deceased prior to death.
Loss of consortium.
Loss of companionship.
Filing your wrongful death claim
The personal representative of the deceased’s estate will typically have two years from the date of the deceased’s death to file suit. In most cases, a party will be liable for damages if they owed a duty of care to the deceased and their breach of that duty caused the deceased’s death.
For example, drivers owe a duty to other drivers to operate their vehicles safely. If a driver speeds through a red light and strikes another driver’s vehicle, and the other driver passes away as a result of the accident, the negligent driver may owe damages to the family of the deceased.
]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526012023-08-18T18:29:53Z2023-08-24T18:26:48Z
Drivers behaving more recklessly and traveling at excessive speeds
More people getting behind the wheel while under the influence
Distraction with the temptation of cellphones with seemingly endless capabilities to stay connected and multi-task
People working longer hours and spending more time on the road leading to drowsy driving
This puts everyone in jeopardy, especially pedestrians, bicyclists and motorcyclists. Children and the elderly are at constant risk, but anyone can be injured.
Vision Zero program hopes to reduce fatal accidents
The road fatality statistics in Oklahoma City have been rising, even with the number of accidents and injuries on the decline. Between 2018 and 2021, auto crash fatalities increased by more than one-third for people in automobiles. For pedestrians, they rose by nearly three-quarters.
In its role overseeing the national transportation system, the U.S. Department of Transportation is tasked with finding solutions to the inevitable problems that arise. One way in which it is trying to make the roads safer is through the Vision Zero program.
Oklahoma City received an $800,000 grant from the USDOT in early 2023. Now, strategies are moving forward. The plan is for the project to be completed within 18 months. Many fatalities are viewed as avoidable if people are attentive and adhere to the law.
Some areas in the city do not have sidewalks. Adding them is expected to improve safety. Lowering the speed limits on specific roads is also under consideration. Through the comprehensive Vision Zero program, people are encouraged to behave in a safer manner with the ultimate objective of eventually ending all road deaths.
There are ways to address the aftermath of an auto accident
Despite the well-crafted concepts and lofty ambition of Vision Zero, the sad reality is that many motor vehicle accidents in which people are hurt or lose their lives are difficult to prevent. In addition to the trauma of severe injuries or losing a family member, many people are unsure of what they can do to recover for all that was lost.]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2526002023-07-14T17:44:48Z2023-07-26T17:43:46Ztop reasons why young adults shouldn’t procrastinate in creating a holistic estate plan.
Top reasons why young people need estate plans
There are a lot of benefits to the estate planning process. Here are some of the most important as they pertain to younger adults:
Specifying care for your children: People with children often focus their estate plan on what’s best for their kids. While this certainly includes figuring out asset distribution, it can also entail specifying who will take care of your children if you pass away when they’re still minors. Through an estate plan, you can name the future guardian or guardians of your children, which will prevent any fighting that might occur if you otherwise pass away without clear instruction.
Planning for a medical emergency: Even though you might be healthy now, everything can change in the blink of an eye. A car accident or the sudden onset of a medical condition can leave you unable to make important decisions for yourself. Under these circumstances, you’ll want someone you trust to make health care and financial decisions in your best interests. You can achieve this by creating a health care directive and a power of attorney as part of your estate plan.
Handling your digital assets: As time goes on, more portions of our lives have become digitized. You might have money stashed away in cryptocurrency or in online payment systems like Venmo, and you also probably have sentimental assets like pictures and videos that have been uploaded onto various social media platforms. You need to ensure that someone you trust can access these digital assets and appropriately handle them when the time comes. That’s why you’ll want to specifically address these assets in your estate plan.
Distributing assets: It may not seem like you have many assets, but you probably own things that are important to you. This might include your car, your home, or even your pet. You shouldn’t leave these items without protection. By creating a solid will or using a trust, or some combination of the two, you can ensure that those assets are well taken care of after you’re gone and that your loved ones are adequately supported.
Considering debts: If you have a lot of debt, you might want to find ways to shield your assets from creditors as much as you can so that more of your assets pass down to your loved ones. An effective estate plan may be able to help you do just that.
Start planning now
As you can see, there are a lot of benefits to estate planning, even when you’re young. Although the process can feel overwhelming, we think you’ll find the process much easier once you educate yourself about the process and learn more about the estate planning tools at your disposal.
Hopefully, then you can make the fully informed decisions that are right for you, your estate, and your loved ones. So, if you want to learn more about the estate planning process and what it can do for you, don’t hesitate to reach out for the resources you need.]]>On Behalf of Farha Law, PLLChttps://www.farhalawfirm.com/?p=2525992023-06-09T06:25:30Z2023-06-22T11:00:36Zblended family. After all, you probably want to support your spouse, but you probably also want to make sure that your children from another relationship are taken care of when you’re gone. How do you do that?
Don’t forego estate planning altogether
The first important thing to recognize is that foregoing an estate plan altogether can jeopardize your vision of the future. In these circumstances, assets are passed down in a way dictated by state law.
This means that your spouse is going to end up with a significant share of your estate. While that may not be a bad thing, it also gives your spouse full control over what to do with those assets and how to pass them down when the time comes. In other words, your portion of the estate that goes to your spouse might end up being inherited down her family line, which can cut off your children from the financial assets that you intended for them to receive.
So, what should your estate plan look like?
There are several ways to protect your interests in your estate plan. Let’s take a look at some of your options:
Remainder trust: One commonly utilized option is the remainder trust. Here, you leave assets to your spouse for the rest of their life. Then, once they pass away, the assets they inherited from you will pass to another named beneficiary. This allows you to take care of your spouse while still providing support to your children from another relationship.
Gift assets during your life: The IRS allows you to give away several thousands of dollars a year to an individual without acquiring a tax penalty. Therefore, you might want to consider protecting your children by giving them some of your assets while you’re still alive. You might be able to avoid estate planning woes that way.
Use life insurance: Another way to balance out your assets is to use a trust to support your spouse or your children while naming the other party as the beneficiary of your life insurance policy. This ensures that both receive support at the same time, too.
Focus on specific assets: There might be specific assets that are important to your spouse or your children. If that’s the case, then you might want to focus your estate plan on distributing assets to those who are best suited to inherit them.
Think about a marriage bypass trust: Here, you allow your spouse to use your assets without actually acquiring ownership of them. Then, once they pass away, those assets are inherited by a named beneficiary. This is similar to a remainder trust, then, except with a marriage bypass trust your spouse never actually owns the assets and therefore can’t give them away or otherwise dispose of them.
Make sure you’re protecting your interests
An ineffective estate plan can leave your hard-earned wealth in the wrong hands. If you want to avoid that from happening, then now is the time to start figuring out how to craft the appropriately thorough estate plan that you need. Fortunately, you can keep reading our blog and other sources to figure out the best course of action for you, your family, and your estate.
]]>