Hyden, Miron & Foster, PLLC Law Blog

Wednesday, November 13, 2019

Gift Tax Returns

If you have a larger estate and have thought about or begun the estate planning process, you may have considered ways to avoid estate tax. Large estates are taxed on their value when the testator dies and leaves his assets to beneficiaries. One way people look to avoid the estate tax is by doing things like gifting assets during their lifetime.

In order to help prevent people from skirting estate tax obligations through lifetime gifts, a

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Friday, November 8, 2019

What Happens During an IRS Audit?

“IRS audit” is a phrase dreaded among most of the United States. Even for those of us who keep the most meticulous of tax records and properly file everything, the prospect of an audit is a stressful one. If you receive a letter in the mail from the IRS notifying you of an audit, panic may have set in. To help assuage some of your anxiety and prepare yourself for what is to come next, it is a good idea to familiarize yourself with what actually happens during an Read more . . .

Wednesday, October 9, 2019

Estate Tax Returns

The executor of an estate is tasked with filing tax returns for the estate, if necessary. The estate of a deceased individual is considered to be a separate legal entity for purposes of federal income tax.
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Friday, October 4, 2019

What Is a Charitable Remainder Trust?

A charitable remainder trust gives you the opportunity to not only donate to a cause close to your heart, but will also provide you and your heirs substantial tax benefits. While this kind of trust may not be for everyone, it is definitely something you should consider for your estate plan.
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Thursday, September 12, 2019

Life Insurance Trust

Trusts are an often overlooked estate planning tool as the main focus goes to wills. Trusts, however, have benefits that do not come with only having a will as part of your estate plan.
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Monday, September 9, 2019

The Benefits of a Living Trust

To set up a trust, you, the trust settlor, transfer ownership of assets to the trust. The trust holds legal title to the property and is managed by a trustee for the benefit of the trust beneficiaries. There are several types of trusts and each has variations that make them unique. For instance, you may wish to establish a living trust. 

A Read more . . .

Tuesday, August 13, 2019

Tax Fraud

Tax fraud is a pervasive crime in the United States that carries harsh penalties. The U.S. government does not take it likely on those looking to defraud them. They will go after the wealthy and those in lower socioeconomic levels if there is suspected tax fraud.
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Thursday, August 8, 2019

Why You Are Never Too Young to Estate Plan

Estate Planning at Any Age

Estate planning is not just for the old or infirm. It is for everyone. If you are young and in good health or have not yet built up your assets, you may think that you have no reason to estate plan. This is a mistake in thinking. Everyone has a reason to estate plan because no one is immune for the unexpected twists and turns that life can take.
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Wednesday, July 17, 2019

Does Arkansas have an Inheritance Tax?

Inheritance Tax

With regards to estates, there are several different types of taxes that you should be aware of. An estate tax is one that is levied on the estate of an individual who recently passed away. The tax is applied prior to the estate assets being distributed to the heirs. Arkansas, along with 37 other states, does not have a state estate tax, but there is a federal estate tax that may apply if the value of an estate reaches a certain threshold.

There is also the gift tax to consider.
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Sunday, July 14, 2019

How Do You Create a Valid Will in Arkansas?

Establishing a Will

A will is a legal document that establishes how you want your property distributed after you pass away. It also designates a personal representative who is tasked with managing your estate. A will is the most commonly utilized estate planning tool. It allows you to lay out your wishes in a clear and, when properly executed, legally binding way. The person establishing the will is referred to as the “testator.
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Monday, June 24, 2019

Prenuptial Agreements: Hoping for the Best While Preparing for the Worst

The act of marriage often conjures up the feelings of love, commitment, and a joining of two hearts. But what many fail to also recognize is that marriage is also a joining of two sets of assets. One of the most significant financial decisions that you can ever make is the act of getting married. That’s why it is so important that you protect yourself, your family, and your assets in case your love story doesn’t work out. 

Protecting Your Assets

A prenuptial agreement, or prenup, is a contract that protects your assets from the moment that you get married.
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