Hyden, Miron & Foster, PLLC Law Blog

Monday, October 15, 2018

Learning From Aretha Franklin’s Death

What will happen to Franklin’s estate?

Aretha Franklin, the legendary Queen of Soul, recently passed away at the age of 76.  Franklin, who rose to fame and fortune in the late 1960’s, left behind an estate with an estimated value of $80 million. While the size of her estate is no surprise given her fame, what shocked many is that she did not have a will or trust in place.  Without a will to guide the distribution of her assets, her assets will be forced to go through probate and be divided per state law. Our Arkansas estate planning lawyers discuss what will become of Franklin’s estate and how you can use estate planning to avoid probate.

The Fate of Franklin’s Estate

Aretha Franklin’s $80 million estate will need to go through probate in her home state of Michigan because she died without a will or trust in place.  Without any instructions as to her last wishes, the court will be required to distribute her assets in accordance with the law in her home state.  Her family will need to make decisions as to a funeral and burial because they do not have guidance on the matter.


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Monday, October 8, 2018

What is an Offer in Compromise?

If you’ve ever received a notice from the IRS telling you that you owe more money, you know that sinking feeling in the pit of your stomach. You know the questions you start asking yourself -- How many more overtime hours will this take to pay off? How will I pay for my child’s college tuition? And more. While being under IRS scrutiny is never a comfortable thing, you may be able to take comfort in the IRS Offer in Compromise program, which provides relief to indebted taxpayers. It’s not as simple as filling out a form, so talking with an experienced offer in compromise lawyer is a good idea if you want to reduce your tax debt.

Reduce Your Tax Debt – As Seen on TV

Many purported “tax relief” companies tout the offer in compromise as a new, limited time gimmick. The truth is, the offer in compromise has been around for decades. Be careful when dealing with debt relief companies that advertise on late-night television. They like to promise big results quickly. Unfortunately, some of the less-scrupulous companies will do nothing but relieve you of your hard-earned money overnight.


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Friday, October 5, 2018

Five Things You Didn't Know About IRS Audits

If you receive notice of an audit by the Internal Revenue Service (IRS), stay calm, but do not ignore the notice. An audit notice does not necessarily mean that you have done anything wrong. But, you should also make sure that you understand your legal rights and responsibilities by speaking with an..


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Monday, September 17, 2018

Seven Things You Should Know About Planning for a Special Needs Family Member

If you have a special needs family member, it is essential that you take steps to provide for your loved one while you are still able to do so. You need to have a plan in place that ensures the smooth transition of care for your loved one if you are no longer able to provide that care. In addition, you also need to ensure that your loved one has the financial means to provide for his or her care and needs.


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Thursday, September 13, 2018

Aretha Franklin Dies Without Will: What Next?

The “Queen of Soul” passed away last month of pancreatic cancer at the age of 76. Aretha Franklin, a pioneer in the music industry, demanded to be paid in cash before performances. Despite knowing of her terminal illness, she did not plan ahead and leave a..


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Wednesday, August 15, 2018

Estate Planning for Millennials

Why is it important for young people to have an estate plan?

Millennials, or those born between the years of 1981 and 1996, are now busy building careers and starting families of their own. Today’s Millennials watched the nation take a hit during the 2007 recession. For many Millennials, this defining event has created an air of caution when it comes to finances and investing. Wise Millennials understand that developing an...


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Wednesday, August 8, 2018

Understanding RMDs in IRAs

Retirement accounts are extremely popular vehicles for saving for retirement. However, the government does not allow you to leave your tax-deferred dollars in an Individual Retirement Account (IRA) indefinitely. While it is not a problem for some individuals, some retirees would prefer to leave the money in the account if they have sufficient income. Mandatory withdrawals from an IRA could result in an income tax debt.


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Monday, July 23, 2018

Arkansas Faces Potential Online Sales Tax ‘Mess’

Do E-Commerce Sites Pay Sales Tax? 

In 1992, the United States Supreme Court decided in Quill Corporation v. North Dakota, that companies who had no physical locations within a state were not required to collect sales tax from its customers.


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Tuesday, July 10, 2018

Estate Planning for Small Business Owners

What unique considerations exist for business owners when creating an estate plan?

Business owners wear many hats. As a small business owner, you are a general manager, advertising and marketing manager, therapist, copywriter, accountant, and much more. You play a vital role in your business’ success, and it is critical that you take steps to ensure your business will continue to thrive after your death. Without an estate plan in place that contemplates the needs of the business, your death could result in the end of the business. Our


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Monday, July 2, 2018

What's New With Your Company's Retirement Plan


By: Danny Broaddrick, ERISA/Qualified Plan Counsel

 

Recent legislation has impacted various aspects of many qualified retirement plans such as 401(k), profit sharing and even defined benefit (pension) plans to some degree. Some of the significant changes to note are as follows:


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Tuesday, June 26, 2018

Probate Litigation Explained

What issues often give rise to probate litigation?

Under Arkansas law, when a person dies with property, his or her estate will go through a process known as probate. Probate involves the accounting and gathering of assets to be divided and dispersed in accordance with the descendant’s will or state law.


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