Hyden, Miron & Foster, PLLC Law Blog

Wednesday, May 22, 2019

Arkansas Estate and Gift Taxes

Giving or receiving an inheritance or a gift is often talked about during the estate planning process. It is often forgotten, however, that these types of transfers may carry tax consequences for those who are giving and those who are receiving.
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Friday, May 17, 2019

Delinquent Foreign Bank Account Report

A Foreign Bank Account Report (FBAR) refers to FinCEN Form 114. It is a form that must be filed with the IRS by a US citizen and resident who owns or has signatory authority over a financial account that is outside of the country. You must report your foreign bank accounts to the IRS whenever the total value of all of your foreign bank accounts reaches an amount that is greater than $10,000 at any point of time throughout the year. Whether it is a savings account, checking account, or a securities or brokerage account, the foreign bank account must be reported to the IRS I a timely manner. If you have a delinquent FBAR, there are special procedures you must follow to file the past due report.
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Friday, April 12, 2019

How Often Should I Update My Will?

Despite often proving difficult to think about what happens after we pass away, writing a legal will and other estate planning documents are extremely important. While it may be nice to have a will in place, as things change throughout our lives, and we evolve, so should our will and documents. 

It is not uncommon for life events such as marriage, births to occur. By updating your will, you ensure that your final goals and objectives are met – especially so that your loved ones are taken care of as you wish after you die. 

In order to ensure that this is so, it is recommended that you review your will with an estate-planning attorney after every major life occurrence.

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Saturday, April 6, 2019

Estate Planning Under the Tax Cuts and Jobs Act

On Dec. 22, 2017, The Tax Cuts and Jobs Act was signed into law, changing estate planning for everyone. Under the new law, there are numerous – albeit complicated – tax planning opportunities, but simple estate planning provisions.

The estate tax exemption was increased to $11.2 million for each individual ($22.
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Saturday, March 30, 2019

What Can a Generation Skipping Trust Do For You?

Estate planning for wealthy individuals often involves using a variety of trusts to protect assets and avoid tax liabilities. However, trusts can be beneficial for anyone seeking to avoid probate, reduce tax liability, and protect assets. One type of trust that many families use to leave a legacy to future generations is a Generation Skipping Trust.

If you are interested in including a Generation Skipping Trust or another trust in your estate plan, an Arkansas estate planning attorney can provide guidance and suggestions as you develop an estate plan that protects you and your heirs.

What is a Generation Skipping Trust?

A Generation Skipping Trust (GST) allows grandparents to leave money or assets to their grandchildren to avoid paying estate tax twice. If a parent leaves property directly to a child, the inheritance is subject to federal estate tax if the value of the inheritance exceeds the estate tax exemption. If the parent then leaves the same assets to his or her children, the assets are subject to federal estate tax again if the value exceeds the estate tax exemption.

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Thursday, March 28, 2019

5 Reasons to Consider a Qualified Personal Residence Trust

An Arkansas estate-planning attorney may recommend using a variety of estate planning tools to accomplish your goals. One of those tools may be a Qualified Personal Residence Trust (QPRT).

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Tuesday, February 12, 2019

How Will the Government Shutdown Affect Tax Filings?

The government shutdown is frustrating for many Americans. Even for those who are not directly impacted by the shutdown as an employee working without pay or an employee who is furloughed, the negative impact of the government shutdown may be felt by all taxpayers this year as we prepare to file our income tax returns. The IRS announced it would recall thousands of unpaid workers to avoid a delay in beginning the tax filing season.  However, our

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Tuesday, February 5, 2019

The Drawbacks of Using a Will Alone

Will my estate go through probate if I have a Last Will and Testament?

Wills and estate planning have become nearly synonymous. When most of us hear the term estate planning, our minds jump to creating a will, and wills do serve an important purpose when it comes to estate planning. The Last Will and Testament is one of the oldest estate planning tools.  With a will, you can name who you want to receive your assets upon your death. Absent this crucial document, your assets will simply be divided in accordance with state law.
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Wednesday, January 23, 2019

Make Sure Your Estate Plan is Disaster Proof

How should I store my estate planning documents to protect against natural disasters?


This past year, parts of the nation were struck by horrific natural disasters. In California, multiple wild fires resulted in thousands of families losing their homes and the destruction of entire towns. In North Carolina, Hurricane Florence caused extensive flooding in some regions, forcing families to start over. Meanwhile, Hurricane Michael became the most powerful storm to ever hit the panhandle, causing thousands of residents in communities in the area to lose their homes and businesses. These tragedies highlight the sad fact that in a moment, your possessions could be destroyed.
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Tuesday, January 15, 2019

Do You Have Foreign Assets? How to Ensure You're Compliance with FBAR and FATCA Requirements

It is imperative that taxpayers who have financial assets outside of the United States review the filing requirements and deadlines for reporting foreign assets to ensure they remain compliant with IRS regulations. Filing the correct tax forms on time can avoid excessive fines and penalties that the IRS may assess for noncompliance. Our Arkansas foreign tax compliance lawyers discuss some of the FBAR and FATCA filing requirements below and are available to answer any questions you might have about reporting foreign assets.

Key Things to Know About Reporting Foreign Accounts (FBAR)

An FBAR is not filed with your tax return and does not go to the IRS. The FBAR is filed online through the BSA E-filing System for the Department of Treasury.

Read more . . .

Tuesday, December 11, 2018

Estate-Planning Documents Every 18-year Old Should Have

Many young adults believe they do not need to meet with an Arkansas estate planning attorney because they are too young, do not have sufficient assets, or they simply do not want to deal with issues related to death or incapacitation. However, when a child turns 18 years old, they are no longer a minor. They now have certain privacy rights that a parent cannot violate. Unfortunately, these privacy rights could prevent a parent from caring for or assisting a child once the child is no longer a minor.

Therefore, parents and young adults should work with an Read more . . .

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