Hyden, Miron & Foster, PLLC Law Blog

Tuesday, December 13, 2016

Six Tax Planning Strategies To Prepare For A Trump Presidency

Tax reform is high on the list for President Elect Donald Trump, who has vowed significant tax reforms in the first 100 days of his presidency. With a Republican controlled House and Senate, it is likely that his reforms will happen. If you haven’t had a chance to review the proposed reforms, here is a brief primer.

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Monday, November 21, 2016

The New Estate Planning That’s Critical for Clients

How can you protect yourself from “cyber intestacy”?

When you think of estate planning, the usual things come to mind: who to leave your jewelry, automobiles, real estate and other tangible property to. Seldom do we stop to consider what happens to our online presence or other property that may only exist in electronic form.

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Tuesday, November 15, 2016

Millennials And Boomers Should Be Planning For Their Retirement, Now

What are the top 5 things millennials should do right now for retirement?

Millennials have now beaten out the boomers for top spot in our population. This generation is characterized by high educational debt and a later start on the career path.  This puts them seriously behind the 8-ball when it comes to

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Monday, October 17, 2016

Are Political Donations Tax Deductible? In Arkansas, The Answer Is Yes!

During the first presidential debate between Democratic nominee Hillary Clinton and Republican nominee Donald Trump, taxes were a hot topic. Instead of just talking about tax policy, however, the candidates were also talking about Trump’s tax return, which he has refused to release.

Clinton alleged Trump is hiding the fact that he has been paying little, if any, taxes.

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Monday, October 17, 2016

Arkansas Supreme Court Clarifies Requirements for Special Needs Trust

What complications may arise with a special needs trust?

Ensuring that our loved ones are cared for when we are gone is important. It gives us peace of mind. This is especially true when we are caring for loved ones with physical or mental disabilities. 

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Monday, October 17, 2016

McDonald’s sued by late artist’s estate for copyright infringement

How can you protect your intellectual property assets after death?

When it comes to asset protection, we typically think of tangible things like cars, homes, jewelry and other types of personal or real property.  Seldom do we think of intellectual property when creating an asset protection plan or otherwise planning our estate.

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Wednesday, September 21, 2016

Enjoy Your Retirement Years by Lowering Your Taxes

What steps can I take to reduce my taxes during retirement?

You likely have a lot of plans for your first few years of retirement.  You may want to travel, take up a new hobby, or simply enjoy your new free time.  In addition to pursuing your passions, you should consider taking the time to follow some important steps that could potentially lower your tax bill for the remainder of your life. 

During the first few years of retirement, as you stop receiving a paycheck and start living off other funds, such as a pension or investments, your income will likely drop to a lower bracket. This means you will pay a lower

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Sunday, August 28, 2016

Don’t Get Caught in the Next Panama Papers Scandal

Earlier this year, private data from the Panamanian law firm of Mossack Fonseca was released to the International Consortium of Investigative Journalists via an anonymous informant. This data revealed the firm had helped many politicians and business leaders from around the world set up shell companies and off shore accounts in tax havens.

The impact of the release of what are now known as the “Panama papers” has been widespread. 12 current or former heads of state have been linked to secret offshore accounts. Icelandic Prime Minister Sigmundur Gunnlaugsson was actually forced to resign after his accounts were revealed to the public.

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Wednesday, August 10, 2016

Tax Tips for Freelancers and “Gig” Workers

What tax deductions can I take as a freelance employee?

Millions of Americans today are self-employed, engaging in freelance or so-called “gig” work.  Our economy has been termed a “gig economy” because so many Americans are working multiple short-term jobs or single projects, often connected to their employers through websites and mobile applications.  Freelancers typically receive a 1099 form that summarizes their earned income.  According to the IRS, there were over 91 million 1099 forms issued across the country last year, the highest number on record. 

Filing taxes as a freelancer can be complicated as you may be dealing with numerous 1099 forms and likely have questions about deductions.

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Tuesday, August 9, 2016

It’s Not Like You See on TV

In pretty much every sitcom ever made, there is an episode where one of the main characters inherits some strange object after the will of a deceased relative or friend is publicly read. The concept is so ingrained in pop culture that most people are shocked to find out that such things hardly ever happen in real life. 

Most people simply do not leave directions about what to do with specific objects in their wills. And one of the main reasons why, is that their lawyers tell them not to.

Why Putting Lots of Specific Instructions in Your Will Is Generally a Bad Idea

The main reason it is a bad idea to list a bunch of items in your will is that it makes the will weaker.

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Tuesday, July 19, 2016

State Taxes & How They Affect You

A big part of estate planning requires the anticipation of various taxes.   Taxes can range from personal income tax, estate taxes, use tax, and the like.  For example, if you inherit a decedent’s property, you will likely need to pay inheritance taxes to the state.  However, estate taxes are generally removed from the actual estate of the decedent. 

You should also remain aware of your state’s tax laws that may affect you.

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