Estate Planning

Thursday, May 14, 2020

How Is Someone Declared Legally Incompetent?

Through the guardianship process, a guardian is appointed to an individual who is unable to make decisions on his or her own. The court must decide, based on the evidence presented, whether the individual is truly in need of a guardian. It is a very serious matter as the individual who would be appointed a guardian is set to lose many fundamental rights. In the cases of adults, the decision to pursue Read more . . .

Thursday, February 13, 2020

Can You Contest a Trust in Arkansas?

Trust and Estate Planning Attorneys

There are a number of reasons why someone would want to contest an estate planning document such as a trust or a Read more . . .

Monday, January 13, 2020

What Are Grounds for Contesting a Will?

Successfully challenging the validity of a will is usually very difficult. The testator, the deceased person who created the will, is no longer around to communicate his or her wishes.

Read more . . .

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.
Read more . . .

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 . . .

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.
Read more . . .

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.
Read more . . .

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.
Read more . . .

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.
Read more . . .

Friday, June 21, 2019

What to Know When Designating Beneficiaries

The act of designating beneficiaries to receive your assets upon your death is a smart way to avoid the probate process for a number of different assets including bank accounts, life insurance policies, real estate, and retirement plans. By doing so, the designated asset goes straight to the person or charity that you had assigned and avoids probate. While this is an extremely helpful way of distributing your property, there are still things that you should and should not do when you are naming your beneficiaries.

DO let your beneficiaries know what you are planning to gift them or leave that information clearly in an easily accessed location. It is important that the beneficiary know that he or she is such, as when they do not know that they have been designated as a beneficiary the money may remain unclaimed.
Read more . . .

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.
Read more . . .

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