Estate Planning

Elder Law, Estate Planning

Long Term Care: The Steps to Qualify

It happens often to families today. They have to move a family member into a nursing home and it is never easy. You have to take someone out of their comfortable surroundings and move them into an area that they often do not want to go. Nursing home staff try to do the best they can to ease this transition,…

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Estate Planning, Probate & Estate Administration

IRAs and Trusts

I recently read a blog that stated “Naming a trust as a beneficiary of your IRA isn’t a good idea.” It went on and stated that it can get complicated and be done improperly. They did give some considerations to think about: Do you have any good reasons for leaving IRA money to a trust Make sure the trust beneficiaries…

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Estate Planning

Make sure your BFF is taken care of.

I’ve taken hiatus from my series on Estate Planning for Young Professionals, but I am getting back to it. 4.         Make sure your BFF is taken care of. When people think of estate planning they typically think of people. However, many young professionals have not yet started a family, but have a best friend forever. It is their pet….

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Estate Planning

Lifetime Gifts and Capital Gains Tax Implications

With the increase of the federal estate tax exemption to $5,340,000 in 2014, most Arkansas taxpayers are not subject to federal estate taxes. The focus for estate planning attorneys has now shifted to the income tax (capital gains tax) implications that arise when wealth passes to your loved ones. Without thinking about the income tax implications, many times elderly people…

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Estate Planning

IRA Transaction equals a $90k penalty

In a recent U.S. Tax Court decision the plaintiffs (Ps) lost to the tune of $94,645.20. This serves as a reminder about the costly consequences of making inappropriate transactions within a client’s IRA. The Facts: In 2001 Ps established traditional IRAs. Ps formed FP Corp. and directed their new IRAs to use rolled-over cash to purchase 100% of FP Corp.’s…

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Estate Planning, Interesting Legal-Lawyering Stories, Probate & Estate Administration

Matthew Crawley: Would his letter suffice as a Will in Arkansas?

Downton Abbey’s season premiere on Sunday night brought in more viewers than any other premiere in PBS’s history. For Downtown devotees, the episode was a little more somber than most. Perhaps this shouldn’t surprise anyone; after all, Matthew Crawley was one of the show’s most popular characters and his death was a shock to everyone. But Matthew’s premature death meant…

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Estate Planning

Young Professionals: Planning

3.         Planning: Where will your possessions go and who will take care of things. The term “estate planning” can be incredibly misleading. It covers a vast array of issues and planning techniques that apply to all those issues. Most people assume it involves massive sums of money, the truth is, at its most basic level, estate planning is simply…

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