Estate Planning

Estate Planning

Estate Planning: Young & Broke

To hear estate planners and “death tax” opponents tell it, a crisis looms. Currently, the estate tax exemptions are at a little over five million dollars ($5,000,000.00) for one person and double that for a couple. We all know there are not that many people in Arkansas that need to worry about the death tax. Meanwhile, the tax focus obscures…

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Estate Planning

Have a Trust? Will it Work at Death?

Everyone knows that Trusts are part of estate planning. Most people go to their attorney after the documents are prepared and “execute,” the trust and other documents, including the durable power of attorney, the health care power of attorney, and a pour-over will. After that, they are done, right? A trust only controls the assets titled in its name. You…

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Estate Planning

What is a Life Estate?

There are numerous ways that a person can hold ownership in property. One way is the life estate. If a person holds property in a life estate, he or she retains the right to occupy, possess, and enjoy the property for his or her life. However, when he or she passes on, their interest in the property automatically ends. Due…

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Estate Planning, Probate & Estate Administration

Wills vs. Trusts

Wills A will is an instrument that determines the disposition of a decedent’s property after death. A person who executes a will is a testator. Valid wills override the intestacy statutes. A will is ambulatory, or revocable, up to the death of the testator, at which point it becomes irrevocable. A will can be revoked, in whole or in part,…

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