Estate Planning

Estate Planning

Is My Financial Advisor Practicing Law?

Through the years I have drafted estate plans and asset protection plans only to have a client call and question the validity of the plan based upon a conversation with a friend or relative.  If the conversation starts out something like this: “ I spoke with my brother-in-law and he says…”, my usual response is something like this: “Unless your

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Elder Law, Estate Planning

How to Pay for Nursing Home Care

One of the greatest fears people have about aging is loss of health and ending up in a nursing home.  How are you going to afford to pay for long-term care? There are basically four ways to pay for the cost of a nursing home:     Long-Term Care Insurance- Long Term Care Insurance is the best option by far.

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Estate Planning

Can someone please explain IRA and RMD to me?

If you own an IRA, eventually you will need to start taking Required Minimum Distributions (RMD) from your IRA, unless it is a ROTH IRA.  ROTH IRAs do not require RMDs as they were funded with after tax money and therefore enjoy special treatment under the tax code. The following chart pulled from the IRS website may be helpful in

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Estate Planning

What does an Arkansas Estate Plan Cost?

Schedule Free Consultation First, I guess we need to talk about what an Arkansas estate plan can include. It can contain the following: Living Revocable Trust, Irrevocable Trust, Last Will and Testament, Power of Attorney, Healthcare Power of Attorney, Living Will, Personal Property Memorandum, Funding of the Trust, deeds, and an LLC Now, your estate plan can also include single

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Estate Planning

How Not to Lose Your Home

In my job as an estate and elder law attorney, I speak to people who have decided to start their end of life planning on a daily basis.  As a part of the first conversation I have with these folks, I usually ask what made them decide to start planning now.  Many people live into their seventies before they decide

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Estate Planning

How does an Arkansas Power of Attorney Work?

We often deal with clients who need an estate plan, but don’t realize they need what’s called a “power of attorney” or “POA.” One of the main questions we ask when we draft estate plans is, “who do you want to take care of your money when you can’t do it yourself?” This is a hard question for most people

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Estate Planning

Avoid These 5 Mistakes With Help from an Estate Planning Attorney

Estate planning is essential for everyone, not just the rich. Putting plans in place now is the best way to safeguard the future for you and your family. It’s always advisable to enlist the services of an estate planning attorney to assist with the process. An estate planning attorney is familiar with the will and estate laws of your state,

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Estate Planning, Probate & Estate Administration

Estate Planning and Property Deeds

One of the most important aspects of good estate planning is making sure that we have the information we need about your assets. Some estate planners in Arkansas are content simply to create a trust and leave it up to you to put your assets into it. (Otherwise known as “funding” your trust.) Estate Planning 101: You Must Fund Your

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Estate Planning, Probate & Estate Administration

How to Avoid Probate (and Family Fights) Over a Bank Account

A big part of our job is helping people avoid the Arkansas probate process. One of the ways we help people avoid probate is changing information about personal bank accounts. If you die and you’re the only person on your bank account, your heirs will not be passing go or collecting any money. Instead, they’ll go straight to probate. So,

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Estate Planning, Probate & Estate Administration

What is an Arkansas Probate?

The word “probate” comes from the Latin verb probare, which means “to try, test, prove, or examine.” (H/T to Wikipedia.) This is important for two reasons. First, it illustrates that probate, much like Latin, is outdated and should never be your go-to solution. Also, the definition is spot-on: Probate will both try you and test your patience. Most people (justifiably) fail

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