Experienced Estate Planning Lawyers

There are many different ways to create an estate plan. Every person has unique objectives and requirements. We help people in Little Rock, Arkansas with these legal issues in their free initial consultation.

Some people require a plan that limits their taxes, while others need one that simply ensures that all beneficiaries receive an equal share of the inheritance. You can count on us to create a strategy that will help you reach your objectives.

We provide estate plans that include:

  • Revocable Living Trusts
  • Irrevocable Trusts
  • Last Will & Testament
  • Durable Power of Attorney
  • Healthcare Power of Attorney
  • Advanced Medical Directives
  • Living Wills

When some people think about creating an estate plan, many shy away from the idea because they only see it as planning for their own deaths. In reality, you are probably giving your family members one of the greatest gifts you could ever provide.

Trust Lawyer in Little Rock, AR

Revocable Living Trusts

A living trust is one in which the creator, usually known as the settlor or grantor, puts assets into a trust during his or her lifetime and can continue to take care of his or her own affairs while they are alive.

Another advantage of the trust is that it gathers all of the decedent’s assets into a single document for administration at the same time while avoiding probate.

In most cases, it is handled and managed privately. When trust is disputed or silent on a term that must be determined by a court, then it becomes a public record when it is litigated.

A revocable living trust allows for the distribution of assets to beneficiaries faster and enables some control over the manner and timing of distributions. Alternatively, until the grantor specifies, assets may remain in the trust.

Irrevocable Trusts

As the name implies, with a revocable trust, the owner may change the trust, add to it, take property away from it, or terminate it as desired, and you cannot with an irrevocable trust.

An irrevocable trust permanently conveys the asset out of the hands of the grantor so that they may no longer have any control.

An irrevocable trust is utilized, primarily, for tax avoidance purposes, or to allow for receipt of public assistance in the future after a proposed look-back period, usually deemed to be five years.

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Little Rock, AR Last Will & Testament Attorney

A will is a document that declares how you want your assets and property to be distributed at your death.

Not only can it determine who receives property; it can also state who you do not want to receive property, even if the person(s) is your next-of-kin. There are exceptions for spouses when it comes to exclusion.

A will allows you to determine who will be in charge of administering your estate and can provide for the payment of your last expenses and other related matters.

Wills are administered according to your directions, as well as the probate code and other applicable laws. Wills are filed with the probate court and then you go through the probate process.

Once a will is in a probate court, the document becomes a public record. Anyone can see an inventory of estate assets and liabilities. For this reason, a trust estate plan can be more efficient and desirable.

Powers of Attorney in Little Rock

Most people worry about a Will, but Powers of Attorney help you when you are alive. Who you choose to take care of you and your assets while you are alive is very important.

The person you select to be your power of attorney will most like be your guardian if you ever need a guardianship. It is always a good idea to hire an Arkansas estate planning attorney to help prepare your estate plan.

We offer durable powers of attorney and health care powers of attorney. During your free consultation, we will discuss the legal issues you face and your circumstances.

5 Mistakes to Avoid in Estate Planning

An estate planning attorney is familiar with the will and estate laws of your state and can provide the expert guidance you need to ensure the efficient transfer of your assets after death. With the guidance of your estate planning attorney, you will be able to avoid some common mistakes relating to estate planning, such as:

  1. Not putting an estate plan in place. Many people don’t contact an estate planning attorney because they don’t want to pay the fee or make tough decisions like naming beneficiaries or determining how assets are to be allocated. Consequently, they fail to put even a basic plan in place. An estate planning attorney can help you draft your estate plan, which could include drawing up a will or establishing a trust.
  2. Not amending your will periodically. Wills are important documents in the estate planning process. Your attorney can help with the initial draft, but it doesn’t stop there. You will also needs to be updated regularly. There are so many milestones in life – relationships change, and assets and properties are gained. These and other circumstances can impact the provisions of your will. An estate planning attorney can also assist you with amending your will so that your assets are protected and allocated according to your wishes.
  3. Not minimizing the tax burden of your heirs. Your estate planning attorney can help you plan ahead so that you can reduce the amount of federal or state estate taxes payable when you die. If you don’t put the necessary provisions in place, your estate may have to liquidate assets to meet the requisite estate taxes.
  4. Not naming guardians for minor children or dependents. If you have minor children or dependents, your lawyer will help ensure that you have named a legal guardian. In the event of your death, the legal guardian will be responsible for taking care of the physical and financial needs of your minor children and dependents.
  5. Not making provisions for long-term care. Most people don’t think about what could happen should they ever require long-term medical care. Your estate planning attorney can outline the options and help you properly prepare for this possibility, without eroding all your assets. Estate planning can be a lot easier if you have an experienced estate planning attorney as your guide. Whether you’re young or old, estate planning is a must. A lawyer can help you make a plan and review it every so often so that you take control of what happens to your assets after you pass away.

Contact us for Legal Services

We help our clients with asset protection, tax planning, avoiding estate administration, avoiding estate taxes, and any other estate planning legal issues they have.

We hope your estate plan is able to have a peaceful administration for the sake of your loved ones. If it is carried out correctly, your loved ones will not have the need to hire a probate attorney and deal with that cost.

The goal of our firm is to help clients in Little Rock, Arkansas prepare an estate plan that avoids the need for a probate lawyer, cuts down on costs, passes property to heirs and loved ones without litigation, and carries out what are clients intended with their estate plan when they hired am estate planning attorney in Little Rock.

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Little Rock Estate Planning Attorney Blog

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