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January 2019 Archives

Planning for the care of a pet during estate planning

Most people who have pets consider them to be a part of the family. Arkansas residents who feel this way will be happy to know that they can, indeed, make provisions for their furry family members in their estate planning documents. The law, however, considers pets to be personal property, so that is another good reason to include Fido and Fluffy in an estate plan.

Will I benefit from a gun trust?

The founding fathers secured the ability to bear arms in the United States Constitution. However, they did not anticipate what happens to our firearms after we pass away, and it creates issues on how we distribute our protective pieces in an estate plan.

Beginning of the year best time for estate planning gifts

The beginning of the year is the best time for gift giving when it comes estate plans. For those Arkansas residents who are thinking about making estate planning gifts, they should do so now. Very few estates are taxable under the law as it now stands, but there are other reasons annual giving makes sense. One of the greatest reasons to give gifts while still alive is the ability to see how they positively affect the lives of those who receive them.

The need for estate planning for Arkansas business owners

There are three documents that entrepreneurs need to include in their estate plans for safeguarding their businesses. Using savings and insurance alone doesn't cut it anymore and Arkansas residents who have spent the time and money into nurturing their businesses need to realize the importance of having wills, financial powers of attorney and living trusts when estate planning. As the business grows and prospers, these documents aren't only important to have, they're necessary.

Estate planning: Who is on the hook for estate taxes in Arkansas?

There are all kinds of decisions that need to be made when thinking about the future. For instance, during the estate planning process, Arkansas residents writing their estate plans need to be mindful of who of the named beneficiaries in the estate will be responsible for paying the estate tax. Wills and trusts have specific indications on this issue.

The importance of trusts for special needs children in Arkansas

Parents are always looking out for the welfare of their children. That still applies when their children have grown into adults. Arkansas parents who have special needs children may be even more conscious of those needs when they're planning their estates. Trusts can be particularly beneficial in these instances.

Updating estate planning documents in Arkansas is essential

It's great when people take the time to plan their estates. It's not so great when estate planning ends there. Leaving an estate plan drafted in Arkansas unattended for years as life circumstances change may be just as detrimental as not having a plan at all. Federal estate tax laws were given an overhaul with the Tax Cuts and Jobs Act, allowing individual gifts over a lifetime of more than $11 million for singles and double for couples.

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