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December 2019 Archives

Special needs trusts can benefit numerous families

Having a child with special needs can mean making different plans at times. As Arkansas parents better understand the needs of their children throughout the years, they may come to realize that their children may need assistance well into their adult years. It is common for parents to want to ensure that their children will be taken care of even after the parents' passing, but providing funds directly can be tricky. Fortunately, special needs trusts can help.

Setting up trusts could help prevent causing more harm than good

Estate plans should not be considered once and then left alone. It is wise to go over the information and documents in a plan to determine whether anything needs to be added or removed from it. In some cases, Arkansas residents may feel that their initial plans are too simple and may find themselves wanting to add trusts to those plans.

Revocable trusts may help those who may change their minds

Many people in Arkansas and across the country have hesitations when it comes to making decisions that could be permanent. This feeling is understandable as people commonly change their minds. As a result, some people may hesitate before using trusts as part of their estate plans. However, this tool does not have to be permanent.

Moving retirement accounts into trusts could have consequences

When planning for one's estate, there are many considerations to remember. For instance, some Arkansas residents may think that if they are using trusts that it makes sense to move any and all assets over to the accounts. While ensuring that a trust is funded is certainly necessary, it is important to remember that moving certain assets could have unintended consequences.

3 Advantages of an irrevocable trust

There are a variety of trusts to choose from when considering which will best suit your family and protect your legacy. One option available to you is an irrevocable trust. Whereas a revocable trust allows you to change the contents and instructions of the trust, you generally cannot change the terms of an irrevocable trust once they are set in place.

Having an objective for a trust may help when estate planning

Many people start their estate plans with a will. Using this document is a good starting point, but it is not necessarily where the estate planning needs to end. For many Arkansas residents, adding a trust to their estate plans could allow them to better manage their final affairs, even after they are gone.

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