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June 2020 Archives

Spendthrift trusts protect money and not-so-responsible heirs

You love your heirs – a daughter and son – unconditionally and want to provide for them as best as you can through an estate plan. You have no concerns about your daughter’s ability to handle money. She is reliable, mature, dependable and trustworthy. You only wish you could say the same about your son—a ne’er-do-well – who always lacked the responsibility gene and foolishly throws money around.

Deciding between revocable, irrevocable trusts is not always easy

Because so many estate planning tools are available, many Arkansas residents may face some confusion when it comes to deciding which tools are right for their plans. Though trusts can be useful planning tools for most people who want to protect assets, it can be a challenge to determine which type of trust to use. Even deciding between the basic information of whether to use a revocable or irrevocable trust can pose a challenge.

Trust administration can put a trustee on duty for years

Many Arkansas residents are choosing to use trusts as part of their estate plans. These accounts can be useful for maintaining privacy and control over assets even after a person's passing, but they mean that someone responsible and trustworthy needs to be put in charge. Trust administration can take a lot of work, and trustees may need to address their responsibilities for years.

Qualified personal residence trusts may help with gift taxes

Wanting to bequeath real estate to loved ones is common for individuals in Arkansas and elsewhere. However, some financial repercussions can stem from transferring such property to another individual, such as gift tax. Because most parties want to limit the amount of taxation a loved one faces when receiving a gift or bequest, qualified personal residence trusts may be useful.

Trusts can add privacy and provide control

Before deciding which tools to use in their estate plans, Arkansas residents may want to gain more information. Though they may already know that a will is a useful document, they may hesitate when it comes to using trusts. However, this planning tool can provide important benefits for anyone creating an estate plan.

Should adult children have the estate planning talk with parents?

Children obviously need to be looked after by their parents. Those tables can turn and in some circumstances, adult children in Arkansas have to suggest to their parents that it might be time to look into some estate planning, which can include important issues like long term care. Having something on paper is especially prudent should the unforeseen happen -- like the onset of early dementia.

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