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.
Many Arkansas residents want to use their estate plans to protect their assets. This desire is common and wise as estate planning can work to protect assets in various ways. In particular, individuals may use various types of trusts to ensure that their assets are managed the way they desire.
Anyone who has just had a child can be feeling many emotions. New parents can feel joy, apprehension, worry, excitement and numerous other feelings, and it can sometimes seem overwhelming. Because they want the best for their children, new Arkansas parents may want to look into estate planning and how it can benefit their kids.
Parents of more than one child often understand sibling rivalry well. Despite their best efforts to lessen the competition between the children, many siblings continue to squabble well into their adult years. As a result, many Arkansas parents keep this in mind when estate planning.
Getting older can certainly put a dent in a person's pocketbook, especially if extra care is needed -- and it usually is. Aging Arkansas residents should know that living in a nursing home can be incredibly expensive – more than $80,000 a year in many cases. Medicaid usually foots the bill for 60% of that cost, so it tries to recoup the rest by making seniors spend their own assets. In order to qualify for Medicaid in the first place, a person must have $2,205 or less in income a month and $2,000 or less in assets. Proper estate planning may help.
America is known as the land of opportunity that has brought many people from abroad who make the country their home. Often, adult children leave their native lands to either go to school in the States or to find employment. Some of those individuals, who may be living in Arkansas, may have some issues when it comes to the estate planning efforts of their benefactors, who are usually their parents.
Those who are planning their estates are likely to need help in doing so. An estate planning attorney is in a position to be able to guide a client based on his or her personal needs and the laws of Arkansas. But it is important to know what to ask a lawyer as a person begins planning an estate.
When writing an estate plan, it's up to the testator to split assets how he or she sees fit. Arkansas residents may be wondering if they should be splitting assets equally among their children, but that is not a rule of estate planning. A plan can be tailored to fit individual needs, especially when one beneficiary is less well off than others, but communication is the key.
Most people want to make sure that they leave their loved ones with not only fond memories but perhaps something that may benefit them financially. When Arkansas residents sit down to think about estate planning, they may also be thinking about how they can keep everyone happy and keep peace in the family. Deciding on who gets what can be stressful, especially when adult children are involved.
There may be times when changes are needed to an estate plan. As life changes, Arkansas residents may be tempted to make estate planning changes on their own, but doing so may come with a number of problems down the road. It's true testators can make their own changes, but it is usually advisable to have an attorney at least have a look at those changes to make sure they adhere to state laws.