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Disinheriting a child involves a complex and emotionally charged decision, but Arkansas law allows it when done with precision. If you plan to exclude a child from your will, you must express your intentions clearly and follow legal guidelines. Leaving out a child's...
When you create an estate plan, you want to protect your assets and make sure your wishes guide every decision. Understanding fiduciary duty helps you achieve this. In Arkansas, fiduciary duty means a person you trust must act in your best interest with loyalty and...
Beneficiary deeds are often seen as a great way to transfer property outside of probate. But one common question many people ask is whether the property transferred via a beneficiary deed is taxable in Arkansas. The answer is not straightforward, as several factors...
Establishing a trust in Arkansas carries important tax implications that influence estate planning and financial outcomes. Knowing these effects helps you make informed choices aligned with your goals. Trust classifications and their tax effects Arkansas allows both...
Life is unpredictable, and planning for the unexpected can save you and your loved ones from unnecessary stress. A power of attorney (POA) allows someone you trust to make financial and healthcare decisions if you become unable to do so. Without one, your affairs...
Blended families can complicate estate planning and trust management. These families introduce unique challenges that fiduciaries must address to ensure all parties' interests are respected. Understanding how fiduciary duties shift in blended family situations is...
Planning for the future helps ensure healthcare providers and loved ones honor your wishes, especially if you cannot communicate them. A living will outlines your preferences for medical treatment and guides others during difficult decisions. Arkansas law defines...
Many people consider creating a living trust when planning for the future. Unfortunately, there are several misconceptions about living trusts that may cause confusion. Understanding these myths can help make more informed decisions when it comes to estate planning....
Fiduciary duty involves the highest standard of care, requiring fiduciaries to act in the best interests of beneficiaries. When disputes arise, courts determine whether the fiduciary acted in good faith. Good faith actions reflect honesty, fairness, and loyalty to...
A beneficiary deed allows property to transfer directly to heirs after the owner’s death without going through probate. However, there are potential tax liabilities to consider when using this estate planning tool. Capital gains tax Beneficiaries may face capital...