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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...
Setting up a trust is an important part of estate planning, offering protection and control over your assets for the benefit of your loved ones. The timeline can vary based on several factors, but it’s a good idea to understand approximately how long it takes to set...
Understanding the different types of power of attorney (POA) helps you make informed decisions about your legal and financial affairs. A POA allows you to appoint someone to make decisions on your behalf, which can be important in managing your personal and...
Estate planning often carries the misconception that it's only for the wealthy. Yet, every Arkansan, regardless of financial status, can enjoy having a plan in place. Why every Arkansan needs an estate plan An effective estate plan will ensure individuals honor your...