Planning what happens to your property after you pass away can feel overwhelming, especially when you start hearing about probate — the legal process of validating your will, paying debts and distributing assets. In Arkansas, it can take months or even years, adding...
Estate Planning
Is It Ever Too Late to Make an Estate Plan?
When it comes to estate planning, many people wonder if they've missed their window of opportunity. Perhaps you’re well into retirement, dealing with health challenges, or simply feeling overwhelmed by the idea of organizing your affairs. But the good news is this:...
What is a fiduciary duty in estate planning?
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...
Are beneficiary deeds taxable in Arkansas?
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...
How do fiduciary duties change in the context of blended families?
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...
How do courts determine if a fiduciary acted in good faith?
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...
How do beneficiary deeds impact estate and property taxes?
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...
Estate planning: a necessity for all Arkansans
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...
Do cars, houses and personal items go through probate?
Probate is a legal process that happens after a person dies. It involves validating the deceased person’s will, paying any debts and distributing the remaining assets to the rightful heirs. Many people wonder if items such as cars, houses, collections and personal...
Managing digital assets in your estate plan
The digital world plays an increasingly important role in our daily lives, which means planning for digital assets during estate planning is necessary. Digital assets include financial accounts, social media profiles and online files that hold personal or financial...