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...
Estate Planning
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...
The benefits of setting up a living trust for your estate
Planning for the future is necessary to ensure that your assets get managed and distributed according to your wishes. One effective way to do this is by setting up a living trust. There are many benefits to including a living trust in your estate plan. Avoiding...
What to consider when using a beneficiary deed
Arkansas law offers an estate planning option that is not available in all 50 states. If you want to leave your home to an adult child or someone else you care about, you can sign a beneficiary deed to transfer your property after your death. A beneficiary deed is a...
Top considerations for a living will in Arkansas
A living will is an important part of estate planning. It can help ensure that the appropriate people follow your health care preferences if you are unable to communicate them yourself. In Arkansas, there are several important considerations to keep in mind when...
Estate planning mistakes to avoid
Estate planning is an important step in securing your assets and ensuring a smooth transition for your loved ones after you are gone. However, many people make common mistakes that can lead to unnecessary complications. Procrastination can be costly If you don’t have...