As a parent, you might sometimes ask yourself what would happen to your children if you are not there. It is not a topic you want to sit with for too long, but it may be worth doing something about. If you are an Arkansas educator, you already understand the power of...
Wills and Trusts
What is the rule in Arkansas when multiple wills exist?
When the head of a family dies, they either leave a will or don't. In some cases, though, they leave multiple wills. When this happens, it becomes a legal puzzle for the family to solve. In Arkansas, the law has clear rules for sorting out which document controls, but...
What happens if you die without updating your will in Arkansas?
Most Arkansas residents update their phones, their insurance, and their financial accounts when life changes. Few think to update their will. When they pass away with an outdated estate plan, Arkansas probate courts apply a rigid statutory formula that rarely matches...
Living wills explained: Answering 4 FAQs
Considering the future can feel overwhelming, particularly when it involves medical decisions you may not be able to make for yourself. Creating a living will allows you to plan ahead and make your preferences known. By documenting your choices in advance, you give...
Living wills: 5 questions you’re probably curious about
Estate planning often raises difficult questions, particularly when they involve future medical care. One document that frequently creates uncertainty is the living will. Although many people have heard of it, they may not fully understand its purpose, what it covers...
When is it necessary to review a living will?
Creating a living will is not the end, but rather the beginning. As life goes on, many instances might warrant checking on your documents and changing their contents. This blog examines when and why updates matter. Life circumstances to consider Any of the following...
What are the rules for Arkansas generation-skipping trusts?
A generation-skipping trust (GST) helps you transfer wealth to your grandchildren or future generations while limiting tax exposure. In Arkansas, GSTs follow both state trust laws and federal tax rules. Understanding how these trusts work can help you make smarter...
How does a revocable living trust work?
A revocable living trust is a legal tool that allows you to transfer assets into a trust while maintaining control over them during your lifetime. But how exactly does a revocable living trust work? Creating a revocable living trust The first step in setting up a...
Can you disinherit a child in an Arkansas will?
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...
What are the tax implications of setting up a trust in Arkansas?
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...