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Legacy Estates & Trusts PLLC

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Creating Trusts As Part Of Your Arkansas Estate Plan

While a will is a valuable estate planning tool, some people find that a trust is suited to their needs. Your lawyer must be able to understand your unique situation and prepare an estate plan that is tailored to your situation. At Legacy Estates & Trusts, PLLC, you’ll find exceptional legal representation and client service for people throughout Lonoke and White County. If you need a trust as part of your estate plan, our attorneys are ready to create one for you.

How Can A Trust Help You?

For most people, the main benefit of a trust is avoiding probate. Assets in a trust can be distributed to your loved ones without the cost and delays that can be involved in probate. Other benefits of a trust can include protecting assets from creditors and minimizing the impact of estate or gift taxes. Attorney Cliff Collins has developed estate plans for people from all walks of life and can help you decide if a trust meets your needs.

Together, we can prepare all types of trusts, including:

  • Revocable trusts: Also known as a living trust, a revocable trust is a flexible and versatile estate planning tool.
  • Irrevocable trusts: This type of trust may be used to minimize or eliminate estate taxes.
  • Special needs trusts: A special needs trust can help an individual with special needs receive financial benefits without jeopardizing his or her eligibility for certain government programs.
  • Charitable trusts: Charitable trusts are a type of irrevocable trust that a person or family can use to donate to a worthy cause of their choice.

Whatever your needs involve, Cliff stands ready to create estate planning documents that will accomplish your goals with clarity and thoughtfulness.

How Do Trusts Avoid Probate?

Trusts avoid probate because assets placed in a trust are legally owned by the trust itself, not the individual. When the grantor passes away, the trust’s instructions govern the transfer of assets directly to beneficiaries, bypassing the court-supervised probate process. This results in faster distribution, greater privacy and often lower costs, as the estate does not have to go through the public and sometimes lengthy probate proceedings.

Do You Need To Be Rich To Make A Trust?

You do not need to be wealthy to create a trust. Trusts can benefit people with various financial backgrounds, not just the rich. They are useful tools for managing assets, protecting loved ones and outlining asset distribution. Even if you have a modest estate, a trust can help avoid probate, reduce administrative hassles and outline your wishes clearly.

Can Trusts Provide For A Loved One With A Disability?

Yes, trusts can be specially designed to support loved ones with disabilities. A common option is a special needs trust, which allows you to set aside assets for their benefit without affecting eligibility for government benefits like Medicaid or Supplemental Security Income. The trust can pay for various needs, such as medical care or personal expenses, while safeguarding the beneficiary’s access to essential public assistance programs.

See If A Trust Is Right For You

At Legacy Estates & Trusts, PLLC, we are ready to provide cohesive service for your estate planning needs, including trust creation and administration. Call our law office at 501-588-4590 or complete an online contact form to set up a consultation.