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Others contend that the last act of parenthood is leaving something for your child after you die, as explicitly stated in your Arkansas will. But, as in all family affairs, pressing needs and relationship dynamics are ever-changing. What if you’ve decided to cut off...
A spendthrift trust protects an inheritance from being squandered away by the beneficiary or from being collected by a beneficiary’s creditors. It is a good option if you are keen on securing your assets. How can spendthrift trust help you? It is vital to preserve...
Writing a will can make you feel like a responsible adult for preparing ahead. But a will is indeed a huge responsibility. Ensuring that its terms are precise and clear will save your family from a great deal of stress later. Below are some reasons why writing a...
Protecting assets from long-term care costs is essential to estate planning. In Arkansas, long-term care can be quite expensive, with nursing home daily costs averaging around $220. Medicaid can be an option for covering these costs, but it has strict eligibility...
Probate is the process of administering a decedent’s estate and executing it according to their will or, if there is no will, the applicable state’s intestacy laws. But probate can be extensive and costly. Not to mention assets going through probate can be subject to...
When you create your estate plan, you probably want to keep control over your assets as much as possible. After all, poorly managed inheritances can quickly evaporate, and leaving your assets to one individual means that those assets could quickly pass out of your...
Many people keep assets and invest in properties so they will have something to leave their families in case anything happens to them. Whether it is a house or a business, individuals consider all their assets when estate planning. And in estate planning, one of the...
In 2022, the annual US inflation rate increased by 6.5%. This led to staggering price increases, such as fuel costs spiking by 42%. Inflation may be a fact of life, but it only highlights the importance of proper financial planning. A recent survey found that...
A will plays an essential role in your estate distribution and will make handling your properties easier for your surviving loved ones. However, states across the country have different considerations on what type of will is valid and what is not. So, you have to...
A loved one's death can leave behind unimaginable grief and distress. However, other problems can arise if a person dies without a will. When this happens, estate distribution depends on the intestate laws of where the deceased lived. Dividing assets this way can have...