Fayetteville Estate Planning Law Firm
Fayetteville Estate Planning Attorney
Secure Your Future: Protect Your Legacy and Your Loved Ones with Effective Estate Planning
- Prevent Probate;
- Protect Family & Assets;
- Be Prepared for the Unexpected
What would happen if you didn’t make it home?
What would happen if you couldn’t make your own decisions?
None of us are Going to Live Forever
We could have an accident or medical incident any moment that leaves us unable to make decisions or worse. Have you picked who you want and made it legal? Or are you going to let a Judge decide?
Our days on this earth are numbered and, while it isn’t the most pleasant conversation piece, neglecting to face it could make things far more unpleasant for our family or friends when we’re gone.
The last thing any of us wants to do is add complication, confusion, or even conflict on top of an already challenging time.
Stay in Control
Feel safe and secure about your assets and legacy. Be assured your loved ones will be taken care of and your wishes will be honored if you are incapacitated and after you’re gone.
Protect Your Home
Don’t give it all to a nursing home. Don’t lose a big chunk to probate.
Rest Easy & Stop Worrying
Your plan will give you peace of mind and confidence that you’ve done all you can to protect you, your family, and your money the best way possible. Stay in control.
We Understand…Estate Planning Seems Hard and Intimidating so We’re Here to Help
Estate planning can be intimidating and seem difficult. Not only are you forced to think about what happens when you die, but you also have to make potentially family and life altering decisions.
The good news is — it doesn’t have to be this way!
With a little help, you can be sure that your assets go to whom you want, when you want, and in the way that you want. I offer a free 15-minute call just to get to know each other and Discover if … and how … I can help you. Book a call now.
Your Guide to Success
I know first hand how hard it is to lose somebody and the headaches that follow. I know the importance of having a plan in place.
My father passed away of a sudden heart attack in 2010. Because of this, mom and I had to take the family ranch through probate – for the third time since 1975. This was an extremely long and stressful process and it is the last thing that anyone wants to go through while they are mourning.
I decided then and there a better way must exist. And it does. That better way is an effective estate plan.
I’ve helped 1000’s of families avoid probate and other legal messes.
The Best Wills and Trusts Attorney
The Best Elder Law
Three Simple Steps – Leave Nothing to Chance
Fayetteville Estate Planning – The Superior and Only Effective Way
Estate planning is the superior and the only effective way to protect what you have from the nursing home, avoid probate, and prepare for incapacity for your peace of mind and quality of life
Estate planning is about preparing for the management of your affairs and distribution of your assets during and after your lifetime. A great estate plan will minimize (or eliminate) taxes and other major expenses like probate and losing it all to a nursing home. A plan also prepares for any chance of incapacity in the future. Plans allow your family to act instead of react when time matters most.
A great plan answers these questions, and more:
- How can I save my house from the expenses of nursing home care and ravages of probate?
- How can I make it easier on my family during already hard times by avoiding probate and other legal messes?
- Who will take care of and raise my children if I can’t?
- How do I assure who gets what, when, how, and how much and manage it wisely?
- Who will manage my assets and affairs when I’m incapacitated?
What is Fayetteville Estate Planning?
Estate planning is a process that involves making decisions about what will happen to your assets and property after you pass away. The purpose of estate planning is to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of. Estate planning is not just for the wealthy – it is essential for anyone who wants to protect their assets and ensure that their family’s future is secure.
Benefits of Fayetteville Estate Planning
There are several benefits to Fayetteville estate planning. Firstly, it allows you to dictate how your assets will be distributed after your passing. Without an estate plan, your assets will be distributed according to state law, which may not reflect your wishes. Secondly, estate planning can help minimize estate taxes and other expenses, which can save your loved ones money in the long run. Finally, estate planning can help you plan for the future, including incapacity or disability.
What is Included in an Estate Plan?
An estate plan is a collection of legal documents that outline how your assets will be distributed after your passing. The most common documents included in an estate plan are a will, trust, power of attorney, and healthcare directive. Your estate plan may also include other legal documents, such as a living will or a durable power of attorney.
Why is it Important to Start Planning Early?
It is important to start planning early because you never know what the future holds. If you wait too long, you may not have the time or the capacity to create an estate plan. Additionally, starting early allows you to make more informed decisions about your assets and your family’s future.
Creating an Estate Plan
Creating an estate plan involves several steps. Here’s a brief overview:
Documents Needed for an Estate Plan
The most common documents needed for an estate plan are a will, trust, power of attorney, and healthcare directive. These legal documents ensure that your assets are distributed according to your wishes, even if you are no longer able to make decisions for yourself.
Choosing an Executor or Trustee
An executor or trustee is the person responsible for carrying out your wishes after your passing. Choosing the right person is crucial, as they will have a significant role in managing your estate. It is important to choose someone who is trustworthy, responsible, and capable of handling the responsibilities of an executor or trustee.
Planning for Incapacity
Planning for incapacity is an important part of estate planning. It involves designating someone to make decisions on your behalf if you become incapacitated or unable to make decisions for yourself. This person is called a healthcare proxy or agent and is responsible for making medical decisions on your behalf.
Trusts
Trusts are a legal arrangement in which a trustee holds assets for the benefit of a beneficiary. There are several different types of trusts, including revocable trusts, irrevocable trusts, and special needs trusts. Trusts can be used to protect your assets, minimize taxes, and ensure that your loved ones are taken care of after your passing.
Different Types of Trusts
Revocable trusts are trusts that can be changed or revoked during your lifetime. They are popular because they offer flexibility and can be used to avoid probate. Irrevocable trusts, on the other hand, cannot be changed or revoked once they are created. They are commonly used for tax planning or to protect assets from creditors.
How Trusts Work
When you create a trust, you transfer ownership of your assets to the trustee. The trustee is then responsible for managing the assets and distributing them according to your wishes. Trusts are a flexible and versatile estate planning tool that can be customized to meet your specific needs.
Wills
A will is a legal document that outlines how your assets will be distributed after your passing. It is a crucial component of estate planning and ensures that your wishes are carried out. Without a will, your assets will be distributed according to state law, which may not reflect your wishes.
Basics of Wills
A will typically includes information about who will inherit your assets, how they will be distributed, and who will be responsible for carrying out your wishes. It is important to choose an executor who is trustworthy, responsible, and capable of carrying out your wishes.
Different Types of Wills
There are several different types of wills, including simple wills, pour-over wills, and holographic wills. A simple will is a basic document that outlines how your assets will be distributed. A pour-over will is used in conjunction with a trust and ensures that any assets not included in the trust are transferred to the trust upon your passing. A holographic will is a handwritten will that is often used in emergency situations but may not be valid in all states.
Choosing an Executor
Choosing an executor is an important part of estate planning. An executor is responsible for carrying out your wishes after your passing and should be someone who is trustworthy, responsible, and capable of handling the responsibilities of an executor.
Tax Planning
Tax planning is an important aspect of estate planning. It involves minimizing estate taxes and other taxes associated with transferring assets to your heirs.
Estate Tax
The estate tax is a tax on the transfer of assets after your passing. The federal estate tax exemption is currently $12.9 million, which means that estates valued at less than $12.9 million are not subject to the estate tax. However, state estate taxes may apply to estates valued at less than $12.9 million. At this time, Arkansas does not have an estate tax.
Gift Tax
The gift tax is a tax on the transfer of assets during your lifetime. The annual gift tax exclusion is currently $175,000, which means that you can gift up to $15,000 per year to an individual without incurring gift tax.
Generation-Skipping Transfer Tax
The generation-skipping transfer tax is a tax on the transfer of assets to beneficiaries who are more than one generation younger than you. The current generation-skipping transfer tax exemption is $12.9 million.
Conclusion
In conclusion, Fayetteville estate planning is an essential process that involves making decisions about your assets and how they will be distributed after your passing. It is a comprehensive process that involves planning for your future, your family’s future, and your legacy. At the DeWitt Law Firm, we specialize in providing estate planning services to clients who want to protect their assets and ensure that their loved ones are taken care of. Contact us now to learn more about how we can help you create a solid estate plan that will protect your assets and your family’s future.