Estate and asset protection planning provides solutions for many common concerns we all have regarding our and our family's future. Everyone has different priorities in life so I wanted to take the time to review some of the common concerns I hear from people with whom I speak:
1. Isn't probate expensive and tedious and is it possible to avoid probate for my spouse and children?
Yes, probate can be expensive and in Arkansas we have a six-month creditor claims period that effectively guarantees the probate case will be open for at least that time period. There are exceptions to this rule we can discuss. For many people the inclusion of a funded revocable trust, commonly called "Living Trust" is an effective tool for eliminating the inconvenience of Probate for your family altogether.
2. Who will take care of my children if my wife and I die in a common disaster?
The most effective way to ensure your children are placed in the custody of the person you choose is to name the guardian of your children in your last will and testament. That's the easy part! Making a good choice for who that Guardian should be is the difficult part. I can assist you in making this tough decision by highlighting beneficial qualities of a person you may choose as Guardian of your kids.
3. What if I become mentally disabled and can no longer take care of my own finances or make healthcare decisions for myself? Is there a way I can be sure my wishes are implemented?
A well crafted estate plan that includes the proper powers of attorney, a living will, and other important practical documents, that accompany and supplement a will and trust are essential to having your financial and healthcare future provided as you intend.
4. I've been told I need a will to make sure my property, wealth and possessions are transferred to my loved ones as I choose, but I do not like to think about death and besides, won't my property just go to my family anyway?
Not necessarily at all! Having an estate plan with a will and trust are the only way you can be assured your assets are transferred to those you choose. Arkansas law does provide an estate plan for you, but this one size fits all plan isn't acceptable at all depending on the demographics of your family. I know death is not a fun topic, but you must look at an estate plan as the perfect opportunity to pass on the legacy of how you are to be remembered. Let your spouse and children know what they meant to you during your life by leaving a plan in place that can do more than just pass your assets. Your estate plan can express your heartfelt joys, loves, concerns and experiences that will speak to your family after you are gone. Just do it!
5. My spouse's health is poor and is not able to secure long term care insurance to pay for future medical needs, is there anything that can be done so we don't lose everything we've worked so hard to accrue?
Healthcare and providing for healthcare remains one this country's most difficult issues facing our families. You do have options, but without proper planning early in the process of aging, it is possible to lose the bulk of your estate to medical costs.
6. I have a disabled child - is there a wise way to provide for my kids future?
Yes, there are trusts and perhaps other vehicles provided by law that will allow you to provide for the future needs of disabled children or adults for that matter. Please let me help you.
7. I really want to give for a good cause and provide a secure future for my local church that is really making a difference in my community - can you give me some options?
Giving is the greatest gift we can give ourselves and it creates a culture within your family that will provide for the needs of our communities for generations to come. The greatest opportunity I have as a lawyer is to assist the giver in creating a strategy of giving to your favorite charities and your local church. Give me a chance to show you what can be done to establish your handprints on the good works of the future.