ESTATE PLANNING & PROBATE LAW
HOT SPRINGS & HOT SPRINGS VILLAGE

Our government imposes a tax on the privilege of passing assets from generation to generation. However, we plan our estates for more than tax reasons.

If you fail to plan, Arkansas does it for you. Estates without a will pass to your children with your spouse receiving a life estate in the land and one-third of the personal property. If you do not have any children or grandchildren, then your spouse of less than three years will receive fifty-percent and your parents receive fifty-percent.

We plan because we have family members with special needs. You can protect family members with special needs, with gambling and drug addictions, and with minor children. You can protect family members who receive government support.

We plan because we want someone outside our immediate family to inherit. We want to benefit a charity, help a friend, create an endowment, or make a difference in our world.

We plan for a time of possible sickness or incapacity. When you plan your estate, you should also get a durable power of attorney, a power of attorney for health care, and a living will. These documents state clearly what you want right now so that if the time ever comes when you cannot speak for yourself, the person that you want is empowered to help and knows what is important to you.

We plan because things change. An estate which is not taxable now could become taxable: assets grow, inheritance is received, new jobs are begun, and tax law changes.