There are two issues most people don’t want to discuss — death and taxes. However, they’re the very things that Arkansas residents need to ponder when they’re making estate planning decisions. When people look at this planning from the perspective of how it will benefit their loved ones, it is likely to become easier. The first thing to realize is that simply planning around end-of-life issues doesn’t actually bring about death.
Most people like to have control over their financial situations and estate planning actually does that. Having things in order doesn’t necessarily mean relinquishing control of assets. And estate planning doesn’t necessarily mean giving assets away while living. There are ways to minimize taxes and and to protect assets, and learning about those ways is part of the process.
When people don’t want their beneficiaries to be hurt by estate taxes, they are more apt to spend the money to ensure their estate plans are gifts to the loved ones, rather than leaving them with the burden of dealing with a jumbled estate in the throes of grief. Those who write estate plans have control over who gets what, when and how. There is no mess left behind.
Getting estate planning advice from an experienced lawyer may go a long way to enlightening Arkansas residents about what should and should not be included in an estate plan. An attorney knows the applicable laws and can provide prudent guidance for a client’s individual situation. A lawyer can fashion a comprehensive and unique estate plan — not a one-size-fits all plan.