Estate planning affords you a myriad of choices and opportunities. This includes the opportunity to protect your assets so they stay in your family line. Here’s how your family can benefit from your estate planning.

Estate planning for blended families adds a layer of complexity. Each estate plan will differ based upon personal and financial goals as well as the age of and relationship with the children involved. Below are some issues to consider during the process of estate planning for blended families.

An Irrevocable Life Insurance Trust (ILIT) is a Trust used to hold your life insurance policy. Upon your death, your life insurance policy can pay into this Trust instead of directly to a beneficiary. Your ILIT Trustee will then use your Trust to pass funds out to your loved ones for a pre-determined amount of time. You must take special consideration when placing a life insurance policy into an Irrevocable Trust.

If you are the parent of young children, the last thing you want to think about is what would happen to your child if you were not there to raise them. You may in fact be thinking that it would never happen to you. Unfortunately, it happens frequently and your failure to plan could have results you never intended.

Estate planning is sometimes an uncomfortable topic of conversation when one is referring to probate law, and when speaking about probate at all you begin to refer to the estates of either those who are recently deceased or those who are unable to handle their own assets while still yet considered living.

Most people when they think of long-term care think of care in a nursing home. The majority of people only enter a nursing home when their needs can no longer be met outside of a treatment facility. Home based and community services are a range of services that allow people to remain in their homes and retain their independence for as long as possible.

India and Vance had been married for 27 years at his death. When she turned 62 she applied for widows benefits. Social Security requires as part of the application for Widows benefits that she show proof of marriage. India could not find her marriage certificate. She requested a copy from the Bureau of Vital Statistics in the state where she and Vance were married and was told they had no record of her marriage. What does she do now?

When you are planning your estate it is important to address all of the matters that are relevant to people who are entering their twilight years. While it is true that the financial aspects of estate planning are important, the health care component is key as well, and since people here in American are living longer than ever it is logical to be prepared to live into our late eighties and beyond.

It really doesn’t matter if you are divorced or married, naming someone to act as the guardian for your children is probably the most important part of your estate plan. People that are divorced naturally assume that the other parent will automatically get custody of the children if something should happen to them. This is true in most cases, but there are some situations to where it would be helpful if you have named a guardian for your children.

During incapacity planning you may use a Durable Power of Attorney for Health Care and a Durable Financial Power of Attorney to handle your personal and financial matters in the event that you become disabled. Through each of these documents, you may name an agent to make decisions for you. So, wouldn’t it be simpler to make just one document for both purposes? It might seem so, but really it is best to state these needs in separate documents.

A Medical Power of Attorney (POA) or Durable POA for Health Care is a legal document that allows you to provide a plan for your medical care when you can no longer manage decisions on your own. The basic purpose of a health care POA is to name a health care agent and list his or her duties.

Acts of generosity are beautiful things for the most part, but there is a reason to proceed with caution when you are planning your estate for the good of your loved ones. In some cases, a gift or inheritance can be detrimental, causing more problems than providing benefits to your loved ones.

When an estate has a Last Will and Testament or a Revocable Living Trust, that document will determine which heirs inherit which assets. If there is no Will or Living Trust, an estate is considered intestate. In this case, state laws will decide the rightful heirs.

You should be saving funds for your retirement each month. To determine how much to set-aside from your paycheck, calculate the total amount you will need for your later years. You can do so by estimating about 60 to 80% of your current income. This rough figure may not, however, take into account your true retirement expenses.

Estate taxes are federal taxes placed upon any estate above a certain net worth. The net worth of an estate is the value of all property and financial assets minus the total of debts that are owed.

The chance that a person will develop Alzheimer's disease increases significantly after the age of 65. Almost one out of every eight people will develop Alzheimer's disease. Though there is currently no treatment for this condition, you can look out for the common warning signs associated with Alzheimer’s. The following are a few examples:

Reason 1: Your children will need a guardian if you should die. Becoming a parent changes you, especially when you realize that your children are entirely dependent on you. With this realization also comes the knowledge that if you and the other parent should die, your children will have to be cared for by someone else. But who will take on this role?

The probate process governs what happens to all the property a person owned after that person dies. Each county usually has a probate court that is set up to deal with these property questions. Though each state and even each county, has a slightly different procedure for probate cases, all of them require the same basic process. To begin, someone has to go before the court and file a petition.

A pet trust is a legal entity you create by creating a document that includes specific and legally required terms. If you use your Will to establish the trust, it will be created after you die, though you can also create a trust outside of a Will that becomes effective immediately. Once created, the trust owns property and uses it for the benefit of your pets.

If you have spent your life providing for your family and making sure they are well cared for, the thought of having to ask your family for a loan can be incredibly difficult to bear. Surveys have shown that people fear becoming a financial burden far more than they do dying, at a rate of more than 5 to 1.

With all the tools that online life allows us, more companies are offering “Digital Tombstones” that offer the promise to keep your legacy online. Here are some tips you should consider if you want to use one of these services.

Though it may not be the most pleasant topic to bring up in casual conversation, we all will face the eventuality of a final resting place. In the past, there were few options available to us when considering our final resting place, but today there are many more from which to choose. Here are a few of the more unique options you have when it comes to burial.

A recent article discussed retirees and some common regrets they share. Though their answers are often not surprising they can be helpful if you are developing your estate plan and are trying to develop long-term goals for yourself. Much of their advice is aimed at pre-retirement-aged people, although anyone can use it as the basis for making both long-term and immediate plans.

You may have recently heard the news out of Australia about the nation's richest woman, Gina Reinhart and her legal fight with her children over her decision to disinherit them from the family fortune. Ms. Reinhart is the heir to her father's iron ore business estimated to be worth about $18 billion.

Answer: Though prenuptial agreements are available to any couple, those entering into a second marriage or who already have children, stand to benefit the most by making sure a good prenup is part of their estate plan. Once you get married in Arkansas, you are automatically entitled to a portion of your spouse's estate when he or she dies.

If you’re creating an estate plan and want to leave your home to your family, there are a wide variety of options that allow you to do this. Each comes with its own benefits and drawbacks, and each state may have different laws that impact the transfers. Always talk to your estate planning attorney for detailed advice before you decide on any particular method.

When a beneficiary who stands to receive a gift under a Will dies before the testator dies, the gift has no one to go to. This is called lapse. When this happens, that gift passes according either to the terms of the Will or to your state's intestacy laws and not to the deceased beneficiary's descendants.

Whenever someone establishes or creates a Trust, the Trust property must be managed and looked after through a process known as Trust Administration. Depending on the kind of Trust involved, Trust Administration can be fairly simple or extremely complicated.

The “death tax” is a euphemism for the estate tax. Estate tax is imposed "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.

Elder Law is a term that has been coined to encompass the body of law regarding the aging population. It is an area of law that has seen significant growth as the baby boomer generation ages.

If you’re like most people, you’ve heard of the term, “probate.” Essentially, the term “probate” and “estate administration are used interchangeably and refer to the winding down of a person’s financial life after death. Technically, the term, “probate,» refers to court validation of your will.

Arkansas enacted its Pet Trust Law in 2005. Since then, pet owners have been able to create a Trust to ensure that their pets are properly cared for after the pet owners die. Though you should talk to a qualified estate planning attorney if you want assistance creating a Pet Trust or have specific questions, let’s take a moment to look at what the Arkansas statute states.

If it’s time for a loved one to move to a nursing home, it is likely that your entire family is upset about the situation. This is because living in a nursing home is a big change. Luckily, there are steps that you can take that will make the move easier. Take a look at the following information to learn more. If you have any questions, or if you’d like to discuss nursing home options, contact an estate planning attorney.

Even if you don't have a lot of property, you can benefit by creating an estate plan that chooses how your property passes after you die. If you don't set your choices out in a legally recognized manner, Arkansas state law makes the decision for you through its laws of intestate succession. These laws are quite complicated and can lead to a number of different scenarios, so you should talk to a qualified estate planning attorney for specific advice about what might happen to your estate.

A properly drafted medical power of attorney in Arkansas, sometimes known as a durable power of attorney, is an essential part of a good estate plan. State laws have very specific rules when it comes to making these advance medical directives, and you must follow these requirements to ensure your power of attorney is legal.

For many of us, the idea of leaving our pets without adequate care after we die is not an option. While you know how much you love your pet, the law doesn't recognize the right for an animal to own property, which means you cannot leave your property to your pet after you die.

Sadly, many Americans have trouble with drug, alcohol, and gambling addictions However, if you have an addicted child, you don’t have to disinherit him. In most cases, disinheritance causes great emotional trauma as inheritances represent the love of a parent for a child (whether we want to admit it or not.)

One of the common goals of estate planning is staying in control; often, clients want to know if they can change their trust. The main rule is: If the trust is revocable, the trust can be changed; if the trust is irrevocable, the trust can’t be changed. There are exceptions.

Though many people don't start thinking about estate planning until later in life, there is no single best time when you should begin to plan on structuring your estate. The truth is that everyone can begin at least some part of estate planning immediately. Whether you're single, recently married, a parent or anyone else, you can get a leg up on your future by tackling estate planning issues now.

Some people never get around to planning their estate or creating a will. In this situation, there is no will to determine how affairs are to be handled and how assets are to be distributed.

A recent survey reported by the newspaper USA Today had some surprising findings for the growing group of Baby Boomers that are anticipating caring for their aging parents - only half could name any medications their parents take.

Most people sign their estate planning documents, breathe a sigh of relief, pat themselves on the back for completing the task, and don’t think about their estate plan again.

A “codicil” is an amendment to a will; it’s an addition or change. Codicils were commonly used before the computer age when wills were written by hand or typed on a type-writer.

You don’t have to wait until you die to transfer your assets to trusts for your beneficiaries. You are able to create trusts for your loved ones now.

A recent survey reported by the newspaper USA Today had some surprising findings for the growing group of baby boomers that are anticipating caring for their aging parents - only half can name any medications their parents take.

Rest assured that your estate planning attorney expects you to ask questions. It’s completely normal to ask the same question more than once.

If you’re a veteran in need of extra care and assistance, you may have looked into qualifying for aid and assistance benefits.

More people are looking for new ways to save and this often leaves many people looking for low-cost estate planning options.

If you have a family business that you would like to pass down to the next generation, a Family Limited Partnership may be an estate planning tool to consider.

When a person dies, federal estate tax may be due. These are taxes that are due when the assets are passed to another person. Most people refer to this tax as the “death tax.” You may be aware that there are new laws regarding this tax. It is important to stay on top of the new tax law so that you know how you may be affected. Will you have to pay estate taxes?

Estate planning is an essential part of life. With proper planning, you can make sure that important future decisions are made.

If you have begun your estate planning, you are taking an important step in planning for your future. It is important to discuss your estate planning with your family. This will not only let them know that you have taken care of this responsibility but it will also be a great way to communicate your wishes and talk about your desires for the future.

If you don’t have a will, the state of Arkansas has one for you. Here is what happens to your assets under Arkansas intestacy laws.

The Irrevocable Life Insurance Trust (ILIT) is typically used to get the value and proceeds of an insurance policy out of an estate so they’re not taxed for federal estate tax purposes. The use of ILITs is not complicated, but there are some administrative hoops to jump through. Your estate planning attorney can do much of the jumping through hoops on your behalf.

Estate planning is extremely important for business owners who want their business to continue operations after their death.

A Health Care Directive is a legal document that allows you to state your medical wishes in the event that you become mentally incapacitated.

It’s not only important to do your estate planning, but to also make sure that you keep up with your planning.