| Attorney serving Bentonville, Bella Vista, Rogers, Springdale, Fayetteville, Eureka Springs, Berryville, & surrounding areas in Northwest Arkansas. |
DISCLAIMER: Nothing
on this website is
intended to begin the
attorney-client
relationship. Neither The
Bryant Firm nor any
attorney operating under
the auspices of The
Bryant Firm is your
attorney or legal
representation until an
engagement agreement
has been signed by both
you and an attorney at
The Bryant Firm. Nothing
on this site is intended to
be used as legal advice.
Prospective clients
should only rely on legal
advice as said or written
in a letter by a licensed
attorney. Nothing on this
site qualifies as legal
advice.
on this website is
intended to begin the
attorney-client
relationship. Neither The
Bryant Firm nor any
attorney operating under
the auspices of The
Bryant Firm is your
attorney or legal
representation until an
engagement agreement
has been signed by both
you and an attorney at
The Bryant Firm. Nothing
on this site is intended to
be used as legal advice.
Prospective clients
should only rely on legal
advice as said or written
in a letter by a licensed
attorney. Nothing on this
site qualifies as legal
advice.
Wait, wait, wait...
You're a Christian and
you represent clients
in divorce? Now how
exactly does that work?
Click here to find out.
You're a Christian and
you represent clients
in divorce? Now how
exactly does that work?
Click here to find out.
| Joshua S. Bryant Attorney at Law THE BRYANT FIRM, P.A. 609 S.W. 8th Street, Suite 600 Bentonville, AR, 72712 (479)286-1129 Fax: (479)286-1130 |
Elder Law
Estate Planning
Estate Planning is the process of preparing your assets for death so to minimize or avoid estate taxes and/or
probate. The basis and most common estate planning tool is a will. A will is a document which tells
everyone how you want your assets to be distributed after your death. Many people prefer a trust as
opposed to a will for several reasons. First, it is a more private document (a will must often be probated in
the public record). Second, a trust can own property during life whereas a will cannot. Finally, a trust is
more flexible and can have more "bells and whistles" than a will can.
At The Bryant Firm, any will and trust comes with powers of attorney and a living will. People need to
establish general powers of attorney so that someone can pay the bills and otherwise maintain your assets
in the event you are incapacitated. A healthcare power of attorney is necessary so that others may make
healthcare decisions in the event that the person needing healthcare cannot. A living will is a document
which tells your healthcare provider whether you wish to be kept on a feeding or hydration tube.
One of the primary goals of estate planning is to minimize the probate estate. In Arkansas, if your estate is
smaller than $100,000 in value and has no outstanding debt, then you may open a small estate
administration proceeding as opposed to a drawn out and potentially expensive probate proceeding. By
utilizing trusts, transfer on death policies, life insurance, and other similar vehicles, the size of an estate can
be reduced to less than $100,000, and with proper debt planning creditors can be eliminated. The estate
can therefore pass without going through probate.
Another goal of estate planning is the minimization or avoidance of estate taxes. Estate tax law is in a state
of disarray right now. In 2010, there is no estate tax, but if Congress does not act before the end of the
year, the life time exclusion for estate tax purposes will be $1 million. Everything in the taxable estate over
$1 million could be subject to estate taxes. What constitutes the taxable estate is very complicated, so it is
necessary to review your assets with an estate planning attorney.
Probate
Probate is the process of creating an "estate" for the purpose of transferring assets to the beneficiaries of a
will or the tables of intestate succession and paying debts of a deceased person. Although probate is
primarily a forms and procedural based legal proceeding, it can be very complicated - especially when there
is no will for the Court to review. When there is a will, the will must be "probated", a personal
representative must be appointed, and then creditors and beneficiaries get the property or money to which
they are entitled. If there is no will (known as intestacy), there are statutes which describe how to
determine which heirs and descendants get what property. Then there are exceptions to many of the rules
which an Arkansas probate lawyer should review. Depending on the size of the estate, it is even possible
to avoid probate administration.
At The Bryant Firm, we not only have experience in probate matters but empathy for those who need a
probate attorney. The death of a loved one is a difficult time, and an improperly handled probate
proceeding can only make the situation worse. We are here to make the process as simple as possible while
understanding and sympathising with your loss.
Estate Planning is the process of preparing your assets for death so to minimize or avoid estate taxes and/or
probate. The basis and most common estate planning tool is a will. A will is a document which tells
everyone how you want your assets to be distributed after your death. Many people prefer a trust as
opposed to a will for several reasons. First, it is a more private document (a will must often be probated in
the public record). Second, a trust can own property during life whereas a will cannot. Finally, a trust is
more flexible and can have more "bells and whistles" than a will can.
At The Bryant Firm, any will and trust comes with powers of attorney and a living will. People need to
establish general powers of attorney so that someone can pay the bills and otherwise maintain your assets
in the event you are incapacitated. A healthcare power of attorney is necessary so that others may make
healthcare decisions in the event that the person needing healthcare cannot. A living will is a document
which tells your healthcare provider whether you wish to be kept on a feeding or hydration tube.
One of the primary goals of estate planning is to minimize the probate estate. In Arkansas, if your estate is
smaller than $100,000 in value and has no outstanding debt, then you may open a small estate
administration proceeding as opposed to a drawn out and potentially expensive probate proceeding. By
utilizing trusts, transfer on death policies, life insurance, and other similar vehicles, the size of an estate can
be reduced to less than $100,000, and with proper debt planning creditors can be eliminated. The estate
can therefore pass without going through probate.
Another goal of estate planning is the minimization or avoidance of estate taxes. Estate tax law is in a state
of disarray right now. In 2010, there is no estate tax, but if Congress does not act before the end of the
year, the life time exclusion for estate tax purposes will be $1 million. Everything in the taxable estate over
$1 million could be subject to estate taxes. What constitutes the taxable estate is very complicated, so it is
necessary to review your assets with an estate planning attorney.
Probate
Probate is the process of creating an "estate" for the purpose of transferring assets to the beneficiaries of a
will or the tables of intestate succession and paying debts of a deceased person. Although probate is
primarily a forms and procedural based legal proceeding, it can be very complicated - especially when there
is no will for the Court to review. When there is a will, the will must be "probated", a personal
representative must be appointed, and then creditors and beneficiaries get the property or money to which
they are entitled. If there is no will (known as intestacy), there are statutes which describe how to
determine which heirs and descendants get what property. Then there are exceptions to many of the rules
which an Arkansas probate lawyer should review. Depending on the size of the estate, it is even possible
to avoid probate administration.
At The Bryant Firm, we not only have experience in probate matters but empathy for those who need a
probate attorney. The death of a loved one is a difficult time, and an improperly handled probate
proceeding can only make the situation worse. We are here to make the process as simple as possible while
understanding and sympathising with your loss.
| PRACTICE AREAS |