A Guide for Hiring an Estate Planning Attorney In Northwest Arkansas

Estate planning –it’s a crucial part of personal financial management, and if done right, it ensures your assets are handled and distributed the way you want. At RMP, our estate-planning attorneys have decades of expertise, and we’d like to share that expertise with you.

Why you can trust RMPs Estate Planning Team

• We have a dedicated team of Estate Planning Attorneys with a collective ## years of experience. 
• Our estate attorneys employ a number of distinct estate planning techniques, many of which are directed at facilitating the transfer of wealth with reduced federal gift, estate, generation skipping transfer and income taxes. 
• Every estate plan is specific and we focus on custom tailoring our client’s estate plan to deal with family dynamics; and working with the family leaders to implement the family’s mission and goals.
• We provide clients with multi-generational planning designed to save taxes during life, at death, and for succeeding generations.

Understanding Estate Planning

It’s a question we hear almost weekly from friends and prospective clients – “What is estate planning?” Or,  “Do I need estate planning?” The answer, without fail, is simply yes. 

Estate planning involves the careful consideration and documentation of your assets and how those assets should be managed, preserved, and distributed both during your lifetime and after your death. Beyond financial considerations, estate planning provides direction relating to your healthcare, particularly in the event that you are incapacitated. This gives you peace of mind, ensuring your wishes are respected both in your twilight years and after your death, and it takes the burden of decision-making off your family in a time that’s fraught with emotion.  

Estate planning can also provide certain tax benefits to those with a high net worth. Through the creation and management of trusts, taxes can sometimes be reduced, both in life and upon your death.

What if I don’t have an estate plan?

Without a clear plan, your assets may be distributed according to state laws, which may not align with your wishes. This lack of control could result in disputes among family members, leading to costly legal battles. Moreover, the absence of proper planning may expose your estate to higher tax liabilities, potentially diminishing the inheritances left for your loved ones.

What are the Components of Estate Planning?

Wills 

A will is a legal document detailing how your assets will be distributed and who will be responsible for ensuring that distribution is in accordance with your wishes. 

Items that typically go into a will include but are not limited to:

• • • Appointment of Executor (indicating the person responsible for carrying out the instructions in your will); `
    • Appointment of Guardian (caretaking directions for your minor children); 
    • Distribution of Assets (outlining specific bequests of individual assets to named beneficiaries. Instructions on how the remaining assets are to be distributed and contingency plans for the event that a beneficiary predeceases the owner of the will); and 

Funeral and Burial Instructions (indicating directions for your desired funeral arrangements, including burial or cremation).

Trusts 

A trust is an established legal entity that holds and manages assets for the benefit of specific individuals or entities, known as beneficiaries, allowing for more control over distribution. A trust and appointment of trustees can be created by indication in the will but is usually created in a separate trust agreement. The benefits of having a properly drafted trust include: (1) avoidance of probate at your death; (2) providing financial management of your assets for your beneficiaries; (3) providing asset protection for your beneficiaries; (4) ensuring assets stay in your family from one generation to the next; and (5) reduction or elimination of estate taxes at your death.

Powers of Attorney 

A Power of Attorney grants another the authority to make financial or medical decisions on your behalf in the event you are incapacitated. 

Healthcare Directives

A healthcare directive outlines your medical treatment preferences and appoints someone to make healthcare decisions in case you cannot communicate.

 

What Should I Consider in My Estate Plan?

Choosing Beneficiaries

Identifying beneficiaries requires clearly defining who will inherit your assets. Will you divide your estate evenly among your family members? Is there a child who needs additional assets for ongoing needs? Would you like to leave a portion of your estate to a charitable organization? At RMP, we can help walk you through these decisions and establish a contingency plan in the event that any of your wishes cannot be carried out after your death.

Choosing Guardians

A husband turns to his wife and asks, “Who gets the kids?” It’s a common question, one we hear regularly in our estate planning client meetings. Because this is the most important question of estate planning for those with children, this shouldn’t be left to chance. At RMP, we’re equipped to help you walk through considerations of guardianship.

Minimizing Taxes on Your Estate

Understanding the potential impact of estate taxes and exploring strategies to minimize tax liability, such as gifting or establishing trusts, is essential. Understanding the gift tax is also important, as is considering the tax implications when gifting assets during your lifetime and the annual gift tax exclusion. Every Estate is unique and we highly recommend consulting with an experienced estate planning attorney.

Other Important Things to Consider with Estate Planning

Reviewing and Updating Your Estate Plan

Life changes, and it is important to regularly review your estate plan to account for these changes. In the event of marriage, divorce, the birth of children, or the passing of beneficiaries, you’ll need an experienced attorney to help you update your estate planning. You’ll also want to regularly check in with your attorney to make sure there haven’t been any changes in the law that might affect your estate plan.

RMP: Your Estate Planning Attorneys

If you do not have an estate plan, call us. We’ll work with you to ensure your documents align with current laws and effectively express your intentions. We’ll help you determine which estate-planning vehicles are best for you, taking into account your assets, potential asset growth, and potential tax benefits.

RMP Attorneys At Law has an experienced Estate Planning Attorney team dedicated to helping you secure your plans for the next generation. To learn more and find an Estate Planning Attorney near you, head to RMP’s Estate Plans and Probate page or call  479.443.2705