Sunday, October 29, 2017

How Much Can I Gift Each Month?

Making gifts is a good way to start distributing your estate while you are still in full control.

Many people wonder how much they can gift without paying gift taxes…

The good news is that currently (as of 2017), you have about $5,000,000 (5 Million Dollars) of lifetime exemption to paying gift taxes.  That means that you can make a gift of up to $5,000,000 without paying gift tax.  But, the money given today applies against your $5,000,000 estate tax exemption later.

If you make a gift of over $14,000 per person per year, you must file a gift tax return.  But, you don’t pay any taxes until you reach that exemption number.  That is not $14,000 total gifts per year, that if $14,000 to each person each year.  For example, you give your 3 children $10,000 each.  That is, $10,000 per person this year.  No gift tax return is due.  However, if you gave them $14,001 each, then a gift tax return is due.

But, no good deed goes completely unpunished.  If you should need to qualify for Medicaid within 5 years of making the gift, it can be counted against you…

As always, it is best to seek professional advice.

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Thursday, October 26, 2017

Reasons to Create Your Plan

Reasons to create your estate planning today

If you check any of these, you need a plan…

___ Provide a clean, easy legacy, not a mess.  i.e. make it easy for children.

___ Protect Children From Themselves

___ Addictions

___ Drugs

___ Alcohol

___ Gambling

___ Creditors

___ Gold Digger Spouse

___ Poor Money Skills

___ Protect Minor Children

___ Guardians

___ Access to Funds

___ Avoid Probate

___ Time

___ Cost

___ Publicity

___ Support Charity

___ Avoid Family Fighting

___ Peace of Mind

___ Leave an Inheritance, Not a Mess

___ Protect Children’s Inheritance

___ Creditors

___ Financial Predators

___ Gold Digging Spouse

___ Special Needs Planning

___ Avoid Government Interference With Private Affairs

___ Probate

___ Guardianship

___ Avoid Family Fights

___ Special Needs Planning

___ Means Tested Benefits

___ SSI

___ Medicaid

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Sunday, October 22, 2017

How Can I File a Claim Against An Estate?

Filing a claim against an estate is probably easier than you think.

The first step is to find out what county the estate is being handled in and if probate is opened.  You can search on Arkansas Court Connect or call the County Clerk in the county and ask.  Be  sure to write down the case number, the executor’s name, and the attorney’s name.

If Probate has not been opened, then you cannot file a claim…

Next, you need to fill out the claim form and file it with the County Clerk.  You can find the form to claim at The Official Arkansas Probate Forms (Form 18).

Leave a two inch margin at the top of the form.  Then create caption like this:

IN THE CIRCUIT COURT OF <TYPE YOUR COUNTY HERE> COUNTY, ARKANSAS

PROBATE DIVISION

IN THE MATTER OF THE GUARDIANSHIP OF:

<DECEDENTS NAME>, Deceased

 

No. <CASE # HERE>

AFFIDAVIT TO CLAIM AGAINST ESTATE 

 

After the caption, you will type in the rest of the form, date, and sign it.

I, ____________, do swear that the attached claim against the estate of ____________, deceased, is correct, that nothing has been paid or delivered toward the satisfaction of the claim except as noted, that there are no offsets to this claim, to the knowledge of this affiant, except as therein stated, and that the sum of ________ Dollars ($ ________) is now justly due (or will or may become due as stated). I further state that if this claim is based upon a written instrument, a true and complete copy, including all endorsements, is attached.

Date: _________, ___.

_________________________________

 

After filling it out, dating, and signing file it with the County Clerk for a fee of $5.00.

The clerk will file mark it and return you a copy.  Send a copy to the attorney of record.

Here is a sample taken from a real case:

 

IN THE CIRCUIT COURT OF BENTON COUNTY, ARKANSAS

PROBATE DIVISION

IN THE MATTER OF THE ESTATE OF

JOHN SMITH, Deceased

CASE NO. PR 14-999

AFFIDAVIT TO CLAIM AGAINST ESTATE

I, _______________________________________________________, do solemnly swear that the attached claim against the estate of JOHN SMITH, deceased, is correct, that nothing has been paid or delivered toward the satisfaction thereof except what is credited thereon, that there are no offsets to the same, to the knowledge of his affiant, except as therein stated, and that the sum of ______________________________________________________ DOLLARS ($__________________) is now justly due or will or may become due as stated therein.  I further state that if this claim is based upon a written instrument, the copy thereof, including all endorsements, which is attached hereto, is true and complete.

 

Date:

 

________________________________

Print Name:

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Sunday, October 15, 2017

Rampant Risks of Not Planning!

This is just a partial list of what you risk by not planning…

  • You stand to lose your autonomy as a person and be put into the hands of Adult Protective Services or somebody else that you don’t desire
  • You put your family’s security at risk
  • You put your assets at risk
  • Your private affairs will be publicized
  • If you are incapacitated, your family will have to go to court to access your funds
  • Your spouse’s next spouse can cut your children out
  • Estate tax rates start at 40%

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Trusts Are Not Just For The Well Heeled

Trusts are not just for the wealthy.

In a nutshell, a trust is a legal arrangement that allows an individual to place his assets such as shares, money and property such that an appointed person or trustee can manage and administer them for the benefit of others (beneficiaries).

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Monday, October 2, 2017

Philip Seymour Hoffman’s 12 MILLION DOLLAR MISTAKE

A few moves could have saved the loved ones of actor Philip Seymour Hoffman a lot of money. Even if you don’t have a $35 million estate, like Hoffman’s, there are some things you could learn from it…

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Sunday, October 1, 2017

Golden Myths of Estate Planning

Do You Believe That Estate Planning Only Applies to End of Life Events?

Nothing Could Be Further from The Truth.

Myth #1: Estate Planning is Only for End of Life Events

Nothing could be further from the truth!

Estate planning covers any unforeseen incidents during your lifetime as well as preparing.

The combination of a Durable Power of Attorney; Power of Attorney for Healthcare; and Living Revocable Trust makes sure your assets are there and working for you in case you are incapacitated (car wreck) for any length of time.

Myth #2: My Spouse Can Take Care of My Affairs (Financial, Legal, and Healthcare)

Not legally.  If you don’t have a Durable Power of Attorney, your spouse may end up in court seeking a guardianship.  Guardianships cost many times what a Durable Power of Attorney costs.

Guardianships are limited in power and require return trips to Court for many things.

Myth #3:  My Children Can Take Care of My Affairs

Not legally.  If you don’t have a Durable Power of Attorney, your children may end up in court seeking a guardianship.  Guardianships cost many times what a Durable Power of Attorney costs.

And, your children may end up fighting over who should be your guardian, adding to the time and cost.

Myth #4:  A Will Helps You When You Become Physically or Mentally Incapacitated

No.  A Will is totally ineffective until passing, and, therefore, does nothing to help you through incapacity and disability.  Your family or friends may have to go to Court to start costly guardianship or conservatorship proceedings.

Myth #5:  A Will is Enough

A Will is not enough.  A Will does nothing for you during your lifetime.  A Will is basically a letter to the court and your heirs detailing how to divide up your property.

Next Steps

Get The Book Below

OR

Call (479)717-6300 Today For Your FREE Initial No Obligation Planning Session.

 

Providing Services Including

Wills ♦ Trusts ♦ Financial, Legal, and Healthcare Powers of Attorney

♦ Revocable Living Trusts

♦ Probate Avoidance ♦ Healthcare Powers of Attorney

♦ Probate and Estate Administration

♦ Special Needs Planning ♦ Special Needs Trusts

♦ Medicaid Planning and Applications ♦ Long Term Care Planning and Selection

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