Updating Your Plan After a Divorce Video

Updating your plan after a divorce may be one of the most important things you can do.

But, don’t update your plan after a divorce if you want your ex-spouse to get some of your stuff.

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

Updating Your Plan After a Divorce – Don’t Do It

No, you don’t have to update your estate plan after a divorce.  That is if you want the possibility your ex-wife will get everything.

Updating Your Plan After a Divorce – The Law

In Arkansas, divorce nullifies gifts left in a Will, but doesn’t do anything for beneficiary designations on accounts and life insurance.  And the law is also quiet about what happens to gifts in your revocable living trust.

Updating Your Plan After a Divorce – Life Insurance

Insurance agents get the opportunity from time to time to tell an ex-spouse that they get the proceeds from their ex’s life insurance policy.  This is because their ex forgot to change the beneficiary on the policy.

Updating Your Plan After a Divorce – Second Marriage

What about the case where this was a second marriage?  Do you want her children getting part of your hard earned money?  Or would rather it all go to your children?

So, yes, you need to update your estate plan after a divorce.

More Information

Feel free to call with your questions or to get my free book, “Secrets of Excellent Estate Planning”. The book is also available on my website.

I will show you how to protect what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long delays, and death tax.

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Understanding Special Needs Trusts Video

Special needs trusts help protect special people.

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

 

Understanding Special Needs Trusts: Major Types

Special needs trusts come in many different types that fulfill different purposes.

For your understanding, you need to know that special needs trusts come in 2 major types.

Understanding Special Needs Trusts: First Person Trust

The first is the “first person” special needs trust.  This is a trust setup for a person’s own money.  For example, if somebody that is on benefits got hurt in a car accident and received a large lump sum settlement, a “first person” special needs trust would be used.  This type of trust has one major drawback; Medicaid gets the first opportunity to get paid out of the trust at the person’s death.  You may sometimes hear these referred to as the pooled trust or a d(4)(a) trust.

Understanding Special Needs Trusts: Third Person Trust

The second is the “third person” special needs trust.  This type of trust holds money that never belongs to the person with special needs. So, if mom and dad have life insurance, they can have it paid into a third party special needs trust.  Because the money is only used for the person’s benefit, but doesn’t ever belong to them, the person putting the money into can leave further instructions.

More Information

 

Feel free to call with your questions or to get my free book, “Secrets of Excellent Estate Planning”. The book is also available on my website. 

I will show you how to protect what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long delays, and death tax.

 

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What is a Trust Fund? Video

What is a Trust Fund?  First, you need to have a working definition of a Trust, the we can answer the question.  In short, a trust fund is the pool of assets managed by a trust agreement.

 

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

What is a Trust Fund? Legal Definition of Trust

A trust, legally, is a contract between the trustee and the grantor (the person creating the trust) for the benefit of a third party, the beneficiary.  The grantor gives legal title to the trustee, who then manages the assets in the trust for the ultimate benefit of the beneficiary.

What is a Trust Fund? Definition

A trust fund is the pool of assets managed in the trust.  In other words, it is all the property and stuff that has been legally transferred to the trustee.

Assets in the trust fund can consist of cash, real estate, most stocks, bonds, and much more.

What is a Trust Fund? More Information

Feel free to call with your questions or to get my free book, “Secrets of Excellent Estate Planning”. The book is also available on my website.

I will show you how to protect what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long delays, and death tax.

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Living Will Definition Video – Protect Your Dignity

Living Will Definition – The difference between a Living Will and a Last Will and Testament is like the difference between apples and oranges.

Learn much more by getting Secrets of Effective Estate Planning, Click Here

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

Living Will Definition

The Living Will definition I like to use is that it is a document that describes the healthcare you will get

1. If your end is imminent
2. You lack capacity to make your own decisions
3. You can’t voice or gesture your decisions

Living Will Definition – Major Points

A good Living Will takes into account 2 major things.

The first are the medical procedures that you do not want if the end appears to be near.  You can choose whether or not you get CPR, ventilation, antibiotics, minor surgery, pain relieving drugs, etc.

The second part is your choice for artificial nutrition and hydration.  In other words, a feeding tube and IV for fluids.  You can choose to have neither, one or the other, or both.  Personally, I don’t want a feeding tube.

Living Will Definition – Read Carefully

The only thing to remember when you are filling out a Living Will is to read carefully or get advice from an attorney.  Some Living Wills are worded in the negative and you mark or initial the things you don’t want.

More Information About Living Wills

Feel free to call with your questions or to get my free book, “Secrets of Excellent Estate Planning”. The book is also available on my website.

I will show you how to protect what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long delays, and death tax.

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Durable Power of Attorney for Healthcare Video

A Durable Power of Attorney for Healthcare protects you, your dignity, and your fundamental rights.  You have the fundamental right to make your own healthcare decisions.  Imagine a time that you are at the whim of doctors, their ethics, and the law.

Learn much more by getting Secrets of Effective Estate Planning, Click Here

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

Durable Power of Attorney for Healthcare – Protect Your Affairs

A Power of Attorney for Healthcare is like a Durable Power of Attorney for finances and legal matters.

Your Durable Power of Attorney for Healthcare is a legal document you sign that gives another trusted person, your “agent,” the power to make healthcare decisions when and if you can’t manage your own healthcare affairs.

Durable Power of Attorney for Healthcare – When Does It Protect?

A Durable Power of Attorney for Healthcare takes affect when you can’t understand the consequences of making healthcare decisions and/or when you lack the ability to communicate your desires, even by gestures.  Often a doctor helps make the decision that you lack the capacity to make your own decisions.

Basically, if you are so ill or injured you cannot make your own decisions, your Durable Power of Attorney for Healthcare goes into effect.

If you have the capacity, you may revoke your Durable Power of Attorney for Healthcare.

Durable Power of Attorney for Healthcare – Divorce

And, if you happen to get divorced, a properly written power will revoke your ex-spouse as your “agent.”

More Information

Feel free to call with your questions or to get my free book, “Secrets of Excellent Estate Planning”. The book is also available on my website.

I will show you how to protect what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long delays, and death tax.

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Durable Power of Attorney Definition

Durable Power of Attorney Definition, a Durable Power of Attorney may be one of the most important documents you can ever sign.

Learn much more by getting Secrets of Effective Estate Planning, Click Here

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

Durable Power of Attorney Definition: Two Types

Powers of Attorney come in two types.  The first is the Durable Power of Attorney.  The Durable Power of Attorney means that the Power of Attorney stays in affect if you become incapacitated and unable to handle your own affairs.

If a Power of Attorney is not Durable, then as soon as you become unable to handle your own affairs, the Power of Attorney stops.

Durable Power of Attorney Definition: Spell It Out

It is best to spell out in the document whether the Power of Attorney is durable or not.  State laws differ, and can be changed.  Some states make Powers of Attorney Durable by default.  Some states don’t.

More Information

Feel free to call with your questions or to get my free book, “Secrets of Excellent Estate Planning”. The book is also available on my website.

I will show you how to protect what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long delays, and death tax.

 

 

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Will the Government Make Your Vital Decisions?

If you pass without a Last Will and Testament or other Estate Plan, the government has already decided who gets your stuff, when they get it, and how much everybody gets!

Learn much more by getting Secrets of Effective Estate Planning, Click Here

In the Arkansas Code Annotated, Title 28, the Legislature has already written a Will for you by law.  If you don’t write your own Will, then the State’s Will shall be used.

For property subject to probate:

Your spouse gets 1/3rd of all the money and personal tangible property.  Your spouse gets a 1/3rd life estate in all the real estate (real property).  A life estate is a special kind of ownership that only lasts for a lifetime, then ends immediately.  You spouse can’t sell the real estate without permission from all your children.

Your children get the other 2/3rds of all the money, outright.  Your children get the real estate, subject to your spouse’s life estate.

Not to mention, a Judge gets oversight and the final decision, not you.

You can act today to put your plan in the State’s place.

Call (479)717-6300, or CLICK HERE to get the book, “Secrets of Excellent Estate Planning” 

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