Wilcox Attorneys, PA

Can I Reject an Inheritance in Arkansas?: You have undoubtedly heard stories about heirs launching extended court battles over estate assets, even when those assets have relatively little monetary value. You may have wondered why people invest so much time and money litigating a decedent’s estate. Knowing that they do, however, makes it even harder to contemplate why someone might want to […] The post Can I Reject an Inheritance in Arkansas? appeared first on Wilcox Attorneys, PA.

Adding a Memorandum of Intent to Your Special Needs Trust: If you are the parent of a child with special needs, you already understand the importance of planning for your child’s future. You likely also understand the importance of planning for the possibility that you will not be around in that future. Like all parents, you want to ensure that your child is financially secure […] The post Adding a Memorandum of Intent to Your Special Needs Trust appeared first on Wilcox Attorneys, PA.

The Benefits of Staggering an Inheritance: Like many individuals, you have likely devised an estate plan to ensure that your assets serve the well-being of your loved ones in the aftermath of your passing. While direct gifts within your estate plan are a conventional approach, it may not be suitable for valuable assets or if the beneficiary isn’t adequately prepared to […] The post The Benefits of Staggering an Inheritance appeared first on Wilcox Attorneys, PA.

Do You Want to Discuss Dynasty Trusts?: Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount, practitioners and clients should consider whether a Dynasty Trust makes sense for them. The post Do You Want to Discuss Dynasty Trusts? appeared first on Wilcox Attorneys, PA.

Creating a Blended Family? How Your Estate Plan Can Help: The divorce rate in the United States stands at approximately 50 percent for first marriages, with a significant portion of those divorces leading to remarriage and the formation of blended families. Managing a blended family requires considerable effort to seamlessly integrate two existing family units into a cohesive new family. An often overlooked aspect of […] The post Creating a Blended Family? How Your Estate Plan Can Help appeared first on Wilcox Attorneys, PA.

Estate Planning Lessons from the Movies – Part II: It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. While the movie received critical acclaim, it contained a surprising plot centered on real-life Estate Planning issues and the lengths to which certain individuals went to steal from the Osage Indian Tribe. This second in the series explores the real-life application of Estate Planning in the movies. The post Estate Planning Lessons from the Movies – Part II appeared first on Wilcox Attorneys, PA.

Estate Planning Lessons from the Movies – Part I: It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. The post Estate Planning Lessons from the Movies – Part I appeared first on Wilcox Attorneys, PA.

Tax Planning for 2024: Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2024 is just starting, it’s not too early to think about planning for whatever it may bring your way. The post Tax Planning for 2024 appeared first on Wilcox Attorneys, PA.

Is a Trustee Entitled to a Fee for Administering a Trust?: A frequently incorporated tool in a typical estate plan is a trust agreement. A meticulously planned and appropriately drafted trust can effectively accomplish various estate planning objectives, ranging from safeguarding the inheritance of a minor child to ensuring financial support for a child with special needs. Regardless of the specific goals, all trusts share the […] The post Is a Trustee Entitled to a Fee for Administering a Trust? appeared first on Wilcox Attorneys, PA.

What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning: Some of my favorite blog topics come from headlines.  In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune.  It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate.  The post What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning appeared first on Wilcox Attorneys, PA.