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Hyden, Miron & Foster PLLC
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#estateplanningforpets  

Estate Planning With Your Pets in Mind
If you consider your pets to be part of your family, you might assume that your beloved Fido and Fluffy will be as well taken care of as a human should you become unable to care for them. Unfortunately, that assumption is wrong. Under the law, pets are considered property, and are treated no differently than your dining room table or television, unless you make special arrangements for them in your estate planning documents. At Hyden, Miron & Foster, PLLC, we can help clients in Arkansas make long-term care plans for their pets using a pet trust.  

A pet trust allows you to arrange for the care of your pet should you become incapacitated or pass away, as opposed to a will which only allows you to provide for your pet in the event of your death. We find that trusts are also more likely to be enforced in these types of situations. A pet trust can be a separate and distinct trust or can be included in a revocable trust that handles the disposition of your property.

In order to set up a pet trust, you will need to:        

https://www.hmflaw.net/lawyer/2015/06/04/Estate-Planning/Estate-Planning-With-Your-Pets-in-Mind-_bl19398.htm
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#livingwillattorney  

How to Safely Share & Store Your Estate Planning Documents
I recently executed a trust, pour-over will, living will, and power of attorney. What is the best way to store these documents, and should I make copies? 


Congratulations on taking this important step toward a solid financial future for your family, loved ones and/or charities of your choice.  Now that your documents are signed, witnessed and notarized, what’s next?

Being that original estate planning documents are required in many scenarios, including opening an estate or utilizing a power of attorney, it is extremely important to keep these papers preserved in a secure location for safekeeping. The following explains some best practices post-execution, as well as suggestions on what to do if you have further questions about your estate plan or need to make a change in a certain area. 
Storage and preservation of documents

Many times, couples execute an estate plan when their children are young, and forget all about 

https://www.hmflaw.net/lawyer/2015/05/26/Estate-Planning/How-to-Safely-Share--Store-Your-Estate-Planning-Documents_bl19218.htm
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#medicaidattorney  

Medicaid Planning: 5 Tips to Consider in Planning for Long-Term Care Costs
One of the most misunderstood aspects of long-term care is whether coverage is offered by Medicare, and for how much. Below you’ll find several tips with regard to planning for long-term care, including qualifying for need-based coverage through the government’s Medicaid program. 

Tip #5: Medicare Will Not Cover Long-Term Care Costs: This is an important starting point for many seniors, and may come as a surprise. Medicare coverage for around-the-clock skilled nursing is generally only available for a maximum of 100 days, and is designed to effectuate proper healing post-surgery or after a debilitating fall. If coverage is needed beyond this time period, enrollees must either pay out-of-pocket, or consider other options. 

Tip #4: 

https://www.hmflaw.net/lawyer/2015/05/20/Estate-Planning/Medicaid-Planning-5-Tips-to-Consider-in-Planning-for-Long-Term-Care-Costs_bl19071.htm
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#taxattorney  

5 Common Notices From the IRS (And how a tax attorney can help)
The IRS is notorious for sending out millions of notices each year. The following are some of the most common notices and disputes asserted by the IRS, followed by practical advice for those unwittingly on the receiving end of IRS correspondence. 

https://www.hmflaw.net/lawyer/2015/05/18/Taxation/5-Common-Notices-From-the-IRS-(And-how-a-tax-attorney-can-help)_bl19070.htm
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#estateplanningattorney  

Estate Planning for Major Milestones
When it comes to updating an estate plan, there is no better time to make changes than immediately following one of life’s major milestones, including a birth, death, divorce, marriage or adoption within the family. Regularly updating an estate plan not only helps ensure the will or trust is honored when the time comes but also helps protect against unintentional disinheritances or bequests. It is also advisable to make changes to an estate plan upon major financial transitions, such as receipt of a sizable inheritance, retirement, promotion or entering into long-term care.

Marriage and divorce are two of the most significant milestones from an estate planning perspective. For most Arkansas couples, the surviving spouse is named as a beneficiary in the decedent’s Will. Under Arkansas law, if, after making a will, the testator (the person who made the Will) becomes divorced, then all provisions in the will in favor of the testator’s spouse so divorced are revoked.  Even though the ex-spouse would not

- See more at: http://www.hmflaw.net/lawyer/2015/05/11/Estate-Planning/Estate-Planning-for-Major-Milestones-_bl18867.htm#sthash.nwSRXSXt.dpuf
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#estateplanningattorney  

Farm Property, Estate Planning and Arkansas Probate Law
Can a Will along with Guided Business Planning and Administration Help Farm Families Pass Their Farms on to the Next Generation?

In Arkansas, almost 90 percent of farms are family-centered sole proprietorships passed from generation to generation. Yet, despite good intentions on the part of individuals who hold the deed, succession can go poorly without a Will and without sound business planning. 

The Advantages of a Will

Without a Will, Arkansas law determines

- See more at: http://www.hmflaw.net/lawyer/2015/03/27/Estate-Planning/Farm-Property,-Estate-Planning-and-Arkansas-Probate-Law_bl18323.htm#sthash.5esoE658.dpuf
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#estatetaxplanningattorney  

Effects of a Fraudulent Tax Return
The filing of fraudulent tax returns is an increasingly common form of identity theft. Thieves file a fake return in the victim’s name in order to receive a refund check. Both federal and state tax authorities are dealing with this problem and trying to come up with a solution.

If you are the victim of identity theft and a fraudulent tax return has been filed in your name, it may make the process of filing your taxes and collecting a refund more lengthy and difficult. Identity theft victims may need to wait months and sometimes years to have their refunds restored. Reduced IRS funding and staff levels could result in victims waiting even longer this year.

The FBI is investigating how fraudulent returns

- See more at: http://www.hmflaw.net/lawyer/2015/03/06/Taxation/Effects-of-a-Fraudulent-Tax-Return-_bl17892.htm#sthash.WgO4bMDR.dpuf
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What is the difference between an immediate and a springing power of attorney?
A financial power of attorney is an important document that is beneficial for everyone to have. It allows others to handle your financial affairs if you are unwilling or unable to do so. The person with this ability, known as the agent, should be someone you trust completely. Anyone you designate as agent should be honest, dependable, and have the necessary skills to effectively manage your finances.

A financial power of attorney can be broad or narrow. You can allow your designated agent to have access to all of your financial accounts, holdings and investments, and make all financial decisions on your behalf, including selling real estate. Alternately, you can prepare a financial power of attorney authorizing an individual to have access to a checking account and pay only specific bills (perhaps mortgage, utilities, and insurance) in the event that you become incapacitated. This ensures that your house will be kept in order and that related accounts remain up to date while you are unable to manage them.

Your agent has a fiduciary duty to you, so the agent must

- See more at: http://www.hmflaw.net/lawyer/2015/02/23/Estate-Planning/What-is-the-difference-between-an-immediate-and-a-springing-power-of-attorney_bl17765.htm#sthash.aJQ6XRpB.dpuf 
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Can a court invalidate a will or trust?
It is unfortunate, but sometimes an individual goes through the trouble and expense of creating an estate plan only for their beneficiaries to end up in court facing a lawsuit – or contest.  A will or trust contest is a legal proceeding filed to challenge the validity of one of these documents.  If the challenge is successful, the court throws out the document and it is as if it never existed.   

Will and trust contests can be pursued for a variety of reasons.  While each state is different, there are some reasons, which are common across the country.  These include claims that the document was not executed pursuant to state law.  Also, a certain level of mental capacity is required to create a will or trust, so a challenge might include a claim that the person making the will or trust did not have the requisite capacity.  Another common basis for a contest involves a claim that the person making the will or trust was subject to undue influence or was the victim of fraud.  

Although not everyone has this ability, there are various people who can challenge a will or trust.

- See more at: http://www.hmflaw.net/lawyer/2015/01/02/Estate-Planning/Can-a-court-invalidate-a-will-or-trust_bl16860.htm#sthash.UeT0U0yu.dpuf
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Married Without Children: Estate Planning for Couples With No Kids
When most people think of estate planning what usually comes to mind is passing wealth down to children or grandchildren.    But, more and more couples are getting married and remaining childless for various reasons. These couples, who are not spending money on raising children, sometimes amass large estates.  It is important for couples in this situation to do the appropriate estate planning so that their wealth passes according to their wishes after death.

Married couples without children have two main considerations.  First, they should put some

- See more at: http://www.hmflaw.net/lawyer/2014/12/05/Estate-Planning/Married-Without-Children-Estate-Planning-for-Couples-With-No-Kids_bl16541.htm#sthash.1cZXsmeV.dpuf
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