ATTORNEY

MICHAEL CORNETT

(501) 580-9804

In Little Rock and throughout Arkansas.

ESTATE PLANNING

Providing Outstanding Estate Planning Services in Arkansas.

For estate-planning matters I can meet with you to discuss your current estate plan, the problems I see, and the solutions so that your estate can be handled both during your lifetime and after your death as you wish. I prepare the appropriate documents to meet your goals and solve any problems as best as possible. If you desire to have a trust, I will also work with you to ensure that your trust is fully funded so that it operates the way we designed it to work, both during your lifetime and after your death.

When working together you can expect to receive an analysis of your estate, the problems you currently face, such as the cost of probate if you were to die without an estate plan, the potential estate tax your estate may owe to the government nine months after you die, potential capital gains tax traps if you try to give your assets away, potential gift tax problems you may also incur if you try to give your assets away, and an explanation of the problems your heirs might face in transferring your assets under both Arkansas and federal law. I then provide you with available solutions.

When creating an estate plan you will have to choose between a Trust-centered estate plan or a Last Will-centered estate plan. Click below to learn more.

If you choose to have a Trust-centered estate plan, which is what most estate-planning attorneys are going to recommend because it gives a person or couple the most control over one’s assets while simultaneously avoiding probate, I will prepare for you the seven basic estate-planning documents I feel are needed in order for you to have a good estate plan:

(1) an individual Living Will (also known as an “Advance Directive”) to keep you from being left on life support in a vegetative state with no hope of recovery;

(2) an individual Durable Power of Attorney for Business Purposes;

(3) an individual Durable Power of Attorney for Medical Purposes (the latter two in order to avoid someone having to go to probate court and having a guardianship set up if you were to become incapacitated);

(4) an individual pour-over Last Will & Testament, which is a fail-safe device in case you do not fully fund your Revocable Trust with all of your assets during your lifetime. The sole beneficiary of this Last Will is your Revocable Trust, which is where you will have left your instructions for your assets’ disbursement. This will typically require probate.

(5) a separate or joint Revocable Trust, which is designed to provide instructions for how you want your trustee to manage your assets while you are alive and competent, while you are alive but incapacitated, and how you want your trustee to distribute your assets either outright or via a subtrust after you die;

(6) a Certificate of Trust, also known as an “Abstract of Trust” or a “Memorandum of Trust”, which is basically a barebones, Readers Digest version of your trust. Its purpose is to protect the details of your trust, maintain your privacy, while providing documentary proof to financial institutions, government entities, insurance companies, etc., that you do, in fact, have a trust, its legal name, when it was established, and the name and address of the current trustee; and

(7) a Funeral Memorandum, in which you can leave instructions for your loved ones as to how you wish for your remains to be handled and the type of and details of your funeral ceremony, if any, you want.

Just as importantly, I will handle the funding of your trust. Funding is the transferring of one’s assets from one’s name as an individual to the name of one’s trust (for which the client will typically serve as his or her own trustee). Funding is necessary for your assets to avoid having to pass through probate upon death– the primary reason for establishing a trust–while also leaving the client/trustee in complete control of his or her assets while he or she is alive and is competent or with the successor trustee when the client is still alive but incapacitated.

If you need Estate Planning help in Little Rock or anywhere else in Arkansas, contact The Cornett Law Firm. Call (501) 580-9804 or send us a message.

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In my thirty plus years of experience as an attorney, I have worked with hundreds of clients. To understand how I can help and what you can expect when working together, select an option below.

EXPECT THE MOST FROM YOUR ATTORNEY

(501) 580-9804

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