Little Rock Trust Attorney

Offering Estate Planning Solutions To Protect Your Assets Through Trusts

Sometimes, a Last Will & Testament is not enough to adequately manage an individual’s estate after their passing. In such cases, a trust is used. In a trust, property is held by one party for the benefit of another. The trust is created by a settlor, who transfers the property to a trustee. The trustee holds that property for the trust’s beneficiaries.

Trusts can be arranged in many ways and can specify exactly how and when the assets will pass to the beneficiaries. Trusts usually avoid probate and will allow your beneficiaries to gain access to the assets more quickly than they might if the assets were transferred by using a will. Assets held in an irrevocable trust may not be considered part of the taxable estate, thereby reducing the estate taxes that will be paid upon your death.

Contact an estate planning attorney today. For more information about how a trust can work to protect your estate and provide for your beneficiaries, call The Smith Firm at (501)-271-3385.

What Types of Trusts Are Available?

At The Smith Firm, we help clients in Arkansas create trusts that protect their assets and ensure their loved ones’ best interests are prioritized. With our extensive experience in estate planning and probate administration, we guide clients through the process to minimize disputes and streamline the management of their affairs. Common types of trusts available in Arkansas include:

Revocable Living Trusts – Allow clients to retain control of assets during their lifetime while avoiding probate.
Irrevocable Trusts – Offer strong asset protection and potential tax benefits, but cannot be easily changed.
Special Needs Trusts – Designed to provide for loved ones with disabilities without affecting government benefits.
Testamentary Trusts – Created through a will and take effect after death, offering a structured distribution of assets.

Our Little Rock trust lawyer works closely with each client to determine the trust type that best meets their goals, protects their assets, and reduces the likelihood of litigation or disputes.

Request a Consultation Today For Assistance

At The Smith Firm, we understand that every client’s situation is unique, and careful planning is essential to protect your assets and the best interests of your loved ones. Our Little Rock-based attorney provides personalized guidance to ensure your trusts are properly established, administered, and aligned with your long-term goals. Whether you are creating a revocable living trust, an irrevocable trust, or a specialized arrangement, we are here to help you navigate the complexities of estate planning and provide peace of mind for you and your family.

Book an initial consultation today to get started.

Frequently Asked Questions

What is a Trust?

Trusts are a set of legal instructions on how and when you want your estate to be distributed among your heirs after your death that can help to reduce estate taxes and protect your estate from lawsuits and creditors.

Why do I need a Trust?

A trust gives you control over how and when your estate will be distributed to your heirs. It can distribute during your lifetime, after your death, or at a specific date or event that you choose. You also have the power to choose which assets will be included in the trust.
Assets within a trust also do not pass through probate.
There is no public record of what was placed in the trust or who gave it to you. By avoiding probate, assets can be distributed immediately and without delay.

Does a trust protect my assets from estate taxes?

In an irrevocable trust, the grantor or creator of the trust no longer owns the assets in the trust. Therefore, trust assets cannot be taxed as part his or her estate or subject to Medicaid.
In a revocable trust, the creator of the trust retains ownership of the assets in the trust and is, therefore, subject to the claims of creditors, estate taxes, and Medicaid.

What is the difference between a revocable living trust and an irrevocable trust?

A revocable trust does not protect your assets from your creditors. This is because a revocable living trust can, by its terms, be changed or terminated at any time. Due to these terms, the trust creator maintains ownership of his assets. Therefore, a creditor could force the owner of a revocable living trust to terminate the trust and surrender the assets. Revocable trusts are also not protected from Medicaid which can force the creator of the trust to use trust assets to pay for care.

In an irrevocable trust, the creator no longer legally owns the assets used to fund the trust. Consequently, the creator surrenders control of those assets and the ability to later modify the trust. However, because of the change in ownership, the assets in the trust are protected against the claims of any future creditors. Assets in an irrevocable trust are protected from Medicaid.