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Gibby Law Firm
903 SE 22nd St 3
BentonvilleAR 72712
Services by Gibby Law Firm
Gibby Law Firm |903 SE 22nd St 3BentonvilleAR72712 | (479) 271-8898

Services

Top-notch protection depends on top-quality products, and that’s exactly what you get when you work with the professional team at Gibby Law Firm. Whether you want to provide a comfortable living for your senior parents, a secure future for your children, or a safety net for your business, we have the top-tier products to serve your many needs. Check out the wide array of services we offer.

 

Protect Your Kids

If you unexpectedly die, who will raise your children? What values would they be taught? What habits would they develop? Who will make decisions regarding their education? What would be their religious affiliation? Would they be taught healthy eating, sleeping, and exercise routines? With whom would they be permitted to associate? Fortunately, through an effective estate plan, you can have tremendous influence over these areas of your children’s upbringing, even if you die early.

If you have no plan in place, the Court will name a guardian. Sometimes this is after legal battles over your children between friends or family members. If the Court does not consider anyone a suitable guardian, your children could become wards of the state. You would essentially have no influence over your children’s future.

One of the main reasons to establish an estate plan is to designate who will care for your young children in the event that you die early or become incapacitated. Your estate plan can designate someone you trust and who shares your values as a guardian to your children. Such a person would be a surrogate parent and raise your children to adulthood. By choosing your children’s guardian, you can enjoy the peace of mind that comes with knowing that you are giving your children the best chance to grow and develop as you would choose.

Designate how your children’s upbringing will be funded

In addition to designating who will raise your children, an effective estate plan can also provide instructions on how their upbringing will be funded. If you die early, the person you designate to take over for you as a trustee will follow the property distribution instructions that you lay out in your estate plan. Part of your plan can be to periodically release funds to your children’s guardians to support their upbringing. This way, you can assure that the guardian has the means to provide adequate clothing, food, shelter, and other benefits that you would like your children to have until they are adults.

Provide for your children’s college, trade school, weddings or mission trips

When your children become adults, you can direct the trustee to release funds that provide for their college education, trade school, weddings, or mission trips. This is a tremendous benefit to having a trust. You are not limited to only what the state laws would provide. You can customize your estate plan with instructions only limited by adequate funding and your imagination.

 

Protect Your Parents

When parents age, the roles often reverse, and it is their adult children who care for them. Protecting your elderly parents can have numerous legal challenges. Without an effective estate plan in place, incapacity and health issues can prevent or delay urgent decisions and can deplete the estate your parents spent a lifetime building. Fortunately, an estate plan can do much to deal with the legal issues ahead of time, so you can focus your attention on what matters most – the best care and quality of life for your parents. However, your parents should not delay getting their plan in place. A key to making sure your parents and their property are protected is to plan ahead – way ahead.

Protecting parents estate from long-term health care costs

As parents age, they are generally challenged with physical health and, in many cases, mental health issues. The onset of these may be gradual or rapid. Everyone’s situation is different, but it is impossible to predict the future. Your parents may spend most of their lives building up their estate to enjoy for themselves and their families and eventually pass on to their heirs. Sadly, health challenges during the latter years of their lives could become so expensive that their property could be depleted before they have a chance to pass it on. For example, nursing home costs can diminish an estate by many thousands of dollars every month. Long-term health care can leave a person with almost nothing to pass on to their loved ones after they have passed. The good news is that if your parents establish a plan early there are ways to properly place their property out of reach from these costs and still enable her or him to receive the care they need. Such a plan, however, must be established and funded at least five years before long-term health care is needed; so, when it comes to protecting an elderly parent’s property from such expenses, planning early is vital.

Acting for parents who are unable to act for themselves

Even if your elderly parent never has a need to receive long-term health care, an effective estate plan will likely be needed at some point during their lives. Will there ever be a time that your elderly parent is not mentally or physically able to make decisions for themselves? Will there be a time that he or she struggles with their finances or cannot agree to certain health procedures? If your elderly parent must be on life support, will she or he be able to decide what medication to receive and whether to remain on support? Who will make these decisions when your parents are unable to make them? These are questions that most people don’t like to really think about, but if the proper documents are in place you and your parents can have the peace of mind that comes with being prepared for such difficult times. Your parents can prepare today for the unknown future by naming trusted decision-makers who will act on their behalf when they cannot.

 

Protect Your Business

No matter how your business is structured, you can benefit from a well-prepared estate plan. However, we can help you structure your business along with your estate plan to help reduce the inherent risks to both. Does your business structure and plan reduce the risk of a lawsuit? What will happen to your business if you die or are no longer able to run it? Do you have all the necessary documents in place to allow others to continue the business without interruption? Because your business may be a target for unreasonable claims from others and is part of your estate, we can evaluate your business structure and help mesh the protections of your estate plan with your business.

The structure of your business may be critical to protecting your estate

In addition to setting up comprehensive estate plans, we also advise our clients on protecting their assets through business structuring. If you are doing business as a partnership or sole proprietor, your personal estate could be exposed to claims that others might make against your business. This could not only put you out of business but also deplete your personal estate that you have spent your life building. We can help protect your personal estate and your business by structuring your business as a limited liability company or a corporation. This can put your personal assets out of reach from lawsuits and help your business to not be a target against unreasonable claims. An added benefit is that establishing your business as a legal entity can, in many cases, offer tax benefits. We can work with your CPA to help you establish a business structure and estate plan that will help protect you and your business and help you reduce your tax burden.

Plan to pass your business on to your family

No matter how your business is structured, you can benefit from a well-prepared estate plan. However, we can help you structure your business along with your estate plan to help reduce the inherent risks to both. Does your business structure and plan reduce the risk of a lawsuit? What will happen to your business if you die or are no longer able to run it? Do you have all the necessary documents in place to allow others to continue the business without interruption? Because your business may be a target for unreasonable claims from others and is part of your estate, we can evaluate your business structure and help mesh the protections of your estate plan with your business.

 

Protect and Provide for Your Pets

Most pets do not live as long as people, but that does not mean they will not outlive us. What will happen to your pets if you die or become unable to care for them? Many states, including Arkansas, have laws that allow you to provide for your pets after you are no longer able. Without including them in your estate plan, your pets could be given or sold to someone you don’t want caring for them or could be sent to a shelter to be euthanized.

Even an informal arrangement is no guarantee for your pets’ care. Verbal plans are not legally enforceable. Even simply adding your pets to your will is often insufficient because your pets’ needs are immediate, and cannot wait for your will to be probated. Neither do wills offer ongoing control, oversite, and funding for your pets’ needs. However, we can provide a pet trust along with a card that can be kept in your wallet that will address both your pets’ immediate and long term needs according to your wishes. Your estate plan can provide very detailed, enforceable instructions as to who you want to care for your pets and how your estate can provide funds for such care. In this way, you can enjoy the peace of mind in knowing that ALL your family members will be protected.

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