Ross & Shoalmire provides comprehensive estate planning services across Northeast Texas and Arkansas, helping families protect their assets, minimize taxes, and ensure their wishes are carried out. Our experienced attorneys create customized wills, trusts, and estate plans that provide peace of mind for you and financial security for your loved ones. With offices in Texarkana, Tyler, Paris TX, Magnolia AR, and Hot Springs AR, we serve clients throughout the region with personalized legal guidance for every stage of life.
Table of Contents: |
What Is Estate Planning?
Estate planning is the process of arranging for the management and distribution of your assets during your lifetime and after your death. A comprehensive estate plan ensures your wishes are honored, your family is protected, and your legacy is preserved according to your values and goals.
Without proper estate planning, Texas and Arkansas state laws will determine how your assets are distributed, which may not align with your wishes. This can create unnecessary stress, expense, and family conflict during an already difficult time. Learn more about what happens when you die without a will in Texas and Arkansas.
Key Components of Estate Planning
- Wills: Legal documents that specify how your assets will be distributed after death
- Trusts: Arrangements that allow a third party to hold and manage assets on behalf of beneficiaries
- Powers of Attorney: Documents that authorize someone to act on your behalf if you become incapacitated
- Healthcare Directives: Instructions for medical care if you cannot communicate your wishes
- Beneficiary Designations: Specifications for retirement accounts, insurance policies, and other financial assets
- Business Succession Planning: Arrangements for the continuation of business operations
Our Estate Planning Services![estate plannin]()
Ross & Shoalmire offers a full range of estate planning services tailored to your unique circumstances, family dynamics, and financial goals. Our attorneys work closely with you to develop strategies that protect your assets and provide for your loved ones.
Wills and Testament Preparation
A properly drafted will is the foundation of any estate plan. Our attorneys ensure your will clearly expresses your wishes while meeting all legal requirements in Texas and Arkansas. Learn about the differences between Texas and Arkansas will requirements.
Our will preparation services include:
- Asset inventory and distribution planning
- Guardian designation for minor children
- Executor appointment and responsibilities
- Tax minimization strategies
- Regular updates as circumstances change
Trust Creation and Administration
Trusts offer significant advantages over simple wills, including probate avoidance, privacy protection, and potential tax benefits. We help you determine which type of trust best serves your objectives.
Types of trusts we establish:
- Revocable Living Trusts: Flexible arrangements that can be modified during your lifetime
- Irrevocable Trusts: Permanent arrangements that provide tax advantages and asset protection
- Special Needs Trusts: Protections for disabled beneficiaries without affecting government benefits
- Charitable Trusts: Vehicles for philanthropic giving with tax benefits
- Asset Protection Trusts: Shields for assets from creditors and lawsuits
Probate and Estate Administration
When a loved one passes away, navigating the probate process can be overwhelming. Our probate attorneys guide families through estate administration with compassion and efficiency.
Probate services include:
- Filing necessary court documents
- Inventorying and appraising estate assets
- Paying debts and taxes
- Distributing assets to beneficiaries
- Resolving disputes among heirs
- Final accounting and case closure
Wills vs. Trusts: Understanding Your Options
Both wills and trusts serve important roles in estate planning, but they function differently and offer distinct advantages. Understanding these differences helps you make informed decisions about your estate plan.
| Aspect | Will | Trust |
|---|---|---|
| Probate | Must go through probate court | Often avoids probate entirely |
| Privacy | Becomes public record | Remains private |
| Cost | Lower upfront cost | Higher initial cost, potential long-term savings |
| Effectiveness | Takes effect after death | Can be effective immediately |
| Complexity | Simpler to create and maintain | More complex but offers greater control |
When to Consider a Trust
Trusts may be particularly beneficial if you:
- Want to avoid the time and expense of probate
- Have substantial assets or complex financial situations
- Own property in multiple states
- Have beneficiaries with special needs or spending concerns
- Desire privacy in asset distribution
- Want to minimize estate taxes
- Have a business that needs continuity planning
Why DIY Estate Planning Isn't Worth the Risk
While it's tempting to save money with do-it-yourself estate planning documents found online, this approach often creates more problems than it solves. Your family's financial security is too important to risk on generic forms that may not be legally valid or appropriate for your specific situation.
Your Situation Is More Complex Than You Think
Most people underestimate the complexity of their estate planning needs. Consider whether any of these circumstances apply to you:
- You're in a second (or later) marriage
- You own one or more businesses
- You own real estate in more than one state
- You have a disabled family member who may need special needs planning
- You have minor children or adult children with spending problems
- You don't have any children
- You want to leave assets to charity
- You have substantial retirement accounts (401k, IRA)
- You were recently divorced or widowed
- You have an incapacitated spouse needing long-term care
If even one of these situations applies to you, professional legal guidance is essential. Without proper planning, your family may end up in costly legal disputes, or the state could receive a significant portion of your assets.
DIY Documents Often Fail When You Need Them Most
Generic estate planning forms cannot address your unique circumstances or comply with specific state law requirements. Common problems with DIY documents include:
- Improper execution that renders documents legally invalid
- Missing provisions that create gaps in your plan
- Conflicting terms between different documents
- Failure to address tax implications
- Inadequate asset protection strategies
- Beneficiary designation conflicts
These mistakes often aren't discovered until it's too late to fix them, leaving your family to spend thousands of dollars in legal fees to resolve problems that proper planning would have prevented.
Beware of "Free" Estate Planning Services
Be cautious of individuals offering "free" estate planning services who call themselves "Certified Senior Advisors," "Asset Protection Specialists," or "Public Benefits Planners." These providers often have hidden financial motivations:
- Commission sales from annuities or insurance products
- Referral fees from retirement communities or care facilities
- Limited accountability with no professional licensing
- Divided loyalties that may not serve your best interests
Licensed estate planning attorneys have transparent fees, no hidden agendas, and are accountable to state bar associations. Most importantly, they represent only your interests.
The Probate Process in Texas & Arkansas![probate]()
Probate is the legal process through which a deceased person's estate is settled. While the basic process is similar in Texas and Arkansas, each state has specific requirements and procedures.
Texas Probate Process
Texas offers several probate options depending on the complexity of the estate and whether a valid will exists:
- Independent Administration: The most efficient option, allowing the executor to settle the estate with minimal court supervision
- Dependent Administration: Requires court approval for most actions, used when independent administration isn't available
- Muniment of Title: Simplified process for estates with no debts other than secured debts
- Small Estate Affidavit: For estates under $75,000 with no real property
Arkansas Probate Process
Arkansas probate procedures include:
- Formal Probate: Traditional court-supervised process for most estates
- Small Estate Procedures: Simplified process for estates under $100,000
- Summary Settlement: Available when all heirs agree and certain conditions are met
Timeline and Costs
Probate typically takes 6 months to 2 years, depending on estate complexity and whether disputes arise. Costs generally include:
- Court filing fees
- Attorney fees
- Executor compensation
- Appraisal and accounting costs
- Publication and notification expenses
Elder Law & Long-Term Care Planning
As we age, legal and financial planning becomes increasingly important. Our elder law services help seniors and their families navigate the complex landscape of healthcare, long-term care, and government benefits. Estate planning isn't just about what happens when you die—it's about protecting yourself and your assets if you become mentally or physically incapacitated.
Comprehensive Elder Law Services
Ross & Shoalmire's elder law attorneys have cultivated understanding and experience in the full range of issues affecting seniors and their families:
- Asset preservation and transfer strategies to avoid spousal impoverishment when a spouse enters long-term care
- Medicaid qualification and application assistance
- Medicare claims and appeals
- Supplemental and long-term health insurance issues
- Disability planning with durable powers of attorney, living trusts, and healthcare directives
- Estate planning for lifetime management and death disposition
- Probate and trust administration
- Long-term care placement and nursing home issues
- Financial planning and tax strategies
- Elder abuse and fraud recovery cases
- Retirement benefits, survivor benefits, and pension planning
- Mental health law issues
This specialized knowledge separates elder law attorneys from general practice lawyers. Just as you wouldn't use a family doctor for heart surgery, you need an elder law specialist for complex senior legal issues.
Medicaid Planning
Long-term care costs can quickly deplete life savings. Medicaid planning helps protect assets while ensuring eligibility for essential healthcare coverage.
Medicaid planning strategies include:
- Asset protection through legal transfers
- Medicaid-compliant annuities
- Special needs trusts for disabled family members
- Spousal protection planning
- Veterans benefits coordination
Guardianship and Conservatorship
When someone becomes unable to make decisions due to illness or disability, guardianship proceedings may be necessary to protect their interests.
We assist with:
- Guardianship petitions and proceedings
- Alternatives to guardianship (powers of attorney, healthcare directives)
- Guardian duties and responsibilities
- Modification and termination of guardianships
Healthcare Decision Making
Advance healthcare planning ensures your medical preferences are honored if you become unable to communicate them.
Essential healthcare documents:
- Living Will: Specifies preferences for life-sustaining treatment
- Medical Power of Attorney: Designates someone to make healthcare decisions
- HIPAA Authorization: Allows healthcare providers to share information
- Physician Orders for Life-Sustaining Treatment (POLST): Medical orders for seriously ill patients
Estate Planning FAQs
When do I need an estate planning attorney?
You should consult an estate planning attorney when you have assets to protect, young children, own a business, or want to minimize taxes on your estate. Major life events like marriage, divorce, or retirement also warrant updating your estate plan. Even young adults benefit from basic planning documents like powers of attorney and healthcare directives.
What is the difference between a will and a trust?
A will becomes effective after death and goes through probate, while a trust can be active during your lifetime and often avoids probate. Trusts provide more privacy and can offer tax advantages, while wills are simpler and less expensive to create. Many estate plans include both documents serving different purposes.
How much does estate planning cost in Texas and Arkansas?
Estate planning costs vary based on complexity. Basic wills typically range from $300-800, while comprehensive plans with trusts can cost $1,500-5,000. The investment protects your family and can save thousands in future legal fees and taxes. We offer transparent pricing and payment plans to make quality estate planning accessible.
Do I need to update my estate plan regularly?
Yes, you should review your estate plan every 3-5 years or after major life events like marriage, divorce, births, deaths, or significant changes in assets. Laws also change, requiring updates to maintain effectiveness. Regular reviews ensure your plan continues to meet your goals and protect your family.
What happens if I die without a will in Texas or Arkansas?
Dying without a will (intestate) means state law determines how your assets are distributed. In both Texas and Arkansas, assets typically go to your spouse and children in predetermined percentages. This may not align with your wishes and can create complications for blended families or unmarried partners. The probate process is also typically more expensive and time-consuming without a will. Read our detailed guide on intestate succession laws in Texas and Arkansas.
Can I create my own estate plan without an attorney?
While DIY estate planning options exist online, they often create more problems than they solve and usually cost more in the long run. Generic forms cannot address your unique circumstances, comply with specific state laws, or account for the complexity most people don't realize they have. Common problems include improper execution that renders documents invalid, missing provisions that create gaps, and conflicting terms between documents. You've worked hard for what you have—protect it with professional legal guidance rather than risking your family's future on do-it-yourself solutions.
Contact Our Estate Planning Attorneys
Don't wait to protect your family's future. The experienced estate planning attorneys at Ross & Shoalmire are ready to help you create a comprehensive plan that provides peace of mind and financial security.
Serving Texas and Arkansas From Multiple Locations
Ross & Shoalmire serves families throughout Northeast Texas and Arkansas from convenient office locations. We're proud to serve families across Texas communities including Texarkana, Tyler, Paris, Longview, Marshall, Mount Pleasant, and beyond, as well as Arkansas communities including Magnolia, Hope, El Dorado, Camden, and throughout the region.
Our office locations:
- Texarkana Office (Main): 1820 Galleria Oaks Dr, Texarkana, TX 75503 | Phone: 903-223-5653
- Tyler Office: Serving Smith County and East Texas
- Paris Office: Serving Lamar County and Northeast Texas
- Longview Office: Serving Gregg County and the Ark-La-Tex region
- Magnolia Office: Serving Columbia County and Southern Arkansas
Don't risk your family's future by trying to handle this complicated legal process yourself. Contact Ross & Shoalmire today to discuss your estate planning needs. We'll take a look at your situation, talk to you about your goals, and let you know how we can help you achieve them. You've worked hard for what you have, and our decades of real-world experience can help you protect your assets for future generations.