Trusted Legal and Financial Services
Affordable tax solutions for individuals and small businesses
About Berry Law and Tax
Trusted Tax Attorney
Comprehensive Tax Services
Comprehensive Tax Services
Berry Law and Tax has earned a reputation for providing trusted and reliable tax advice. Our clients trust us to handle their most complex tax issues with professionalism and integrity. With over 30 years of experience, we have the expertise to handle any tax matter.
- Entity Formation
- Accounting Services
- Tax Planning
- Contract Disputes
Comprehensive Tax Services
Comprehensive Tax Services
Comprehensive Tax Services
We offer a wide range of personal and business tax services to meet the needs of our clients, including tax planning, compliance, and representation before the IRS. We have the knowledge and experience to help you achieve your tax objectives.
- Personal
- Corporate
- Partnership
- Amended
- Back Tax Years
- IRS Letters
Estate Planning
Comprehensive Tax Services
Estate Planning
At Berry Law and Tax, we are always looking toward the future. We offer our clients sound advice in protecting their estate for future generations. From designing a will to constructing a trust, we are here to guide you through the process.
- Deeds
- Wills
- Trusts
- Probate Management
- Guardianships
Deeds
Deed Types
- Warranty Deed
- Quit Claim Deed
- Life Estate Deed
DEEDS
- Deeds - legal documents used to transfer property in real estate transactions. In the most common types of deeds, the owner of a property acts as a grantor who transfers the title to their property to a grantee in exchange for money or some other form of consideration. Deeds are recorded in public records.
- Warranty Deed - a guarantee, or promise, from the seller to the buyer that the seller has full title to the property, and that no other person has any claim or interest to the property. If it later turns out that there are other people with claims or interests, then the buyer can sue the seller for breach of the guarantee.
- Quitclaim Deed - transfer of the exact same rights the owner has at that specific time. If there are outstanding claims against the property, the buyer will be subject to all of the claims. Most typically used when a person wants to transfer a piece of property to a family member.
- Life Estate Deed - allows someone to transfer real property (such as a home) to a designated person – the “Beneficiary” – automatically after the grantor's death. The person granting the property to the buyer keeps full title to the property until their death.
Deeds: What do I need to know before requesting a deed be written?
DEEDS
- Is there a deed for the property that already exists in the public records? If so, obtain a copy to confirm the exact description of the property and any additional properties to be conveyed.
- Is your copy of the deed the most current deed written for the property? Public record search can confirm this.
- Are there claims against the property? Are you willing to absorb them?
- Do you want to transfer ownership immediately after payment or transfer after your death?
Wills
Definition of Terms and Requirements
WILLS
- Will - a document that allows you to give your things to who you want and does not leave that decision to a judge. Even if you do not have much property, you may have special items or money you would like to pass on to your loved ones or charities. A will also helps avoid family disagreements. To request special funeral arrangements, or to identify where your property is located after you have passed, you need a will.
- Will Requirements - be made by someone 18 or older and of sound mind, the following conditions must be met:
- it must be in writing (oral wills are not valid)
- the person making the will must sign it
- if typed, the will needs two or more witnesses who cannot inherit anything from the will
- Executer or Executrix - a person who you trust to carry out what you want done as stated in your will
- Beneficiary - persons or entities that receive the "gift" bequeathed in the will.
- No one is required to leave anything to their children, but you must name any children who you wish to leave nothing to. You must make it clear that the child or children are to inherit nothing.
- Limitations - cannot specify the beneficiaries of life insurance policies, retirement plans, or annuities.
- Living Will - a legal document that outlines a person's wishes for medical care if they are unable to communicate their wishes or make decisions.
- Power of Attorney - a legal document that allows someone to act on behalf of another person. The power can be specific to a certain task or cover many duties, including financial and medical. It make take effect immediately or only after an event occurs as specified in the document.
- Health Proxy - a document that specifies the person who can make health care decisions for you if you are unable to communicate these yourself.
- Probate - the court-supervised process of administering and settling a decedent's estate. Its purpose is to prove a will's validity or to get the court's help with carrying it out. The will is filed with the clerk of the court in the county in which the maker of the will lived. It is accompanied by a petition for the court to approve the will and appoint the executor.
- Arkansas's probate code requires estates to go through probate if the decedent owned property, had minor-aged children, or bequeathed valuable assets to beneficiaries, whether or not they died without a will.
Wills
Wills: What do need to consider when writing my will?
WILLS
- Do you have special items or money you that would like to pass on to your loved ones or charities?
- Do you want special funeral arrangements?
- Do you need to identify where your special property is located?
- Are there family members to whom you do not want to transfer anything?
- Who do you trust to carry out what you want done as stated in your will?
- What do you wish for medical care if you are unable to communicate your wishes or make decisions?
- Do you want someone to act on your behalf if you become incapacitated or otherwise unable to communicate your wishes?
- Do you want them to be over just a certain task or cover many duties, including financial and medical?
- Who do you trust to carry out your will?
Trusts
Trusts: Definition of Types
TRUSTS
- Trust - a legal entity that holds assets on behalf of a person or group of people. The assets are managed by a trustee and can be distributed to a beneficiary as specified in the trust's documents. Since you have full access to and control over the assets, they remain available to your creditors and predators.
- Trustee - a person or entity that manages and administers assets or property for the benefit of another person. You may choose to be the trustee, appoint another person or group of persons to manage the trust and investments/assets within the trust.
- Successor Trustee - the trustee that manages the trust and carries out the intent of the trust should the primary trustee become incapacitated or no longer competent to fulfill the duties of trustee.
- Revocable Trust - same as a Living Trust; can be amended and revoked at any time.
- Irrevocable Trust - this trust is like a closed box. Once you put assets in, it becomes difficult to take them out. This is a great trust to use if you need to minimize estate taxes, benefit charities, transfer a family business or vacation home to the next generation, or protect life insurance proceeds.
- Testamentary Trust - is an irrevocable trust that is created upon the death of the grantor through the probate process. It is created by provisions in the grantor's last will and testament and is usually used to provide for minor children.
- Special Needs Trust - a trust that is set up to provide support for someone who is disabled. A special needs trust also allows individuals to leave or transfer assets to a disabled beneficiary in a way that will not disqualify them from much-needed social benefits.
- Spendthrift Trust - is an irrevocable trust that allows for greater control over the trust assets by limiting the beneficiary's access to the trust principal. A spendthrift trust is most often used to protect trust assets from beneficiaries who have the potential to squander them.
- Charitable Remainder Trust - is a trust that is used by individuals looking to make philanthropic donations. It allows the grantor to receive yearly income from the trust for a specified number of years, and then upon expiration of the trust donate the remaining trust assets to a charitable cause. It allows the creator to receive a charitable income tax deduction based on the value of the remaining trust assets. Another benefit is that the trust is exempt from all taxes unless it generates unrelated business taxable income. This trust is ideal for individuals who wish to dispose of highly appreciated and low-yielding assets free of capital gains taxes.
- Minor's Trust - an irrevocable trust in which a minor is both the sole income and remainder beneficiary of the trust. Minor's trusts are often created to provide funds to a minor throughout their childhood or to manage and protect assets until the minor becomes an adult and can do so themselves.
Trusts
Trusts: What do I need to decide before requesting a trust?
TRUSTS
- Why do I need a trust?
- avoid Medicare liens?
- minimize estate taxes?
- provide for the care of someone who cannot or is disabled?
- provide income for a minor beneficiary of your estate?
- avoid property dispersal during probate?
- provide income for a charity?
- Who do I want to benefit from this trust?
- Just the family members?
- Only one person?
- Family and Extended family members?
- A Charity or nonprofit organization?
- How flexible do I want this trust to be?
- Do you want to make changes to the trust periodically?
- Do you want to be able to dissolve the trust at any time?
- Are there properties or assets you want to place in the trust so that they cannot be moved out of the trust?
- homes, investments, bank accounts, businesses, land, etc.
- Who do you want to manage the trust and act as Trustee for the trust?
- Have you made a list of the properties and other assets that you are comfortable placing into the trust?
- Have you located the deeds, titles, and certificates for your assets you will want in the trust?
- Where will these certificates and documents be held during the lifetime of the trust?
Debt Relief/Bankruptcy
Legal Counsel & Representation
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Chapter 7 Bankruptcy: Chapter 7 is a type of bankruptcy filing commonly referred to as liquidation because it involves selling the debtor's assets in bankruptcy. Assets, like real estate, vehicles, and business-related property, are included in a Chapter 7 filing.
Chapter 13 Bankruptcy: Unlike Chapter 7 bankruptcy, which requires liquidating your nonexempt assets, Chapter 13 enables you to keep all of your property. Once the court approves your payment plan, you must abide by that plan for the next three to five years.
Contact Us
Better yet, see us in person!
We love our clients! Stop in or call during normal business hours to schedule an appointment.
Berry Legal and Tax Consulting
625 Clay Street, Arkadelphia, Arkansas 71923, United States
(870) 246-4571 Phone 870-246-5702 Fax
Hours - may vary during tax season (February 1st to April 15th)
Open today | 09:00 am – 05:00 pm |
