Arkansas HVACR NewsMagazine March 2026

HVACR NewsMagazine March 2026

Business & Marketing Tips

ESTATE PLANNING DOCUMENTS

We Live or We Die Are you ready During a Fort Smith Chapter meeting, J. Randall McGinnis presented a topic that almost no one knows or is ready for — Taxes, Death, and Transfer of Assets. Wow! What a way to bring down the party. Actually, it is a primer on having a peace about your family, your business, and the future for your employees. One thing is certain, if you don ’ t plan, the government will take care of it for you; however, is that who you want to handle your estate when you graduate from this side to the next? I ’ ll avoid the word death because it freaks some folks. Oh, lets just freak them. Planning. ” It is an outline of lots of terms and laws that you should know about. Reminds me of a law firm in central Arkansas that advertises estate planning. She says, “ If you have a dollar and two relatives, you need to plan. ” By the way, her point is that a will is only the beginning unless you are willing for the probate to handle your affairs. That can get long, ugly, and very disappointing. This article includes the outline points in Mr. McGinnis ’ s paper. It is a bit like a dictionary of terms that we all should know. It should get us all motivated to contact an estate planning attorney to get our finances, our business, our family prepared for the certain reality of, “ life on this side isn ’ t forever. ” During the meeting, Mr. McGinnis supplied a paper entitled, “ Estate

Living Trust (Revocable) • A trust that the grantor may revoke, alter or amend during his or her lifetime. The grantor has full access to the trust assets during the grantor ’s lifetime. Last will and Testament • Designates who will receive the individual ’s property upon death. • Appoints Executor or Executor in Succession • May appoint guardians for minor children. Durable Power of Attorney • Designates who will make decisions with respect to the individual ’s financial and/or legal matters in the event the individual is unable to make such decisions. “ Durable ” means that the power of attorney remains effective during the individual's incapacity. Expires upon death. Power of Attorney for Health Care • Designates who will make decisions with respect to the individual ’s health care in the event the individual is unable to make such decisions. Living Will • A statement of the individual ’s wishes with respect to the decision of whether to keep the individual alive by artificial means in certain circumstances. Benefits • Probate and possible Guardianship avoidance. • Confidentiality • Creditor protection and legacy planning for the remainder beneficiaries. • Estate tax planning opportunities for a married grantor (if significant estate). Living Trust (Revocable)