If you’ve ever thought about what would happen to your pet when you pass away, then you’re not alone — and that’s because nearly 75% of pet owners view their pets as part of their family. So if and when the inevitable happens, you want to ensure they’re taken care of with the proper finances and resources. Here’s what you need to know about including your pet in your estate plan. 

Can You Include Your Pet in Your Will?

A will is a part of your estate plan, a legal document that verifies what you want to do with your assets and who should take them after you die. Estate planning also includes powers of attorney, probates, and trusts. 

If you want to include your pet in your will, there’s good news — because you can! Listing your pet as part of your estate plan is legal and considered a legitimate part of your will. You’ll be able to outline who should care for your pet, how much money you want to put aside for them, and other planned details. 

Can My Pet Receive an Inheritance? 

Unfortunately, in the eyes of the law, pets are considered property, which means you can’t legally leave them an inheritance. What you can do, however, is leave your inheritance to a trustee with specifications about what to do with that money. You may also “gift” your pet to somebody as part of your will. 

For example, say you have two dogs and want to ensure they’re well-cared for after you die. You can’t leave your dogs any money, so you assign your sister as the trustee and write specific guidelines that say $10,000 should only be used for upcoming vet appointments, toys, food, and anything else, for the remainder of the dogs’ lives.

If you decide to gift your pet, whoever you give them to will be viewed as the new legal owner. 

What Should Be Involved In Your Will’s Pet Clause

• Name a designated caregiver and pet(s). Be sure to name both the caregiver and your pet’s name in your will. You’ll have to specify that you’re gifting your pet to the named beneficiary, which is the caregiver in this case. 
• Create a trust for your pet’s financial needs. A trust is an agreement that protects a person’s assets legally. In this situation, you can create a trust for your pet so that the named beneficiary will financially care for them after you die. 
• Leave instructions for your pet’s care. You know what your pet needs best — which is why you should put together instructions for how to care for them. This might include exercise, medication, dietary needs, veterinary info, and other pertinent information that is essential to your pet’s health and happiness.

We Can Help You Create Your Will and Include Your Pet

At Hickey & Hull Law Partners, we understand your love for your pets because we also have our own. Whether you have questions about how to incorporate your pet into your will or need some guidance on estate planning, we can help you today. Please fill out our online form or call our local offices to speak with someone right away. Our River Valley office number is 479.434.2414, and our Northwest Arkansas number is 479.802.6560.

When you hear the term “child abuse,” you probably think of physical harm. But as you might know, abuse comes in different forms — in fact, abuse can be emotional, mental, and physical.

You probably know the phrase, “The punishment fits the crime.” In the criminal justice system, there are several forms of punishment that the law may consider — and the four most common types are incarceration, rehabilitation, diversion, and retribution. Let’s break down the differences. 

If your ex-spouse tends to speak badly about you, attempts to limit contact, or undermines your authority or importance in your child’s life, then you might be a victim of parental alienation.

More than 80 percent of Americans use social media nearly every day, so there’s no question why you might take to Facebook, Twitter, or Instagram to document your daily experiences. And although you certainly wouldn’t be the only person in the world doing so, you should avoid posting about legal issues online — especially if you’re the plaintiff amid a civil lawsuit. Here’s why.

Being the targeted parent of parental alienation is difficult — especially because it’s brought on without you having any say in the matter. But it’s even more challenging to address and deal with during the school year when you and your child have limited time together and want to make every moment worthwhile.

Last month, we discussed who should consider prenuptial agreements. Throughout that discussion, we learned that nearly everyone could benefit from prenups if they have any property or financial commitments.

Learning as much as possible before committing to an agreement is necessary. Learning how to create a prenup and the consequences of not creating one are essential considerations before working with your attorney to write a prenuptial agreement.

How to Create a Prenup

Depending on your situation, a prenup can help protect you and your assets in the future. Thankfully, creating a prenup is simple. There are two main ways to create a prenup:

1. You can work with your lawyers to create a document.

2. You can create a prenup yourself.

Working With Lawyers to Create a Prenup

If you decide to work with lawyers to create your prenup, you get legal advice throughout the process. Along the way, you’ll need to share your financial information with them to create a better prenup that’s fair and equitable.

Lawyers know that the perception of prenups is changing in the court’s mind positively, but they will quickly dismiss unfair prenups.

Creating a Prenup Yourself

If you and your partner want to create a prenup on your own, you’re more than capable of doing so. Several websites and programs help you create a comprehensive and legitimate prenuptial agreement.

Even though both of you may agree to the prenup terms, each partner needs to bring a copy to a different lawyer and receive advice regarding the prenup.

The reason for meeting with different lawyers is two-fold:

1. They review the agreement from a lens of what best helps you should there be a divorce.

2. Courts rarely follow through with a prenuptial agreement if lawyers didn’t review it beforehand.

The last thing you want is to go through the effort of creating an agreement only for the courts to dismiss it.

What Happens if You Don’t Create a Prenup and Divorce?

Not all couples choose to create a prenup. For the longest time, many people viewed prenups as a document that ensured your marriage wouldn’t last. In other words, people thought you were planning to split up before you married.

That’s no longer the case. As men and women are much more equal in today’s society than in the past, the courts view prenups as more fair because they include the assets of both sides. It’s not just about one person trying to take the wealth of another.

If you decide to forego a prenup and divorce your spouse, your belongings before marriage and those accrued during your marriage will split between you and your spouse.

Conclusion

As the public and legal perception of prenuptial agreements continue to shift in favor of the document, couples must learn how to create a prenup and the potential consequences of not creating one.

If you need an attorney to help you start the prenup conversation or to review your documents, contact Hickey and Hull Law Partners. We can get your marriage and finances started on the right foot.

Losing a job is an unfortunate reality for many Arkansans. When you enter the workforce, it's a possible outcome, regardless of your field. What makes it more difficult is when the layoff comes unexpectedly.

Whether you watch live news, movies, or television shows, you’ve probably heard of different crimes. Even though some are more common than others, there are clear distinctions between each crime class requiring different systems and punishments.

Use this guide to help you better understand the seven types of crime so you know the best way to protect yourself.

Type 1: Crimes Against a Person

These violent crimes are directed toward another individual or group of people intending to harm. In most cases, crimes against a person separate into two categories: homicide and physical crimes.

Physical crimes include:

· Assault and battery

· Arson

· Child abuse

· Domestic abuse

· Kidnapping

· Rape and statutory rape

Type 2: Crimes Against Property

As its name states, this crime is against a person’s property. Property crimes include:

· Lawns

· Homes

· Vehicles

· And anything else a person owns.

When a person commits a crime against property, they’re trying to inflict pain on the individual who owns the property without physically hurting the person.

Type 3: Inchoate Crimes

When we hear about crimes of conspiracy or intent, officials are talking about inchoate crimes. These crimes never manifest themselves because law enforcement stopped them in time.

The punishment for these criminal offenses are on a case-by-case basis. Sometimes the punishment is as severe as if the person committed the crime, whereas other punishments are less severe.

Type 4: Statutory Crimes

A statute is a written law, so statutory crimes are those committed against the law. Most statutory laws are designed to prohibit the abuse of certain freedoms.

Although crimes listed above fit under this category, there are other crimes included, like:

· Alcohol crimes

· Drug crimes

· Trafficking

· White collar

The severity of punishment for these crimes often lies in the damage caused by the crime. For example, DUI resulting in vehicular homicide will bring more charges and a longer prison sentence than DUI, where an officer pulls you over.

Type 5: White-Collar Crimes

White-collar crimes are also known as financial crimes, and those who commit these crimes are traditionally those of higher corporate positions.

Common white-collar crimes include:

· Fraud

· Blackmail

· Embezzlement

· Money laundering

· Tax evasion

· Cybercrime

Type 6: Organized Crime

Organized crime is one of the most common types on television and in movies. We often affiliate organized crimes with the Mafia, but there are other ways to commit an organized crime.

In short, organized crime is when a group of people unite and control illegal goods, services, and products that often generate a lot of money.

Type 7: Hate Crimes

Hate crimes have a long history when you look at recorded world history. Hate crimes require a person to take action against another person because of their religion, race, gender, beliefs, or disability.

What Should You Do if You’re Charged With a Crime?

If you’re ever charged with a crime, you must learn the type of crime officers have stated. Although you’ll want legal representation regardless of the type of crime, you should find a lawyer who can help you with your charges.

At Hickey and Hull Law Partners, we’re experienced in most of these crimes and are prepared to help you fight your case. Don’t trust any other lawyer in Northwest Arkansas. Contact Hickey and Hull today to start your defense process.

Everyone knows that retirement planning is essential and that the earlier you start, the better. But it’s shocking how few start saving for retirement in their 20s–a whopping 39%. Some people even wait to start saving once they’re in their 50s. Although we don’t recommend waiting this long, it’s always better to start saving today than to dwell on the past. 

Whether you’re in the saving and planning grind or just starting your retirement savings journey, here’s what you need to know. 

Determine How Much Money You Need Each Year You’re Retired 

To save for retirement, you must have a monetary goal. Although it would be great never to have to worry about money, most retirees must live on a budget to ensure their retirement savings last long enough. 

Image Source: https://www.fool.com/retirement/

Although your income can change throughout your life, especially if you’re starting your retirement planning early, plan to save 70-90% of your monthly income for each year in your retirement account. In other words, if you make $50,000/year, you want to live each year in retirement on approximately $40,000 (80% in this example). 

Knowing how much you need for each year of retirement helps you find retirement plans that best meet your goals and needs. 

Find Retirement Plans That Work for You 

There isn’t a single retirement account available that’s better than others for you–they all have their benefits, which is why you need to work with a financial advisor and lawyer to determine which retirement accounts help you the most. 

Many companies offer employer sponsored retirement plans, like 401Ks, but that shouldn’t be your only retirement savings account. Additionally, some businesses don’t offer this kind of planning at all. 

Regardless, you should seek other options to help you build a retirement planning portfolio. Consider these plans with your advisors and lawyers: 

• 401(k) 
• Roth IRA 

• Traditional IRA 
• Self-directed IRA 
• Simple IRA 
• SEP IRA 
• Solo 401(k) 

Some of these plans are tax deductible, have low interest rates, and earlier accessibility dates. Using multiple retirement plans helps you be conservative in some plans while attempting a more aggressive option with others. 

Select Your Plans and Start Saving Today 

Once you find what works for you and your future, commit to those plans. If you’re married, ensure your spouse sets up their individual retirement accounts alongside you. Working together doubles your retirement income and gives you an accountability partner throughout the process. 

Commit to saving retirement money every month and stay motivated. Although it might be easy to skim a few dollars here and there from your committed pile of cash before it goes into a retirement plan, please don’t do it. 

Depending on your age, those few dollars can turn into hundreds, thousands, and even millions after several decades. Those few dollars will benefit you greatly during retirement age. 

Conclusion 

There are dozens of options available when looking for retirement plans. Whether you’re in your 20s or starting to save in your 50s, Hickey and Hull can help you make the best financial decisions for your future estate. 

Call us or visit today to learn how we can help you get on the right track with your estate and finances so that you can enjoy retirement.