Estate Planning In Louisiana
While each estate plan will vary, most estate plans comprise legal documents such as an advance health care directive, a financial power of attorney, a will and sometimes a trust. In a will or a trust, you clearly articulate your wishes for distributing your worldly goods – such as your real property, cars, art collection, business interests, clothing and other personal assets – in the event of your death. When you have an estate plan, you have more control over who will receive your assets than if you do not have an estate plan.
Without a will or a trust, distribution of your property will be subject to Louisiana’s complex succession process. Some assets will not be subject to distribution by Louisiana’s succession process. These include retirement assets with named beneficiaries, including IRAs, 401(k)s or life insurance policies.
Establishing An Estate Plan Has Several Benefits
Planning ahead often reduces the potential for disputes among your family members. It also ensures unintended family relations do not receive your assets. Another essential benefit of estate planning is privacy. A well-established estate plan with proper legal instruments, such as a trust, can safeguard the privacy of your estate.
Estate planning also benefits you while you are living. Financial powers of attorney and advance medical directives allow you choose and authorize a trusted agent to carry out your business affairs or communication with your physician in the event you are no longer able due to disability or incapacity while you are alive.
Taking The Time Now Will Give You Peace Of Mind
Anyone over the age of 18 who is of sound mind may establish an estate plan. While there are innumerable benefits to inventorying your assets and determining how you would like them distributed upon your death, there are other important considerations.
If you have young children, you may need to consider whether the amount of life insurance you have is adequate to care for your family when you are no longer around. Unique to Louisiana residents, succession law protects children who are 23 years old and younger from being disinherited by parents. However, there are several exceptions to the “forced heir” rule.
If you do not have children but have a charity in mind, your estate plan may include a will or a charitable trust to ensure your favorite charity receives the assets you designate.
Speak To An Experienced Estate Planning Attorney
Whether you wish to protect the future of your estate or a business, attorney Charles Rush will assist you in making the informed decisions to protect your legacy and ensure your heirs receive their inheritance – according to your wishes – and with minimal tax burdens.
Contact the law office of Charles M. Rush, Esq., in Lafayette for an appointment by calling 337-235-2425 or by sending his office an email. He will help you experience the peace of mind that comes from knowing you have taken measures toward your loved ones’ future well-being.