Five-Star Review! “First of all, I would love to say I knew nothing about this Law Firm. All I knew was, what kind of firm I was seeking. So I decided to do some research. I had found Mr. Bowes, Petkovich & Palmer on Google Search. I must say, I was very pleased to see that they had over 40(+) years of experience and that was more than enough for me. I must say from start to finish, my family and I were very pleased with the services they provided. The entire team was on board and was very, very
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Matrimonial Agreements & Louisiana Law: Many people use the term “prenuptial agreement” to refer to what the Louisiana Civil Code terms a “matrimonial agreement.” Use of this term “prenuptial agreement” can be misleading though since a matrimonial agreement can actually be entered into before or after a couple exchanges nuptial vows. In order to more fully understand matrimonial agreements, it is first necessary to define the legal term “matrimonial regime.” The Louisiana Civil Code provides that “[a] matrimonial regime is a system of principles governing the ownership and management of the property of married persons as between themselves and towards
Louisiana Irrevocable Trusts Explained: Irrevocable trusts are living trusts that are created during the grantor’s (or settlor’s) lifetime and which cannot be changed or revoked like a revocable trust. They are essentially contracts with yourself. A trustee is appointed to manage the assets on behalf of the beneficiaries. While grantors often appoint themselves as the initial trustee in revocable trusts, they lose many of the benefits of an irrevocable trust if the trust is “self-settled”. Thus, a third-party trustee should be appointed. The purpose of an irrevocable trust is to move the assets from the grantor’s control to that of
Five-Star Review! “Mr. Brady Smith handled my divorce for me. It was easy, painless and quickly done. He always kept me informed and answered any questions I had. Would definitely recommend. I’ll definitely be a return customer for any future divorces I may need.“ Louisiana Family Law Attorneys: We are a Gretna law firm that has served the New Orleans area since 1980. Our family law attorneys are highly experienced at handling divorces, custody, child support, alimony, property divisions, pre-nups, paternity, adoptions, protective orders, tutorship, interdictions, and more. We take pride in offering a personal and trusted experience. Call us today for a free consultation and find out why so many of our
Five-Star Review! “If I could give a 100-star rating, I would. My situation was unique because I am not a resident of Louisiana and never have been, but I needed help with a child custody case. Mr. Palmer not only assisted me in getting my case dismissed and moved back to Texas, where it belonged, but he did so very promptly. He consistently kept me informed about the progress and clearly explained the process. If you need assistance with legal matters, especially child custody, Mr. Palmer is the person to contact. I highly recommend Bowes, Petkovich & Palmer LLC to
Louisiana Revocable Trusts Explained: A revocable trust is a type of living trust that you can create during your lifetime and as such is an important estate planning tool. It is essentially a contract reflecting an agreement regarding the passing of property from one to another. The grantor (or settlor) maintains ownership and full control over the assets in the revocable trust while he or she is still alive. Per La. R.S. 9:2022, “reservation of the right to revoke includes the right to modify the trust.” Per La. R.S. 9:2042, “a reservation by the settlor of the right to revoke
Louisiana Testamentary Trusts Explained: A trust is a legally binding document created by a grantor (also known as a settlor or trustor) that holds assets for beneficiaries. A trustee is appointed and is responsible for managing the trust assets and proceeds in accordance with the terms set by the grantor. A “testamentary” trust allows the grantor to transfer ownership of their property to the trust upon their death. Per La. R.S. 9:1733, “[a] trust is testamentary when it is created by donation mortis causa.” This is in contrast to a living trust which becomes effective immediately. Testamentary trusts are created
Louisiana Living Trusts Explained: A trust is a legally binding instrument between a person creating the trust (the grantor) and the person or entity managing the trust and its assets (the trustee). A grantor may also be referred to as a settlor or trustor. Like a will, a trust has beneficiaries, who under the terms of the trust, will receive certain assets from the trust. A “living” trust (also called an “inter vivos” trust) allows the grantor to transfer ownership of their property to the trust during their lifetime. This is in contrast to a testamentary trust which does not
What is Domicile and How Does it Affect Estate Planning? Moving from one state to another is a significant life event. It should include careful planning and attention to tax details. Louisiana does not have a state inheritance or estate tax. This differs from many other states that do impose a state level estate tax, which in many instances is in addition to the federal estate tax. If you have moved to Louisiana from another state, you may be able to eliminate the state death or estate tax from your prior state. To do so, you must establish Louisiana as
Successions With Absent Heirs or Legatees: Successions are either intestate or testate. In an intestate succession, the heirs of the decedent inherit his or her estate. In a testate succession, the decedent leaves his or her property to one or more legatees. It is not uncommon for a client to come to our office to open the succession of a loved one, and during the process of determining who all the heirs or legatees are it becomes apparent that the whereabouts of one or more heirs or legatees are unknown. If attempts at locating them fail, they become known as absent