Category: Estate Planning

New Orleans Estate and Trust Lawyers: A trust lawyer is an estate planning attorney who specializes in assisting trustees, settlors, beneficiaries, and heirs in obtaining and preserving their inheritance through probate, trust administration, trust disputes, and various estate planning situations.  An experienced trust attorney is needed to advise which type of trust is best suited for an individual’s needs.  As a result, a trust lawyer can help you navigate local, state, and federal regulations as well as additional legal and tax ramifications based on your assets and wishes. During the initial appointment, a Louisiana trust lawyer will talk over your

Louisiana Advance Directives Explained: An advance directive or “living will” is a legally binding document that gives instructions for health care at the end of life.  It comes into play when you are no longer able to make or communicate those decisions yourself.  It is used when your condition is terminal and irreversible.  It is a good idea to speak with immediate family when preparing an advance directive to let them know the decisions that you have made. In Louisiana, an advance directive is only used to indicate a desire to withhold certain life-supporting medical treatments.  There are various types

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

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

When to Update a Power of Attorney: A power of attorney (POA) is an important legal tool.  It is commonly used for estate planning, medical management, financial management, and real estate transactions.  A POA should be reviewed every few years for possible updates.  It may become necessary to update a power of attorney when life situations change, a new agent is needed, or when there are changes in the law.  You have the right to amend or revoke a power of attorney any time, and doing so is a relatively simple process. Reasons to Update a Power of Attorney: There

Why You Should Have a Digital Estate Plan:  Estate planning has expanded beyond the traditional scope of wills, trusts, and powers of attorney.  In modern times, significant part of our lives exists digitally.  Your traditional estate plan likely does not account for what happens to your digital assets after death.  A digital estate plan comes into play as a method for organizing your online information. Creating a digital estate plan provides access to information that your family can use to carry out your final wishes.  When your loved ones can rely on a written plan that outlines the passwords for

Louisiana Special Needs Trusts Explained: Special needs trusts (SNTs) play a crucial role in the lives of loved ones with disabilities.  The primary benefit of a special needs trust over a typical testamentary trust or living trust is that it won’t disqualify the beneficiary from certain government benefits, such as Medicaid or Supplemental Security Income (SSI).  However, navigating the legal intricacies of setting up a special needs trust can be complex, especially given the unique trust laws and regulations of each state. Medicaid and SSI are needs-based government benefits that have specific income and asset requirements that change each year.