Pre-Bankruptcy Judgment Liens in Louisiana: One of the most important tools in any creditor’s chest is the judgment lien. When recorded in the mortgage records, the judgment acts as a lien on any immovable or real property owned in the parish where recorded. Judgment liens often sit for years when an account is otherwise uncollectible. That is until the creditor’s attorney receives the coveted payoff request from a title company. When a debtor tries to sell or refinance the property, the title company is obligated to do a title abstract that will reveal the judgment lien which must be paid
Category: Legal News
We handle all types of family law cases, including divorce, custody, child support, spousal support, community property partitions, paternity, and more. We also offer estate planning services including the drafting of wills, trusts, powers of attorney, living wills, and more. Our probate attorneys can help with all your succession needs. We also handle personal injury claims and expungements on a routine basis. Finally, our creditor’s rights team handles collections, repossessions, foreclosures, and evictions statewide. Here you will find legal news and the latest happenings concerning our practice areas and the law in general.
Inheriting a Reverse Mortgage in Louisiana: For homeowners who are 62 years of age or older, a reverse mortgage harnesses their home equity to provide cash. With a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), homeowners can borrow money against the value of their house and get it back as a line of credit, a lump sum, or a fixed monthly payment. When an heir inherits a home with a reverse mortgage, they inherit not just the property but also the responsibility to pay this loan. If a home still has a traditional mortgage, the heirs
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 Small Succession Affidavits Explained: Usually, the transfer of estate property involves the probate process, which can be a time-consuming and costly endeavor. A small succession affidavit stands as a viable alternative, allowing heirs to avoid the probate process entirely. A small succession affidavit is a legal document that efficiently transfers estate assets to the rightful heirs outside of the judicial process. While it is certainly a favorable alternative, it is only available in very narrow circumstances. Which Estates Qualify for Small Successions? Per La. Code of Civ. Proc. art 3421, an estate can qualify as a small succession if
Important Changes to Child Custody Laws Regarding Evaluations and Parent Courses at the Election of the Court: The last legislative session produced a number of changes in this area of the law. These changes could affect your case or future case when it comes to child custody determinations. It is important that you confer with knowledgeable legal counsel so that you can explore the ins and outs of these new changes in the law, to assist your case. Changes to Child Custody Laws: La. R.S. 9:331. Custody or visitation proceeding; evaluation by licensed mental health professional A. The court may order an
Succession Executors and Administrators Explained: Administration of an estate is sometimes required when there are issues that need attention before the heirs or legatees can be put in possession of estate assets. Some of the issues that may necessitate an administration include providing for debts or claims, liquidating investments, selling real estate, or providing an allowance for a surviving spouse. If there is no need an administration, then the heirs or legatees can be put into possession of the estate assets without administration, which saves time and costs. When an administration is necessary, the estate will need a succession representative
Louisiana Simple Successions Explained: A succession is the process of transferring property from a deceased person to their heirs (intestate) or legatees (testate). Other states refer to this as “probate” and in Louisiana the terms are often used interchangeably. Successions can be simple, or they can be very complex, depending on the circumstances of the estate and the level of cooperation among the heirs or legatees. There are two types of judicial successions: successions under administration and simple successions. Simple successions are also commonly referred to as “simple possession” or “putting in possession.” The selection of which type of succession
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
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