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TRANSFERRING YOUR ESTATE DURING YOUR LIFE HAS CERTAIN BENEFITS.
Donations in Louisiana
Types of Donations
Property can neither be acquired nor disposed of gratuitously except by donations inter vivos or mortis causa. A donation inter vivos is an irrevocable contract by which a donor, gratuitously gives a thing to a donee. A donation inter vivos happens immediately. A donation mortis causa takes effect at the death of the donor by which he disposes of the whole or a part of his property. A donation mortis causa is revocable during the lifetime of the donor and is usually made as part of one’s last will and testament.
Acts of Donation in the Context of Estate Planning
Someone may choose to donate property to a loved one or a charitable organization for a number of reasons. If someone wants an heir to receive a particular piece of property, they may choose to donate it to them during their lifetime rather than leaving it by will. The benefit of doing so include getting to see them enjoy it, avoiding having the title transfer slowed by the probate process, and possibly even tax savings. While Louisiana no longer has an estate or gift tax, there still are Federal estate and gift taxes. If your estate exceeds the Federal estate tax threshold you may find it beneficial to donate property each year to your loved ones. In 2023, the Federal gift tax exclusion is $17,000 meaning that you can donate up to that amount to as many people as you like without them having to pay a gift tax.
The estate planning lawyers at Bowes, Petkovich & Palmer, LLC are well versed at all types of estate documents including acts of donation. We represent clients throughout the New Orleans and surrounding areas for their estate planning needs. Call us today for a free consultation.
Other Estate Planning Documents:
Wills
Power of Attorney
Living Wills
Trusts
Location
Bowes, Petkovich & Palmer, LLC
2550 Belle Chasse Highway
Suite 200
Gretna, LA 70053
Contact
Need additional assistance? Please contact us:
504-368-2700
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Hours
We are open Monday to Friday, from 9:00 am to 5:00 pm.
We are available by appointment during non-business hours.