Nicaud & Sunseri Law Firm, LLC
Southshore Local 504-662-9596
Northshore Local 985-218-0494
Menu Contact
Making the ComplexUnderstandable

Understanding elder law terms could help Louisiana residents plan

Leaving important estate planning decisions up to chance can cause considerable issues in the future. However, many individuals may feel intimidated by elder law proceedings because much of the phrasing relating to planning can seem confusing. Though Louisiana residents may understand certain terms, they may feel less certain as to what counts as part of their estates and how certain tools could be utilized. 

First of all, understanding a personal estate is vital to proper planning. All owned property and assets fall under an individual's estate. Real estate, bank accounts, investments, retirement accounts, smaller items and any other personally owned property make up an estate. Additionally, the term "assets" could be used for items that could be used for the payments of any outstanding debts.

There are also several titles associated with various positions involved with the estate. A grantor is a person who creates a trust while an executor is an individual appointed to manage an estate. A beneficiary is an individual or institution who stands to benefit from a trust, insurance policy or will designation. Another position is a trustee, who is a party who manages the assets in a trust. 

In order to create a solid estate plan, it is important for individuals to understand the terms associated with the documents and tools they may need. Because there are numerous options, Louisiana residents may easily feel overwhelmed. Luckily, interested individuals can gain assistance from experienced attorneys who could explain needed information and ensure that parties fully understand the necessary aspects of elder law needed to complete their estate plans.

Source: recordonline.com, "Bonnie Kraham: Commonly used terms for elder law estate planning", Bonnie Kraham, Feb. 23, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Covington Office
7020 US-190
Covington, LA 70433

Fax: 985-624-9698
Map & Directions

Metairie Office
3000 18th Street
Metairie, LA 70002

Toll Free: 800-230-7591
Phone: 504-662-9596
Phone: 985-218-0494
Fax: 504-833-2843
Map & Directions