When making decisions regarding which heirs will receive what property, many Louisiana residents can feel overwhelmed. Though they may know that certain items hold a particular importance to some family members, they may try to be relatively fair and equal overall. However, this task may be more complicated than dividing everything down the middle, and concerned parties may want assistance from an elder law attorney.
Because the value of certain property does not always stay the same, what seems fair now may not seem so fair in the future. For instance, land and business owners know that changes in real estate and business gains and losses can easily cause the value of such property to fluctuate. As a result, equally dividing $1 million worth of land along with $1 million in other assets may seem less fair if the land value deceases significantly by the time of the owner's death.
If parties have concerns regarding such possible changes, they may wish to determine whether they could add some liquidity to the estate. They may wish to look into life insurance policies that could allow them to have more liquid assets available for heirs. If they can, they may not have to worry about dividing land or business ownership with family members who may not want it.
Estate planning and dividing property can be difficult as picturing the future can be complicated. Unexpected changes can easily cause certain details of a will to become outdated, which is why it is important to update estate plans periodically. If Louisiana residents want to determine whether adding life insurance policies to their estates or taking other actions may be useful, they may want to speak with experienced elder law attorneys.
Source: Forbes, "Why Your Estate Plan May Divide Assets Equally, But Not Fairly", Mark Eghrari, April 30, 2017