Many baby boomers never think twice about estate planning. Here's why: they created an estate plan early in life, so they don't see any reason to revisit the plan now that they are closing in on (or have passed) retirement age.
Estate planning is not just for rich people. There are many reasons why most of the less wealthy residents of Louisiana would also benefit from an estate plan. One strong motivator would be if there are minor children. In that situation, the parents would make out mutually reciprocal wills, leaving their estates to each other and then to the children, usually in equal shares, in the event that both parents are deceased.
One of the most popular estate planning tools is the revocable living trust, but exactly how this kind of trust works is also commonly misunderstood.
There could come a time when you realize that a special needs trust is an absolute must. This is a big part of an estate plan if you have an heir or beneficiary who lives with a physical or mental disability.
Trusts make it easier to pass on your assets to beneficiaries in the manner that you see fit. Trusts are also great for minimizing taxation and avoiding probate.
It's a fact that many people don't prepare for their deaths with an estate plan. Some may not have planned because their deaths were unexpected, but others have been old enough to know that an estate plan was necessary. Having an estate plan is important for a number of reasons, and not taking the time to plan could hurt your family later.
If you have a child with special needs, you've probably wondered what would happen if you suddenly couldn't care for him or her. Although you know your family would likely step in, not having a plan in place could easily leave matters to chance.
When most people think about creating their estate plan, they focus on the more practical aspects. They may consider how to draft their will, whether to set up a trust, or how to structure a power of attorney. Little thought is given to the more emotional aspects of estate planning, but those are the details that often mean the most to those left behind when a Louisiana resident passes away.
Many Louisiana residents spend a great deal of time thinking about how to pass accumulated assets down to the next generation. They spend almost no time, however, planning how their pet will be cared for in the event of the owner's incapacitation or death. Pet care can and should be included in the estate planning process, so that a loved cat, dog or other pet will be properly cared for when the time comes.
When faced with the need to prepare one's estate, many Louisiana residents feel overwhelmed and unsure where to begin. They realize that creating a will is a good place to start, and many are interested in learning more about trusts as a vehicle for passing down wealth without significant tax losses. When it comes to less obvious estate planning needs, however, many people simply are unaware of how to proceed.