There are certain things that may be wise to include in an estate plan. One of those is a revocable trust. Louisiana residents who decide to incorporate a trust into their estate plans likely know that a revocable trust is changeable or can be canceled at any time. The grantor -- or the person who makes the trust -- gives a trustee the right to hold assets such as investments and real estate on behalf of another or others (beneficiary or beneficiaries).
Same-sex couples now have the right to legally marry. With that new right comes the responsibility of looking at the future, and that could include estate planning. Same-sex couples in Louisiana may be wise to have clearly stated and concise estate plan documents that ensure their last wishes are taken into consideration, especially if children are involved.
Life has a way of throwing curve balls. There may be times when the unforeseen happens and it's best to be prepared for those just-in-case moments. It's most likely safe to say that the last thing on younger people's minds in Louisiana is estate planning, but that shouldn't be the case. Even when life is busy and the under 40 set is living it to the fullest, it may be wise to have estate documents in place, especially when young children are part of the family dynamic.
Blended families are a way of familial life today. When it comes to estate planning, Louisiana residents who have stepchildren should be aware of some planning advice whether they wish to leave their stepchildren an inheritance or whether they don't. But even when stepchildren and stepparents have wonderful relationships, the law doesn't automatically view them as parents and children unless the stepparent has formally adopted the children. So, the law doesn't see them as being relations and those who die without specifically mentioning their stepchildren in a will may be doing those loved ones a disservice.
Having a plan in place in case life takes a turn is important for family members. Louisiana residents who have a living will may be doing a favor for their loved ones. A living will is a legal document that spells out a person's wishes when it comes to medical treatment when he or she cannot make those decisions because of being incapacitated.
Estate planning is often more than just creating a will. It can include a wide range of steps such as limiting estate taxes, putting advanced directives in place and setting up your funeral arrangements.
As you age, one thing that might come to mind is the potential for needing nursing home care later in life. Nursing home care is expensive and has the potential to drain your assets if you don't plan accordingly.
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.