Entrepreneurs are busy people and usually don't have the time to think about unforeseen events, especially their own deaths or retirements. However, if Louisiana business owners don't do some estate planning regarding how their businesses can outlive them or live without them at the helm, chances are they won't be able to survive for long. Planning for a transition in ownership is crucial if a business is to continue on for many years.
Most people plan their estates to make it easier for their loved ones. Louisiana residents who have been or who are considering an estate planning road map may wish to think twice when naming their beneficiaries. And it's not just wise to name the right people, but it's also important to keep planning documents up to date in order to have a comprehensive plan.
Estate plans are vitally important for every adult. But it is particularly important for women in Louisiana to give the estate planning process some consideration. Many women don't pause to take stock of their financial lives. Many dismiss that part of their lives altogether, or leave it up to a spouse or a partner. Experts say that is a mistake.
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.