Nicaud & Sunseri Law Firm, LLC
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Estate Planning Archives

Estate planning and IRAs

Individual Retirement Accounts are a fantastic way to let your money grow tax-free until you decide to retire. But they also offer some benefits for those who are drafting estate plans. Social Security benefits, 401(k)s and pensions are safeguarded from creditors during a bankruptcy, and IRAs are as well. This means that they won't be able to seize those assets should you declare bankruptcy.

Are you keeping your estate plan updated?

All too often, people forget that they need to update their last will and estate plan with some regularity. Every time your personal situation changes, whether you divorce or you have another child, you need to consider updating and revising your estate plan and last will and testament.

Age Gracefully With Louisiana Estate Planning Attorneys

There are several legal services that Elder Law attorneys in Louisiana offer people to assure them of a comfortable life when they get old and cannot fend for themselves. There are high chances that you will become feeble and incapacitated in old age and such a time will not be the best for making critical decisions. Therefore, it is advisable to adopt estate planning early to arrange for the transfer of your assets after passing away. Everybody wishes to gather the maximum wealth possible for the intended heirs and to be in control while alive. Failure to make an arrangement often results in disagreements within the family especially when the individual is married with children and owns high-value assets. You don't have to be a high-class person to seek estate planning. It is a vital component of everyone's financial plan.

How a Reliable Lawyer Can Prepare Estate Planning On Your Behalf

Estate Planning has become an essential aspect of asset distribution among relatives in the U.S. Not only does it avoid sibling conflict based on asset allocation, but also provides you with a piece of mind as you prepare for your final days. Death is inevitable and making final preparations for your family can be a daunting task. Nevertheless, you must approach such a subject with a cool head and inform your relatives of your last wishes. Having a written will can be an added advantage in the event you pass on through old age, sickness or even through a tragic accident.

When should I change my will?

Keeping your will up to date is of the utmost importance. Not only will it ensure that your wishes are carried out in the event of your death or incapacitation, but it will save your family from the grief of a probate battle. Whenever you have a significant life change, it can have ramifications for your end-of-life wishes, so you'll want to make sure that you change your will to reflect that.

Are there any limitations when drafting a will?

Many people take the time to sit down and draft a will. There are several benefits of having a will, but people often choose to draft one because it gives them the peace of mind that their loved ones are taken care of once they are gone. Should you wish to start planning your will, now or in the future, it is important to know the laws regarding this legal document and some of its limitations.

Understanding the role of an executor

The assets of someone who recently passed away are evaluated and managed by the estate administration. They make sure all debts have been paid before forwarding the assets and transferring them to the rightful heirs. Those who have property being transferred to their name should have an idea about how things work in the estate administration; otherwise, they might face problems during the process.

What are the different forms of estate tax?

An estate tax, according to the IRS, is a tax on your right to transfer property after your death. Estate taxes can apply in case where the deceased had a concrete estate plan already or even in cases where the deceased did not have an estate plan. In actuality, the estate tax is paid by the recipient of the inheritance rather than the deceased themselves.

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Metairie, LA 70002

Phone: 985-218-0494
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