Yesterday I met with a client from Mandeville who is upgrading from a basic will to a revocable living trust so that her kids can avoid the expense, delay, and stress that comes with going through a court supervised Louisiana Succession.
In our discussion, she expressed to me that she was worried that one of her daughters would one day get divorced from her husband, citing recurring marital problems. The client wanted to make sure that any inheritance her daughter receives in the future would not become involved in a future divorce.
To address this concern, we decided to set up special trust for her daughter. With this trust, once mom passes the inheritance would go to the daughters trust instead of transferring directly into the daughter’s name. When the assets transfer into trust, there is a clear division between the daughter’s separate assets and marital assets and there is less likelihood that the inheritance would become comingled with the daughter’s marital assets. The daughter can still manage and use funds in the trust at will. However, the assets in trust will never be subject to any divorce proceeding, and when the daughter passes away down the line, whatever remains in her trust will go to her children and not her spouse if she is still married. We refer to this trust as a Louisiana Children’s Inheritance Trust, and it can be of great use to you if you are looking to keep inheritances in the family.
To explore your options when it comes to structuring your children’s inheritance, call (504) 274-1980 in the Metairie and New Orleans Area or call (985) 246-3020 in Mandeville, Covington, Slidell, Houma, Thibodaux, and surrounding areas.