1 03, 2023

2023 Medicaid Asset Limits Released

By |2023-03-01T09:58:14-06:00March 1st, 2023|0 Comments

Aging Louisiana residents often wonder what will happen if they fall ill late in life and need long term care. So many hear horror stories about friends, neighbors and relatives who lose their entire life savings paying between $5,000 and $10,000 per month on nursing homes, assisted living facilities, and in home care options. Many learn too late that Medicare does not pay for long term care services. This begs the question, do any options exist for individuals who prefer preserving their wealth for the next generation? Can any programs offset the immense burden long term care expenses place on [...]

7 12, 2021

Warning: Stay on Top of Your Louisiana Beneficiary Designations

By |2021-12-07T09:22:24-06:00December 7th, 2021|0 Comments

Last week I met with a Mandeville client mourning the recent loss of her husband. The husband wrote a will leaving everything to his wife. However, the will does not cover his IRA, one of the largest assets in his estate. Instead beneficiary designations govern the disposition of IRAs . When one fails to monitor and update the beneficiary designation, absurd outcomes can occur. In this case, the husband's ex-girlfriend remained listed as the 100% beneficiary for the IRA! Unless we can convince the ex-girlfriend to do the right thing and disclaim the IRA, the account will pass to her. [...]

30 11, 2021

Half-Siblings Only Inherit Through Shared Parent in Louisiana Intestacy

By |2021-11-30T09:47:55-06:00November 30th, 2021|0 Comments

This week I encountered an interesting case study in Louisiana Intestacy Law. Intestacy laws take over when someone dies without a will. I am working on the intestate succession with a client whose son recently died. The son had no spouse or children. His only surviving heirs are his two parents and his half-sibling on his father's side.  Under Louisiana Intestacy, when someone dies with only surviving parents and siblings, the usufruct (lifetime use) of their estate passes equally to their parents. When the parent's later die, their use right ends and the assets of the child's estate vest equally [...]

23 11, 2021

Why and When You May Want to Disclaim that Inherited IRA

By |2021-11-23T10:22:28-06:00November 23rd, 2021|0 Comments

Qualified Retirement Accounts like IRAs and 401ks hold a unique place in the Louisiana Estate Planning world. While IRAs and 401ks form part of your estate for tax purposes, you will or trust does not cover these accounts. Instead, beneficiary designations govern their distribution. After the account holder dies, the beneficiaries simply submit a death certificate and claim forms. Upon approval, the account rolls over to the beneficiaries. Because the deceased account owner never paid income tax on the funds in the retirement account, the beneficiaries are responsible for payment of income taxes on the inherited account. Typically, a beneficiary [...]

17 07, 2017

The Importance of Special Needs Trusts

By |2018-01-29T13:08:05-06:00July 17th, 2017|0 Comments

Special Needs Trusts are a great tool for protecting your disabled relatives and ensuring their eligibility for valuable Federal Medicaid programs. This article is designed to inform you as to how these trust are created and administered, and most importantly, to inform you of the benefits these Special Needs Trusts. Individuals with certain disabilities can receive federal benefits including money for their support and medical expenses from various Medicaid programs. Medicaid is a system set up by the US government specifically designed to assist low income individuals (this is not to be confused with Medicare, federal health insurance for the [...]

14 07, 2017

What is A Pour-Over Will?

By |2018-01-29T13:08:05-06:00July 14th, 2017|0 Comments

In the past few months our firm has been preparing an abundance of Revocable Living Trusts for Louisiana residents seeking to avoid probate or succession as it is called in Louisiana. One of the essential parts of a Louisiana Revocable Living trusts is what's known as a pour-over will. Often clients are confused by this term, because their thinking is; "If I have a revocable living trust, I shouldn't need a will". Well, I'm here to explain exactly what the pour-over will is used for. When you have a revocable living trust, your Louisiana pour-over will is a essentially the [...]

12 07, 2017

Your Powers of Attorney: The Most Important Estate Planning Documents During Your Lifetime

By |2018-01-29T13:08:05-06:00July 12th, 2017|0 Comments

Most Louisiana residents think that their last will and testament is the most necessary of all the estate planning legal documents that a person can have in place; however, the terms of your will are essentially without effect until after you are already dead and gone. Your Louisiana Will is primarily geared toward distributing your assets and caring for your heirs as opposed to protecting those assets and caring for yourself. Protecting your assets and looking after your own well-being should be your primary considerations while you are still alive. For the above reasons, your Louisiana Powers of Attorney are [...]

10 07, 2017

Specific Bequests Go First In Louisiana

By |2018-01-29T13:08:05-06:00July 10th, 2017|0 Comments

Many times people leave specific items or cash amounts to their heirs when drawing up their will or trust. In Louisiana, our law calls for these inheritances or bequests (as they are technically termed) to be dispensed with before any other bequests. These other bequests could include collections of things or percentages of the entire estate. This law could in some cases lead to undesired results, especially in cases where a person’s estate is not large enough to cover all of their bequests.For example, Grandma’s will leave a diamond ring to granddaughter Susie and $10,000 to grandson Jay, with the [...]

7 07, 2017

Business Incorporation May Be an Integral Part of Your Estate Plan

By |2018-01-29T13:08:05-06:00July 7th, 2017|0 Comments

In about 20% of all estate plans that I prepare, there is also some business planning that needs to take place. This business planning typically takes the form of Louisiana LLC formation. LLC’s, or limited liability companies, are most often formed by clients who hold investment properties or rentals as a way to protect their other assets.The idea of the LLC is to shield yourself and you personal asset from any lawsuit arising from property owned by you. Let's say you own a rental house and your tenant slips and falls on the property and decides to sue you. Without [...]

26 06, 2017

How Do Lawyers Calculate Fees for A Lousiana Succession?

By |2018-03-20T10:00:23-05:00June 26th, 2017|0 Comments

During a recent seminar, someone asked me how lawyers determine the fees they charge their clients for a succession. This is a great question and one that does not have one right answer. There are a number of ways in which Louisiana succession fees are structured, and a number of factors go into determining the amount your family will be charged. The 3 basic fee structures are the hourly rate based system, the fixed fee system, or the percentage fee system. With hourly rates an attorney will charge you by the hour for work performed to complete the succession. Larger [...]

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