Yesterday, I talked with a woman from New Orleans about opening succession for her husband who died 5 years ago. She received some bad advice from a friend who told her not to worry about opening succession because it would be too much trouble. Now she has come to realize that she has limited access to a brokerage account shared by her and her husband, and she cannot redirect the investment of the money which is currently earning very little. In order to unfreeze this account, succession (a.k.a. probate) must be opened.
In addition, she is also nervous about the nursing home and wants to get assets out of her name to protect the value of her home and reduce the amount she may ultimately need to spend on the long-term care. However, none of this long term-care planning can be done until she completes the court-supervised Louisiana succession. Because assets must be out of your name for at least 5 years to be fully protected from the nursing home, she will need to wait at least another 5 years before she can get the asset protection she is looking for.
In the five years since her husband has passed, court costs and attorney’s fees have risen making the Louisiana succession even more burdensome. If she had taken care of this required action earlier and completed Louisiana Medicaid Planning 5 years ago, she would be in a position where all of her assets are protected from nursing home spend down. So, the lesson to be learned is don’t wait to open succession! All you are doing is kicking the can down the road and making things more difficult and costly for your family in the future.
If you’ve been waiting to open Louisiana probate for a loved one, take the required action now by calling (504) 274-1980 in the Metairie and New Orleans Area or call (985) 246-3020 in Mandeville, Covington, Slidell, Houma, Thibodaux, and surrounding areas.