THESE THINGS ARE NEVER EASY TO DISCUSSHAVE A PLAN IN PLACE,
WILL FORMALITIES
You can write your own Will. But there are technicalities that must be followed. You must be careful. It is best to consult your attorney.
A will can be cancelled AT ANY TIME.. A new will can be made or a codicil executed to amend, add, or otherwise change the will. Because state and federal laws change about as fast as your situation can, a will should be reviewed every few years to ensure perpetual clarity. A few minutes to protect a lifetime of work seems like a fair trade.
REVOCABLE AND IRREVOCABLE TRUSTS
Sometimes a client may need an irrevocable trust in order to protect and distribute assets or to manage for your heirs. This isn’t always the case, but it is common.
. Likewise, a living trust can be revocable by you. Either way, it may be beneficial to involve a third party to help establish and execute the trust. Bernard can do that for you.
LIVING WILLS
The purpose of a Living Will is to allow you to make “end of life” decisions relating to refusing medical care if your are terminally ill or in a coma. Pain medication can be given to the individual as needed under any circumstances.
DURABLE POWERS OF ATTORNEY
The truth is an appointed agent is often necessary toward the end of life to manage a person’s affairs. It is better for you to determine who that person is while you can.
A Durable Power of Attorney is used to control all aspects of their personal care and medical treatment, including the right to decline medical treatment or to direct that it be stopped. I often recommend a general power of attorney to allow your representative to take care of your Assets.
It’s important to know that the power of attorney can be amended or revoked at any time.
INHERITANCE TAXES
*There is no Louisiana Inheritance Tax.
Federal Inheritance Tax
To owe Federal inheritance taxes the value of your estate must exceed $11,580,000.00 (to be gradually increased) For a married couple this means an estate of $23,160,000.00 will pay no Federal inheritance tax.
There are many simple things you can do to reduce or eliminate your heirs having to pay this tax.
Estate planning can be a complicated endeavor. You should have a trusted legal advisor before you embark on this task.
The key is to start planning early.
ASSET PRESERVATION
Successfully preserving your assets for your heirs doesn’t just happen. It takes planning…in advance.
As for Medicaid, a simple will is sometimes the worst thing you can do. Each plan has to be addressed with an end result in mind. Bernard F. Duhon helps clients keep their assets while planning for quality care in a nursing home or long-term assisted living facility. In order to succeed it is necessary to start with a good estate plan. Successful Medicaid planning often requires transferring your assets to your children, directly or in trust. The idea is to reduce your assets to the point where you qualify for Medicaid. This preserves your children’s inheritance. Medicaid planning is technical. Done incorrectly, the law can penalize you for making gifts. The key is to plan carefully and early.
WHAT IS SUCCESSION OR A PROBATE?
In Louisiana, Probate is called Succession.
When a resident dies with assets, a Louisiana succession is necessary to transfer assets to the heirs.
Bernard F. Duhon has represented both executors and heirs in the succession process. The process involves submitting a will to the court, paying bills, and distributing assets to heirs. Bernard represents clients in succession litigation and monitors successions handled by other attorneys.
WHAT HAPPENS IF YOU DO NOT HAVE A WILL?
Louisiana law determines who gets your property.
This is generally how it works:
If no children – spouse gets all the community property, your nearest blood relatives get your separate property.
If there are children – your spouse gets one-half of community property and the use of the other half until they remarry and
children share in the remaining one-half of the community and all your separate property;
If you have no spouse – children share equally;
If no relatives – the State of Louisiana receives the entire estate;
WHAT IS FORCED INHERITANCE?
Years ago, Louisiana required your children to inherit a portion of your estate. This has changed.
If your children are not disabled and are twenty-four (24) years of age or older you may leave them nothing.
To disinherit a child you must have a will.
OUR PROMISE IS TO BE..considerate, prompt and efficient.
THIS INFORMATION IS GENERALIZED. YOU SHOULD CONSULT WITH AN ATTORNEY REGARDING YOUR SPECIFIC SITUATION.