East Feliciana Parish Estate Planning Lawyer

East Feliciana Parish Estate Planning Attorney

Estate plans can be beneficial to almost anyone, regardless of which stage of life you may be in. When you make plans ahead of time, you can find peace of mind knowing your wishes will still be followed in the future. Estate plans can help organize your finances and assets and even place people in control of your estate if you can’t make those decisions yourself. Contact an East Feliciana Parish estate planning lawyer today to start planning for your future.

Your East Feliciana Parish Estate Planning Team

At Goode Tax and Estate Planning Law Group, LLC, our team shares extensive experience in estate planning. This experience, in addition to our vast knowledge of the law, allows us to prepare estate plans for a variety of clients in varying stages of life. Our firm takes pride in helping residents of Louisiana create estate plans that help them feel comfortable and confident about their future.

Popular Elements of an Estate Plan

Each person’s estate plan differs based on their unique situation. However, there are multiple elements that you’ll commonly see in almost every estate plan, including:

• Wills: A will is a powerful document that can outline what assets an individual has as well as who they will go to upon the owner’s death. It can also explain your desires for a funeral and personal wishes. Upon the creator of the will’s death, a personal representative is responsible for ensuring the will is followed. This process is called succession.
• Trusts: One of the most helpful parts of a trust is that it can lessen the burden of succession on your loved ones. Assets held in a trust can directly transfer to beneficiaries without going through succession.
• Power of Attorney: Many people don’t think about what would happen if they were suddenly unable to make important financial or medical decisions. If you plan ahead, you can assign people you trust to take over certain parts of your life. The person you assign can do things such as pay bills, make medical decisions, and more. This way, your estate will be cared for if you cannot properly do so.
• Advance Directive: These documents typically involve scenarios in which you are unable to discuss your medical needs due to incapacitation. If you have strong preferences for a particular kind of medical care, you can mention this in an advanced directive. This type of document does not need another individual to carry out decisions for you and automatically goes into place if doctors determine you are terminally ill.
• Guardianship: Providing information about guardianship can be especially helpful if you have minor children. When you assign guardianship, you can feel comfortable knowing someone that you trust will care for your children if you no longer can.

Your unique needs will determine which elements of an estate plan are right for your situation. If you’re considering creating an estate plan, it’s essential to do so with the help of an experienced estate planning lawyer in East Feliciana Parish who can guide you through the process.

Why Do I Need an Attorney When Forming an Estate Plan?

Working with an attorney when forming an estate plan is beneficial in a variety of ways. Firstly, an attorney has legal knowledge of estate planning that can help them aid you in forming a plan that fits your exact needs.

Unfortunately, many people who attempt to create estate plans on their own end up leaving out important information or address certain topics improperly. When you retain an estate planning lawyer, they can ensure you address each of your needs adequately.

Additionally, when you hire an attorney, you can trust that the estate plan you create is legally valid. Another issue many people in Louisiana run into is forming wills that do not meet the legal requirements of the state.

If any aspect of your estate plan does not meet the legal requirements, the court will not allow it to be followed upon your passing. It’s crucial that you work with a trusted estate planning lawyer who can help you with all related matters and form a plan that’s legally valid and fit for you.

FAQs

Q: How Do You Avoid Probate in Louisiana?

A: It might be possible to avoid probate litigation in Louisiana in certain circumstances.  Some estates can avoid probate if they are under a certain value, which classifies them as small estates. Other strategies include adding beneficiaries and other people to asset accounts so that they can be easily transferred to someone else upon your death. Even if you cannot avoid probate, you use methods such as forming trusts to reduce the amount of assets that go through probate.

Q: Do You Need to Go Through Succession If Someone Has a Will?

A: Most estates must go through succession, regardless of whether someone has a will. If there is a will, the succession is considered testate, and the late individual who created the will is considered the testator. In these cases, assets are divided according to the testator’s wishes. If an individual did not create a will before their death, their estate would be distributed according to local intestate succession laws.

Q: Are There Exceptions to What Is Given Out in an Estate Plan?

A: There are some exceptions. Certain assets are not subject to what is written in a will and are instead distributed to an established beneficiary. This is especially true with things like retirement accounts. Even if a testator gave the majority of their estate to one person or group of people, if the beneficiary of certain accounts is different from the recipient of the will, then the people mentioned in the will might not receive the assets.

Q: Do I Have to Pay Taxes on Assets I Receive From a Will?

A: Inheritance taxes are taxes on assets that individuals receive from a will. Louisiana does not have an inheritance tax, but they do have an estate tax. The federal government also does not tax those who inherit assets from an estate. The taxes on an estate are normally paid by the estate itself and are managed through the probate process. To make sure you are filing your estate taxes correctly, it is a good idea to contact an estate planning and tax attorney.

Solidify Your Future Plans

To ensure your wishes are followed after you can no longer voice them, it’s essential that you create an estate plan in Louisiana. Preparing these documents ahead of time is a great way to protect your future. Schedule a consultation with Goode Tax and Estate Planning Law Group, LLC, today to learn more about how an estate plan can help yourself and your loved ones.