I am glad that you dropped by and commend you for giving thought to these important areas that we all need to plan for, whether we consider ourselves poor or rich, young or old, or somewhere in between. Estate Planning encompasses planning for disability and death. We each leave a legacy. Whether we plan determines what kind of legacy we leave and how much stress we place on those that we care about.
Many firms assist clients with planning for the distribution of their client's estate upon death. However, pivotal issues occur before death and are much more daunting. One of the earliest issues in a client's life is who will have the custody and care of their minor child or children if they die as a young parent.
Another of these issues is disability which is by far the most difficult planning, because this planning requires that the planning encompass variables which cannot be known and involves the well being of the client, not just his or her stuff.For example, how long will the disability last, how many hours a day will assistance with daily living be needed or will 24/7 care be needed?
Many firms assist clients with planning for the distribution of their client's estate upon death. However, pivotal issues occur before death and are much more daunting. One of the earliest issues in a client's life is who will have the custody and care of their minor child or children if they die as a young parent.
Another of these issues is disability which is by far the most difficult planning, because this planning requires that the planning encompass variables which cannot be known and involves the well being of the client, not just his or her stuff.For example, how long will the disability last, how many hours a day will assistance with daily living be needed or will 24/7 care be needed?
Services
Joint or shared authority for bank accounts and other assets which may need to be managed during disability.
IRA Trust which maximizes stretch out after death for the beneficiary(ies) to achieve growth and minimize income tax, and provides creditor and divorce protection.
Special Needs Trust for disabled heirs/legatees who will be disqualified from benefits received from the government if they receive an inheritance.
Planning for the widow/widower's death and modifying testament to consider that the widow/widower is now single.
IRA Trust which maximizes stretch out after death for the beneficiary(ies) to achieve growth and minimize income tax, and provides creditor and divorce protection.
Special Needs Trust for disabled heirs/legatees who will be disqualified from benefits received from the government if they receive an inheritance.
Planning for the widow/widower's death and modifying testament to consider that the widow/widower is now single.
Everyone has one.
The State of Louisiana has one prepared for you in the Louisiana Civil Code, or you may make your own in a Last Will & Testament or Trust.
Your estate plan decides what your care will be and where you live upon disability and possible incompetency.
Your plan decides which people receive your assets at your death.
The plan decides which causes or charities you wish to support and how much.
An estate plan may include some or all of the following documents: Business Power of Attorney, Medical Power of Attorney, Declaration often called a Living Will, Revocable or Irrevocable Trust, Last Will & Testament, and a Business Entity choice such as an L.L.C.
The State of Louisiana has one prepared for you in the Louisiana Civil Code, or you may make your own in a Last Will & Testament or Trust.
Your estate plan decides what your care will be and where you live upon disability and possible incompetency.
Your plan decides which people receive your assets at your death.
The plan decides which causes or charities you wish to support and how much.
An estate plan may include some or all of the following documents: Business Power of Attorney, Medical Power of Attorney, Declaration often called a Living Will, Revocable or Irrevocable Trust, Last Will & Testament, and a Business Entity choice such as an L.L.C.
Has a Payback provision whereby after the beneficiary's death, the first successor beneficiary must be Medicaid for the amount that it paid to or on behalf of the beneficiary.
The balance in the trust may be distributed to a beneficiary chosen by the person setting up the trust.
If Mary is injured in a tragic car accident and receives a large settlement, she will no longer qualify for means tested government benefits.
We would help Mary and her family set up a 1st Party Special Needs Trust which would hold the settlement proceeds, designate the State (Medicaid) to receive reimbursement at Mary's death up to the amount that the State had paid for Mary's benefit, and name another beneficiary(ies) to receive the balance of what remained in trust at Mary's death.
The balance in the trust may be distributed to a beneficiary chosen by the person setting up the trust.
If Mary is injured in a tragic car accident and receives a large settlement, she will no longer qualify for means tested government benefits.
We would help Mary and her family set up a 1st Party Special Needs Trust which would hold the settlement proceeds, designate the State (Medicaid) to receive reimbursement at Mary's death up to the amount that the State had paid for Mary's benefit, and name another beneficiary(ies) to receive the balance of what remained in trust at Mary's death.
When a succession is undertaken property must be valued.
This does not necessarily mean employing an appraiser.
The list of assets submitted to the court should contain the fair market value.
If one hired several appraisers, it would be rare for each appraiser to return the identical value for a piece of property, but they should be within a few thousand on a moderately priced piece of real estate.
Many clients want to use the local Tax Assessor's value.
This is a mistake for a number of reasons, but principally because this value is usually low.
This does not necessarily mean employing an appraiser.
The list of assets submitted to the court should contain the fair market value.
If one hired several appraisers, it would be rare for each appraiser to return the identical value for a piece of property, but they should be within a few thousand on a moderately priced piece of real estate.
Many clients want to use the local Tax Assessor's value.
This is a mistake for a number of reasons, but principally because this value is usually low.
The Federal Estate Tax Exemption for 2014, indexed for inflation, is $ 5,340,000 per person.
In simple language one person may leave an estate of $5.34 Million and his/her estate pay no estate tax.
Additionally, this exemption is portable.
This means that if the first spouse to die does not use all of the exemption, the surviving spouse may use the balance of the deceased spouse's exemption.
Consult an attorney versed in estate tax or your C.P.A. if you plan to use the portability of your deceased spouse's exemption.
In simple language one person may leave an estate of $5.34 Million and his/her estate pay no estate tax.
Additionally, this exemption is portable.
This means that if the first spouse to die does not use all of the exemption, the surviving spouse may use the balance of the deceased spouse's exemption.
Consult an attorney versed in estate tax or your C.P.A. if you plan to use the portability of your deceased spouse's exemption.
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