Donaldsonville Trusts Lawyer

Donaldsonville Trusts Attorney

Donaldsonville is home to many small businesses, including Bo’s Seafood and the Grapevine Cafe and Gallery. Many of these businesses have developed a lasting legacy and deserve to be protected past the life of the original owner. Trusts are one strategy you can use to save your assets for your descendants with the help of a Donaldsonville trusts lawyer.

Experienced Trusts Lawyers in Donaldsonville

Goode Tax and Estate Planning Law Group, LLC, is experienced in both approaches to benefit your estate and your financial obligations. While trusts can save you money over the long run, they might introduce new issues with taxes you didn’t anticipate. Our experience in tax law can help avoid common tax pitfalls while creating your trust.

What Is a Trust?

A trust is a legal strategy you can use to protect your assets. This process involves identifying assets and placing them in a trust. At this point, the assets belong to the trust instead of the original owner.

After the original owner dies, the trust transfers the assets directly to the beneficiaries, or the people designated to receive the inheritance. This is managed by a trustee, the person appointed to manage the trust.

This process is more efficient than distributing assets through succession. Beneficiaries can receive their assets more quickly and with less red tape if they are held in a trust rather than waiting for succession.

Who Needs a Trust?

There is a common misconception that only wealthy people have resources that should be placed in a trust. However, this tool is open to anyone with assets. Trusts can be beneficial for people like:

• Parents of those with special needs. There are specific trusts that ensure people with disabilities are taken care of. If you have a loved one who is dependent on others for their care, a special needs trust can maintain their care even after you’re gone. This can provide peace of mind for many families.
• Individuals with multiple marriages. If you have been through multiple marriages or may do so in the future, trusts can protect assets throughout these marriages. For example, children and spouses from prior marriages can still receive assets from a trust if they are beneficiaries. This prevents individuals from being forgotten about or slighted.
• Young beneficiaries. Many people want to give assets to their children or other young relatives. However, when they receive these assets, these young people might not be mentally prepared to handle a large sum of money. By earmarking these funds in a trust, you can set requirements that they must meet before they receive the money.
• People with large tax obligations. If you have many assets, you might be struggling with the burden of a large tax bill. Trusts can be used as a way to reorganize your estate in a way that makes tax planning more straightforward. It can be used to reduce your overall tax burden.
• Victims of excessive litigation. Trusts are private legal tools. This means they are not recorded in the public court system. This can be helpful if you wish to keep these transactions private. It might also protect your assets from creditors or from people filing legal claims to recover them.

93% of Ascension Parish residents have not moved within the past year. This means that many natives to the area tend to stay put. The strong family bonds in the area make preparing trusts a good idea.

Why Hire a Trust Lawyer?

A trust attorney is important for determining which kind of trust you need. Not every kind of trust is meant for every kind of person. If you choose the wrong one, it can be less effective in protecting your assets for your loved ones.

Why Choose Us?

It’s tempting to create trusts yourself or use online solutions. However, without the help of Goode Tax and Estate Planning Law Group, LLC, you might create the wrong trust for your needs. We can handpick the right type of trust for your family situation so it serves your estate and loved ones appropriately at the right time.

FAQs

What Type of Lawyer Is Ideal for Trusts?

The type of lawyer that is ideal for trusts is an estate planning lawyer. They can help you create a trust that protects your assets during the succession process. An estate planning lawyer can also help you create a comprehensive plan that includes a trust to make sure that all parts of your estate are managed properly after your death or incapacitation.

What Is the Point of a Trust?

The point of a trust is different for different people. There are many benefits to creating a trust. One of the most important benefits is the ability to minimize the burden of succession for your loved ones. Assets within a trust do not need to go through succession and can pass directly to your beneficiaries. This can reduce the time and overall cost of a succession.

What Are the Most Common Kinds of Trusts in Louisiana?

The most common kinds of trusts in Louisiana are revocable living trusts and irrevocable trusts. Revocable trusts are more flexible and allow the individual to change the trust’s assets at any time. Irrevocable trusts are more permanent. You cannot change what is in them without the beneficiaries’ permission. An experienced lawyer can help you determine which trust is appropriate for you.

Who Needs to Make a Trust?

Those who need to make a trust include anyone with assets they want to protect. This includes small business owners who want to make the transfer process easier for their loved ones. It also includes people who want to protect their assets from creditors, taxes, or family disputes. Many people should make a trust.

Make a Trust That Fits Your Needs

The median household income in Donaldsonville is $90,190. Trusts can be used to protect this income and any assets. However, they need to be created and managed properly to be effective. Schedule a consultation with Goode Tax and Estate Planning Law Group, LLC, to find out more.