A solid estate plan will include many documents to ensure your best interests are fully protected. Living wills are just one essential document that all estate planners must include for their own peace of mind. Living wills contain information on the type of medical...
Month: February 2021
How can you avoid beneficiary designation mistakes?
When it comes to retirement accounts and life insurance policies, beneficiary designations dictate who receives what. As a result, proper management must be a part of your overall estate planning strategy. Keep in mind that designations supplant other estate planning...
What does dying intestate mean?
When you have a will, succession typically follows your wishes with little problem. The process often moves along smoothly, and your wishes come to fruition. However, if you die without a will, meaning you die intestate, the matter of resolving your estate may not be...
How to handle the estate transfer tax when filing taxes
Some estates in Louisiana must pay an estate transfer tax. Those over $60,000 in total worth typically have this taxation. The responsibility to ensure payment of the estate transfer tax falls on the heirs, who hold all accountability for this process. The report must...
Can I include my pet in my will?
Most people who own pets love and cherish them in a human-like manner. However, the law considers pets property. When thinking about your estate planning, it is critical to understand what the law says so you can protect your pet after your death. Luckily, the law...
What should an executor check for in a will?
Taking on the role of an estate executor in Louisiana is a major responsibility. You should get off on the right foot by making sure you understand the will of the decedent as thoroughly as possible. There are some parts of a will that you should check when first...
What is an offer in compromise?
For taxpayers who owe the IRS, programs are available to settle the tax debt. If you currently owe the IRS but have difficulty paying the total amount or feel overwhelmed by your debts, you may qualify for an OIC. An OIC is a legitimate offer through the IRS designed...
What is the difference between inheritance and estate taxes?
Estate taxes are charges that occur when a person dies. They typically apply to the value of the estate the person leaves behind prior to transferring any assets to heirs. Louisiana has an estate transfer tax, but it does not impose an estate or inheritance tax. The...
What will happen if you become incapacitated?
Understandably, most people do not like to imagine a future where they may not have the ability to make decisions for themselves. Various events, including accidents or illness, can cause you to lose your ability to make legal decisions. A power of attorney is a tool...
What duties do executors have?
When selecting an executor for your estate, it is important to do so with the executor's duties in mind. After all, while you may have someone in mind to serve as your executor, do they have what it takes to fulfill all of the tasks, duties and responsibilities that...