If you’re the executor of a loved one’s estate, one of your responsibilities is filing income tax returns for the year in which they passed away. The federal return is due on Tax Day. You can typically receive an extension from the IRS, but you must request it. Note...
Month: February 2023
What’s an Offer in Compromise to the IRS?
It’s very easy for your tax debt to get out of control, especially if you’re self-employed or own a small business. It can be difficult to estimate your taxes correctly from one year to the next, and that can put you behind. Dealing with tax debt is stressful,...
Louisiana’s “forced heirship” law
Louisiana has a unique history and a number of one-of-a-kind laws that remain in place only in our state. Take the concept of “forced heirship.” This means that parents cannot disinherit a child who’s younger than 24 years old. They also can’t disinherit a child of...
6 matters to discuss with your children’s potential guardians
Estate planning for parents in Louisiana can help ensure children's financial security. Selecting guardians is also a major aspect. Before finalizing this decision, hold thorough discussions with potential guardians. 1. Family values and parenting style Explore...
3 assets you should never include in your will
Most people appreciate the need to leave their inheritance for the people they love when they die. This explains why they write wills. A clearly written and valid will can give you peace of mind knowing that your hard-earned assets will go to the right people when you...
Incapacitation planning is crucial to your estate plan
The distribution of assets and the designation of beneficiaries is what first comes to mind when you think of estate planning. While these are undeniably vital aspects of the process, one critical element that is sometimes overlooked is incapacitation planning. In...
DIY wills: Why going it alone is a bad idea
Every adult over 18 years of age should have a basic estate plan in place, including a will – but don’t cut corners and try to create yours using a do-it-yourself option online. While DIY templates offer to “save you money,” they could cost your loved ones (and your...
Are estate taxes a concern for Louisiana residents?
Estate planning in Louisiana requires careful consideration. Individuals need to think about what might occur in succession court. Every person's needs, wishes and risks are different, and so what works for one situation does not necessarily help in another scenario....
Business deduction options this tax season
The IRS collected over $4.9 trillion from businesses in 2022. One of the most important aspects of preparing for tax season as a business owner is understanding your options for deductions. Planning can enable you to maximize deductions and minimize tax liabilities....
Revocable versus irrevocable trusts
Creating your estate plan is a comprehensive process that requires you to think about everything from what you want to happen if you become incapacitated to what happens when you die. One option that you have is to establish trusts to pass assets down to your intended...