Central Estate Planning Lawyer

Central Estate Planning Attorney

One of the most important elements of aging that you may not have considered is having a solid estate plan if something should happen to you. Without an estate plan, when you pass away, the court decides how to distribute your assets without your input, and that could be disastrous for your family. To help devise a plan, you should consult with a Central estate planning lawyer who can give you advice and legal assistance.

The legal team at Goode Tax and Estate Planning Law Group, LLC, knows how hard it can be to handle an estate planning case on your own. Louisiana’s estate planning laws can be inherently complex if you don’t know exactly what you’re looking for. A Central estate planning attorney can be helpful in determining the right way forward.

Carl S. Goode and his legal team can devote decades of focused experience to your case and help you build a reliable estate plan for your family.

Key Elements of a Strong Estate Plan in Louisiana

If you have a succession case in Central, your case is handled in the 19^th Judicial District Court in East Baton Rouge Parish. You can find this court on North Boulevard in Baton Rouge. Smaller estates may only need to file a Small Succession Affidavit instead of going through a full court proceeding. Succession cases are common in Louisiana. The median household income per year is $98,041, while the median property value is $216,500. These are considerable assets.

If you have never established an estate plan before, you may not know where to start, and there’s nothing wrong with that. It’s okay to ask for help in developing a plan that determines exactly how your estate is divided amongst your loved ones. You should hire an estate planning lawyer for guidance and to help you avoid any mistakes you might regret later. Here are some of the most important elements of a strong estate plan developed in Louisiana:

• Last will and testament. According to a recent Gallup poll, only 46% of polled Americans actually have a will. People aged 65 and older are more likely to have a will than younger people, as they have, mostly, not yet begun thinking about mortality. A will is a detailed list of what you want to leave behind for your loved ones, and it’s the cornerstone of a sound estate plan. It has to be signed before two witnesses and properly notarized.
• Forced heirship compliance. According to Louisiana state law, you need to reserve a portion of your estate for your forced heirs. A forced heir is a child under the age of 23 at the time of your death or a child of any age who is mentally incapacitated and incapable of managing an estate. A forced heir is generally entitled to 25% of the total estate.
• Trusts. A trust may be used to manage assets in a way that provides extra protection and allows your loved ones to bypass probate court entirely. In a trust, you leave behind assets to a trustee who manages them on behalf of the beneficiary. Trusts can be far more private than wills. They give beneficiaries more control over how they may receive their inheritance.
• Durable power of attorney. One of the most important elements of a sound estate plan is designating a trusted person with a durable power of attorney. If you become medically incapacitated and are no longer able to make your own financial or legal decisions, this person can make those decisions in your name. This decision should be thoughtfully considered.

FAQs

How Much Does Estate Planning Cost in Louisiana?

Estate planning can be quite expensive in Louisiana, depending on what you want in your plan. The more complex an estate plan is, the more it costs for a lawyer to draft. While a simple estate plan can be cost-effective, adding in a power of attorney, a healthcare directive, and a trust can lead to a much more expensive plan. Planning a joint plan for couples can also be pricier than an estate plan for a single person.

What Is the Biggest Mistake You Can Make with Estate Planning?

Arguably, the biggest mistake you can make with estate planning is procrastination. If you are constantly putting it off, you may run out of time to draft what you need before you pass away. Then, distribution of your assets is left in accordance with Louisiana’s intestate succession laws. Remember that estate planning is not only for the wealthy, and having no plan is far worse than having a basic one.

How Can I Avoid Succession in Louisiana?

The most reliable way to avoid succession, or probate, in Louisiana is to establish your assets within a trust. A trust gives your loved ones the chance to avoid probate and inherit your assets directly. Other options to avoid probate include using beneficiary designations to be payable on death (POD) or transferable on death (TOD), or gifting property to your loved ones while alive, which removes that property from your estate.

When Should I Update My Estate Plan?

You can update your estate plan whenever you want. There’s no limit on how often you can do that. It’s recommended that you update your plan whenever there is a significant life change to you or your family. Generally, that means updating after marriage, divorce, birth, death, or adoption. Your lawyer can help you update your plan when necessary.

Hire an Estate Planning Lawyer You Can Trust

It’s always recommended that you have experienced legal help in your corner whenever you are facing legal strife of any kind, and that includes establishing an estate plan. Without a lawyer’s help, your plan may end up not being legally enforceable. You don’t want your heirs to find that out during probate. At Goode Tax and Estate Planning Law Group, LLC, we can help you draft a strong, reliable plan. Contact us to discuss the option that is right for you.