Donaldsonville Estate Planning Lawyer

Donaldsonville Estate Planning Attorney

Many people move to Donaldsonville for its small-town feel. With schools like Donaldsonville Primary School and Ascension Catholic Diocesan Regional School, parents often move to the area for their children. If you have children, consider creating an estate plan to protect your assets for them to receive with the help of a Donaldsonville estate planning lawyer.

Experienced Estate Planning Lawyers in Donaldsonville

Estate planning is more comprehensive than drafting a simple will. That’s why you need an experienced attorney to create an estate plan that covers all your assets. At Goode Tax and Estate Planning Law Group, LLC, we also consider your tax obligations to ensure a smooth transition for your loved ones.

What Is an Estate Plan?

An estate plan is a series of legal documents that dictate what to do in the event of your death or incapacity. Each document is powerful and gives you control of your assets if you become unable to do so one day.

One of the most important types of documents to include in an estate plan is a power of attorney. These allow you to delegate decision-making to someone else. There are many different types, including both medical and financial. You can grant permission to the same person for both or to different people, depending on their individual skill sets.

Other Tools

Another document frequently included in estate plans is an advanced directive. This is also called a living will, but it is a separate document from your Last Will and Testament. A living will states your medical wishes in advance so that you are cared for if you are unable to speak or consent to treatment.

Trusts are also great tools to consider for an estate plan. These can transfer certain assets into the trust’s ownership rather than yours. Upon your death, these assets can transfer directly from the trust to your loved ones. This makes the succession process easier and less time-consuming.

Benefits of an Estate Plan

Planning ahead is better than not planning at all. There are lots of reasons to create an estate plan, including:

• Asset transition. If a list of your assets is created in advance, this makes it easier for your heirs to figure out what you own and what needs to be distributed. If you do not dictate how things should be split, the state might do it for you. This can result in assets going to the wrong people.
• Guardrails to inheritance. While many people want to give some of their assets to their children, some children cannot be trusted with large sums of money. Appointing a trustee for your trust can help ensure the funds are managed appropriately for the beneficiary until they are old enough to manage them properly.
• Unique family situations. In families that have members with special needs, different trusts can be created to protect them after your death. These trusts can ensure that dependents who need care are cared for, even when you are not around.
• Limiting conflict. Some families dissolve into chaos after an individual dies with many assets. Creating an estate plan with strict rules can help reduce conflict by providing less room for argument.
• Caring for small children. If you have small children who depend on you, an estate plan can help ensure they don’t lose their stability. By assigning a loved one as the guardian of your children, you can keep them in a secure home with a trusted family member. This often improves a child’s development and well-being.

The average home value in Ascension Parish is $279,900. This means that homeowners often have significant assets to pass down to their families. An estate planning attorney can make this process easier for everyone.

Why Hire an Estate Planning Lawyer?

At Goode Tax and Estate Planning Law Group, LLC, we work one-on-one with our clients. This isn’t the type of firm to hand your case off to an assistant. At our firm, you work with one experienced lawyer throughout the process. This consistency results in a more personalized estate plan that considers your needs.

FAQs

What Is Intestacy in the Context of an Estate Plan?

Intestacy in the context of an estate plan is someone dying without a will. If there is no will, their assets must go through traditional succession as dictated by the state. This is why creating an estate plan is so important. If you do not have a comprehensive plan, then the state decides what to do with your assets.

What Is a Beneficiary Designation and How Can I Use One?

A beneficiary designation is a term that some financial accounts provide. Things like retirement accounts often allow the assets in them to be transferred to beneficiaries directly after you die, without probate. Using beneficiary designations is a good way to reduce the amount of assets that need to go through probate.

When Is a Good Time to Create an Estate Plan?

A good time to create an estate plan is as soon as possible. The earlier you create one, the more protection your loved ones have from sudden death or disability. It is also a good idea to update your estate plan every few years or after a significant life event. For example, things like weddings, deaths, or divorces are usually a good time to update your estate plan.

How Is Asset Protection Used in an Estate Plan?

Asset protection is used in an estate plan to lower the risk of creditors taking all your assets. If no asset protection strategies are used, this can leave nothing available for your beneficiaries. Preparing asset protection strategies in advance can increase the amount of money available to your loved ones, ensuring they are prioritized during succession.

Make Your Wishes Actually Happen

69% of Ascension Parish households are married-couple households. Many of these couples have assets they want to leave behind for their children and even their grandchildren. An estate plan can help you do that. To get started, schedule a consultation with Goode Tax and Estate Planning Law Group, LLC, today.