Prairieville Trusts Lawyer

Prairieville Trusts Attorney

With family-friendly areas like Prairieville Park & Playground, many people move to Prairieville to start a family. If you have a family, it’s important to take care of your affairs ahead of time to prevent them from struggling after you’re gone. A Prairieville trusts lawyer can help.

Experienced Trusts Lawyer in Prairieville

Many people struggle with financial matters. Documents like trusts are important to get right because they can drastically affect your family’s future after you’re gone. Goode Tax and Estate Planning Law Group, LLC, regularly helps people make tough decisions to benefit their loved ones.

Carl S. Goode is board-certified in estate planning, tax law, and estate administration by the Louisiana State Bar Association. With extensive experience and impressive credentials, Goode Tax and Estate Planning Law Group, LLC, is ready to help you with your trust.

Why Do I Need a Trust?

Some people can greatly benefit from trusts. Some of the most important perks include:

• Adding stipulations. Assets in a trust can be given conditions that the recipient has to complete before receiving them. Common conditions include reaching a certain age or graduating from a local school like LSU or Southern University. This can help make sure your heirs only receive your assets when they are prepared to handle them.
• Tax considerations. Many people don’t think about the tax implications of their decisions when planning an estate. This can leave your loved ones with unexpected debts. Some types of trusts can reduce your tax obligations for your beneficiaries. With an LL.M. in taxation, Carl S. Goode has the in-depth tax knowledge needed to determine how a trust may affect your taxes.
• Protecting biological children. Generally, Louisiana prioritizes current spouses and their children. If you have children from a previous marriage or partner, they might not be entitled to your assets if you have remarried. Trusts can make sure that important family members aren’t left out.
• Privacy. Probate goes through the court system. This means it is a public process, and the documents are usually publicly available. If you want to reduce the number of records that are made public, consider using trusts. These are generally private agreements that are not posted publicly.
• Creditor protection. If you owe debts upon your death, creditors might try to take their portion. This can significantly reduce the assets that are available to your family. Certain trusts can shield some of your assets from being depleted by creditors.

Simply creating a trust does not mean that your assets are safe. It must be the right type of trust within a detailed estate plan. An estate planning lawyer can help you achieve these objectives.

Trusts vs. Wills

Some people conflate trusts and wills. Even if you already have a will, your estate might also benefit from trusts. At the same time, many trusts benefit from what are called pour-over wills.

These wills are meant to cover any assets that were not included in the trust. They can place those assets into the trust once you die.

Wills also cover more details than a trust. They can cover issues like determining who will raise any young children if you die prematurely. Trusts are mostly financial documents and do little to protect your family members in unexpected situations.

However, if you simply make a will without making a trust, it might not be possible to establish limits on who may receive the assets when specific stipulations are met. This can affect how the assets are used by their recipients.

Why Hire a Trusts Lawyer?

16% of Prairieville residents are 35-44 years old. While this age might feel too early to plan your estate, it can be beneficial in case something goes wrong.

Putting people in charge of your affairs early on can help if you become sick or incapacitated. Trusts paired with elements like powers of attorney can allow others to run your affairs on your behalf if you can’t.

However, if these documents are not made in tandem with each other, it’s likely that they will cause more confusion instead of relief. That’s why it’s important to hire an attorney who understands how to create trusts that work well with other parts of an estate plan.

Why Choose Us?

Goode Tax and Estate Planning Law Group, LLC, has extensive legal experience. We’ve been in practice for decades and have helped some clients throughout the course of their entire lives. Our additional credentials in tax planning help us organize your assets in a way that minimizes your tax obligations.

FAQs

Do You Need a Lawyer When Someone Dies With a Trust?

You might need a lawyer when someone dies with a trust. Even though items in a trust are usually not subject to probate, other assets may not be included in the trust. These would have to go through the traditional probate process with an attorney. Regardless, it is a good idea to work with an attorney to make sure you are transferring assets correctly.

What Is the Difference Between an Estate Plan and a Trust?

The difference between an estate plan and a trust is their respective scopes. A trust is only one part of a thorough estate plan. Estate plans also include things like wills, powers of attorney, and other documents that allow other people to act for you in your place. A trust can protect your assets, but it does little in the way of giving people power to make decisions.

What Is the Difference Between a Revocable Trust and an Irrevocable Trust?

The difference between a revocable trust and an irrevocable trust is the ability to change them. A revocable trust may be changed or revoked, while irrevocable trusts can’t be altered. As soon as an irrevocable trust is created, the assets are out of the creator’s control. They can’t access those assets anymore, unlike in a revocable trust.

Who Can Be My Trustee in Prairieville?

Any adult can be your trustee in Prairieville. However, it’s important to think about who would be a good fit as a trustee. The individual should be highly trusted and responsible. There is also the option to appoint a company or financial institution as your trustee, although this usually costs an additional fee.

Protect Your Loved Ones

The median value of property in Prairieville is $302,200. For the benefit of your loved ones, it’s crucial to protect your property. Make sure it’s safe by placing your assets in a trust. Schedule a consultation with Goode Tax and Estate Planning Law Group, LLC, for more information.