Watson Estate Planning Lawyer

Watson Estate Planning Attorney

Watson, as well as many other places within the Baton Rouge Metropolitan Area, is well known for homeownership and families. They benefit from Livingston Parish’s access to major roads as well as Tickfaw State Park. It’s important to give children raised in the area a chance for success by working with a Watson estate planning lawyer.

Experienced Estate Planning Attorneys in Watson

Goode Tax and Estate Planning Law Group, LLC, can benefit families by offering a comprehensive estate plan. Instead of only completing one document, we can guide you on what a complete plan should include and how to start the process. Our familiarity with tax law makes our estate plans financially beneficial as well.

What Is in an Estate Plan?

There is no singular approach when it comes to estate plans. Most include a will, but there are many other documents that might be included. Each one is designed to cover different areas of your estate.

The most common estate planning document is a will. This document outlines the disposition of your assets after your death. You are only in control if you have a legally valid will. If you die without a will, your assets are distributed according to the state’s required order for the dissemination of assets.

Advance Directive

Another popular document in estate plans is an advance directive. These documents are needed if you become sick, injured, or disabled. Many people cannot make decisions or speak after severe medical issues. Advance directives can help you speak in advance so that your wishes are followed.

These documents can be used for various conditions. You might have different opinions on what happens based on whether your injuries are instantaneous due to an accident or progressive, like the development of Alzheimer’s.

Trusts

Trusts are helpful for those who own property or assets. This document creates conditions for assets being automatically transferred without needing probate. The transfer of assets with a trust usually takes less time than going through probate.

Different kinds of trusts are better for different kinds of assets or situations. An attorney can determine what trust is most appropriate for your situation and explain the details of that specific trust.

Why Hire an Estate Planning Lawyer?

Many people believe they can create their own estate plans. While it is possible to create individual documents, an attorney is normally needed to create a complete plan. An estate plan lawyer can also do things like:

• Determining needed documents. Not every estate needs the same types of documents. An attorney can evaluate your circumstances and only create documents that are relevant to you. They can also bring new documents to your attention, helping you in unexpected ways.
• Handling conflicts. Issues can arise during the probate process, particularly when an outdated will is involved. Lawyers regularly handle issues with probate and can even go to court to argue your case if necessary.
• Avoiding excessive taxes. If you create documents one at a time, they might not complement each other financially. They could put you in a worse financial position due to the tax burden they might create. Making a whole estate plan at once can take tax issues into account before they become a problem.
• Creating stability for your business. Many businesses are successful for long periods of time until ownership is transferred. Help your business navigate the rocky transition period by creating a plan that outlines how the business will be transferred and managed when you are no longer the owner.
• Caring for minors or yourself. If you have children, an estate plan can outline who should take care of them if you are unable to. There are also scenarios where individuals are unable to take care of themselves due to disability. These situations can also be planned for in the form of guardianships.

The average home value in Watson is $245,000. Assets like this need to be planned for so that they are not hit with taxes after your death.

Why Choose Us?

At Goode Tax and Estate Planning Law Group, LLC, we’ve seen estate plans of all sizes, from simple to complex. Regardless of the scope of the situation, we can develop a strategy to protect your assets. Our professional certifications in tax law have helped our clients limit their interactions with the IRS and save money.

FAQs

Should You Use an Attorney for Estate Planning?

You should use an attorney for estate planning. Attorneys are about to create an estate plan that can make different documents work with each other. If you create an estate plan independently, each individual document might not relate to the others, and can cause issues once you try to use them.

What Are the Disadvantages of Estate Planning?

The disadvantages of estate planning are quite few. There is an upfront cost to consulting with an attorney and drafting legal documents. However, many people end up saving money by protecting their assets from taxes. These documents need to be updated to be effective, but it generally takes less time to update them than to draft them.

Do I Need an Estate Plan if I am Young?

You still need an estate plan if you are young. This can protect your family if you are not able to make decisions for yourself. Anyone with assets or dependents can benefit from an estate plan. It can dictate what happens if you suddenly die or become disabled. This can provide clarity during a stressful time in a family’s life.

How Often Should I Update My Estate Plan?

How often you should update your estate plan depends on your individual life circumstances. Generally, timing is less relevant than important events. Getting married, divorced, or having children are all reasons to revisit your estate plan. This also includes the acquisition or sale of assets, including properties. Any event that has not been discussed in an estate plan should be reviewed.

Let Us Understand Your Goals

95% of Watson residents own their homes. This kind of property needs to be protected with the help of an estate plan. For assistance in creating your unique plan or updating an existing one, schedule a consultation with Goode Tax and Estate Planning Law Group, LLC, today.