Generational wealth is one of the greatest gifts you can give your children and grandchildren. You do not have to be super-wealthy to set up a succession plan that can improve the lives of your family members for generations to come. You do, however, need to establish a way to transfer assets to your surviving family members or heirs. Planning ahead of time can save them time, frustration, and money after your death.
Estate planning can be emotionally complicated. Many people do not want to contemplate the idea of their death. However, death is inevitable, and knowing that your assets will be distributed the way you want after you die can be very comforting. A Metairie probate lawyer could help ensure your property passes to your loved ones in the most straightforward way and help you maximize tax strategies to minimize any taxes due on the estate.
Estate Planning
Estate planning refers to the process of distributing an individual’s property after their death or, in some cases, incapacitation. People use two primary devices to ensure the distribution of their assets—wills and trusts. In addition, people can use how property is titled to leave that property to someone after their death.
If a person dies without an estate plan, their heirs will still get their assets. Louisiana Civil Code Art. 880 specifies who inherits when someone dies without a will. If a person dies without natural heirs under the article, then their property escheats to the state, which means that the state takes possession of the property. Estate planning is the only way to ensure your property goes to one’s intended beneficiaries after death. A Metairie probate attorney could help put those plans in place.
Wills
The most basic estate planning document, a will, directs how property is distributed after death. It may also contain information about funeral expenses and other last wishes. If someone has minor children, the will may also name a guardian for those children and someone to handle their money until they become adults.
A will can be detailed or simple. People can give a percentage of their estate to each of their survivors or make specific property bequests in the will. They should have a remainderman—a person who gets any property not otherwise bequeathed in the will. Whether someone wants a simple will or has complex holdings requiring a more complicated document, a qualified probate lawyer in Metairie could help.
Trusts
Trusts are a more advanced estate planning technique. A trust allows a trustee to hold title to property on behalf of a beneficiary. There are different types of trusts, including a living trust, which can enable people to pass along their property at death without having to go through probate. In addition, trusts may have tax benefits.
Trusts can be complicated, especially if someone needs to take advantage of generation-skipping tax benefits. A well-practiced Metairie probate attorney could ensure you choose the appropriate trust for your scenario.
Inheritance and Estate Taxes
Louisiana has no inheritance or estate taxes, but the federal government does tax large estates. If a family has a sizeable estate, proper planning by a probate lawyer could help them minimize their tax liability.
A Metairie Probate Attorney Could Help You Plan for Your Future
Building wealth for your family is something that you should celebrate. It places them in an advantageous position, which can last for generations if you manage it properly. Whether that wealth is a family home or millions of dollars, estate planning can help you protect it. Schedule a consultation with a Metairie probate lawyer to get started protecting your family’s future.
