Louisiana Trusts Lawyer

Louisiana Trusts Attorney

The succession process can be time-consuming and overwhelming for your loved ones, especially while they are grieving your loss. To avoid the additional complications that succession can bring to a mourning family, consider establishing a trust for some of your high-value assets via a Louisiana trusts lawyer.

This can reduce the number of items that must go through succession or even avoid it altogether, leading to a more streamlined process and less stress for everyone involved.

Choose Field Law for Your Estate Planning Needs

The professionals at Field Law are dedicated to serving clients in all areas of estate law. We choose to focus on estate law to deliver more thorough and focused solutions to our clients. Our goal is to provide personalized estate planning for a variety of estate sizes. From wills to trusts, successions, and more, Field Law can help you determine what type of estate plan is right for you.

What Are Trusts?

While it is still a good idea to create a will, a trust is also a powerful tool frequently used in estate planning. If a trust is created before the owner of the property dies, the assets in that trust can directly pass on to the beneficiaries once the owner dies without going through a succession. There are many things that can be placed in a trust, including:

• Real Estate: This is the most common type of asset that goes in a trust. It is still possible to place real estate in a trust, even if you have not finished making payments on it. An estate planning attorney can review other options to avoid succession for real estate as well.
• Business Interests: If you own or have a partial interest in a business, this interest can be transferred to a trust. The exact details on how to do this vary depending on the type of company structure the business runs under and who owns the business. Due to the complicated nature of transferring business interests into a trust, it is a good idea to consult with an attorney to do so.
• Financial Accounts: Certain accounts are better to place in trusts than others. Bank accounts can be placed in a living trust, but there are other options that might be easier to achieve. While retirement accounts cannot be directly placed into a trust, a trust can receive the funds as a beneficiary after death.
• Other Property: Some property, like antiques and collectibles, can be placed into a living trust, but it might not be a good idea to place items you use every day into a trust, like vehicles. Insurance policies can become more complicated on items placed inside a trust, especially with cars.
• Insurance Policies: Life insurance funds cannot be placed into a trust before death, but they do not go through the succession process anyway. A trust can be used as the beneficiary for a life insurance policy.

There are usually several moving parts in an individual’s estate plan, which can make creating a detailed strategy complicated. An estate planning attorney can offer guidance on good options for your assets.

Why Do I Need an Attorney?

Determining the next steps for your estate can be difficult. Don’t make the process harder for your loved ones than it needs to be. If you create parts of your estate plan by yourself or in a piecemeal manner, there are likely to be holes and gaps in your plan. You also might not consider the tax implications of your decisions, leaving your loved ones with large bills after receiving your assets.

Working with an attorney can help you map out your entire estate to make sure everything is accounted for. If you acquire new property or sell parts you already own, they can also edit parts of your estate plan to account for these changes. Many parts of estate planning require a large amount of paperwork. By working with an attorney, you can gain peace of mind, knowing that this important documentation is filed correctly.

FAQs

Q: What Are the Disadvantages of a Trust Over a Will?

A: There are a few disadvantages of a trust over a will that may apply in some cases. Certain items might not be effective to put into a trust, including retirement accounts, health savings accounts, life insurance policies, and most cars.

Trusts are also only for assets and are not as comprehensive as wills. They do not incorporate key decisions regarding custody of your minor children, funeral preferences, and more. For this reason, many people have trusts and wills for a comprehensive estate plan.

Q: Can a Trust Own an LLC in Louisiana?

A: A trust can own an LLC in Louisiana. An individual’s interest in an LLC can be put into a trust as long as the other members agree to it. It might also be possible to transfer the financial aspects of the LLC without including the ability to vote on decisions associated with the LLC, which could be easier to do in certain circumstances. To learn more about how to place an interest in an LLC into a trust, contact an estate planning attorney.

Q: Does a Trust Avoid Succession in Louisiana?

A: Items placed in a trust can avoid succession in Louisiana. However, not all items can be placed in a trust. There are other ways to prevent probate in Louisiana, but these methods are more effectively used when consulting a dedicated estate planning attorney who understands how state and federal law could affect your estate. They can provide personalized feedback on your estate plan to reduce your tax implications.

Q: How Do I File a Trust in Louisiana?

A: In order to file a trust, you first need to file the correct documentation. The type of paperwork necessary for a trust depends on the type of trust you’re filing. To make sure your trust is filed correctly, consult an estate planning attorney. They can check that you have the correct documentation that sufficiently lists the property in the trust, the trustee in charge of the property, and more.

A Trusted Legal Partner

Field Law can help with creating and managing your trust, even if your circumstances involve out-of-state assets. We utilize the latest legal knowledge to make sure your trust complies with both Louisiana and federal law. For more information on how your estate might benefit from a trust, schedule a consultation with Field Law today.