After a major life change, your estate plans should be updated. This is particularly true after a divorce. Your ex-spouse is likely the beneficiary on most of your assets, and you should get this updated as soon as possible. Here are the different documents that may need updating after a divorce.
Louisiana has some unique estate planning laws that you cannot find in the rest of the nation because it is a civil-law jurisdiction that follows French and Spanish models of asset division. One of the most notable laws is giving surviving spouses access to usufructs.
Usufructs grant the surviving spouse access to the decedent’s community properties while still guaranteeing that the “naked owners” will come to inherit it. In most cases, this refers to the couple’s children or any other potential heirs. Surviving spouses get access if the decedent does not have a will or specifically includes it in the will. Depending on the circumstances, most usufructs will terminate once the surviving spouse dies or remarries.
When a Louisiana resident passes without a will, his or her estate is handled under Louisiana intestate law. The succession of inheritors depends on property classifications and relationship to the person who has passed.
If you or a parent do not have a will, the following order of inheritance may someday apply:
For many business owners, the toughest issue to resolve in a business is how to keep it profitable. However, the biggest question is commonly an unresolved one: how to pass the business on when the owner retires or is unable to run it. Because of the difficulty in answering the question, many business owners may avoid it. And let’s face it, many are simply too busy.
Nevertheless, there are certain steps that business owners can take to position themselves for smooth transitions into retirement, and to protect the business should something happen to them. We will highlight them through this post.
After long debate, the Tax Cuts and Jobs Act has finally been passed into law. A long and complex document, the tax reform has implications on myriad areas of an individual's life. The changes these new tax regulations have on estate planning are worth understanding in full.
The new law doubles the following exemptions--but only for the next eight years:
You may have heard of a story like this. A couple marries in midlife, and the woman moves into the man's home. Twenty years later, the husband dies, and the wife is horrified to discover that she has no ownership of their home.
Worse, relatives of her husband -- in-laws or step kids -- want her to move out of the house. She faces living on the street because her husband never included her in his will.
How an estate will be passed on is an important consideration for Louisiana families. However, high-asset families can easily find themselves presented with a complex legal situation when it comes to estate planning and succession. A deceased loved one likely expressed wishes for how their property will be divided, but what they say could differ from what is written in a legal document. How can families be more consistent is estate planning?
Celebrity death highlights estate planning issues
As people look back on their lives, they will realize that they've worked hard for what they have. They spent years going to school, climbing the ladder, setting up a successful business, or some combination of all of these. They have provided a good life for themselves and their family. They would like to pass on what they have to the people they love and care about.
Unfortunately, many people overlook the fact that they can't simply pass down what they have to their heirs. There is a piece of the tax code called the estate tax that stands to take a large chunk out of an estate unless people plan their inheritance carefully.