If you have been named as the executor of an estate in Louisiana, you'll likely be concerned with fulfilling your duty to the deceased person. They may have been your friend or a family member, so you'll be feeling a huge amount of responsibility when it comes to...
Gretna Lousiana Probate Law Blog
What are the tax obligations stemming from estate administration?
Serving as the executor of an estate can mean taking responsibility for a large number of different, difficult tasks. For example, you will likely need to make an inventory of physical possessions and place a value on each item. You will need to advise creditors and...
Dealing with your deceased loved one’s debts
When a loved one dies, they probably left a combination of assets and debts behind them. The executor of the estate will have the responsibility of identifying all assets and using them to pay off the debts that the deceased person had. If you believe that your loved...
How do executors handle the assets left behind in an estate?
You've received the dubious honor of getting named as executor to the estate of a friend or loved one. Now, you have to figure out how to handle their estate, which can often seem overwhelming for those with no prior estate experience. Although there is a lot of work...
What duties must I complete if I become an executor?
Being asked to serve as executor of a loved one’s estate can be an honor. However, this honor comes with numerous responsibilities, and you should be sure to understand these responsibilities before you accept the position.An executor, also called a succession...
How to update your estate plans after a divorce
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...
Family conflicts that could arise out of usufructs
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...
What is the order of inheritors in Louisiana if there’s no will?
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...
Helpful steps in creating a business succession plan
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...
How the latest tax reform affects your estate plan
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...