In Louisiana, estate owners generate plans in order to achieve asset protection. These plans include a variety of establishments that reduce tax implications and prevent seizure of the assets during the probate process. An estate planning attorney in Baton Rouge, LA provides a variety of options to achieve heightened asset protection.
The Advantages of Irrevocable Trusts
First, the irrevocable trust is separate from the estate entirely. All assets that are transferred into the trust are no longer listed under the estate owner’s name. The transfer takes the assets out of the estate and decreases its value. All assets that are transferred into the trust are no longer a part of the estate and aren’t seized through the probate process.
Preparing Children for College
A trust fund is an ideal solution for preparing children for college. The estate owner places the money into the account at any time they want, and the estate owner isn’t limited to how much they can deposit. The accounts come with provisions such as age restrictions and how much money is withdrawn from the account.
Healthcare Directives and Living Wills
An estate owner must set up a healthcare directive that defines their wishes in dire medical circumstances. They have the right to set up a living will that defines whether or not extraordinary measures are used in life-threatening situations. The healthcare directive identifies a proxy which makes all medical decisions for the estate owner. The proxy manages their monetary assets and pays their medical expenses, too.
Why Does the Estate Owner Need a Will?
A will is the final say for all asset transfers and identifies the beneficiaries of the estate. Any provisions that apply to assets must be outlined in the will. For example, if a child is underage, the guardian assigned to the child cannot access the child’s inheritance. The assets become the lawful property of the child. However, the child won’t access their inheritance until they are at least eighteen.
In Louisiana, estate plans prevent the state from seizing any assets. The plans identify family members who receive the estate and assets connected to it. Estate owners who need assistance through an estate planning attorney in Baton Rouge, LA can visit us right now.