Louisiana Estate Planning

Even though it might sound like a fancier idea or term than most think of in everyday life, everybody has an estate. Your estate consists of everything that you own: your home, your car, land, bank accounts, stock or cryptocurrency investments, furniture, life insurance, and personal possessions of all kinds. No matter how expansive or modest, the one thing all estates have in common is that they can't be taken with the owner when they pass away.

Estate planning attorneys help you to control how the items of your estate are distributed to people and organizations that you care about. To make sure that your wishes are fulfilled after passing, you'll need to provide instructions stating whom you want to receive which part of your estate and when they'll receive it. Reputable New Orleans estate planning attorneys will help you accomplish this with the least amount paid in legal fees, taxes, and relevant court costs.

Quality estate planning should generally encompass the following:

Instructions for your personal care and financial affairs if you become incapacitated and unable to communicate before you die.

Arrangements for disability income insurance to supplement or replace your income if you're unable to work due to injury or illness, and long-term care insurance to help cover the costs of medical care in the case of an extended adverse event.

• Life insurance to provide money for your family at the time of your death.
• Consideration for loved ones who might be less responsible with funds or who might need protection from creditors.
• Provide for family members who have special needs without pushing them past thresholds for government benefits.
• Name a guardian for your minor children's inheritance and care.
• Provide for the transfer of your business or legal organization in the event of your retirement, incapacitation, disability, or death. 
• Minimize court costs, taxes, and other legal fees which may include funneling assets into a living trust, updating or completing beneficiary designations, or otherwise bringing your assets in line with your estate plans.

It's important to understand that estate planning is an ongoing process, not a single-time event. Review and update the plans for your estate as your financial circumstances and family situations change over the course of your life.