3 Common Estate Planning Questions in Bossier City, Louisiana
Death and taxes are two constants in the world. You cannot avoid either one and if you aren’t careful, taxes will trump all your hard work at your death. Another area that frustrates family when a person dies is what to do with all the stuff. Questions arise about who should get it and what to do about minor children or ex-spouses. An experienced attorney can answer your questions and get you set in the right direction.
Proper estate planning prevents much of the frustration and arguing that happens when a loved one passes away. To ensure your estate is handled correctly, hire an experienced Bossier City attorney who understands Louisiana’s complex estate laws. They can prepare all the necessary documents to make things much simpler and straightforward when you or a loved one dies.
3 Common Questions When Planning Your Estate
Every situation is different, and you should consult an estate planning attorney to see how the law applies to yours. Here are some common questions to help you start thinking about your estate planning needs:
- What is the Federal Estate Tax Limit? The law fluctuates, but generally, you may leave up to $12,060,000 of your property to your heirs before the federal estate tax kicks in. Your estate planning lawyer will be able to discuss your particular case and aid you in determining where you stand and what changes to the law may occur.
- How Can I Utilize the Federal Exclusion? Currently, estate law allows the federal exclusion to roll over to the surviving spouse. It is considered portable from your “last deceased spouse.” To avoid wasting it, the executor of the estate must prepare an estate tax return. While no estate taxes may be due, this process reveals the taxable estate and the unused exclusion. As long as the tax return is filed, the exclusion is available—no tax return, no exclusion.
- I Want to Leave Everything to My Spouse. Can I? Good intentions abound, but outside influences may affect what happens when one spouse dies. However, good intentions can be thwarted, leaving children out and letting someone else in. Generally, usufructs give a surviving spouse a right to use and enjoy a subject property while naked ownership of the property goes to any children. It can get complex on larger estates, so be sure you contact an attorney for assistance.
Work with an Experienced Bossier City Attorney for Your Estate Planning Needs
Get all your estate planning questions answered when you seek out the services of a knowledgeable lawyer in Bossier City, Louisiana. David L. White has much experience with Louisiana’s complex legal system. He can guide you through the process of setting up your will, trust, and successions and answer your questions along the way. When you schedule an appointment today, give your family the gift of being able to grieve your passing without worry about your estate.
Contact an experienced estate planning attorney on Bossier City to aid you in navigating the complex Louisiana estate and probate laws. Give us a call at 318-747-7023.
