Estate planning in Metairie and New Orleans involves managing your wealth while you’re alive and its distribution when you die. Whether your assets are owned separately or jointly with others, having a well-structured plan is essential for preserving and distributing your wealth.
Sharing our Knowledge and Insights for Louisiana Families
“I’ve used Chip for legal matters before and he has always been very attentive (returns calls in a timely manner and always punctual for meetings) and knowledgeable. His workshops are very informative and he is willing to answer any questions or concerns integrating his knowledge and experience.” ~Darnel A.
What Is Estate Planning?
Estate planning involves organizing and outlining how your assets will be handled both during your lifetime and upon your death. This process ensures that your personal and family goals are met while simplifying the management of your financial and legal affairs. It also helps minimize taxes if your estate is large enough to be subject to them.
When we refer to your estate, we mean everything of value that you own, including real property, business interests, investments, insurance proceeds, personal property, and even personal effects. An estate plan is the method by which your estate is passed on to your loved ones after your death. Here are some common tools used in estate planning:
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- Revocable Living Trusts
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- Last Will and Testament / Probate
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- Lifetime Gifting
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- Joint Ownership
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- Beneficiary Designations
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- Life Estates
Coordinating Your Estate Plan
Problems often arise when people don’t coordinate all these methods of passing on their estate. A well-drafted estate plan ensures that your estate passes to whom you want, when you want, and in the manner you’ve chosen. This coordination helps your family avoid the public process and costs of probate and ensures the government cannot take what you’ve spent a lifetime building.
Essential Estate Planning Tools
Every adult in Louisiana should execute a last will and testament or trust specifying how their assets are to be distributed and how affairs should be handled upon death or incapacity. These straightforward strategies help ensure that your wishes will be carried out and minimize the possibility of family disputes.
Revocable Living Trusts
A revocable living trust allows you to manage your assets during your lifetime and specify how they will be distributed after your death, avoiding probate and providing privacy.
Last Will and Testament
A will outlines how your assets will be distributed and can designate guardians for minor children. It ensures your wishes are followed and can prevent family disputes.
Lifetime Gifting
Lifetime gifting involves transferring assets to loved ones during your lifetime. This can reduce the taxable value of your estate and provide financial support to your beneficiaries now.
Joint Ownership
Joint ownership allows assets to transfer directly to the co-owner upon your death, bypassing probate.
Beneficiary Designations
Naming beneficiaries for accounts like life insurance and retirement plans ensures these assets go directly to your chosen individuals, avoiding probate.
Life Estates
A life estate allows you to use and benefit from a property during your lifetime, with the property transferring to a designated person upon your death.
Why Choose Morrison Law Group, PLC?
We offer a wealth of free information and estate planning workshops in the Metairie and New Orleans areas. These workshops provide valuable insights into estate planning strategies and help you feel confident about the choices you make.
Take the First Step Today
If you are interested in the idea of legacy planning, Attorney Chip Morrison can help you. He will work with you to set up a legacy plan. This plan will fit you and your life. When you contact Morrison Law Group, PLC, you have taken an important step for your future. We can help you setup your estate plan and legacy plan, as well as assist with issues related to eldercare. Contact our caring team today or call us at (504) 831-2348.
Our estate planning attorney, Chip Morrison, will guide you on the path toward preserving your family’s future. Let us help you ensure your estate plan reflects your wishes and secures your legacy. rest assured that your family won’t have to endure the public process and costly matter of probate. The government won’t be able to take what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.
