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Five Estate Planning Myths

January 22, 2021 by Ronald "Chip" Morrison

Estate planning. It’s on everyone’s “should do” list, but it rarely seems to make it to the top of the “to do” list. Maybe that’s because estate planning is surrounded by myths and misconceptions. People think it’s only for the wealthy, or only for the elderly. The truth is, everyone needs some form of estate planning because estate planning is life planning. Let’s do away with five common estate planning myths: Estate Planning is Only for the Elderly. Physicist Niels Bohr said, … [Read more...]

New Administration Could Mean HUGE Tax Hikes

January 20, 2021 by Ronald "Chip" Morrison

While there’s still so much debate going on with the fate of our country, there’s one clear thing, Biden’s proposed tax plan may result in a significant tax increase for some if passed. Every day that goes by could be a missed opportunity to take advantage of current law. The new tax plan could be passed anytime this year or in the coming years. If passed this year, it could be made retroactive as early as January 1! Not sure if this will impact you? Here are the highlights of what’s … [Read more...]

Next Generation Planning for Your Family Business

January 20, 2021 by Ronald "Chip" Morrison

If you’re like many small business owners, you’ve poured your heart and soul into launching your business and making sure it thrives. The idea of allowing your enterprise to fade away after you die may be unthinkable. After all, in many ways, your business is your legacy. As is often the case, you may have focused a lot of your time and energy on day-to-day operations and put off creating a succession plan for when you’re ready to step away from the helm. The problem is lack of planning can … [Read more...]

Common Mistakes in Estate Planning

January 19, 2021 by Ronald "Chip" Morrison

We have all heard about estate planning.  But many of us have misconceptions.  We think “But, that’s for other people, right?”  Wrong.  Estate planning is for everyone.  It is for the young and the old, the healthy, and the ill.  In short, estate planning is life planning.  Estate planning is for everyone.  Even the young and healthy need estate planning to prepare for unexpected illness or injury by having powers of attorney and other plans in … [Read more...]

Wills and Trusts are Not Interchangeable

January 16, 2021 by Ronald "Chip" Morrison

People often assume that wills and trusts are somewhat interchangeable.  While both can be effective to transfer assets to loved ones after your death, they have important differences. A will is effective to transfer property that is in your name at your death.  Typically, a will must be signed and witnessed by two people.  A will “speaks at death,” in other words its provisions are not effective until death.  Assets that are in your name are controlled by the will, even if there is a … [Read more...]

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Morrison Law Group, PLC

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3813 N. Causeway Blvd. Suite 200
Metairie, LA 70002
Phone: (504) 831-2348

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