Many people hesitate to create a trust because they fear losing control of their property, and it’s an understandable concern. You’ve spent years building assets and want to keep authority over them. The reality is more nuanced. Trusts come in many forms, and each can be structured to preserve, share, or delegate control depending on your goals. In Louisiana, trust law provides remarkable flexibility for balancing control of assets in a trust. Understanding What a Trust Actually Does A … [Read more...]
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2025 Estate Planning Updates: Key Figures You Need to Know
As we enter the new year, it's important to stay informed about the 2025 estate planning updates that could impact your financial and estate planning strategies. At Morrison Law Group PLC, our experienced team, led by Attorney Chip Morrison, is dedicated to helping clients navigate the complexities of estate planning, gift tax, and Medicaid. Understanding these key 2025 estate law updates can ensure you make the most of your financial resources while minimizing tax liabilities for your loved … [Read more...]
Resolve to Plan Your Estate in 2025
Estate planning can feel overwhelming, but it’s one of the best steps you can take for your future and your loved ones. As you enter 2025, consider making a resolution to create or update your estate plan. The start of a new year is an ideal time to set clear intentions, prioritize your goals, and establish a legacy that supports your family for years to come. Here’s how to start to plan your estate in 2025 and why it’s worth making it a priority this year. The Importance of Estate … [Read more...]
These Estate Planning Mistakes Can Be Costly
Estate planning is essential for securing your legacy and protecting your loved ones. However, many people make common mistakes that can lead to unintended consequences. In this post, we’ll examine five estate planning errors you should avoid to be sure your plan works as intended. Intestacy A large percentage of American adults do not have a will or trust in place. In fact, only 32% of adults have prepared these essential documents. Even among older adults, about 57% of those aged 55 and … [Read more...]
Estate Planning: There’s Something Here for Everyone – Part II
Many individuals believe that creating a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, and HIPAA Authorization is enough to protect their family with a complete Estate Plan. While these documents are an excellent foundation, they don’t address every asset or potential concern. A comprehensive Estate Plan involves much more, including strategies tailored to your specific needs and circumstances. Consulting a qualified estate planning … [Read more...]
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