On February 8, 2006, the Federal government enacted the “Deficit Reduction Act” which changed the rules for qualifying for Medicaid. Medicaid is the needs tested program which pays for health care that Medicare and private insurers will not pay for, specifically, custodial care. Such care can cost $50,000 or more per year. However, to qualify for Medicaid, you cannot have over $2,000 in assets. The new law makes it much more difficult to qualify for Medicaid … [Read more...]
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Protecting Your Heirs: 5 Must-Knows About Louisiana’s Forced Heirship Law
In Louisiana, forced heirship laws are designed to protect certain heirs from being disinherited by their parents. These laws can be complex and confusing, but they are an important aspect of estate planning that everyone should be aware of. In this blog post, we will discuss some important things that people should know about Louisiana's forced heirship laws. In Louisiana, a forced heir is a child who is under the age of 24, or a child of any age who is permanently disabled. These children … [Read more...]
Common Mistakes in Estate Planning – Part III
Those who take the time to create an Estate Plan usually desire to keep it private and to ensure that no beneficiary can alter the plan after their death. Sometimes, the desire to maintain privacy backfires and produces unanticipated consequences, such as litigation. Read on to learn more. … [Read more...]
What Happens in a Louisiana Succession With A Will?
Louisiana is a unique state when it comes to estate planning and probate law. In Louisiana, there are two types of succession: intestate succession and testamentary succession. Intestate succession occurs when a person dies without a will, while testamentary succession occurs when a person dies with a valid will. In this blog post, we will focus on what happens if there's a will and explain Louisiana law on succession proceedings with a will. When a person dies with a will, their property … [Read more...]
What to Know before Naming a Child as Successor Trustee of Your Revocable Living Trust
When creating a Revocable Living Trust it is important to carefully choose who will administer the assets of the trust. The party or parties responsible for ensuring that the instructions found in the trust document are followed is called the Trustee. In most estate plans, it is common for a Revocable Living Trust to be structured so that the Trustors, the creators of the trust, serve as the Trustees throughout their lives. Upon their deaths or incapacity, it is not uncommon … [Read more...]
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