Wecome to the Louisiana Living Trusts Blog presented by A. David Aymond, L.L.C., Attorney at Law. My offices are located in Madisonville, Louisiana, Metairie and Ponchatoula, Louisiana and I provide legal services throughout all of Southeast La. I hope you find the information useful and informative. Please feel free to comment or make suggestions on topics you would like to see addressed. Additional sites covering Estate Planning, Asset Protection and Medicaid Planning will be added over time and links to those will be created. Visit the firm’s main website at www.aymondlaw.com for a more general discussion of these and other legal areas of practice or call for an appointment at (985) 792-5220. Hire a Louisiana Attorney experienced in Living Trusts and Last Wills.
LOUISIANA LIVING TRUSTS
Living Trusts vs. Last Will – Living Trusts are used as a substitute for a Last Will and Testament in many states, including Louisiana. In some instances this works well in Louisiana, but Louisiana law has sufficient differences from other states that careful consideration of each individual situation must be examined prior to choosing this planning tool. See the comparison of Living Trusts vs. Last Will planning types. The reference to the “Settlor” is the person or persons creating the Trust. A quick overview of considerations for implementation of a Living Trust is given here, but a more thorough examination of each follows:
- Probate avoidance – Theoretically Possible. Examination of the types of assets and costs to transfer, the settlor(s) ages, occupation, ease of use and other factors is necessary. In any event a “Pour over” Will must be implemented for assets not placed in the Living Trust. Louisiana also now has an “independent executorship” statute that if used can substantially reduce probate costs.
- Future Disability – The Trust can be used to provide for continuation of financial affairs if the settlor becomes disabled. There are alternative methods of accomplishing this.
- Revocable – These trusts are typically revocable trusts i.e. the Trust can be revoked in whole or in part and property returned to the settlor.
- Privacy Considerations – Living Trusts can serve to provide privacy, but to the extent real estate is involved some benefits may be lost.
- Income and Estate Taxation – Typically since these are revocable trusts no tax benefits are gained through their use. See the more detailed discussion on this topic.
- Reduction in Legal and Accounting Fees – Each situation is different, but careful examination of the total overall costs must be made. Implementation of a Living Trusts and transfers of property into it will almost always involve more up-front costs, but under certain circumstances can reduce overall costs.
This blog is provided by A. David Aymond, L.L.C., Attorney at Law. For our full website visit www.aymondlaw.com. Serving Southeast Louisiana including Mandeville, Covington, Madisonville, Slidell, Hammond, Ponchatoula, Amite, Springfield, Baton Rouge, New Orleans, Metairie, Kenner and surrounding areas.
An active discussion of Louisiana Living Trusts is encouraged. Please keep you posts respectful and on point to the topic. Remember that all comments and the articles contained herein are for general and educational purposes only. Always seek the advice of a licensed Louisiana attorney familiar with your specific facts and circumstances.
Tags: Louisiana Trust Attorney, Living Trust Attorney, Living Trust Lawyer, Advantages of Living Trusts, Disadvantages of Living Trusts