An inheritance is a windfall.  Any windfall will jeopardize need-based benefits, such as Medicaid. Once the bell has been rung, it cannot be unrung in the eyes of the Louisiana Department of Health, which administered the Medicaid program in Louisiana.  As such, care must be taken to avoid unintentionally disqualifying an heir or legatee from [...]Continue reading

In some cases, it may be desirable to move a trust to a more favorable jurisdiction. But moving a trust from one state to another can present significant risks, so don’t attempt to do so without considering all the benefits, limitations and risks, and obtaining professional advice. Reasons to move a trust There are many […]Continue reading

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair.” It all depends on your family’s circumstances. Specifically, providing for grandchildren is one area where equal treatment may inadvertently result in unfairness. Consider this scenario Bob has two adult children, Ted and Carol. Ted […]Continue reading

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is […]Continue reading

Traditionally, estate planning has focused on more technical objectives, such as minimizing gift and estate taxes and protecting assets against creditors’ claims or lawsuits. These goals are still important, but affluent families are increasingly turning their attention to “softer,” yet equally critical, aspirations, such as educating the younger generation, preparing them to manage wealth responsibly, […]Continue reading

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences, and may not even be effective in Louisiana. Joint Ownership Advantages There are two potential advantages to joint ownership: convenience and probate avoidance. […]Continue reading

If you have minor children, choosing a guardian to care for them should you die unexpectedly is one of the most important estate planning decisions you must make. It’s also one of the most difficult. So difficult, in fact, that avoiding it is one of the most common reasons people put off drafting an estate […]Continue reading

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself. Carefully designed financial and health care powers of attorney allow you to designate a trusted person to make financial and medical […]Continue reading