What is Estate Planning?

Estate planning is simply the process of making decisions now, while you can, about the disposition of your assets and control of your estate. If you have any assets whatsoever, you have an estate. There are two sides the estate planning coin, namely (1) death planning; and (2) lifetime planning. Death planning involves planning for the certainty of our demise, which how most people think about estate planning. However, estate planning is very much about lifetime planning for the here and now to ensure we stay in control and don’t outlive our money, stay in control of our assets, and don’t become a burden on anyone. The failure to plan results in the government determining who is in control and who gets to benefit from your estate, which is never a good thing. Those who plan their estate get to make their own rules.

What's the difference between a will and living trust?

Wills and Living Trusts are a both a set of rules dictating who, when, and how someone gets to benefit from your estate. A Last Will and Testament is essentially a gift that becomes effective upon death, while a Living Trust becomes effective while we are still living. Hence, the term “Living Trust.” Unlike a Will, after a Living Trust is signed, a second step occurs, namely integrating assets with the Living Trust. A Living Trust is sometimes referred to as a “will substitute” because it provides for the disposition of assets without having to go through the probate process, which is a the judicial process of placing heirs or legatees in possession of assets of a deceased person who dies with a Will (or is on the “government’s estate plan” because they failed to plan).

What's the difference between a will and estate planning?

A will is a legal document that outlines how your assets should be distributed after your death; a living will acts in a similar fashion but goes into effect during your life should you become incapacitated. These documents typically include instructions for appointing an executor and naming guardians for your children. Estate planning, on the other hand, encompasses a broader range of documents and strategies for managing your assets. Along with wills and living wills, estate planning may also include assigning powers of attorney and setting up trusts. If you have questions about estate planning, our attorneys are available to help with 24/7 live call answering.

What does probate mean?

Probate is the legal process wherein a deceased person’s will is validated in a court of law, an executor or administrator is appointed, and their assets are distributed to their designated heirs or beneficiaries. If a will is not available, the estate is settled according to the state’s laws. Probate proceedings can be time-consuming and costly, often taking several months to over a year to complete. Our team has over a century of combined experience handling such cases, so if you need legal assistance to guide you through the probate process, we’re here to help.

What is the point of setting up a trust?

The primary purpose of a trust is to assist with asset management and distribution, both during your lifetime and after your death. Trusts can help avoid probate, maintain privacy, and provide security for your children or family members with special needs. Our attorneys have provided exceptional legal guidance to those in need of trust assistance, granting us a Superb Avvo Rating for our dedication and commitment to our clients. If you need help setting up a trust, we’re here for you.

What type of legal issues are involved in elder care?

Elder care involves various legal considerations, including long-term care planning, guardianship, powers of attorney, and healthcare directives, also called living wills, to help protect the healthcare and financial decisions of older individuals. Our firm helps elderly individuals in Louisiana avoid costly and damaging legal issues, including elder abuse and age discrimination. If you believe you or your loved one has been a victim of such abuse, or if you have questions about elder care, our firm can help your family address these legal matters.

What is the Medicaid family planning program?

The Medicaid family planning program provides low-income individuals with access to family planning services such as contraception, family counseling, and healthcare screenings with the goal of reducing unintended pregnancies and promoting reproductive health. However, eligibility requirements and covered services can vary by state. By working with our attorneys, who have earned an AV Preeminent Peer Review Rated distinction from Martindale-Hubbell, you can trust that you’re receiving the best legal guidance around. We can help you determine your eligibility and make sure you’re getting the care you need for your family.

Blog

Schedule Your 15-Minute Consultation

An ILIT Has Many Benefits, But Options Are Available To Undo It

Contact Us

Schedule your free consultation today!

Contact

Client Reviews

Suzanne T.

"Very professional, explained everything thoroughly. Great communication with office staff. Very thorough making sure everything was taken care for my estate planning. Assuring my assets are given to the people I care about, while minimizing the taxes my family will incur when I am gone."

Peyton G.

"I urge you to go Theus Law Offices for consultation. They are friendly and down to earth with your wishes being #1. I cannot say enough good things about them."

Mark J.

"If you or your loved ones haven’t made this decision with Estate Planning, I would strongly encourage you to attend this web-based workshop/webinar. Graves Theus is a great attorney to go with for this important step in you and your family’s planning for the future in many, many ways!"