Estate Planning when Time is Short

Estate Planning when Time is Short BY THEUS LAW OFFICES The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or for other reasons — estate planning can be difficult. But while money matters may [...]Continue reading

A GOOD WALK SPOILED (LLC Charging Order Protection Affirmed by 4th Circuit)

A GOOD WALK SPOILED (LLC Charging Order Protection Affirmed by 4th Circuit) BY THEUS LAW OFFICES (Channelside Services, LLC v. Chrysochos Group, Inc. (La. App. 4 Cir., May 13, 2016)) “The Louisiana LLC Act affords LLCs different and greater protections …compared to Louisiana laws pertaining to creditors of corporate shareholders or partners in a partnership.” [...]Continue reading

Liability Protection is Uncertain for Single Member Limited Liability Companies in Louisiana

Liability Protection is Uncertain for Single Member Limited Liability Companies in Louisiana BY THEUS LAW OFFICES Bad Facts Make Bad Law Shaun Olmstead and Julie Connell were residents of Florida when the trouble started. Shaun and Julie operated a credit card business and were charged by the FTC with perpetrating an advance-fee credit card scam. The [...]Continue reading

Is a self-directed IRA right for you?

Is a self-directed IRA right for you? BY THEUS LAW OFFICES Traditional and Roth IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold nontraditional investments that offer potentially greater returns. However, self-directed IRAs present pitfalls that can [...]Continue reading

You have options when addressing life insurance in your estate plan

You have options when addressing life insurance in your estate plan BY THEUS LAW OFFICES Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern for many families. [...]Continue reading

Forced Heirship in Louisiana

Louisiana is the only state in the United States which has the concept of forced heirship. What Is Forced Heirship? Forced heirship is an ancient civilian concept derived from Roman law. The law of forced heirship provides that certain family members cannot be disinherited. The law, as originally enacted, provided that any child of a [...]Continue reading

Don’t be so afraid of probate

BY THEUS LAW OFFICES Don’t be so afraid of probate The word “probate” (or "succession" in Louisiana) may conjure images of lengthy delays waiting for wealth to be transferred and bitter disputes among family members. Plus, probate records are open to the public, so all your “dirty linen” may be aired. The reality is that probate [...]Continue reading

Inherited IRA Still Exempt from Seizure in Louisiana (LA Legislature Overrules SCOTUS – Clark v. Ramaker)

“The whole world is a court case…and we’re all…defendants” ~ Emma Chase Heidi Clark inherited an IRA from her mother. She then ran into financial difficulties and filed for bankruptcy protection claiming that the IRA was protected under applicable bankruptcy laws as “retirement account.” The bankruptcy trustee challenged this characterization – and won, which was […]Continue reading

A Midyear Review Should Go Beyond Financials

Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year is the perfect time to stop for a breather. A […]Continue reading

The Pros and Cons of a SCIN

Many estate planning techniques are intended to minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques also have a significant drawback: mortality risk. For example, you may have to outlive the term of a trust to realize its tax benefits. A self-canceling installment note (SCIN) […]Continue reading

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