Let's say Wife dies with a Last Will providing that her husband is to inherit the lifetime usufruct of her estate. Her estate is less than (but close to) the estate tax exemption. The surviving husband is concerned that if he inherits the usufruct, all of this income from the usufruct assets will be lumped into his estate for estate tax purposes when he dies. He doesn't want to burden his children with any additional unnecessary estate tax.
If the husband feels his estate is enough to satisfy his living expenses for his lifetime, he can renounce (also known as "disclaim") his usufruct, allowing full ownership of his Wife's estate to go to the children. The children can agree to hold this money aside in case Dad needs it. Now, the income from Wife's estate will not be lumped into Husband's estate.
With the potential for an estate tax exemption of $1,000,000, this succession planning tool could save families loads of taxes.
If you are involved in a Louisiana Succession, and you want to know how a Renunciation might benefit your family, feel free to send me an email at paul@rabalaislaw.com, or give our law office a call at 225-329-2450. We'll be glad to chat with you about it. Until next time...
Paul Rabalais
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I guess, the $1m has been a big help for everyone who is part of the succession.
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