Was working with a very nice couple last week. They owned several tracts of property in Livingston Parish and they were specific as to which child would get which property when they passed away. They designated certain tracts for each child, and they also designated a tract for a grandchild. They were also specific about how they wanted their investments and other funds to be divided when they are gone. They also expressed a concern because they did not want to lose this land in the event either of them needed long term care in a nursing home facility. They knew nursing home costs would be about $6,000 monthly, and they did not want to be put in a position where they would be forced to sell all of this land to pay for their nursing home costs.
After all was said and done, we established a particular type of trust which would:
- Designate which family members would get which tracts after they both pass away;
- Start the five year clock for protecting the property from a forced sale for nursing home costs; and
- Eliminated the need for the family to go through probate (also in Louisiana called "Succession") when each of them passed away.
They were excited that they could keep control over what they had but avoid the government interference that so many families face when they fail to plan. The husband mentioned that he could now put these worries behind him and sleep well at night.
Contact our office at 866-491-3884 if you have concerns about your estate's legal affairs and how to address them.