Hey I’m Paul Rabalais, with Rabalais Law and I’m standing here at one of our venues where we put on our estate planning educational events. I am actually here in Harvey Louisiana, right outside of New Orleans and we will have a room full of people in here in just about an hour.
I would like to invite you to attend one of our many educational events that we have all over the state. From Lake Charles, Lafayette, Shreveport, Monroe, Baton Rouge, New Orleans, Covington, Slidell, Houma, Thibodaux. What you will need to do to attend one of these educational events, and you are going to want to because we just jam pack a lot of information into those events in about an hour and it is only for people who live in Louisiana. We just lay out all of the different types of ways and things that you can do to make this whole process easy for you and family. Check out our events page at www.rabalaislaw.com.
Or if you want to find out more you can call our toll free number from anywhere in the country to attend one of our events that we have in Louisiana. The number is 866-491-3884. Have a great day!
Hey I’m Paul Rabalais and I’m standing here, I’m actually in the Westbank in the great city of Harvey where in about an hour we are going to have a full house of people at our estate planning event.
I want to tell you about a meeting that I had yesterday with a great guy. He is single with 3 children and his main concern was that the child (his daughter) the one he wanted to handle things after he passed away lives in California. He had a few pieces of real estate and he wanted to make it as easy as possible for her to be able to handle the real estate when he passed away. It became pretty obvious that he wanted the benefits of a Revocable Living Trust so that when he passed away, his daughter could immediately take over that real estate, handle leases, sales, divide the property equally among the children, avoid the delays and costs that are involved or getting that probate or succession here in Louisiana.
A lot of people now are establishing trusts when they have children out of state and they want to make it easy for those children or they have assets that they want a certain child perhaps to have immediate access to right after someone passes away. So beware of that, that is just one of those options that you have to really simplify your estate settlement.
I’m Paul Rabablais and if you have any questions regarding that or you would like to come to one of our events, just go to our events page at www.rabalaislaw.com . Have a great day!
I was working with a family earlier this week and they came in because a family member had passed away. The family came in to talk about getting the probate done, or in Louisiana we called it a succession, they called it a probate. A probate is all of that court supervised process of getting things transferred when somebody dies.
We went through all of their assets and we realized that a probate was not even necessary because you may own what is called "probate assets" or you may own some "non-probate assets." Common non-probate assets are assets that when you pass away they don't have to go through the courts to get things transferred. Things like IRA's that have a designated beneficiary, annuities that have a designated beneficiary, life insurance and there are non-titled personal effects that typically don't go through the court process.
They had some assets in a trust, and again if the trust is worded right the courts don't need to oversee the distribution of those assets because they are not frozen. So all of these assets that this family had didn't need to go through the courts because everything they had was a non-probate asset. Now, if you do own a probate asset in your name when you pass away there is a court process including real estate that is in your name, investments that are in your name, those are the kinds of things that will often have to go through the court process to get things transferred.
In conclusion, realize that there are probate assets, non-probate assets, some will have to go through the court process, and some will not have to go through the court process. I'm Paul Rabalalis and if you have some questions, maybe a family member passed away and you don't know what to do about getting assets transferred, we work in all 64 Louisiana parishes. You can call us at our toll free number at 866-491-3884.
I met with a gentleman yesterday and he told me when I asked him what was most important that he accomplish. He said he wanted two things. He wanted to:
1) Avoid taxes when he passed away, and;
2) He wanted to avoid probate
Those were his concerns. We always ask people what they want. Everybody gives us a different answer, but that was his answer. So we accomplished both. We avoided taxes. That one was actually pretty easy because we have this estate tax exemption and he wanted to avoid estate tax. Currently, and possibly even in 2013 and beyond, if the law stays the same, you can only leave $1 million free of estate tax. We added up everything that he had and it was safely under $ 1 million dollars so just by that very nature there's not going to be any tax. So he asked if he had to do anything. I told him, “No, you don't have to do anything. What you have is under $1 million so there's not going to be any tax."
Regarding the probate, he had some property; he had some real estate (several different tracts). He had been through a difficult probate before so to allow him to avoid probate we're setting up a Revocable Living trust and putting his property in there so that trustee that he named will be able to handle it immediately after he passes away without having to go through the courts or probate or succession stuff that families have to go through when a family member dies with something in their name.
So be aware it can be that simple to avoid probate and avoid taxes. Sometimes it’s simple; sometimes it's not so simple. Our job is to make it simple. If you have any questions you can call us 866-491-3884. Have a great day
There's quite a bit local, state, and national press about how to make it simple for your surviving family members through setting up a Living Trust to avoid probate. This is not another one of those "on the surface" articles that simply advocates getting a revocable living trust to avoid probate. I'd like to take this opportunity to "dig deeper" so that you REALLY know what you need to do to make it simple for your loved ones when you die, and avoid the stress, confiscation, drudgery, months/years delay that other families go through when the well-thought-through plan is not perfectly in place when you need it most.
For those of you wanting to keep things as simple and private as you can for your spouse, children, or other loved ones, you'll want to consider using a Revocable Living Trust as the vehicle to manage and control your assets during your lifetime, and then provide for a seamless transition of what you own when you die - leaving a legacy behind and enriching your treasured family relationships.
Had another packed house this morning for our event in Mandeville. The above photo is me presenting my most closely guarded estate planning secrets. Barely had enough chairs in the room to accomodate everyone in attendance. Before we started my presentation filled with my estate planning secrets for Louisiana residents, I asked the audience if they had any questions that they wanted me to address during the presentation. I jotted them down as they asked. They asked the following:
These were all of the questions asked BEFORE the seminar even began. At the end I answered about another 40-50 questions. Quite the inquiring audience.
Of the three events I've given in the last 24 hours to packed rooms, I'd have to rate this morning's crowd as the most inquisitive. Looking forward to fielding questions from tonight's crowd at the Mandeville Community Center.
For Covington and Mandeville estate planning, give our Mandeville office a call at (985) 246-3020.
I had quite the lively, energetic, and fun crowd this morning at our Living Trust Event in Metairie. We had a crowd that new some stuff and asked some challenging questions like:
Fortunately I had the chance to personally meet many of the attendees before and after the event - several of whom will be coming into our office in the coming days and weeks to get their legal affairs in order for themselves and their family. The following is a photo Erika shot during the presentation.
I'm working on two matters today involving families owning real estate in Louisiana and real estate in other states. It can get confusing if this applies to you.
First, I'm working on getting a Revocable Living Trust set up for a Louisiana family. They own a home in Louisiana and they own real estate in two other states. They want and need to get the real estate in those two other states transferred to their trust in order to avoid the ancillary probate which is required when someone dies a resident of one state and they own real estate - in their name - in another state.
If you live in Louisiana and you establish a revocable living trust, your Louisiana attorney/law firm should transfer your Louisiana real estate to your trust, but you will need to retain the services of another lawyer or entity to transfer your out-of-state real estate to your trust and have it recorded in the proper county. Don't expect your Louisiana attorney to transfer your out of state real estate to your trust. Seek, find and retain an attorney in those other states to transfer that property to your trust. Doing this right will avoid a Louisiana succession when you die, and it will also avoid ancillary probates in other states if your trust owns all of your real estate when you die.
Second, we are working on a Louisiana succession of a Louisiana resident who died owning property in another state. We completed the Louisiana succession which transferred the Louisiana real estate plus all of the other assets, EXCEPT the real estate outside of Louisiana. Like always, we advised the family to seek out and retain an attorney in those other states to handle the ancillary probate in those other states and get the non-Louisiana real estate transferred. Don't expect your Louisiana Succession attorney to handle the ancillary probate in those other states.
So what should you do if you are alive and well and you own real estate in multiple states? In order to avoid multiple probates when you die, consider creating a revocable living trust and working with different attorneys in each state where you own real estate to get all of the real estate "funded" into the trust. A little effort now can avoid multiple court proceedings in multiple states when you die.
Finally, if someone dies a resident of another state (not Louisiana) owning real estate in Louisiana, you can contact us about retaining our legal services to quickly and efficiently handle the Louisiana ancillary probate which will transfer the title of the Louisiana real estate (also called "immovable property") to the proper heirs.
I'd like to thank all who attended our webinar, "What Louisiana Lawyers Won't Tell You About Avoiding Probate Using Revocable Living Trusts". The webinar provided a great opportunity to familiarize yourself with Revocable Living Trusts and the common misconceptions abound among the Louisiana Legal community. For those of you who were unable to make it I'd like to lay out the topics discussed to give you a review of the information provided in the webinar. Today, I will cover the first 3 topics discussed during the webinar and tomorrow's blog post will cover the remaining topics discussed in the webinar.
What is a Revocable Living Trust?
Why Do You Want to Avoid Probate?
How Trusts Avoid Probate?
Tomorrow I will be writing part two of this webinar review covering which of your assets need to be placed into trust, what Louisiana lawyers are not telling you about trusts, and whether a trust is right for you.
If you would like to discuss your estate and how a revocable living trust could benefit your family, give me a call in the New Orleans/Metairie/Northshore Area at (504) 247-1980 or send an email to email@example.com. In Baton Rouge, contact Paul Rabalais at 225-329-2450 or firstname.lastname@example.org.
Chris Kane, Attorney
Director, New Orleans Office