I've been asked a couple of times this month to review some documents that someone printed online or purchased a kit. I've also been asked a couple of times about whether I feel that these do it yourself kits can do the job.
Really, there are two reasons why you shouldn't use these. One, they don't go into the complexity necessary to accomplish what you are trying to accomplish. Everyone's circumstances are different. Everybody needs certain things and these fill in the blank forms don't do the job. The bigger reason you shouldn't use these is that Louisiana Laws are so different. Most of these kits actually say that those Estate Planning documents you receive from do it yourself kits are not valid in Louisiana or U.S. Territories.
It always surprises me that these programs are sold in book stores and computer stores in Louisiana when they say that these programs are not valid in Louisiana.
Yesterday you learned Reasons 1-3 Louisiana Residents Need a Will in 2011. Today I'd like to share reasons 4-7 with you to complete the review of our recent webinar "7 Reasons Louisiana Residents Need a Will in 2011". This information could help you and your family avoid many headaches in the future by drafting a professionally prepared will.
4. Divide Assets Among Different Classes of Heirs
Intestacy allows one class to take to the exclusion of all others meaning only one class of heirs will receive an inheritance from your estate
With a will, you can provide for many generations of your family including children, grandchildren, siblings, nieces and nephews, and friends
A will allows you to leave property to non-relatives
5. Leave a Legacy To Charity
With a will you can leave a portion of your estate to the causes most important to you
You can direct how and where the money will be used by the charity of your choice
Charitable Contributions lower the value of your estate for Estate Tax avoidance
6. Avoid Estate Tax
You can draft a will which defers any Estate Tax that would be due at the death of the first spouse
When exercising this deferment, you still retain your spouse’s exemption
Deferring payment of Estate Tax gives you more time to gift down the value of your estate
7. Control your Estate after Death
Conditional Bequests make sure that money inherited by you heirs is spent in the way you want
Directions to your Executor in a properly drafted will plan will create clarity and allow you to give certain pieces of property to the heirs who would enjoy it the most
Your Estate Planning Letter will pass on your desires and intentions even after your death
I hope you have found these 7 reasons valuable. If you would like to discuss your estate and how a properly drafted will could benefit you, give me a call in the New Orleans/Metairie Area at (504) 247-1980 or send an email to chris@rabalaislaw.com. On the Northshore, contact Brent Durham at (985) 246-3020 or brent@rabalaislaw.com. In Baton Rouge, contact Paul Rabalais at 225-329-2450 or paul@rabalaislaw.com.
Our firm is proud to announce the opening of two new offices in Mandeville and New Orleans. We will be serving new clients in those areas starting on November 15, 2010. To kick off our grand opening, we will be hosting a seminar on Secrets to Avoiding Estate Tax & Probate in 2 locations:
Metairie – Tuesday November 16, 2010 10:30-11:30 a.m. or 6:30-7:30 p.m. Four Points Sheraton 6401 Veterans Memorial Blvd. Metairie, LA 70003
Covington – Wednesday November 17, 2010 10:30-11:30 a.m. or 6:30-7:30 p.m. Courtyard Marriott 101 Northpark Blvd. Covington, LA 70433
At this one-time free event, you will learn how to:
Avoid federal estate tax in 2011 and beyond.
Avoid the delays, lawyer fees, court costs, and public nature of a Louisiana probate
Leave a legacy of values to your family.
Choose between a Living Trust and a Last Will
We have several outstanding testimonials from satisfied clients. I will mention a few in this post but you can always check our website, www.EstatePlanninginLouisiana.com to view more.
"My husband and I both admire Mr. Rabalais, not only as a very knowledgeable, prompt estate lawyer, but a true Christian, compassionalte person. He handled Lynn's estate and my Will i na very calm and clear manner, not to speak of very good advice to those of us not accustomed to estate matters. I highly recommend him to any one, and have done so many times." -Joanne Brassett
"I attended Paul Rabalais' estate planning seminar several years ago and I procrastinated about making an appointment. I was very impressed with Mr. Rabalais' knowledge of the law, but I was fearful that the process would be confusing and time-consuming. I recently had Mr. Rabalais create a will, power of attorney, and a living will for me. He and his staff were extremely knowledgeable, kind and professional and he gently guided me through the process thoroughly explaining each action. For a wonderful peace of mind, I would highly recommend the Rabalais Law Firm to you." -Elizabeth Ginn
There are three ways to register for this free event:
Registration is required. Seating is limited. Please arrive 10 minutes early. Refreshments will be served.
To Register for the New Orleans location please fill out the form below:
To Register for the Covington location please fill out the form below:
This will be a very special event that won't be offered again. I encourage everyone who can to please attend and learn how to protect your family's legacy. We are expecting a full house so please register quickly. I look forward to see you there.
“We were very pleased with the services Mr. Rabalais and his staff provided in our Estate Planning. Mr. Rabalais is very knowledgeable in Louisiana Tax and Estate Law and explained everything very clearly. We appreciated the efficiency of the staff and the process from the first visit to the last. Sending the documents to be read and corrected by email allowed us time to really study them and the corrections were complete prior to the last visit for signing. Thank you for the nice binder to keep everything organized in one place. We highly recommend you and your staff.”
I spoke with a woman yesterday by telephone. Years ago, her husband had signed two Durable Powers of Attorney years ago authorizing his wife to act on his behalf. After signing the Powers of Attorney, her husband had a stroke. Over the last few years, the wife had given both signed original documents away. She was not sure who she gave them to because it was a while back, but she thinks she gave one to the IRS and one to a bank.
Now she needs to transact other business on her husband's behalf, but she does not have the documents to prove she has the authority.
Moral of the story? Never give away the only signed original of a Durable Power of Attorney. What may work better is to have an original recorded at the parish courthouse and have the clerk of court issue as many "certified copies" as you may need. Third parties, such as banks and title examiners, have the authority to rely on these certified copies, and you can get as many certified copies as you wish.
If you have questions about estate planning in Louisiana, feel free to send me an email at paul@rabalaislaw.com I look forward to hearing from you.
We now live in a digital world. You receive your bank statements online. You pay your bills online. You monitor your investments online. And you shop online. But when you die or become incapacitated, someone better produce your original, signed estate planning documents.
So, where do you store these important papers? In a safe deposit box? In a safe? In your home? In your attorney's office?
Many people keep their important papers in their safe deposit box. But your executor may not be able to access the box after you die without a court order. If you use a safe deposit box, you better make sure you put someone you trust as having the authority to access the box after you die. Check with your bank or credit union to see what their procedures are. Another note: We had to re-do a number of estate plans after Hurricane Katrina flooded many New Orleans area banks.
A safe in your home might be a better storage place for your estate planning documents. Again, make sure others that you trust know how to access your safe.
When we complete an estate plan at our office, we electronically scan and store all of our client's estate planning documents. You keep the originals and we encourage you to keep those in a safe place.
Where do you keep your important documents? Besides your legal documents, what other documents do you keep in a safe place?
