Estate Planning Law Firm of Louisiana

Come See Us At the Life After 50 Expo

I'll be an Exhibitor at the Life After 50 Expo sponsored by The Advocate & WBRZ Channel 2, on Saturday, April 19, 2008, at the Baton Rouge River Center Exhibition Hall. There's free admission, free parking, and lots of free valuable information.

Come by, visit our booth, and chat with me, our paralegals, Stephanie Purdy and Laura Bittel, and attorney James Vilas. We'll be there to answer any questions you have and provide you with important information to help you protect your family and your estate. See you there!

Paul Rabalais

24 Reasons Lousiana Residents Need a Will

This is one of the questions I get the most. I could write a book about why people in Louisiana need a Will. In fact - I did write a book about it!

But let's keep it simple. Here's 24 more popular reasons:

1. You control where your hard-earned assets go when you die - don't let the State of Louisiana control that.
2. Make things easier for your spouse. Without a Will, your spouse won't be able to sell the house without the proverbial Act of Congress.
3. Name your executor or co-executors, and alternate executors.
4. Prevent a judge from determining how your minor children's inheritance will be spent.
5. Prevent your children from having their inheritance thrown in their lap on their 18th birthday.
6. Protect your spouse from your children.
7. Protect your assets from going to your ex-son-in-law or your ex-daughter-in-law (wouldn't that be nice!)
8. Provide something for your grandchildren. Perhaps it can help them get a good education. In today's world, they'll need it.
9. Protect your children from your spouse.
10. Protect your children from their spouses and ex-spouses.
11. Avoid estate tax.
12. Protect your 401(k) and IRA.
13. Protect your estate in case your spouse or child(ren) die before you.
14. Enable your spouse to qualify for Medicaid if your spouse needs long term care. Otherwise, your spouse will spend $5,000 monthly depleting your assets.
15. Name a guardian (in Louisiana called "tutor") who will raise your children if you die while your children are minors.
16. Select a trustee to manage the inheritance for your heirs to protect them from their own ability (or lack thereof) to handle money wisely.
17. To provide that if your child dies and hasn't spent all of the inheritance, whatever's left goes to your child's children (don't even think that this happens automatically).
18. Make things easier in the event of a common disaster.
19. Prevent your assets from going to the State of Louisiana (although they could use it!)
20. Leave something to your favorite charity (there's a right and wrong way to do this).
21. Avoid disputes about expensive family heirlooms - or even cheap heirlooms that have sentimental value.
22. Inject a "No-Contest" clause so your heirs won't drain your estate for years in estate litigation.
23. Authorize your executor to act under the MUCH SIMPLER independent administration procedures.
24. Protect the family business.

Can you think of any more reasons why Louisiana residents need a Will?

Paul Rabalais

Don't Let Minors Inherit In Louisiana

It appears that there are lots of google searches regarding minors inheriting in Louisiana. I'm guessing it's because the following reasons:

• Parents with minor children are the types of people that do google searches most often; and
• More than 50% of parents with minor children don't have an estate plan.

If your minor child inherits from you, a proceeding in Louisiana called a "tutorship" will occur at the courthouse. A judge will select a guardian (in Louisiana it's called a "tutor") who will be responsible for the minor's assets. If the tutor needs to spend some of the minor's money for the minor, then the tutor must file formal court pleadings requesting permission. It's complicated.

But it's only complicated until the minor turns 18 - then it gets real simple. When your minor child turns 18, the tutor must turn the assets over to your child on his or her 18th birthday, and then your child will spend every last nickel before his or her 19th birthday. Isn't that nice?

The solution for Louisiana parents with minor children. Get a good will. Provide that upon your death your assets will be placed in trust for your children. Select an appropriate trustee. This way they will be managed properly for your child and your child won't be given the chance to blow through the inheritance at age 18.

Two ways to do this:

1. If you are budget-conscious, go to www.YourLouisianaWill.com and fill out the Louisiana Estate Planning Questionnaire. Submit your information. Pay the unreasonably low fee, and we'll prepare an entire set of legal documents to protect your minor children. Just get them signed and notarized and your minor children will be protected from court proceedings and from themselves; or
2. Give my office a call at (225) 329-2450. Tell Laura you'd like to come in to the office to visit with me to get your affairs in order. I'll look forward to visiting with you and making sure everything is set up just right.

Whatever you do...TAKE ACTION NOW. This is not an area where you can afford to procrastinate. Make sure this "To Do" item gets checked off your to-do list in early 2008.

Paul Rabalais

Warning: Don't Make Your "Worst" Buy at "Best Buy"

I was walking around in the electronics store, Best Buy, yesterday doing a little Christmas shopping. I stumbled across software called, Quicken Willmaker Plus 2008.

First of all, you're asking for big-time trouble if you engage in the preparation of Louisiana estate planning legal documents without good legal advice. Second, as I was perusing the packaging box of this software, I noticed the small print that states, "Estate Planning Documents Not Valid In Louisiana."

My question, of course, is, "WHY IN THE WORLD IS "BEST BUY" AND "QUICKEN" SELLING WILL PREPARATION SOFTWARE TO LOUISIANA CONSUMERS WHEN THEY ADMIT THAT THEIR DOCUMENTS ARE NOT VALID IN LOUISIANA?"

Although I'm not a litigation attorney, I smell a class action. Any thoughts?

PAR

Easy Way To Name Guardian For Minor Children

If you were gone, would you want to have input on who would raise your minor children? Of course you would. But if you haven't properly designated your children's guardian in your Will, a judge at the local parish courthouse will decide who will raise your children. Don't let this happen!!!

If you die before your children reach the age of 18, would you want a judge to have to approve every expenditure of your children's money before it is spent? Do you think your minor children will be fully capable of managing their inheritance on their own on their 18th birthday (because that's when they'll get it if you don't plan otherwise)?

Name a guardian for your minor kids, and have a testamentary trust in your Will so that you designate who will handle your children's finances. Your children's money will be in the right hands, and it won't all be dumped in their lap on their 18th birthday.

How do you do this? It's simple, fast, and affordable. Go to www.YourLouisianaWill.com and follow the easy three-step process to protecting your minor children. You'll save time and money. I can't think of anything more important you could do today than to properly provide for you kids.

Have a happy holiday season!

PAR