Baton Rouge Revocable Trust Lawyer

Baton Rouge Revocable Trust Attorney

Nobody wants to plan for their death, but planning ahead protects your wealth and assets from creditors and ensures it’s distributed without delay upon your passing. A revocable trust can offer this peace of mind. A Baton Rouge revocable trust lawyer can help you plan appropriately.

With 60 years of experience, Ezell Law Firm, LLC, is here to help you get through the complicated process of making a revocable trust that not only protects your legacy but also makes estate planning go smoothly. Whether you’re new to the process or looking to revise an existing trust, our Baton Rouge revocable trust lawyers are here to guide you every step of the way.

Understanding Revocable Trusts

A revocable trust, sometimes called a living trust, is a legal arrangement that lets you transfer wealth and assets into a trust while keeping full control over them while you’re alive. Unlike irrevocable trusts, revocable trusts can be adjusted at any time, offering you the kind of flexibility you need. You may seek changes to your trust following a divorce, the death of a beneficiary, or following a change of heart.

Key Advantages of a Revocable Trust

• Avoiding probate. One of the most significant benefits of a revocable trust is that it can cut out the probate process. Probate can be a lengthy and costly ordeal that not only delays the distribution of your estate, it adds financial obligations to your family, which they have to pay to get paid. With a revocable trust, your assets are given out to your loved ones without having to deal with probate.
• Privacy. Because probate is a matter of public record, meaning anyone can access information about your assets and beneficiaries, a lot of people prefer the privacy that a revocable trust offers. Without needing to go to court, the details of your estate (and who got what) stay private.
• Control over your assets. A revocable trust gives you full control over your assets while you’re still alive. This means you can add or remove assets as needed, change the terms, or even dissolve the trust if there are significant changes to your circumstances.
• Incapacity protection. If you become incapacitated and no longer able to manage your financial affairs, a revocable trust lets a designated successor trustee step in and take care of the trust’s assets for you.
• Estate tax planning. While a revocable trust doesn’t offer direct estate tax benefits, it can still play a role in the bigger estate planning strategy. It can be structured to incorporate tax-saving strategies that could help minimize estate tax liabilities for your beneficiaries.

At Ezell Law Firm, LLC, we’re here to offer experienced guidance tailored to your individual needs, helping you create a trust that not only echoes your wishes but provides lasting security for your family.

The Role of a Trustee

The trustee plays an important role when managing and administering a revocable trust. This person or institution is responsible for overseeing the trust’s assets and making sure they’re distributed to the right people according to the terms of the trust agreement. You can serve as your own trustee while you’re alive, but you must also name a successor trustee who can step in if you become too ill to make sound decisions for yourself.

Choosing the right trustee is hard. You want someone who’s trustworthy, responsible, and capable of handling financial matters, but it’s also important that the trustee understands their job role and responsibilities under Louisiana law.

Common Misconceptions About Revocable Trusts

Despite so many benefits, several misconceptions cause confusion when it comes to revocable trust:

• Misconception: Revocable trusts are only for the wealthy.
• Truth: Many people think that revocable trusts are only important for those with a lot of wealth. While a trust can be a great tool for managing large estates, it’s equally important for those with moderate assets for many of the same reasons.
• Misconception: A revocable trust eliminates all estate taxes.
• Truth: While a revocable trust can help streamline the estate distribution process, it doesn’t automatically reduce estate taxes. That said, it can definitely serve as part of a bigger strategy to help minimize taxes and maximize the inheritance for your loved ones.
• Misconception: A revocable trust takes care of everything.
• Truth: While a revocable trust is a powerful estate planning tool, it doesn’t address every aspect of your estate planning needs. For example, it doesn’t cover matters like health care directives or powers of attorney, which is why a comprehensive estate plan should also include these documents.

Understanding its limitations and how it fits into your own goals and aspirations is very important, and by consulting with a knowledgeable Baton Rouge revocable trust lawyer from Ezell Law Firm, LLC, you can cover all your bases, decide what you need, and come up with a plan that suits you.

Knowledge Concerning NFA Revocable Trusts

Trusts don’t always deal with real estate and wealth. For example, do you own, or wish to own, a suppressor, short-barreled rifle or fully automatic weapon? Ownership of these firearms is heavily regulated under the National Firearms Act, which restricts the sale, ownership, use and transport of these items.

Purchasing these firearms as an individual or through a business entity creates eligibility, privacy and expense issues most individuals will wish to avoid. An effective and reasonable alternative is the creation of an NFA Revocable Trust.

This private arrangement provides trustees much greater flexibility in the purchase, use and transportation of these specialty firearms. We have significant experience in the formation of NFA Revocable Trusts and would appreciate the opportunity to discuss the benefits of this legal instrument with you.

FAQs

Q: Can a Revocable Trust Be Used for Business Succession Planning?

A: Yes, a revocable trust is a great tool for business succession planning. By placing your business assets into the trust, you can set out specific instructions for the future management and transfer of your business. This ensures a smooth transition for your business partners and beneficiaries without the need for probate.

Q: How Does a Revocable Trust Impact Medicaid Eligibility?

A: A revocable trust impacts Medicaid eligibility because the assets in the trust (wealth and real estate, etc.) are still considered yours, which means they could be counted toward the asset limit if you’re applying for Medicaid. However, some strategic planning with Ezell Law Firm, LLC, can help manage these assets while maintaining Medicaid eligibility.

Q: Can a Revocable Trust Be Contested in Court?

A: Yes, a revocable trust can be contested in court. While it provides privacy and bypasses probate, it’s still a legal document that can be challenged by beneficiaries or interested parties who believe they were wronged. Grounds for contesting could include claims that you were influenced by someone, that you weren’t of sound mind when you made it, or somebody didn’t follow your wishes.

Q: How Are Debts Handled in a Revocable Trust After Death?

A: When you pass away, any outstanding debts from your estate must be paid from the trust before giving anything to your beneficiaries. The trustee is responsible for settling these debts, which could include credit cards, mortgages, and loans. It’s important to have a clear plan to ensure all debts are properly addressed.

Speak To A Skilled Lawyer Today

To contact Ezell Law Firm, LLC, in Baton Rouge, Louisiana, call us at 225-763-2272 or 888-511-8717 toll-free. Our attorneys offer phone consultations.