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August 2018 Archives

How others can learn from celebrity estate planning errors

People in Louisiana may want to avoid the errors of celebrities such as Aretha Franklin and Prince who died without estate plans. It's important to note that estate planning is not just for people who have wealth and fame. Creating an estate plan ensures that a person's wishes are carried out.

Planning for the hours or days following death or incapacity

Louisiana residents may put a comprehensive estate plan into place for a number of reasons. Wills ensure that assets will be distributed in a manner that testators approve of and trusts may be used to reduce tax exposure and avoid the public scrutiny of the probate process. However, peace of mind may be an estate plan's greatest benefit. Estate planning documents provide clear instructions for how assets should be distributed and children cared for should an individual die or become incapacitated, but they may not be of much use in the immediate aftermath of a tragedy.

How entrepreneurs can start a new company

When people in Louisiana think about starting their own businesses, it can be important to address legal concerns to ensure that the enterprise starts out on the right foot. One of the most important steps to starting a business is registering it as a legal entity. By doing this, the business has a separate legal existence from its founder or founders to handle funds, deal with debts, make contracts and otherwise engage in activities. One of the most important advantages of forming an entity like a limited liability company is providing protection against incurring personal financial liabilities in case of business difficulties.

Accounting for the human side of estate planning

Louisiana residents have the ability to appoint other people to act on their behalf in certain situations. For instance, an individual or entity may act as a financial or health care proxy while a person is alive. An executor is the person who is responsible for overseeing an estate's affairs after a person dies. Financial account designees may have the power to make decisions on a person's behalf.

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