Many small business owners in Louisiana decide to sell their business when they no longer want to operate it themselves, whether it is because they want to move on to a new venture or they have decided to retire. There are several key considerations for business owners who are about to sell their company.
Louisiana fans of Stan Lee might know that near the end of his life, the comic book artist had several issues with his estate and the people around him. Among them were his claim that $1.4 million was missing from his account and an accusation that his daughter was befriending men who tried to take advantage of him. He took back the latter accusation even though he had signed a notarized document making the claim.
Most trusts created in Louisiana are done so as an estate planning tool to transfer property upon the passing of the settlor, the person who created the trust. Typically, the estate is settled reasonably quickly and the trustee distributes the assets to the beneficiaries without incident. In some circumstances, however, there may be a reason the estate remains open and the trustee is charged with administering the assets for the benefit of beneficiaries throughout a period of time. If problems arise with a trustee, a beneficiary may have grounds to object.
Louisiana has a very simple one-year statute of limitations for many laws, including product liability.
Many people in Louisiana consider how they can leave a legacy behind to their children or other loved ones. Because of their flexibility, trusts can be an excellent option that allow people to transfer their wealth while avoiding the exposure and delay of the probate process. Trusts can also provide people with significant tax incentives during their lifetime. However, some people hesitate when creating trust funds for their children. Parents worry that knowing that there is a large sum of money waiting for them in adulthood will discourage their child from pursuing academic or career excellence.
Some estate plans can lead to family conflict, but there are steps people in Louisiana can take to avoid this. For example, it is important to choose the right executor. Some people may simply choose the closest family member, but it is best to choose someone who is right for the job. The person should be ethical, organized and responsible. One possibility is a professional fiduciary or a corporate trustee.