Louisiana Estate Planning Legal Questions

If you transfer ("gift") your condo to your son during your lifetime, then your son will inherit your cost basis. However, tax law essentially provides that an unmarried person can treat as tax free up to $250,000 of the profit from the sale of his primary residence provided he owns and lives in the home for two years. The gift tax matter, on the other hand, is a separate issue. You and your spouse can each gift up to $14,000 per year per beneficiary without incurring any gift tax consequences. Assuming the value of the condo exceeds this amount, when you transfer the condo to your son, you will be legally required to file a gift tax return reporting the gift. Although you most likely will not be required to pay any gift taxes, the transfer will cut into your lifetime gift tax exemption. I would encourage you to speak with both an estate planning attorney and a CPA prior to transferring ownership of your condo to your son.... Read More

That is fine to do, however he must realize that since is remarried, his new wife has a right to elect to take against the will. What that means is that she would be entitled to her statutory portion had he died without a will. If you father wants to make sure that his two children inherit his estate, he must do something more than just a will. He can execute a trust, can title his assets to pass to the kids after his death, or complete beneficiary designations. If his goal is to leave his estate to his children, he should consult with an estate planning attorney so they can make sure his goal is accomplished. Please let me know if I can be of assistance to you or your father.... Read More

Unless you were a forced heir under Louisiana law, meaning you were under the age of 24 or, because of mental incapacity or physical infirmity, permanently incapable of taking care of your person or administering your estate at the time of the death of the decedent, you would not be entitled to any inheritance.... Read More

An executor is appointed by the court when a succession is opened where an administration is required. Usually this is only if there is business the estate needs to finish before the heirs are placed in possession of their inheritance. The person who is taking care of the estates business is called the executor (masculine) or executrix (feminine).... Read More

Wow. No inheritance tax. However, I am not sure what you want to do with mother. Is she living there? If so, maybe a conveyance to the three children and she keeps a life estate. She would not lose benefits from Medicare. You do not get an inheritance until someone to whom you are an heir dies. If she gives you the money it is a gift, maybe subject to a gift tax. What is wrong with getting an attorney involved. Trying to do this on your own may cause a messy situation. Do the three children take the property as tenants in common, joint tenants, etc. What happens to your mother. if she sells the home. Does she move in with you? Does she want to move in with her children? The best route is why you should hire an attorney.... Read More

The children are not personally liable for any of their father's debts, so you can call the car lender and tell them to pick up the car. But the father's assets, the bank accounts, are subject to the payment of his debts. It is unlikely that the lender will pursue the matter and husband is not obligated to disclose this father's assets to the lender.... Read More