Empowering Families Dealing With Successions
At The Logan Law Firm, LLC, attorney Gregory J. Logan provides trusted and knowledgeable guidance for handling successions. Greg is board-certified as an estate planning and administration by the Louisiana Board of Legal Specialization as approved by the order of the Supreme Court of Louisiana. He has also been selected for inclusion in Louisiana’s Super Lawyers list of top rated estate planning and probate lawyers in 2010.
Louisiana successions is a multifaceted process that can result in delays when individuals or families do not follow the court’s process. Here are three things to keep in mind about successions.
First: Successions Is Not An Easy Process
A death often causes not only grief, but anger, resentment or confusion about what to do next. Emotional turmoil can make dealing with legal matters difficult. The first thing families tend to do is locate the deceased’s will. When found, the successions court determines the validity of it. Once the court validates the will, it will approve and appoint the executor. With the court’s approval, the executor will orchestrate the next steps, such as:
- Locating and creating an inventory of the deceased’s assets and debts
- Identifying heirs and their last known addresses
- Notifying heirs and interested parties
- Caretaking assets to minimize waste or diminishing value
- Paying creditors and final taxes
- Distributing assets
If there is no will or trust, then the distribution of the deceased’s estate will be subject to distribution under Louisiana’s complicated successions laws.
Second: Not All Assets Are Subject To The Complex Succession Process
Generally, assets with a named beneficiary are not subject to successions in Louisiana. These types of assets typically include:
- Life insurance policies
- Joint tenancy property
- Individual retirement accounts (IRAs)
- Bank accounts
Working with a knowledgeable successions attorney as soon as possible following the death of your loved one can significantly reduce your burden of stress.
Third: Successions Can Result In Tax Consequences For Heirs Or Beneficiaries
Heirs and beneficiaries may have to address tax consequences such as income taxes once the distribution of assets is complete. Transfers of property ownership can result in capital gains taxes due.
Contact An Attorney Who Knows How To Assist You
Attorney Gregory J. Logan cares deeply about assisting families throughout Louisiana who have lost a loved one. It is no secret successions are often subject to will contests, forced heirship issues, breach of fiduciary duties and other highly complex matters. Greg can help you.