Prairieville Trusts Lawyer

Trusts Attorney in Prairieville, LA

It’s never too early to think about your future. Opening a trust is a common part of estate planning that allows you to protect your assets, avoid succession, and take control of your wealth. Louisiana’s trust and succession laws are unique, which is why it’s beneficial to have a knowledgeable legal professional on your side. A Prairieville trusts lawyer from Field Law can educate you on the process and guide you through every stage.

About Trusts and Wills in Louisiana

Revocable trusts and irrevocable trusts are the two types recognized in Louisiana. One type of trust may make sense over the other depending on your situation. Both have their own special rules and tax implications to consider, which is why it’s recommended to discuss your options with a Prairieville trusts lawyer.

Revocable trusts offer more flexibility, allowing the creator of the trust, or trustor, to make changes to or even close the trust while they are still alive. On the downside, assets in a revocable trust may still be vulnerable to creditors trying to collect a debt.

With an irrevocable trust, you technically transfer ownership of the assets to the trust itself. Once the trust is created, you cannot make changes to it. While this can be a more daunting commitment, you can have peace of mind knowing the assets are safe from creditors. You can also plan strategically for elder care by placing assets aside to qualify for Medicaid.

Prairieville is home to over 35,000 people and reports a per capita income of $46,363. It’s up to every individual to determine if they wish to have a say in what happens to their assets once they pass on. That said, a staggering number of people in the United States don’t have an estate plan in place.

In fact, a study revealed that less than half of all American adults even have a valid will. This means that they essentially have no say in what happens to their assets and property once they pass on. Instead, they can expect any outstanding debts and taxes to be paid through the estate and for the remainder to be distributed to eligible heirs according to Louisiana intestacy law.

Even with a will, an estate typically must go through succession. This is a legal process of settling an estate that involves validating the Will if it exists, paying off any debts or taxes, identifying or appointing a personal representative to the estate, and distributing assets to named heirs or beneficiaries.

By opening a trust, you can protect certain assets and essentially have them bypass this entire process. Probate costs can eat into the estate, and the process can take a long time. With a trust, you can have certain assets transferred directly to your chosen beneficiaries without going through succession. A Prairieville trusts lawyer can help you set up your trust and secure your wealth for generations to come.

Hire a Trusts Lawyer

Field Law has over 12 years of estate planning experience under our belt, and we’re ready to put it to work for you. More specifically, we have experience handling trust cases for clients throughout Louisiana.

We’re familiar with Louisiana trust laws and have made it through countless cases with the Ascension Parish District Court, which oversees many estate matters for Prairieville residents.

Our talented attorneys have settled over 500 estates and successfully secured millions of dollars for heirs over the years, and we’re just getting started. If you want to talk to our team about your situation in more detail, we’re here to listen.

FAQs

What Assets Can Go In a Trust in Prairieville, LA?

You can put most major assets into a trust in Louisiana, including bank accounts, business assets, bonds, mutual funds, real estate, stocks, and other investments. The right type of trust to open to protect your assets depends on your financial profile and goals for the future. You typically do not add retirement accounts and life insurance policies to a trust because they have specific beneficiary designations that already operate outside of the parameters of state trust laws.

What Types of Trusts Are Recognized in Louisiana?

Louisiana recognizes two main types of trusts, which are revocable trusts and irrevocable trusts. The main difference between the two is that revocable trusts can be modified or even closed while the trustor is alive, while irrevocable trusts cannot be touched once they are created. While revocable trusts offer more flexibility, they can leave assets more vulnerable if creditors come after you while you’re still alive. Irrevocable trusts are protected from creditors, but they cannot be changed.

Is It Difficult to Open a Trust in Prairieville?

The process of opening a trust involves complex legal documents and long-term implications, which can be complicated to navigate on your own. It’s wise to hire a trust lawyer to help you enhance your estate plan to maximize your wealth’s potential. Louisiana’s civil law system is unique. Your lawyer should have the trust law knowledge you need and can explain the right avenue for your assets, depending on the nature of your financial profile.

How Much Does It Cost to Hire a Trusts Lawyer in Prairieville?

It’s difficult to say exactly how much it’s going to cost to hire a trusts lawyer without knowing more about the scope of your financial profile. The more complex the case, the more it may cost to work with a Prairieville trusts attorney. That said, a good attorney is likely going to save and preserve your money in the long run through a solid estate planning strategy.

Prairieville Trusts Lawyer

Opening a trust is a big decision. It’s wise to work with a local Prairieville estate planning lawyer who has experience navigating Louisiana trust laws and working with copious amounts of wealth. Contact the attorneys at Field Law to set up a consultation with a trusted attorney from our team today. Let us put our knowledge and experience to work for you.

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