Build a castle around your finances and loved ones. Protect what you have worked so hard for your entire life. A Trust will shield your assets from government bureaucrats, creditors and even protect your children that have difficulty managing their own affairs.
Trusts are used for many different reasons in Estate Planning, though most are created to protect assets for the benefit of children, grandchildren or to protect assets from creditors. Louisiana also has provisions so you can create a Trust to provide for your beloved pets after you pass away.
In Louisiana, the person who creates and initially funds a Trust is called the Settlor. The people who benefit from the Trust are called beneficiaries. There are two types of Beneficiaries, Income and Principal. The person who manages the Trust is called the Trustee. All property of the Trust is owned by the Trustee on behalf of the Trust Beneficiaries.
Affordable Fixed Pricing
Field Law charges an affordable fixed price for Trusts. We recommend you talk to three lawyers before hiring someone to handle a Succession. Field Law should be one of them. Here’s why:
- We start with a convenient no-obligation Free Attorney Consultation, either in person or on the phone.
- We focus on Estate Planning so you know you are getting our full attention.
- Our Trusts are customized to fit your situation – no two Trusts are alike.
- We keep copies of your documents so can always stop-by to get another one – free of charge.
- You never pay extra for asking question at Field Law – like with typical hourly billing at other firms.
- We work hard to streamline the process to avoid unnecessary fees and costs.
The Trustee is a fiduciary of the Trust, meaning he or she has legal obligations to protect the assets of the Trust and provide for the Beneficiaries in keeping with the terms of the Trust. A Trust can own every type of property a person can, including cars, homes, bank accounts, and investments. Generally a Trust is created to protect the principal – the property placed into Trust – and distribute the income – the earnings of the principal – to the Beneficiaries. Once the Trust terminates, the Principal Beneficiaries are placed into possession of the Trust assets.
Living vs. Testamentary Trust
A Living Trust is created and funded during the lifetime of the Settlor. A Testamentary Trust is created and funded through the Last Will & Testament of the Settlor. Both Trusts function the same way and offer the same property protections. However, a Testamentary Trust does not have any benefits until the Settlor passes away. Whereas a Living Trust can become beneficial immediately, such as for Medicaid Planning or Special Needs planning.
Specific Purpose Trusts
Trusts are often created for a specific purpose, such as to shield property from creditors or protect a child with special needs. They can also be setup for Medicaid Planning, which means you won’t have to sell your home and turnover your money to the government should you need assistance with assisted living expenses and benefits from the government. Here are some types of Trusts we can create for you:
- Medicaid Planning Trusts
- Special Needs Trusts
- Pet Trusts
- Gun Trusts
- Trusts for Grandchildren
- Spendthrift Trusts for Creditor Protection
- Mineral and Oil Trusts
- Land Trusts
Don’t know what type of Trust you need? We are here to help.