The Louisiana Intestate Will
Note - The following is not a legal document, it is an illustration of how your property will be distributed under Louisiana law if you die without a will.
***********************************************************************************************************
Louisiana Intestate Will
Article 1 - I direct the probate court to appoint anyone of its choosing, to be my succession representative and administer all property owned by me on the date of my death. I further direct that a succession proceeding be opened and that a detailed inventory of all of the property I own be filed in the court records.
Article 2- I direct that all my debts be paid, including taxes, probate fees, administrative fees, and attorney fees.
Article 3 - If I am married and my spouse survives me, I give him or her a usufruct over my half of my community property. This means my spouse will have the use of the property, and any income from the property, until she dies or remarries. This also means my children will be the naked owners of all the community property and my spouse will need their approval to sell, dispose or mortgage the community home.
Article 4 - All of my property, including any separate property I own at the time of my death, will go to my children, subject to the usufruct granted to my spouse over my community property in Article 3. If any of my children are minors, the court can appoint a person of their choice to act as tutor until the child reaches age 18. At that time, my child will receive his or her share outright regardless of his or her financial or emotional maturity.
Article 5- If any of my children do not survive me, then I direct that his or her share will got to his or her grandchildren, in equal shares. If any of these grandchildren are minors, the court can choose someone to act as tutor until the child reaches age 18. At that time, the child will receive his or her share outright regardless of his or her financial or emotional maturity.
Article 6 - If my spouse does not survive me then all of my property will go to my children under Articles 4 and 5.
Article 7 - If my spouse and descendants all die before me, then my property will go to my brothers and sisters, subject to a usufruct in favor of my parents.
Article 8 - If the Probate Court cannot find any living relatives, then my court can give my property to the State of Louisiana.
*********************************************************************************************************
Note: THIS IS NOT A LEGAL DOCUMENT. IT IS A SUMMARY OF SOME OF LOUISIANA’S INTESTACY LAWS. DO NOT ATTEMPT TO USE THIS FORM AS A WILL FOR LEGAL PURPOSES. IF YOU NEED A LOUISIANA WILL, VISIT WWW.LOUISIANAWILLFORMS.COM
2009 Tax Changes that May Affect Your Estate Plan
The Estate Tax Exemption, the amount of money that you can pass to your heirs without triggering estate taxes, has increased from $2 Million to $3.5 Million. Current law provides for a total repeal of the estate tax in 2010, and then a return to the $1 Million exemption in 2011. We don’t know how this will change over the coming years, but the expectation is that Obama’s administration will keep the exemption at $3.5 Million levels.
If your estate is less than $3.5 Million, you probably won’t have to worry about estate tax planning. If it is larger though, you should meet with an estate planning attorney to figure out your options for reducing your estate tax hit, which would tax any amounts over $3.5 Million at 45%.
The gift tax exclusion has increased this year to $13,000.00. You can now make annual gifts of up to $13,000 per recipient without incurring gift tax.
If you haven’t had your estate plan reviewed in a few years, it may be a good time to set up an appointment with your attorney to go over your plan and discuss any changes that may be needed as tax laws change.
Annual Gift Tax Exclusion Rises to $13,000 for 2009
If you use tax-free annual gifts as part of your estate tax planning, please note that the maximum for 2009 annual gifts has increased from $12,000 per person per donee to $13,000 per person per donee. This increases the amount you can gift without incurring gift tax or having to file a gift tax return.
Download your Free 2009 Action Plan from Suze Orman today!
If you are confused about how to get your finances in order for 2009, I have a great resource to recommend to you.
Suze Orman has made an electronic copy of her 2009 Action Plan available for free! To get your copy, go to www.oprah.com .
Upcoming Events - Questions and Answers on the Economy
Confused about the economy? Feel like selling every share of stock you own? Before you make a rash decision, you may want to take advantage of this event offered by Jeff Cobb, Certified Financial Planner. Details follow:
_______________________________________________________________________________
As most of you know, our financial markets have been extremely volatile as of late. Turbulent markets tend to cause confusion, anxiety, and misinformation; and unfortunately, all too often, irrational decision making is the result.
Jeff Cobb, a local Certified Financial Planner Professional, is offering to help provide clarity so that you can make sound financial planning decisions during the present economic storm. He’ll do this via a series of small group sessions over the next few weeks to be held at various locations. At the meetings, no sales presentation will be made and you will not be solicited to work with Jeff or his firm. The meeting format will simply be “Question and Answer” where Jeff will answer any individual questions or concerns you may have regarding your 401k and investment savings. Additionally, if asked, Jeff will explain, in language you can understand, complex economic and financial concepts such as:
- Why are hedge funds unregulated?
- What is LIBOR?
- What is a collateralized debt obligation?
- What is a credit default swap?
- What is preferred shares?
- What is institutional trading?
In order to facilitate each individual’s questions, each group session will be limited to five people and you must RSVP ahead of time to join in the group. You can RSVP by emailing Kristi@logicalinvestment.com or calling her at 291-9393. Please feel free to invite anyone along, or forward this email to anyone you think would be interested in attending.
Upcoming sessions are listed below:
Tuesday, January 20th
Main Library, 7711Goodwood Blvd.
11:00 am
7:00 pm
Tuesday, January 27th
Central Branch Library
11260 Joor Rd
10:00 am
6:30 pm
Tuesday, February 3rd
Jones Creek Library
6222 Jones Creek Rd.
10:00 am
7:00 pm
Tuesday, February 10th
Bluebonnet Branch Library
9200 Bluebonnet Blvd.
10:00 am
Tuesday, February 17th
Greenwell Springs Library
11300 Greenwell Springs Rd.
10:00 am
7:00 pm
Logical Investment Solutions
(225) 291-9393
Securities offered through
NEXT Financial Group, Inc.
Member FINRA/SIPC
Logical Investment Solutions is not an affiliate of NEXT Financial Group, Inc.