Planning For Your Future With An Estate Plan
While end-of-life planning is a difficult topic to talk about, it is nonetheless something that all responsible people should do. Careful work with an estate planning lawyer provides comfort to a person that the property he or she has spent a whole life acquiring will be distributed in the manner he or she intends.
With the help of Metairie estate planning lawyer R. Scott Buhrer, clients can rest assured that their succession goals will be met. Mr. Buhrer’s advice is based on his more than 35 years of practicing in this field of law. This vast experience allows him to provide clear direction and cost-effective legal strategies to help clients achieve their goals in their estate planning. His client-centered approach to the law allows him to provide unique ideas and solutions to a wide range of issues involved in end-of-life planning and inheritance, including:
- Wills and trusts – Having a well-drafted will or trust in place can help protect your legacy and ensure that your assets are passed to whom you want, when you want and in the way you want.
- Living wills and medical powers of attorney – Don’t leave your loved ones confused about your end-of-life wishes or unable to act on your behalf in important medical matters. Mr. Buhrer can draft the documents you need to make your health care wishes known and to name a trusted person to act in your place.
- Powers of attorney – A power of attorney allows a person you choose to act financially on your behalf if you are unable to.
- Legal guardianships – Establishing a guardianship (called an interdiction in Louisiana) can allow you to make decisions on behalf of someone who is not physically or mentally capable of doing so. Often, interdictions are necessary for minor children and aging parents.
- Probate or succession – Probate (which is called succession in Louisiana) is the legal process by which a deceased person’s assets are passed along to his or her heirs. Because it can be a complex process, the guidance of a skilled attorney like Mr. Buhrer is often invaluable.
- Disputed successions – Sometimes the probate process does not proceed smoothly due to conflicts between the heirs and the executor or due to other reasons. Mr. Buhrer handles cases involving will contests, alleged breach of fiduciary duty and other disputes.
Mr. Buhrer holds a Master of Business Administration (MBA) degree from Tulane University. This extra credential is significant for an estate planning lawyer because it allows Mr. Buhrer to provide in-depth assessments of financial issues and valuation in all succession matters, especially those involving real estate, family businesses and other corporate interests.
Frequently Asked Questions About Estate Planning
If you are interested in estate and succession planning in Louisiana, you may have questions about the process and why it is important to get started. Here are some answers to the most frequent ones.
Will my succession cost more or less if I have an estate plan in place?
Almost certainly, yes. You can save your family time and money during the succession (probate) process by creating an estate plan. This is in part because planning thoughtfully in advance can often prevent succession disputes from arising. Moreover, putting your assets into a trust can mean they pass outside the succession process.
How often should I review and update my estate plan?
An estate plan is only as effective as it is up to date. It is important to update your estate plan whenever there is a significant change in your circumstances, such as a marriage or divorce, the birth of a child or grandchild, a change in your health or simply a change in your priorities and goals.
Do I need an estate plan if I already have a will?
Yes. There are several things an estate plan can do that a will alone cannot. For example, if you should become incapacitated, having financial and medical powers of attorney in place as part of a comprehensive estate plan allows you to place your finances and medical care in the hands of a trusted person. Further, most people can benefit from the creation of a trust.
How can I protect my estate from being overtaxed for my heirs?
You can familiarize yourself with the federal estate tax, Louisiana’s estate transfer tax and gift taxes, and you can create an estate plan to minimize what taxes will be assessed. Depending on the size of your estate, your beneficiaries may or may not have to pay taxes. However, you can generally reduce the size of your taxable estate by using trusts. There are several strategies an estate planning lawyer can use to help ensure your family doesn’t end up overpaying these taxes.
How do I handle the digital assets in my estate plan?
Your digital assets include your online accounts and profiles. These need to be canceled or memorialized once you pass away. A good place to start is to record all of your logins and passwords on a single document. To avoid saving these to your computer, consider printing out a list of your logins and adding your passwords manually. Store this document securely in a home safe or a safe deposit box in a bank and make sure your estate plan explains how to obtain the document. Be sure to keep this document up to date.
Contact A New Orleans Estate Planning Lawyer Today
The Buhrer Law Firm is conveniently located near Lakeside Mall in Jefferson Parish and has readily available parking. To arrange an initial consultation, contact the firm online or by calling 504-541-6997 or 800-636-0784.
