Adults often avoid planning for the future because they believe they are too young or not wealthy enough to necessitate drafting legal and financial documents. In reality, estate planning benefits Louisiana adults of all ages, regardless of income. Unfortunately, these and other misconceptions about this process may hold some back from making choices that could be beneficial for themselves and their loved ones in the future.
One misconception some have is assuming they don’t need a lawyer for estate planning. While it is possible to do some things without legal help, it is always prudent to have experienced guidance when making important choices about the future. Additionally, people assume that having a will means their estate will not have to go through probate. This is not true, but there are certain estate planning tools that will keep some assets from having to go through probate.
Trusts are beneficial tools for many estates, but they do not necessarily protect one from estate taxes. However, it is possible to use certain types of trusts as a way to reduce these taxes and protect certain assets. Misconceptions about estate taxes can end up costing loved ones a significant amount of money and causing complications.
A Louisiana adult will benefit greatly from working with a lawyer at every step of the estate planning process. Discussions about individual goals can reveal how misconceptions may have been holding one back from taking smart steps in the planning process. An assessment of the individual estate and needs can reveal what tools are necessary for a complete estate plan.
