Contrary to popular belief, the term “estate planning” doesn’t just apply to the rich and famous. Everyone has an estate but no two are exactly the same.
Simply put, an estate is comprised of all the things you own, such as:
- real estate
- business interests
- bank accounts
- personal items
And all of your debts or things you owe, such as:
- consumer debt
At the Law Firm of Ryan S. McBride, our Estate planning services involve taking an inventory all of these items for you and sets out a method for distribution and settlement upon your death.
While a very important first step, proper estate planning is more than writing a will. A proper estate plan should minimize applicable taxes and fees while ensuring that all assets are passed on according to one’s wishes. A thorough plan should also establish documented parameters to make sure your wishes are known regarding health care treatment and how your affairs are handled in the event you become incapacitated.
Other components of a complete estate plan may include:
Donations Inter Vivos, or “While Living”
Donations of all types of assets: cash, real estate, business interests, may be particularly beneficial to those individuals who wish to spend down significant estates to avoid Federal estate tax in the future. Donations now versus at death may also have the added benefit of “freezing” one’s estate, or allowing assets to appreciate outside of one’s estate.
There are many different types of trusts. Common trusts include testamentary trusts, revocable living trusts, special needs trusts, and irrevocable life insurance trusts. Use of any of these different types of trusts must be evaluated on a case by case basis. Through the course of our estate planning conversation we will determine whether the use of a trust may be of benefit to you.
Customized Beneficiary Designations
Certain assets you own, such as Individual Retirement Accounts (IRAs), 401(k) accounts, annuities, and life insurance policies, are passed along at your death to the designated beneficiaries you name on your Beneficiary Designation Form.
Due to the complexity of estate planning, you’ll want to make certain that we assist you with our advanced estate planning services to properly determine which issues specific to your situation need addressing.
Contact us today for a free consultation at 504-256-1705 or via our online form.
We represent clients throughout Southeast Louisiana, including the New Orleans Metro Area, River Parishes, River Regions and in the parishes of Jefferson, Orleans, St. Bernard, Plaquemines, St. Tammany, St. Charles, Lafourche, St. John, St. John the Baptist, and Tangipahoa.