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A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
Do you need a trust in Louisiana?
Considering the current estate and gift tax exemption, the ability to utilize the annual gift tax exclusion, and there being no inheritance tax in Louisiana the vast majority of Louisiana residents do not need a trust to protect their estates from estate or inheritance taxes.
What is a Louisiana trust?
A Louisiana living trust passes the assets in the trust to your beneficiaries without going through probate, the process in which a will is verified and enacted by a court. Probate can take many months and incurs the expense of an executor and attorney as well as court fees.
How long can a trust last in Louisiana?
(4) The expiration of fifty years from the creation of the trust, if none of the settlors and none of the income beneficiaries is a natural person. Amended by Acts 1968, No. 132, 1; Acts 1987, No.
Can you have a trust in Louisiana?
Louisiana allows residents to establish several different kinds of trusts. The revocable living trust is one of the most popular estate planning trusts in Louisiana. A revocable living trust is a form of legal arrangement that serves as a vessel for assets.
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Considering the current estate and gift tax exemption, the ability to utilize the annual gift tax exclusion, and there being no inheritance tax in Louisiana the vast majority of Louisiana residents do not need a trust to protect their estates from estate or inheritance taxes.
Is a trust better than a will in Louisiana?
The trust need not be approved by any court and never becomes public record. No one knows whats in it, what assets it passes, or to whom. This is contrast to a will which must be approved by a probate court and made public. A revocable living trust also protects you should you become mentally incapacitated.
Who needs a trust instead of a will?
For example, a Trust can be used to avoid probate and reduce Estate Taxes, whereas a Will cannot. On the flipside, a Will can help you to provide financial security for your loved ones and enable you to pay less Inheritance Tax.
Is a trust better than a will in Louisiana?
The trust need not be approved by any court and never becomes public record. No one knows whats in it, what assets it passes, or to whom. This is contrast to a will which must be approved by a probate court and made public. A revocable living trust also protects you should you become mentally incapacitated.
Is it worth putting property into a trust?
Another potential advantage is that a trust is a way of keeping control and asset protection for the beneficiary. A trust avoids handing over valuable property, cash or investment while the beneficiaries are relatively young or vulnerable.
Related links
The Experience of a Civil Law Jurisdiction with the Trust
by KV Lorio 1982 Cited by 36 Kathryn Venturatos Lorio, Louisiana Trusts: The Experience of a Civil Law Jurisdiction with the Trust, 42 La. L. Rev. (1982)
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