Bossier City Estate Planning Attorney
Life is unpredictable, which is why estate planning is crucial for everyone. I’ve seen firsthand how the lack of a proper plan can lead to family disputes and lost legacies. But there’s hope.
As your dedicated estate planning attorney, I can help you navigate these challenges and create a secure future. Whether you want family security, asset protection or long-term financial stability, a solid estate plan acts as your shield against life’s uncertainties.
Serving the Shreveport-Bossier City metro area, I provide experienced estate planning services at William R. Long, Attorney at Law, including will drafting, trust setup and assistance with complex legal issues.
Key Elements Of A Louisiana Estate Plan
A comprehensive estate plan in Louisiana typically includes these important documents:
- Wills: Your final say on asset distribution, guardianship of minor children and potential probate avoidance.
- Trusts: Manage assets, reduce taxes and provide for special needs.
- Power of attorney: Designate a trusted person for financial decisions.
- Health care directives: Ensure respect for your medical wishes.
- Special needs trusts: Provide for disabled loved ones without jeopardizing benefits.
These legal instruments create a safety net for you and your family. With these documents in place, you protect your assets, manage risks and secure your family’s future.
Planning For Family Members With Disabilities
Creating an estate plan for a loved one with disabilities requires careful consideration to protect their financial future while maintaining access to critical government benefits. Special needs trusts are an effective way to manage assets for a disabled family member, covering supplemental expenses like therapy, education and personal care without risking benefit eligibility. Special needs trusts come in two main forms, each with specific uses:
- Third-party special needs trusts: These trusts are established and funded by someone other than the disabled individual, such as a parent or grandparent. Because the assets belong to the trust, not the beneficiary, they are excluded from income and asset limits for government programs.
- Self-settled special needs trusts: Funded with the disabled individual’s own assets, such as a settlement or inheritance, these trusts are also structured to maintain benefit eligibility. While they provide access to needed funds, any remaining assets must typically reimburse Medicaid after the beneficiary’s death.
Special needs trusts offer families a structured way to manage resources for a loved one with disabilities. These trusts:
- Preserve eligibility for programs like SSDI and Medicaid: Many government assistance programs have strict income and asset limits. A special needs trust holds assets separately from the beneficiary, allowing them to continue receiving essential benefits while still having financial resources available for other needs.
- Cover supplemental expenses to enhance quality of life: Funds from the trust can be used to pay for services and items not covered by public programs, such as specialized therapies, education, transportation, recreational activities and personal care.
- Offer flexibility for addressing long-term care and financial planning needs: Special needs trusts can be customized to align with a family’s goals, such as designating funds for future care providers, housing arrangements or other specific needs.
By incorporating a special needs trust into your estate plan, you create a plan that reflects the specific needs and goals of your family while safeguarding critical support for your loved one. This planning approach helps ensure that resources are allocated wisely and used to promote stability and well-being.
Free Consultations With A Trial-Ready Bossier Estate Planning Lawyer
For over 35 years, I’ve been fighting for my clients’ rights in court and preserving their hard-earned assets. I know the system inside out, I know the law and I know how to make it work for you and your family. More importantly, I know how to listen to your concerns and dreams for the future.
When you come for your free consultation, you’ll talk directly to me, not some junior associate. I handle every case personally because I believe you deserve nothing less than my full attention.
You’ve worked hard all your life. Now it’s time to protect what you’ve built. To get started with the estate planning process, call me at 318-562-1440 or complete this online form to set up a free meeting.