Large families are the norm in New Orleans. With large families come the complicated division of family assets and businesses.The certified professionals at Whiteside & Simms are available for consulting on the complex business and accounting issues surrounding your estate. When it comes to running your business or planning for your family, Whiteside & Simms is there for you.
Everyone needs an estate plan, not just the wealthy. Estate planning should be a critical part of your overall financial plan, especially if you own real estate, are married, have children or grandchildren. Your estate is defined by the total property you own, including automobiles, balances in checking and savings accounts, household furnishings, furniture, and jewelry. If you don’t outline a plan for these items, the courts will do it for you.
When a Louisiana resident passes away without a will, their assets are distributed according to Louisiana’s intestate succession laws. A will, however, can change the people who would normally inherit in the absence of a will.
Possibly the largest single tax expense that individuals are faced with are estate and inheritance taxes. Proper estate planning is a complex process of arranging for the transfer of your assets following your death. A well planned estate preserves the maximum amount of wealth possible for your beneficiaries while maintain your financial control during life.
Whiteside & Simms understands the intricacies of properly planning your estate through:
- Business continuation agreements (buy-sell)
- Charitable trust
- Planning for the elderly or disabled
- Family limited partnerships
- Succession of family owned businesses
- Asset freezing techniques
- Generation-skipping transfers
- Life insurance
- Family partnerships
- Powers of appointment or powers of attorney
- Trust creation
- Valuation planning
The best way to control the flow of your assets to your heirs and plan your estate is through a will. Bates, Jason and their expert staff can make the transition during the difficult time of the passing of a loved one more manageable by assisting with your will. Your will is the primary document to transfer your assets to your heirs and having one in place can help relieve the stress during a time meant for reflection and mourning.
The major aspects of a will are:
- Guardians of minors
- Creation of vehicles to accomplish long term goals like:
- Funding education
- Charitable donations
- Business succession
Estate planning is often a topic many of us avoid discussing. However, the importance of having a plan is critical to ensure your family’s well-being. You can help yourself and loved ones through estate planning and will creation with Whiteside & Simms.