There are many people in California who have a side gig that they love; a side gig can be a great way to make some extra money, but did you know that it could also be the foundation of a legitimate business? If you are looking to turn your side gig into a full-time business, there are a few things you need to do in order to make it happen. Figure out what business structure you will operate under One of the most common business structures for small business owners is to operate as a sole proprietor. This means that you are the only owner of your business and you are responsible for all aspects ..read more

Most people purchase life insurance in Louisiana to secure their loved ones' futures. The benefits don't go through probate or any other legal process; your named beneficiaries start getting the proceeds immediately after you pass. But, life insurance can also be used to fund a trust and pay off your debts and other expenses. The role your policy will play will depend on whether or not you've included it in your estate plan. Understanding life insurance and estate planning When you purchase a life insurance policy, you are the policyholder and owner. You have the right to change the beneficiar ..read more

Writing an estate plan could be among the most helpful things a parent or grandparent could do to help their families. When someone passes away, the beneficiaries may receive that person’s assets as dictated in a will or trust. However, the children or grandchildren might not be knowledgeable about Louisiana estate and probate laws. They may not understand specific responsibilities related to assets bequeathed to them. So, it could be helpful for parents and grandparents to discuss estate plans. Avoiding problems with probate When beneficiaries don’t understand the laws and circumstances relat ..read more

If you're involved in a real estate transaction in Louisiana, getting assistance from professionals in the space is essential. Two of the most important individuals you'll likely deal with include a realtor and real estate attorney. Understanding the difference in their roles can help make your experience more straightforward. How does a realtor help with the transaction? Whether you're purchasing or selling property, having a realtor assist with the transaction is vital. This professional is a member of the National Association of Realtors (NAR). They must follow the Association's code of eth ..read more

Buying real estate in Louisiana is complicated in that the history of the property is not always known. There are several factors that could impact a real estate transaction, some of which are unknown to the owner or sales agent as well as the potential purchaser. This means that all details associated with a property could mean that unforeseen legalities apply, such as a lien of some type. For this reason, all real estate transactions for property must be title searched before any deal can be finalized, and it must be done by a real estate legal professional. Why a title search is necessary N ..read more

With estate planning, you have an opportunity to balance the wealth of your estate for and during retirement. The balancing act that many residents in Louisiana undergo deals with the legacy they hope to build. With proper estate planning, you can organize your estate to maintain an inheritance for your beneficiaries and extra money to live on when you're retired. Here's a look at how. Decide on what to achieve An equitable disbursement of your estate doesn't happen by accident. Estate planning is pivotal in ensuring that you've assessed your finances correctly. As far as your personal goals ..read more

If you’re planning your retirement in Louisiana, you may also want to work on your estate plan. Your estate plan can be completed alongside your retirement plan while you already have all of your financial documents in front of you. Here are five reasons why retirement planning should include some estate planning: #1: Estate planning helps organize your finances When you create an estate plan, you must catalog every single asset and debt that you own. Doing this is vital for your estate plan, and it can also help you to better understand how to accomplish your retirement goals. By taking a clo ..read more

In the immediate aftermath of the death of a loved one, there can be significant emotional upheaval and confusion. And these emotions can be even more complicated to process if you are attempting to access some of this person’s funds to pay for necessary funeral and end-of-life expenses. If you live in Louisiana and are unclear as to what may happen to your family member’s bank accounts after they are gone, read on. Type of bank account There are several different types of bank accounts that individuals can create in their lifetimes. A standard bank account that only lists the deceased will li ..read more

Family dynamics can be one of the hardest variables to account for when a loved one decides how to structure their estate plan. For instance, a parent may want to leave their Louisiana home to their two children. However, doing so may be problematic if one of them wants to stay in the house while the other wants to sell it. Fortunately, there are steps that you can take to minimize the risk of family infighting after a loved one passes on. Bring in a neutral third party Oftentimes, if there are items not specifically mentioned in a will, family members may argue over who gets these items or ho ..read more

For people in Louisiana who have amassed substantial assets, lifetime gifting is important to consider. While the federal estate and gift tax exemption is currently $11.58 million per person or $23.16 million per married couple, this could change. Lifetime gifting provides a way for people to plan for how to transfer their assets to future generations while minimizing the taxes they might otherwise have to pay. Understanding lifetime gifting Lifetime gifting involves using vehicles to provide assets to others while locking in the current gift tax exclusion. This can be done by creating a trust ..read more