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PATRIMONY

Estate Planning Louisiana Style


                    TABLE OF CONTENTS


    PREFACE. . . . . . . . . . . . . . . . . . . 1

    CHAPTER 1.   The Civil Law and Louisiana. . .5
             European Exploration . . . . . . . .6
             The Cajuns . . . . . . . . . . . . .8
             Louisiana Becomes a State. . . . . .9
             The Civil Law. . . . . . . . . . . 10
             Louisiana Judicial System. . . . . 12
             Richness of Living in Louisiana. . 13

    CHAPTER 2.   STATUS OF PERSONS. . . . . . . 17
             Persons. . . . . . . . . . . . . . 17
             Age of Majority. . . . . . . . . . 18
             Marriage . . . . . . . . . . . . . 20
             Duties of Spouses. . . . . . . . . 23
             Common Law Marriage. . . . . . . . 25
             Termination of Marriage. . . . . . 26
             Spousal Support. . . . . . . . . . 28
             Children . . . . . . . . . . . . . 31
             Illegitimates. . . . . . . . . . . 33
             Adoptions. . . . . . . . . . . . . 33
             Surrogate Contracts. . . . . . . . 34
             Emancipation . . . . . . . . . . . 35
             Tutorships . . . . . . . . . . . . 36
             Interdiction . . . . . . . . . . . 38

    CHAPTER 3.   STATUS OF PROPERTY. . . . . . .41
             Types of Property. . . . . . . . . 41
             Separate Property. . . . . . . . . 42
             Community Property . . . . . . . . 43
             Ownership by Tenancies . . . . . . 48
             Matrimonial Agreements . . . . . . 49
             Naked Ownership and Usufruct . . . 50
             Right of Habitation. . . . . . . . 55
             Bond for Deed. . . . . . . . . . . 56
             Dation En Paiement . . . . . . . . 58
             Tax Basis of Property. . . . . . . 58
             Tax Basis of Gifted Property . . . 59
             Tax Basis of Inherited Property. . 61
             Partnership Basis Adjustment . . . 61
             Income in Respect of a Decedent. . 63
             Installment Sales. . . . . . . . . 64
             Partitions . . . . . . . . . . . . 67
             Exchange of Property . . . . . . . 68
             Lesion Beyond Moiety . . . . . . . 73
             Taxes & the Sale of a Residence. . 74
             Community Int in Retirement Plans. 77
             Professional Degrees and Practices 80

    CHAPTER 4.   INHERITANCE WITHOUT A WILL . . 81
             Rules of Inheritance . . . . . . . 81
             Representation . . . . . . . . . . 85
             Acceptance of a Succession . . . . 86
             Renunciation of Inheritance. . . . 87
             Forced Heirship. . . . . . . . . . 89
             Disinherison . . . . . . . . . . . 91
             Collation. . . . . . . . . . . . . 93
             Survival & Wrongful Death Actions. 94

    CHAPTER 5.   WILLS AND TESTAMENTS . . . . . 97
             General. . . . . . . . . . . . . . 97
             Notarial Will. . . . . . . . . . .100
             Olographic Will. . . . . . . . . .101
             Wills for Deaf and/or Blind. . . .102
             Amendments or Codicils . . . . . .102
             Presumptions of Survivorship . . .103
             Prohibited Substitutions . . . . .105
             Wills From Other States. . . . . .107
             Joint Wills. . . . . . . . . . . .107
             Naming of an Executor. . . . . . .107
             Naming of an Attorney. . . . . . .109
             Fees for Estate Attorneys. . . . .109
             Testamentary Dispositions. . . . .111
             Revocation of Testaments . . . . .113
             Rules-Interpretation of Legacies .114
             Registry of Wills. . . . . . . . .116
             Contesting a Will or Donation. . .116

    CHAPTER 6.   MATRIMONIAL REGIMES  . . . . .119
             Contractual Regime . . . . . . . .119
             Legal Regime . . . . . . . . . . .122
             Community Property . . . . . . . .123
             Separate Property. . . . . . . . .125
             Management of Community Property .127
             Termination of the Community . . .130
             Alienation, Encumbrance or Lease 
		of Community Assets . . . . . .131
             Obligations Resulting 
		from the Community. . . . . . .131
             Satisfaction of Community 
		Debts with Separate Funds . . .134
             Use of Community Property to 
		Benefit Separate Estate . . . .135
             Use of Separate Property to 
		Benefit Community Property. . .136
             The Marital Portion. . . . . . . .137

    CHAPTER 7.   ESTATE ADMINISTRATION  . . . .141
             Probate Procedure. . . . . . . . .142
             Succession Representative. . . . .144
             Powers--Succession Representative.146
             Claims Against the Succession. . .147
             Annual Accountings . . . . . . . .149
             Executor's Fee . . . . . . . . . .150
             Final Judgment of Possession . . .150
             Ancillary Probate Procedure. . . .151
             Bank's Liability-Safe Deposit Box.152

    CHAPTER 8.   LOUISIANA INHERITANCE TAXES. .155
             The La Inheritance Tax Return. . .155
             Includible Assets. . . . . . . . .157
             Allowable Deductions . . . . . . .159
             Tax Rates. . . . . . . . . . . . .160
             La Transfer Tax. . . . . . . . . .161
             Small Estates. . . . . . . . . . .162

    CHAPTER 9.   FEDERAL ESTATE TAXES . . . . .165
             In General . . . . . . . . . . . .165
             Valuation Comments . . . . . . . .167
             The Gross Estate . . . . . . . . .168
             Special Use Valuation. . . . . . .170
             Allowable Deductions . . . . . . .171
             Federal Tax Rates. . . . . . . . .173
             Unified Credit/Exemption . . . . .174
             Marital Deduction. . . . . . . . .176
             Qtip Trusts. . . . . . . . . . . .177
             Charitable Remainder Trusts. . . .180
             Credit Shelter Trusts. . . . . . .180
             Charitable Deductions. . . . . . .181
             Extensions of Time for Payment . .183


    CHAPTER 10.   GIFTS . . . . . . . . . . . .185
             Taxation of Gifts. . . . . . . . .186
             Annual Gift Exclusion. . . . . . .187
             Gifts of Med--Tuition Assistance .190
             Gift Splitting . . . . . . . . . .190
             Louisiana's Gift Provisions. . . .191
             Uniform Transfers to Minors Act. .192
             Donation Omnium Bonorum. . . . . .193
             Required Form for Donations. . . .193

    CHAPTER 11.   TRUSTS. . . . . . . . . . . .195
             Trusts in General. . . . . . . . .195
             Beneficiaries. . . . . . . . . . .199
             Trustees . . . . . . . . . . . . .203
             Who Should be a Trustee. . . . . .206
             Revocable or Living Trusts . . . .207
             Irrevocable Trusts . . . . . . . .210
             Charitable Remainder Trusts. . . .210
             Personal Residence Trust . . . . .211
             Insurance Trusts . . . . . . . . .213
             "Crummy" Trusts. . . . . . . . . .215

    CHAPTER 12.   SOCIAL SECURITY . . . . . . .217
             Retirement Benefits. . . . . . . .218
             Disability Benefits. . . . . . . .219
             Family Benefits. . . . . . . . . .221
             Survivor's Benefits. . . . . . . .221
             Widow's Retirement Benefits. . . .223
             Supplemental Security Income . . .223
             Medicare . . . . . . . . . . . . .226
             Opt Out of Medicare. . . . . . . .228
             Earnings Limitations . . . . . . .230
             Appeal Rights. . . . . . . . . . .232
             Taxable Social Security Benefits .235
             Contact Data . . . . . . . . . . .236

    CHAPTER 13.   BUSINESS OWNERSHIP. . . . . .237
             Transfer of Family Business. . . .237
             Family Limited Partnerships. . . .239
             Business Buy-Sell Agreements . . .242

    CHAPTER 14.   OTHER LIFETIME PLANNING . . .245
             Generation Skipping Tax. . . . . .245
             Individual Retirement Accounts . .247
             IRA Payouts Beginning at age 70 «.249
             Seizure of Retirement Accounts . .250
             Seizure Exemptions . . . . . . . .251
             Commercial Annuities . . . . . . .252
             Private Annuities. . . . . . . . .254
             Living Wills . . . . . . . . . . .255
             Powers of Attorney . . . . . . . .259
             Organ Donations. . . . . . . . . .262
             Small Successions. . . . . . . . .264
             Payable on Death Accounts. . . . .265
             Transfer of Small Cash Deposits. .266
             Life Insurance in Estates. . . . .267
             General Instructions . . . . . . .271
    Index . . . . . . . . . . . . . . . . . . .273


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