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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
You can reach the author by e-mail at: marvin@meocpa.com