Succession,Laws,And,Some,Benef law Succession Laws And Some Beneficial Changes In Them
When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a
The Louisiana Legislature has made significant beneficial changes in the laws governing small successions. Prior to these changes, a small succession was defined as one in which the person died without a will, owned no immovable property (real estate) except a cemetery space intended for the burial of the deceased, and owned assets valued at $50,000.00 or less. In such cases an Affidavit was prepared, signed by all heirs, notarized and sent to Louisiana Department of Revenue for certification that no taxes were due. This Affidavit would then be presented to banks, insurance companies or other institutions that held the assets of the deceased and was sufficient to allow the release of the funds to the heirs. It was not necessary to open probate through the courts.There are three significant changes to these laws. The first of these changes now defines this as one in which the person leaves property in Louisiana with a gross value of $75,000.00 or less. This appears to apply after January 1, 2010, regardless of the date of death. In other words, the $75,000.00 limit should apply regardless of whether the decedent died before or after January 1, 2010.The second change extends the use of the Affidavit of Small Succession to include immovable property (real estate) under certain circumstances. Immovable property here is limited to a single lot or contiguous lots. These lots must have only one building plus ancillary buildings (sheds, etc.). The building can have no more than four dwelling units within the one building. Each of the units must be residences primarily. Additionally, either the decedent or the surviving spouse must have lived there and it was the last place of residence of either of them until illness, incapacity, natural disaster or destruction required either or both of them to leave.In other words, if your relative owns a single house, or apartment building with no more than 4 units, and lived in one of them until too ill to live alone, that property can be passed to the heirs through an Affidavit of Small Succession as long as the total value of the estate does not exceed $75,000.00. In this case it must be recorded in the conveyance records of the parish where the property is located along with a certified copy of the decedents death certificate.The third change involves the requirement to have the Affidavit certified by the inheritance tax collector that no taxes are due. It should no longer be submitted to the Department of Revenue for certification.The law has not changed in its requirement that a person must die without a will in order to utilize an Affidavit of Small Succession. Additionally, use of this is only available if the heirs are his children, parents, brothers or sisters or their descendants, or the surviving spouse. This is not available if the person is survived only by more remote relatives such as aunts, uncles or cousins.When use of this sworn statement of Small Succession is applicable, it is not necessary to open probate through the courts. This must be prepared, executed and sometimes recorded within the requirements detailed in Louisiana Law. It is wise to consult a seasoned professional.
Succession,Laws,And,Some,Benef