Proper estate planning can reduce headaches

By Eva Jacob Barkoff, Contributing writer
CLARION HERALD, Elder Outlook

When it comes to estate planning, it can be a difficult and daunting task for some people to face. But local attorney Gregory LaCour said “there is no time like the present.”

“Estate planning generally refers to people getting their affairs and documents in order to ensure a simple and straightforward plan to administer their assets and debts,” LaCour said. “The goal is to maximize your control over your person and over your assets. And you want to minimize the involvement of both the court system and third parties.”

A partner in the Metairie office of Blue Williams, LaCour focuses on estate planning, including wills, successions and trusts as well as corporate governance, business transactions, fiduciary litigation and commercial litigation.

“Four different documents are prepared when I do estate planning – a will, a living will, a general financial power of attorney and a medical power of attorney,” LaCour explained. “The living will, financial power of attorney and medical power of attorney are all documents used only during someone’s life. These documents terminate upon death.

“I use a Catholic version of the living will that comports to the teaching of the church on end-of-life issues. The powers of attorney are used so that a named person can act on behalf of the person creating the will if that person becomes incapacitated for any reason, such as memory loss, stroke or Alzheimer’s.”

Organize financial docs

Wills address the administration of an estate and who will receive those assets after the person has died, LaCour added. Not having these basic documents in place are the biggest mistakes LaCour said he sees in his practice.

“Without these documents, things typically get more complicated and expensive,” LaCour said. “Louisiana is the only state that has forced heirship laws, meaning you are required by law to leave a percentage of assets to your children who are either under 24 years old or who are permanently unable to take care of themselves, mentally or physically.

“And you should want to take care of your surviving spouse and preserve harmony in your family when you are gone by having an orderly process and logical plan for your assets.”

And for those with blended families?

“You will face more complex issues with the dual goals of taking care of your surviving spouse but also providing for your children from a previous marriage,” LaCour added. “You can’t accomplish your goals without a plan to implement.”

LaCour said in addition to not having basic documents in place, another mistake he sees is when “people create trusts for the sole purpose of avoiding the succession process.”

“The cost to create a trust tends to be more expensive than a succession,” LaCour explained. “In Louisiana, a succession can typically be opened and closed in a relatively short amount of time for a relatively small amount of money. Obviously, extraneous issues like complex estates or litigation can delay the completion of the succession.”

LaCour added that 401(k)accounts, IRAs, annuities and life insurance are governed by beneficiary forms and not by wills and should not be made in a will.

St. Clement of Rome ties

An attorney for more than 27 years, LaCour and his wife, Yvette, have five children and have been parishioners of St. Clement of Rome since 2001. He was chairman of St. Clement’s Stewardship Committee from 2011 to 2015, during which time the parish successfully paid off lingering debts, including one from Hurricane Katrina.

For eight years, LaCour has also been a catechist for the Rite of Christian Initiation of Adults (RCIA) at St. Clement of Rome as well as an extraordinary minister of holy Communion. And, for more than 20 years, he has been a committed adorer at St. Clement’s adoration chapel.

LaCour said his work as a lawyer has been influenced by paragraph 901 of the “Catechism of the Catholic Church.”

“The paragraph states that the laity are called to participate in Christ’s priestly office in everyday activities, including work, by inviting the Holy Spirit into the process,” LaCour said. “I try to do this with each client. I am also regularly praying for my clients and for peaceful resolutions of any problems that I may be helping the client solve.”

Eva Jacob Barkoff can be reached at [email protected].