If you’re an heir of a Louisiana probate estate or trust beneficiary, you want to insure that you are in sync with your lawyer, and any new Louisiana probate laws. If you want to receive fast inheritance advance funding, with low inheritance advance or probate advance rates – be sure to choose your estate advance or inheritance cash advance funding company with care.
Inheritance Cash Advance Funding and so-called “Probate Loans” or “Inheritance Loans” in Louisiana
It just so happens that many Louisiana probate estate heirs and beneficiaries of trusts would rather get an advance on inheritance from their living parents, or single surviving parent, than wait 12, 15 or 18 months for probate to close out. However, when inheritance advance funding from both parents or from a surviving parent is not possible as both parents have passed – heirs of Louisiana estates will frequently receive an advance on inheritance, usually a large advance inheritance, a so-called “loan on inheritance” from what people often incorrectly call an “estate loan” or “inheritance loan” or “probate loan” company. An estate advance, or inheritance cash advance transaction, that heirs often (incorrectly) refer to as “borrowing against inheritance”, or getting an “inheritance loan” or “probate loan”. A lot of heirs will choose to get inheritance advance funding through an advance inheritance or probate advance company; usually a probate advance company with a good reputation – often one of the more established inheritance advance funding companies that have been funding inheritance money to heirs for decades. Many heirs will pick a 48 or 72 hour probate cash advance; generally seen as the best inheritance advance funding option – meaning an inexpensive probate advance as well – in other words, inheritance advance funding from a fast low profile online inheritance advance company with nice low probate advance rates, or as heirs often refer to it, “low inheritance loan fees”.
How Do You Receive an Inheritance Advance in Louisiana?
Even though a Louisiana probate process is slow… there are ways to access inheritance money faster than waiting a year for probate to end. Inheritance cash advance funding is typically a quick transaction, and simple – as long as the heir needing a fast probate cash advance has signed with a reliable inheritance advance funding company, with a mature probate advance staff. My Inheritance Cash inheritance cash advance funding generally gets heirs their inheritance money in days. Without up-front costs or hidden fees; without monthly payments or compounding interest; and without a credit report or credit score. So rather than waiting for 12 to 18 months to get access inheritance money, Louisiana heirs generally wait for their inheritance advance for only 2 or 3 days.
How Do You Get Approved For a Probate Advance; What Heirs Often (incorrectly) Refer to as an “Inheritance Loan” or “Probate Loan”?
To get approved for a probate advance in Louisiana, heirs just need a Photo I.D., documents proving you are a valid heir of a Louisiana estate or trust, proof of inheritance assets– real property, liquid assets, and personal property… plus the amount of money requested as an advance.
Which Louisiana Counties Enable Heirs to Get an Inheritance Advance?
Louisiana allows inheritance cash advances or, as many heirs refer to as “estate loans”, “inheritance loans” or “probate loans”… in every county in Louisiana – discounted estate cash advances, probate advances with regular pricing, 48 hour probate advances or 72 hour probate cash advances for heirs or beneficiaries.
How Can You Tell For Sure if you Qualify for Inheritance Funding?
It is usually very simple figuring out if you qualify for inheritance advance funding, for a standard inheritance advance, probate advance or an estate advance in Louisiana, based either on probate property or liquid assets. Besides relevant documentation, you must be at least 18; be an heir to an estate in probate or trust, in the USA or Canada; with an inheritance of at least $15,000.
Is a Louisiana Inheritance Advance a “Cash Advance Assignment”, or is it “Borrowing Against Inheritance” as Many Heirs Refer to it?
No matter how much inheritance advance money you receive from an inheritance advance funding company, you are in fact getting an inheritance advance assignment, a cash advance based on your inheritance – not actually an “inheritance loan”, or “probate loan”. It is important to make note of this, in terms of the nuts and bolts associated with this process.
Inheritance cash advance assignments in Louisiana are not interest based, so they are not actually “loans”… therefore there is no possibility of “recourse for non-payment”. The point is, heirs receiving advance inheritance money from inheritance cash advance funding companies are not personally responsible for repayment. Many people will call inheritance cash advance assignments: “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.”
Does Louisiana Have an Inheritance or Estate Tax?
Louisiana does not have an Estate or Inheritance Tax. It is, however, a community property state, meaning that all property acquired during marriage is considered to be jointly owned by both spouses. Executors will still need to file the following:
- Federal/State Individual Tax Return by tax day of the year following the person’s death
- Federal Estate/Trust Tax Return by April 15 of the year following the person’s death
- Federal Estate Tax within nine months of the person’s death, with six-month extensions if requested before the end of said nine-month period
As of 2018, this pertains to Estates that exceed a gross asset and prior taxable gift value of $11,180,000.
Dying With a Will in Louisiana
In Louisiana, a will is considered testate if it is signed by both the decedent and two witnesses (ideally, not persons inheriting a portion of the estate). A notary must also be present.
An Executor should be named in the will to manage the Estate, which will include distributing assets and settling debts.
In Louisiana, Estates valued over $75,000 typically enter Probate. If less, a Small Estate Affidavit can be filed to settle the Estate outside of court.
Dying Without a Will in Louisiana
Where there is no valid will, an Estate is said to be intestate. In Kentucky, an Estate in this case will be distributed according to Intestacy Succession laws, or, if all parties agree, through Independent Property Administration.
Community Property in Louisiana Inheritance Law
In Kentucky, property acquired during marriage is considered jointly-owned, i.e., communal. Typically, gifts, inheritances, etc are excepted from this rule, designating them as separate property.
Separate Property in Louisiana Inheritance Law
In Kentucky, separate property is essentially all property that isn’t community property. For unmarried persons, all property would be considered separate, unless designated otherwise.
Separate Property can be either real or personal. The former includes land and any structures on it; the latter is valuables, cars, etc; essentially, everything that is not real property.
Spouses in Louisiana Inheritance Law
In Kentucky, a spouse will inherit the decedent’s entire Estate when there are no surviving children, parents, or siblings. Where any of these survive the decedent, the spouse will inherit the decedent’s share of community property; if there are surviving children, the spouse’s share of community property is merely usufruct (meaning that it can be used for life, but not destroyed), and will pass to the children on the surviving spouse’s death.
Louisiana Inheritance Law for Decedents with Children
In Louisiana, children are entitled to the decedent’s entire Estate when there is no surviving spouse. Where there is a surviving spouse, children will receive (1) all of the decedent’s separate property, and (2) the decedent’s share of community property, after it having been usufruct to the spouse (ie, upon the spouse’s death).
In Louisiana, a child legally adopted by the decedent retains equitable eligibility as a biological child to a share of the Estate. Children given up for adoption by the decedent, likewise, retain rights to inheritance.
Children born in wedlock are assumed to be the decedent’s. Children born out of wedlock are entitled to a share of the decedent’s Estate, so long as paternity has been either (1) proven, or (2) acknowledged by the decedent.
In Louisiana, Step and Foster children will not automatically inherit a share of the decedent’s Estate, unless they were legally adopted by the decedent.
Grandchildren will not automatically receive an intestate share of the decedent’s Estate, but will be considered descendants if their parent (the decedent’s child) pre-deceased the decedent.
Louisiana Inheritance Law: Forced Heirship
In Louisiana, forced heirship states that the child(ren) of a decedent must inherit their intestate share of the decedent’s Estate, even if they were left out of it testate.
Inheritance Law for Unmarried Decedents Without Children in Louisiana
Where there are no next of kin to inherit your Estate, it will escheat to the State.
Non-Probate Louisiana Inheritances
Assets, etc with a named beneficiary are not included in Probate, such as:
- Living Trusts
- Traditional and Roth IRAs
- Payable-on-death (POD) accounts
- Joint tenancy property
- Life insurance policies
When the Estate itself is named as the beneficiary, it will become a part of the decedent’s intestate Estate.
Other Scenarios in Louisiana Inheritance Law
Citizenship, Residency, etc do not affect a person’s right to receive an intestate (or testate) share of an Estate.
In Louisiana, half-blood kin receive half the share that their full-blood kin would.
Children conceived before, but born after, the decedent’s death, are considered eligible to receive an intestate share of an Estate.
Any relative convicted of a crime that caused, or attempted to cause, the decedent’s death, is not eligible to receive a share of said Estate.
Louisiana Probate Court
Louisiana does not have a separate probate court. The “District Court” has jurisdiction over estate issues, mental health issues, adoption & other minor or juvenile issues. The state of Louisiana maintains a separate juvenile and family court.
The State of Louisiana has repealed all state inheritance taxes. Thus, there is no requirement to file a return with the State and no state inheritance taxes are owed. The Federal Estate Tax exemption is currently over $11 million per person. … Assets that are subject to the estate tax are taxed at 40%.