A. Under Louisiana law, if the gross value of your estate is less than $125,000 and you do not have a will, then then your succession can be completed by filing an affidavit with the clerk of court instead of going through the probate process.
A. There are certain type of assets that can be passed to beneficiaries without being included in the probate process. Examples of these include life insurance policies, annuity contracts, and retirement accounts. However, if the beneficiary designation is not properly completed, then oftentimes the asset will lapse to the estate. In that case, the asset would be included in the probate process.
A. Currently, the federal estate tax exemption is $5.49 million for an individual and $10.98 million for a couple. However, the figures fluctuate annually. If your taxable estate is worth less the estate tax exemption amount in the year you die, then no estate tax should be owed.
Also, Louisiana does not impose a tax on the value of an estate.