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Limitations: Requires adherence to trust document's instructions on asset assignments. Joint assets, including certain IRAs and retirement plans, cannot be placed into a one-person trust. No complete tax avoidance: Total avoidance of taxes is rarely possible with living trusts, though there may be ways to reduce them.

Trusts may be created for any of the following purposes: To keep beneficiaries from wasting or mismanaging assets. To take advantage of favorable tax laws. As a vehicle for transferring assets. To keep assets out of the reach of creditors.

D. Promptly after a trust agreement takes effect, the trust agreement, together with any separate written acceptances, shall be recorded in the conveyance records of the clerk of court of the parish of East Baton Rouge. E.

Trusts are created to protect and manage assets ? which makes them a handy tool to use in estate planning. But not all trusts are created equally. Trusts that can be modified or terminated do not have the same legal effect as trusts that cannot be changed.

Living trusts in Louisiana A trustee must be named to manage the assets. It is common to name yourself, with a successor trustee in place to take over after your death. As trustee, you are in charge of managing the assets for your own benefit during your lifetime.

Types & Categories of Trusts There are two main types of trusts: Revocable Trusts ? A trust that is created such that provisions can be altered or canceled as the settlor wishes. Irrevocable Trusts ? A trust that can't be modified or terminated without the permission of the beneficiary.