Legal Question in Wills and Trusts in Louisiana
Scenerio: My father recently died, my mother is living (in Texas), and there are 4 siblings. If I (living in Louisana) inherit money either while my mother is still living or after she is deceased -- under Louisiana law would the money I receive through an inheritance be considered community property?
If so, could I put this money in my daughters name (under 18 and from a previous marriage) or would I still be bound by the laws of community property with my present husband? We have no children together. Thank you for your help!
2 Answers from Attorneys
Inherited assets, and assets gifted to you, are your separate (not community) assets, as long as they are kept separate. Cash should be maintained in an account in your name only. Fruits of separate property (interest, dividends) are community property unless you execute a document to the contrary.
The cash could be placed in a custodial account in your daughter's name, but this isn't necessary to maintain the cash as your separate property.
Inherited property is separate property. The interest or natural gains of inherited property is community property. If you give it to anyone else, then it becomes their property.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
