VILLE PLATTE ROTARY CLUB MEETING

DECEMBER 15, 2015

    The Rotary Club of Ville Platte today (Tuesday) heard from Rotarian Brent Coreil discuss wills and estate planning during the weekly meeting held at Nick’s on Main.

    Coreil said today, many people should have a prepared will especially in cases of inherited property and second marriages. There are two types of wills: one is a statutory will usually prepared by an attorney while a second will is a simple will prepared by the person. This simple will is handwritten, dated by the person and signed on every page. This will is recognized as a legal will in the state. Coreil mentioned that a well known public official’s will (Cazan Fontenot) was on a scratch piece of paper.

    Coreil said if a person has questions to please seek professional help from an attorney or a financial advisor.

     On the issue of estate planning, the person should prepare a list of assets and debts. They should also inform their banker to issue payment on death to avoid having to wait to move funds.

   As a far as estate taxes, the state has no estate taxes. Federal estate taxes do not kick in unless the estate has an estate of $5.4 million dollars.

    He suggested to avoid a lot red tape and fees to name an independent administrator of your estate upon your death to handle your succession.

    In other business, Chris and Luke of Teet’s Food Store was the winner of the football pool from a fund raiser for Coreil Campus of Louisiana Technical College.