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Wesley Bailey
About | Practice Areas
Wes Bailey, Attorney At Law, LLC
303 E Texas St Leesville, LA 71446» view map
Estate Law
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Nobody relishes the idea of hiring a lawyer. However, when you have a legal problem, you want to make sure the lawyer you hire is capable of achieving your goals.

800-948-5630
1. Wesley Bailey Leesville, LA
  Attorney at Law- LA, 2008
  Southern University Law Center, J.D. 2008
2. AboutWes Bailey, Attorney At Law, LLC
  You Deserve A Fair Trial
3. Practice AreasExpertise
  Estate Law
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Gwenda R. Lamb

Power of Attorney, Real Estate, Wills & Probate, Trusts

Status: Licensed: 37 Years

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434 Dove Cv, Alexandria, LA 71303

Stacy C. Auzenne

Real Estate, Trusts, Estate Planning, Insurance, Business Organization

Status: Licensed: 32 Years

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5503A John Eskew Dr, Alexandria, LA 71303

800-814-6700

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LEGAL TERMS

AB TRUST

A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of... (more...)

A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.

EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA)

A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to o... (more...)

A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to or taken from a worker provides some protection for workers in the event certain types of pension plans cannot pay the benefits to which workers are entitled, and requires that employers provide full and clear information about employees' pension rights, including the way pension benefits accumulate, how the company invests pension funds, and when and how pension benefits can be collected.

BANKRUPTCY ESTATE

All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)

All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.

INVENTORY

A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or admini... (more...)

A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or administrator of the estate is responsible for making and filing the inventory.

PER CAPITA

Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leavin... (more...)

Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leaving children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property per capita, Julie and the two grandchildren will each take a third. If, on the other hand, Fred's will states that heirs of a deceased beneficiary are to receive the property per stirpes, Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation).

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

ALTERNATE BENEFICIARY

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

DEED OF TRUST

See trust deed.

PRETERMITTED HEIR

A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child b... (more...)

A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child born or adopted after the will is made may be deemed a pretermitted heir. If the court determines that an heir was accidentally omitted, that heir is entitled to receive the same share of the estate as she would have if the deceased had died without a will. A pretermitted heir is sometimes called an 'omitted heir.'

SAMPLE LEGAL CASES

In re Mashburn Marital Trusts

In this protracted litigation, Joseph Patton ("Pat") Mashburn and Donald J. ("Don") Mashburn, in their capacities as the managing co-trustees of the Jack and Sadie Pugh Mashburn Marital Trust ("marital trust") and Pat Mashburn and Richard A. Mashburn, in their capacities as ...

Brown v. Schwegmann

... Specifically, she asserted that all or part of Mr. Schwegmann's interests in the John F. Schwegmann Trust # 1 and the John F. Schwegmann Trust # 2 (hereinafter referred to as "the trusts") were subject to seizure in satisfaction of her judgment. ...

IN THE MATTER OF MASHBURN MARITAL TRUSTS

Joseph Patton ("Pat") Mashburn and Donald J. ("Don") Mashburn, in their capacities as the managing co-trustees of the Jack and Sadie Pugh Mashburn Marital Trust ("marital trust"), and Pat Mashburn and Richard A. Mashburn, in their capacities as the co-trustees of the Mashburn Family ...

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