Louisiana Successions: Inheriting & Selling Property | RE: Real Estate Podcast

RE: Real Estate Podcast — Episode 75 Show NotesCONTENT TYPEDiscussionPRIMARY GOALEducationalSUMMARYThis episode explores the complexities of inheriting and selling property in Louisiana, covering the succession process, common legal pitfalls, multi-heir disputes, tax implications, and practical steps heirs can take to protect their families and simplify the process.KEYWORDSLouisiana succession, inherited property, estate planning, probate vs succession, multi-heir property, undivided interest, stepped-up basis, capital gains, flood zones, vacant home insurance, judgment of possession, succession attorney, intestate, real estate heirsKEY TOPICSLegal difference between succession in Louisiana and probate in other statesSimple succession vs. judicial succession — the $125,000 threshold and what it meansMulti-heir problems: undivided interest and unanimous consent requirements to sellHow liens attach to an heir's fractional share and can block or derail a saleFamily dynamics and the real-world cost of delayed or unresolved successionsTitle clouds and legal complications from improperly executed out-of-state deedsGetting inherited property ready to sell: as-is pricing vs. investing in updatesEstate sales as a practical tool for clearing belongings among multiple heirsVacant home insurance: vacancy clauses and the elevated cost of short-term policiesFlood zone complications when selling inherited property in LouisianaStep-up in cost basis: how heirs can minimize capital gains tax exposureLouisiana's lack of a state estate tax and why a CPA still matters at closingWhy a qualified succession attorney matters more than a non-attorney notaryCreating a "doomsday book" to ease estate administration for your familyHOSTSBen Harang, REALTOR® Clint C. Galliano, REALTOR®TITLESLouisiana Successions: Inheriting & Selling Property | RE: Real Estate Podcast What Happens When You Inherit Property in Louisiana? | RE: Real Estate Podcast Sell Inherited Property in Louisiana: The Succession Guide | RE: Real Estate PodcastSOUND BITES"Just because you inherit a piece of a property doesn't mean you can sell it." — Ben Harang "Every month you wait makes it more complicated." — Clint Galliano "If you don't have a will and you do die, you have a will. It's just that the state decides what is going to happen to your possessions." — Ben Harang  "It's not a do-it-yourself kind of thing — get some help and get it done right." — Ben HarangCHAPTERS00:00 — Introduction: Inheriting Property in Louisiana 02:13 — Succession vs. Probate: How Louisiana is Different 03:03 — Simple vs. Judicial Succession 06:01 — The Multi-Heir Problem and Undivided Interest 09:13 — Liens Attached to Inherited Property 10:36 — Family Dynamics and Delayed Successions 11:55 — Legal Complications: Title Issues and Chain of Successions 14:06 — Preparing the Property for Sale 16:41 — Vacant Home Insurance and Flood Zone Considerations 17:50 — Tax Implications: Stepped-Up Cost Basis 20:07 — Louisiana Has No State Estate Tax 21:15 — Recap and Homework for HeirsRESOURCESLouisiana Law Help – Heirship in Successions Overview — https://louisianalawhelp.org/resource/heirship-in-successionsYour Guide to a Louisiana Succession — https://louisianalawhelp.org/resource/your-guide-to-a-louisiana-successionLSBA – Find an Attorney in Louisiana — https://www.lsba.org/Public/FindLegalHelp/FindAttorney.aspxIRS Publication 551 – Basis of Assets (Stepped-Up Basis Guide) — https://www.irs.gov/publications/p551FEMA Flood Map Service Center – Check Your Property's Flood Zone — https://msc.fema.gov/portal/searchSHOW LINKSWebsite — https://rerealestatepodcast.comYouTube — https://www.youtube.com/@REREALESTATEPODCASTFacebook — https://www.facebook.com/rerealestatepodcastInstagram — https://www.instagram.com/rerealestatepodcast/TikTok — https://www.tiktok.com/@rerealestatepodcastHOSTSBen Harang REALTOR® | Keller Williams Realty Bayou Partners La. License #: 36589 Mobile: 985.859.2500 Office: 985.262.4400 [email protected] Clint C. Galliano REALTOR® | Keller Williams Realty Bayou Partners License #: 995704723 Mobile: 985.647.4479 SMS Hotline: (985) 200-5447 Office: 985.262.4400 [email protected] Produced by: Clint Galliano | Music by: Wiggins Studios Click here to view the episode transcript. Click here to watch a video of this episode.