by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Feb 22, 2023 | Advanced Estate Planning, Estate Planning, I.R.S., Taxes
Let’s face it: Most of the general public is not what would be considered rich. But have you ever wondered how you would manage your money and your estate if you were a gazillionaire? Longtime estate planning attorney Samuel B. Ledwitz has. And he has some good financial tips in case the net worth of your estate grows quickly and excessively.
by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Mar 4, 2022 | Advanced Estate Planning, Estate Administration, Estate Planning, I.R.S., Probate, Taxes
In December 2021, the estate of the musician known as Prince, The Internal Revenue Service (IRS) and the Minnesota Department of Revenue (MDR), settled the valuation of Prince’s estate. Prince’s music rights were the main point of contention –what is the day of death value of all of his songs and music rights?
by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Jan 13, 2022 | Advanced Estate Planning, Estate Planning, Living Trusts, Lottery, Probate, Taxes, Trusts, Wills
So you won the lottery? Now what? First Things First Time Limit to collect the money, Don’t rush. Bearer instrument. Sign the back Make copies of the ticket—do not run around town with the actual ticket Do not tell everybody. Keeping it private is one of your biggest assets. How much did you win.
by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Advanced Estate Planning, Estate Planning, Litigation, Living Trusts, Probate, Samuel B. Ledwitz, Trusts
1. A living trust brings all of your assets together under one single estate plan with ONE set of instructions. This arrangement makes your wishes easier to carry out. Trusts are designed to facilitate the distribution of your estate in that it will be simplified, unambiguous, and clear-cut. Provisions made to ensure the correct titling of your assets/beneficiary designations from your retirement savings plans and life insurance policies are given the highest priority. This preemptive action guards against legal contests and family squabbles that can easily erupt due to poor estate planning. 2. A clearly written and legally correct living trust is a private matter which is not obligated to be a part of the public record, plus they are not easily prone to litigation (as wills frequently are). Probate is a court supervised set of procedures that are mandated by law to be carried out in public. Disappointed or disinherited heirs are free to retain counsel to contest the validity of your will, and to call into question your state of mind when you signed/executed it. In addition, opportunists with varying motivations and self-interests can gain easy access to your family’s personal and financial information. This results in unnecessary expenses, animosity, and delays in settling your estate. Having a trust in place bypasses this very real possibility entirely. 3. A trust can help you avoid court interference should you become incapacitated. Any reasonable person would much rather have their long-term care and assets managed privately by those they know and trust. Without having appointed a trustee/attorney beforehand, the probate court must become involved and appoint a... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Advanced Estate Planning, Estate Administration, Estate Planning, Living Trusts, Probate, Trusts, Wills
SOME COMMON MISUNDERSTANDINGS REGARDING LIVING TRUSTS: 1. “They cost too much.” A properly written and legally enforceable living trust typically has a higher initial price tag than what a will does. But, when you take into consideration the privacy, legally enforceable provisions that will protect your assets, and expeditiousness with regard to taking decisive action to safeguarding your interests, a living trust is a very worthwhile investment. In addition, living trusts address such contingencies as making arrangements to care for your (or your spouse) should you become incapacitated, the rights and duties of the acting trustee with protecting your real and personal property (if you’re unable to), and in carrying out your detailed instructions for the dispersal of your estate to your loved ones upon your death. Once more, living trusts are invaluable in that they can enable you to avoid both conservatorship court proceedings and probate altogether. 2. “I’ll lose control of my assets!” With you and/or your spouse acting as trustees of your own living trust, you have the unquestioned authority to do anything with your assets as you see fit. You can make purchases, open/close banks accounts, take extended vacations, appoint/remove designated trustees, and you can even dissolve your living trust at any time (as long as you can make your own decisions). Plus, you alone control who (and at what time) will inherit from your estate. 3. “Trusts are just for the ‘well-to-do.” On the contrary, a living trust can provide protections for a wide range of estates. Wealthy clients are able to avoid having to pay excessive income/estate taxes. Families of modest means can... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Advanced Estate Planning, Estate Planning, Litigation, Probate, Staff, Taxes, Trusts
Samuel B. Ledwitz Joins the The National Advocates Top 100 Lawyers Link to Samuel’s Profile at The National Advocates The National Advocates: Top 100 Lawyers is an invitation-only national organization composed of America’s Premier Lawyers. Membership is extended solely to a select few of the most qualified attorneys from each state who exemplify superior qualifications of leadership, reputation, influence, stature and profile as lawyers practicing in designated aspects of the law. Members of The National Advocates are carefully screened prior to receiving an invitation for membership. The criteria used in the evaluation process include, but are not limited to, the following: Reputation among peers, the judiciary, and the public The previous year’s achievements in the practice area of specialty Board Certifications in area of specialty Nominations received from leading lawyers, current members and/or our executive committee members Leadership and membership within other national and state lawyer or specialty organizations Rankings and ratings of the attorney by established associations or organizations The National Advocates’ mission is to promote excellence in the legal profession through advocacy training, marketing, networking and education of lawyers....