Elvis Presley’s daughter, Lisa Marie Presley, died too soon at the age of 54 in January. We often believe that the wealthiest of families will benefit from the very best possible legal, tax and estate planning advice. Part of the Presley legacy, so far, appears to be the failure to carefully create good, effective estate plans.
The “right people” would be the person whom Elvis and Lisa Marie truly wanted to benefit. The reference to the “right people” also means ensuring that your desired beneficiaries or heirs actually receive the inheritance. This is important for us all, but particularly important for blended families.
The reference to the “right time” would be giving control over the assets to those loved ones at a time when the heirs or beneficiaries are financially mature enough to benefit from them for an entire lifetime and beyond, instead of simply spending the money on cars or temporary improvements to their lifestyle.
Finally, keeping the “wrong people out” means minimizing tax and administrative costs, protecting assets through the heir’s lifetime from lawsuits, divorce, creditors or other claims and from a second level of estate tax upon their death. A good estate plan provides protection from in-laws, outlaws, financial predators and the taxman.
Practice Areas
Estate Planning
Estate planning is the process of establishing a Trust, Will, Durable Power of Attorney, and other related documents during your lifetime.
Estate Administration
Probate
Probate is the legal proceeding supervised by the Superior Court used to transfer title to assets when a person is deceased.
Estate Litigation
Advanced Estate Planning
Families with substantial estates require additional strategies beyond a typical Estate Plan to reduce and offset Estate Tax liabilities.
Conservatorship
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The quickest way to get assistance is to contact us directly at 310-316-2400 or by emailing us at info@ledwitzlaw.com.
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Digital Assets and Estate Planning
When estate planning for digital assets, it’s important to consider the following: Identify what digital assets you have: This includes social media accounts, email accounts, online banking and investment accounts, and any other digital assets that may have financial or sentimental value.
Determine who will have access to the assets:
Can a Single Person create a Revocable Living Trust?
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WHAT IS “ASSISTED” LIVING?
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