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
Our Locations
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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Keeping Track of Trust Assets
When someone passes away, one of the first things a Trustee need to do is to find out what assets are in the trust, which need to be put into the trust, and which have direct beneficiary designations. Most estate plans have an inventory sheet where all the trust assets are listed, but most people ignore it, or the inventory in it gets outdated over time.
The best place to start is by collecting the deceased person’s mail.
How the ERC can help keep businesses on track financially
It’s no secret that the past few years have been rough for most business owners. But just because the pandemic is just about in the rear-view mirror, that doesn’t mean financial help for businesses is no longer available.
Longtime estate planning attorney Samuel B. Ledwitz, who also works with dozens of small business owners, said the employee retention credit — or ERC — can still help businesses get back — or stay — on fiscal track.
Common Estate Planning Mistakes
There are two common estate planning technique mistakes that we see in our office all the time.
They are Payable on Death (POD) and Joint Tenancy with Right of Survivorship (JTWROS).
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