by Bezaire, Ledwitz & Associates, APC | Last updated Apr 17, 2019 | Estate Planning, HIPAA, Living Trusts, Probate, Trusts, Wills
As the previous posts demonstrate, estate planners still struggle with how to structure estate plans for married couples in order to accomplish both the tax and nontax objectives of such couples. Introducing the portability election into the arena has only made such choices even more varied. If you asked 10 different […] Read... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Estate Administration, Estate Planning, Executor, Living Trusts, Staff, Succesor Trustee, Trusts, Wills
An executor is a person named by a Will in charge of wrapping up the decedent’s estate and making sure that the wishes of the decedent are followed. Often, people name close friends or relatives as executors of their estate, reflecting on that person’s trustworthiness, reliability, and managerial ability. People named as an executor frequently feel a sense of validation or honor at their designation, recognizing that it is a big deal to be left in charge of someone’s Will—but perhaps not recognizing the staggering amount of responsibilities and potential liability that accompany this distinction. An executor’s duties are imposed upon them by the probate code, and though the task of concluding an estate seems simple on the surface, it can be fraught with complications. The marquee duty of an executor is known as a “fiduciary duty,” meaning that the executor must act honestly, in good faith, and in the best interest of the beneficiaries of the estate. Any breach of these duties may expose an executor to personal liability if the beneficiaries choose to sue—something few executors expect. A typical estate, without any complications, can still take up to one year or more to conclude. During this time, an executor can expect to doing the following: Paying debts of the Estate Paying taxes due by the Estate Distributing assets to beneficiaries Creating and managing Estate accounts for handling expenses File the Will with the probate court, follow filing deadlines and instructions, notifying beneficiaries and named parties It is important to distinguish the role of an executor from that of a trustee. A trustee is a different type of... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Undue Influence, Weekly Update
[wp_lightbox_prettyPhoto_video link=”https://vimeo.com/57999385″ description=”Undue Influence” source=”https://smartestateplans.com/wp-content/uploads/2014/05/ui.png” title=”Undue Influence”] In this week’s edition of Estate Planning News, we’re highlighting legislative changes affecting an important elder law offense: Undue Influence. As the selected pieces linked below point out, the key features of this law change is broadening the class of people who are able to commit the offense and the time frame when it can occur. Under previous iterations of the statute, undue influence was limited to testamentary actions (such as gifts in a will or trust), and required a specialized relationship between the elder and the abuser. The new version of the law accounts for actions that steer seniors toward parting with their property during their lifetimes, even without a confidential relationship being present. Read the articles to learn more! Bill Text – Assembly Bill No. 140 CHAPTER 668 Existing law provides that financial abuse of an elder or dependent adult occurs when, among other instances, a person or entity takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining, real or personal property of an elder or dependent adult by undue influence, as defined. Read More at http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201320140AB140 Estate Planning: Financial elder abuse and undue influence DENNIS FORDHAM On Jan. 1, 2014, California amended its statutory definition of “undue influence” in section 15610.70 of the Welfare and Institutions Code. This new definition of “undue influence” applies both to “financial elder abuse” that affects the victim while alive and also to undue influence that affect the victim’s “testamentary dispositions” after death. Read More at... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Community, Environment, Gayle J. Carson, Press, Staff
Attorney Gayle Carson of the Law Firm of Bezaire, Ledwitz & Associates, APC sits as a Director on the Cabrillo Beach Yacht Club : San Pedro, CA. Gayle Carson, Top Row, Third from Right. CBYC provides sailing instruction for all community youth, regardless of ability to pay. Each year and throughout the year, CBYC provides over 50,000 hours of instruction to youth sailors. Sailing teaches team work, intelligence and resourcefulness. CBYC’s program starts with sailing instruction and leads to sailboat racing opportunities around the world. In 2011, CBYC Junior Sailors participated in regattas all around the United States and in Europe. Two other CBYC community initiatives are our annual Angel Tree, providing toys to families at the Harbor Interfaith Shelter, and providing support to our Community... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Community, Estate Planning, Press, Staff
2014 1Q AFA 147 Newsletter (Full Newsletter) “We would like to welcome as a new Community Partner, the law firm of Bezaire, Ledwitz & Associates, APC. Mr. Samuel B. Ledwitz, a partner, (and pictured at our Mixer) will represent the firm as the designated Air Force Association member. Located in the city of Torrance, the focus of firm’s law practice is on Wills, Trusts, and Probate Law.“... by Bezaire, Ledwitz & Associates, APC | Last updated Sep 24, 2020 | Estate Administration, Estate Planning, IRA, Resources, Succesor Trustee, Taxes, Trusts, Weekly Update
In this week’s Estate Planning News, our firm has highlighted the oft-overlooked area of Estate Planning and IRAs. We chose three articles that explain different IRA planning strategies, ideas, and perspectives on how IRAs can and should be used in an Estate Plan. Retirement accounts, in general, are governed by strict regulation and need to be handled carefully by well-informed parties. This digest should arm readers with information to adequately discuss their plans with a qualified professional. If You Are the Surviving Spouse of an IRA Owner – Fidelity.com If you are the spouse of an IRA owner who has named you as his or her beneficiary, it’s critical that you-and the owner of the IRA-understand the rules that govern IRA inheritances. Read More at https://www.fidelity.com/viewpoints/retirement/surviving-spouse-IRA Ed Slott and Company – IRA, Tax, Retirement Planning Articles, Insight Previously, same sex married couples did not have the spousal IRA benefits of opposite-sex married couples under the tax code. These benefits include the ability to make spousal IRA contributions, tax-free splitting of IRAs in a divorce, and spousal rollovers at death. However, the IRS recently issued guidance that gives same-sex married couples the spousal IRA benefits. Read More at http://www.theslottreport.com/2013/09/spousal-ira-rollovers-for-same-sex.html Understanding Who Should Be Beneficiary of Your IRA How To Turn A Modest Tax-Deferred Account Into Millions For Your Family How would you like to turn your modest tax-deferred account into millions for your family? Depending on whom you name as beneficiary, you can keep this money growing tax-deferred for not only your and your spouse’s lifetimes, but also for your children’s or grandchildren’s lifetimes. Read More at...