by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Estate Planning, Same Sex Estate Planning
As we have discussed in previous posts, the impact of the United States v. Windsor case has been broad. This landmark ruling invalidated provisions of the Defense of Marriage Act, paving the way for recognition of same-sex marriages when it comes to federal tax purposes. Earlier this month, the IRS issued Notice 2014-19, expanding the reach of Windsor to federally qualified retirement plans. Prior to this ruling, there was little clarity regarding the IRS’s position on whether same-sex spouses were considered “spouses” in the eyes of a qualified plan—especially in states that do not currently recognize same-sex marriages. Notice 2014-19 dispels any confusion: flatly stating that as far as the IRS is concerned, same-sex spouses are covered by the benefits afforded heterosexual spouses by these retirement plans. Plans that do not currently cover same-sex married spouses will need to be amended to reflect the new, federal guidelines enacted by this notice. Benefits that are now extended to same-sex spouses include survivor annuities, payment of benefits after the death of a spouse, and some employee stock ownership privileges. The Notice also refreshes the reader’s memory about how a same-sex marriage can be recognized by the federal government, stating that the IRS: “adopts a general rule recognizing a marriage of same-sex individuals that was validly entered into in a state whose laws authorize the marriage of two individuals of the same sex even if the married couple is domiciled in a state that does not recognize the validity of same-sex marriages.” This is a comparison of the two ways same-sex marriages are either recognized or disregarded, the “state of celebration” approach... by Bezaire, Ledwitz & Associates, APC | Last updated Jan 29, 2023 | Advance Health Care Directive, Estate Planning, Uncategorized
Today is a day that, until recently, I wasn’t aware had any independent significance other than being April 16. However, April 16 is – and has been for the past seven years – National Healthcare Decisions Day. You can see the website dedicated to this purpose here: www.nhdd.org Planning with an … Read... by Bezaire, Ledwitz & Associates, APC | Last updated Mar 5, 2019 | Advance Health Care Directive, Estate Administration, Estate Planning, HIPAA, Living Trusts, Newsletter, Probate, Succesor Trustee, Taxes, Trusts, Weekly Update, Wills
In this week’s inaugural edition of Estate Planning News, our firm has selected some helpful articles from around the web that cover problems commonly encountered by clients during the Estate Planning process: so our readers won’t make them! In an article from CNBC, authors highlight mistakes Estate Planning clients frequently make. The problems discussed occur all too often, as clients consistently regard Estate Planning as a “one-time” action rather than the lifelong process it ought to be. This is great reading for people who have not reviewed their estate plan recently. Along similar lines, Professor Gerry Beyer of Wills, Trusts & Estates Prof Blog identifies the “Ostrich Syndrome” associated with Estate Planning, where clients do not want to begin the process because it is difficult to confront the questions associated with drafting a comprehensive plan. We wholeheartedly agree with him that this creates more problems than it solves. The article about an Estate Planning checklist is a good place for people overcoming the aforementioned “Ostrich Syndrome” to start when they realize they need a plan. It can be overwhelming to consider all of the steps that need to be taken when planning for the future, and having an easy-to-understand list of potential considerations is a big help. Finally, we conclude this week’s Estate Planning News with an interesting piece about digital assets and estate planning. In an age increasingly dependent on intangible assets and cloud technology, considering things like email accounts, subscriptions, and other digital property are often an afterthought when it comes to Estate Planning. Avoid the top 5 estate-planning blunders – CNBC.com CNBC.com Avoid the top 5 estate-planning blunders... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Estate Administration, Estate Planning, Living Trusts, Press, Probate, Trusts, Wills
Our firm frequently comes into contact with prospective clients who want to know why they should pay attorneys’ fees for an Estate Plan when they can produce “the same product,” for a fraction of the cost, by filling out a form online. Unfortunately, the pitfalls of being a DIY Estate Plan owner are common, as evidenced by a story in this month’s ABA Journal. In the article, Ann Aldrich used an “E-Z Form” to create a will which left all of her property to her sister, and then to her brother if her sister had already passed away. It seems simple enough, doesn’t it? The client had simple wishes—why should she pay an attorney to memorialize something that only amounts to two lines of text? The answer is that even if the wishes are simple, drafting a document to ensure those wishes are followed can be complex. Ms. Aldrich didn’t know that a will should include a residuary clause, which directs how assets not specifically named in the will should be handled. Because the E-Z Form that Ms. Aldrich used did not contain this clause, a considerable amount of property was subject to disposition by the provisions of the law: not Ms. Aldrich’s wishes. When property isn’t mentioned in a will, it is disposed of according to the legal rules of intestacy applicable to that state, treating it as if Ms. Aldrich didn’t have a will at all when it comes to that property. The end result of this oversight was that the daughters of one of Ms. Aldrich’s brothers (who was long dead by the time of her... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Arcadia, Estate Planning, Pasadena, Press
City of Arcadia Law Day is coming up soon. The City of Arcadia and the Arcadia Chinese Association will co-sponsor this free Ask-a-Lawyer Program at the Arcadia Public Library on Saturday, May 10, 2014 from 10 a.m. to 1 p.m. Volunteer attorneys, along with other members of the bar and judiciary, will be available to provide free brief one-on-one consultations on general legal questions to the public. They will provide a summary of legal rights and general advice on a “walk-up” basis and, where appropriate, will refer individuals to the proper legal or governmental organizations. Please come and meet representatives of our... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Estate Administration, Estate Planning, Video
[wp_lightbox_prettyPhoto_video link=”http://youtu.be/uteQxYMT5Ow” description=”Shirley Reid, Client Testimonial” source=”https://smartestateplans.com/wp-content/uploads/2014/04/samshir.png” title=”Shirley Reid, Client...