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 17, 2022 | Children's Trusts, Court, Divorce, Estate Planning, Guardianship, Litigation, Living Trusts, Mortgage, Trusts
On the wedding day nobody expects to get divorced ever. We often think we will ride off into the sunset and live happily ever after. However, the sun rises the next day and problems occur. A day of problems turns into weeks of problems and then into years of problems. Your friends tell you there is a light at the end of the tunnel, and they are right; however, it is the headlight from an oncoming freight train called divorce.
by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Jan 16, 2022 | Advance Health Care Directive, CMIA, Estate Planning, HIPAA, Wills
We are all worried about our children and especially what would happen to them if they got a severe case of Covid-19 and needed parental help while away at college.
When your child turned age 18, they became an adult in the eyes of the government. And, although you may think they are still a kid, they have many rights that come with adulthood.
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 SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Feb 9, 2022 | Estate Planning, Mortgage, Reverse Mortgage, Taxes
On the surface, a reverse mortgage seems like an excellent way to supplement your retirement income. By using your house as collateral, a bank will pay you (instead of you paying them) its equity (value) back to you in monthly installments. By taking into account their hidden fees and with the eventual loss of title of ownership, the following paragraphs will argue that this type or mortgage may not be such a great idea after all. The reverse mortgage originated in 1989. In that year, the Federal Housing Administration, under the direction of the U.S. Department of Housing and Urban Development, started a program called Home Equity Conversion Mortgages. As Mortgages in Canada are available to property owners over the age of 62, their relative ease in being obtained and popularity through clever advertising, made them grow at an exponential rate. Some Expert Witnesses claim that these home loans covered even the post-construction procedures, such as surveys and inspections. Under their terms, the home being mortgaged must be your primary residence. The amount of money that can be paid to you is based upon the equity of your house. If you have other mortgages in force (with using your home as collateral), the remainder of your equity will be the basis upon which the funds will be derived. Payments made you can be in one lump sum, in installments for the rest of your life, or as a credit line. Another plus is that this source of income is not subject of income tax. The duty to repay the loan is deferred until either: your die (as being the... by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Feb 22, 2023 | Advanced Estate Planning, Estate Planning, Gifting, Gun Trusts, Living Trusts, Medical Marijuana, Trusts, Wills
FIREARM TRANSFERS AND MEDICAL/CASUAL MARIJUANA USE: SOME IMPORTANT THINGS TO CONSIDER