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
by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Advanced Estate Planning, QPRT, Qualified Personal Residence Trusts, Taxes, Trusts
Clintons seek to avoid a tax they once supported Bill and Hillary are reportedly using tax advantaged strategies used by multimillionaires. Read More at fortune.com Qualified Personal Residence Trusts – Bezaire, Ledwitz & Associates, APC Qualified Personal Residence Trusts, or QPRTs (pronounced “cue-pert”), are Advanced Estate Planning instruments that help clients transfer their principal residence at a lower Estate/Gift Tax value. Clients benefit from a QPRT’s by transferring their principal residence into an Irrevocable Trust (meaning that the trust cannot be amended, modified, or revoked once it has been created and funded), and retaining a right to live in that residence for a period of years. The named beneficiaries of the trust will receive the residence from the trust when the term ends, should the Grantor survive until that time. Read More at Bezaire, Ledwitz & Associates, APC Video – Qualified Personal Residence Trusts, Bezaire, Ledwitz & Associates, APC [wp_lightbox_ultimate_youtube_video_embed videoid=”16BkGj4A2ls” playlist=”” width=”853″ height=”480″ hd=”1″ autoplay=”1″ display_control=”1″ fullscreen=”1″ autohide=”2″ theme=”dark” show_suggested_video=”0″ use_https=”” enable_privacy=”” show_logo=”1″ showinfo=”1″ auto_popup=”” direct_embed=”” anchor_type=”image” text=”” source=”https://smartestateplans.com/wp-content/uploads/2014/02/qprt.png”] Qualified Personal Residence Trust Viewpoints on Financial Planning A qualified personal residence trust is ideal for anyone who has a substantial estate and is expected to face future transfer taxes. One of the best tools to manage future transfer tax liability for wealthy families is a qualified personal residence trust (QPRT). Read More at http://www.bbt.com/bbtdotcom/wealth/retirement-and-planning/trusts-and-estates/qualified-personal-residence-trust.page The ABCs of QPRTs A popular estate planning technique in today’s growing real estate market is to transfer a residence to a qualified personal residence trust (QPRT) to reduce the size of the estate. This article provides a case study on the mechanics... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Advanced Estate Planning, Estate Planning
Estate Planning is the area of the law which deals with putting property to the best possible use for your benefit during your lifetime, and for the benefit of your “beneficiaries” after your death. If the estate has been well planned, your asses should be distributed according to your wishes at a minimum of time and expense. Poor planning may lead to lengthy probate, probate fees and taxes. Unfortunately, most people do not take the time to become aware of the difference between good estate planning and poor estate planning. Many people believe that if they have a valid will, their estate will not have to go through probate. This is simply not true. Wills, by their very nature must go through probate. The fastest and best way to avoid probate is the Revocable Living Trust the very cornerstone of our practice at Bezaire, Ledwitz, and Associates. The advantages of living trusts are significant. Under a will, an estate must be settled in probate court. Lawyer’s fees and court costs can be significant (see chart below). Additionally there may be exasperating delays, and the proceedings are a matter of public record. In sharp contrast, a living trust is settled without court proceedings. A successor trustee simply distributes assets according to the trust’s instructions, under the guidance of an accountant, notary public or lawyer to ensure titles are transferred properly. The process is cheaper, faster, and can save on estate taxes. Gross Estate Value Attorney and Executor Fees $100,000 $4,000 $200,000 $7,000 $300,000 $9,000 $400,000 $11,000 $500,000 $13,000 $600,000 $15,000 $700,000 $17,000 $800,000 $19,000 $900,000 $21,000 $1,000,000 $23,000 $1,500,000 $28,000...