by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Jul 15, 2022 | Advanced Estate Planning, Estate Administration, Estate Planning, Executor, Samuel B. Ledwitz
“Oh you are an Attorney, I have a question or two for you…?” July 4th BBQ’s and other social events are always a fun time to gather and talk to people you haven’t seen for awhile. Some people talk about their kids, jobs, and vacations. And then there are the others. These people find out what you do for a living and then ask you law school finals questions.
by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Jun 23, 2022 | Advanced Estate Planning, Estate Planning, I.R.S., Taxes
Let’s face it: Most of the general public is not what would be considered rich. But have you ever wondered how you would manage your money and your estate if you were a gazillionaire? Longtime estate planning attorney Samuel B. Ledwitz has. And he has some good financial tips in case the net worth of your estate grows quickly and excessively.
by Bezaire, Ledwitz & Associates, APC | Last updated Apr 18, 2022 | Estate Administration, Estate Planning, Palos Verdes, Probate, Samuel B. Ledwitz, South Bay
New Palos Verdes Office We are happy to announce the opening of our new Palos Verdes office. Located in the Palos Verdes Twin Towers at: 609 Deep Valley Dr, Suite 200 Rolling Hills Estates, CA 90274 (310) 316-2400 Map and Directions We are conveniently located throughout the Los Angeles area with offices in Torrance, Los Angeles, Long Beach, Pasadena, Palos Verdes and Costa Mesa. Please visit the individual location pages for information on parking, directions and more about each of our offices. We have planned an continued expansion to meet increased demand and provide additional convenience to our existing and new clients. As the new offices open, we will let our clients in those areas know if a closer office is available to them. If you have any question, please do not hesitate to contact any of our locations during business hours, 8am–5pm Monday through Friday. 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 Our firm helps Trustees and Executors comply with the many duties associated with the administration of an Estate. Probate Probate is the legal proceeding supervised by the Superior Court used to transfer title to assets when a person is deceased. Estate Litigation When the need arises to challenge, defend, or enforce a Will or Trust, our Lawyers will represent you in all legal proceedings. Advanced Estate Planning Families with substantial estates require additional strategies beyond a typical Estate Plan to reduce and offset Estate Tax liabilities. Conservatorship When a person becomes incapable of managing their... 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 Bezaire, Ledwitz & Associates, APC | Last updated Feb 16, 2022 | Advanced Estate Planning, Estate Planning, Litigation, Living Trusts, Probate, Samuel B. Ledwitz, Trusts
1. A living trust brings all of your assets together under one single estate plan with ONE set of instructions. This arrangement makes your wishes easier to carry out. Trusts are designed to facilitate the distribution of your estate in that it will be simplified, unambiguous, and clear-cut. Provisions made to ensure the correct titling of your assets/beneficiary designations from your retirement savings plans and life insurance policies are given the highest priority. This preemptive action guards against legal contests and family squabbles that can easily erupt due to poor estate planning. 2. A clearly written and legally correct living trust is a private matter which is not obligated to be a part of the public record, plus they are not easily prone to litigation (as wills frequently are). Probate is a court supervised set of procedures that are mandated by law to be carried out in public. Disappointed or disinherited heirs are free to retain counsel to contest the validity of your will, and to call into question your state of mind when you signed/executed it. In addition, opportunists with varying motivations and self-interests can gain easy access to your family’s personal and financial information. This results in unnecessary expenses, animosity, and delays in settling your estate. Having a trust in place bypasses this very real possibility entirely. 3. A trust can help you avoid court interference should you become incapacitated. Any reasonable person would much rather have their long-term care and assets managed privately by those they know and trust. Without having appointed a trustee/attorney beforehand, the probate court must become involved and appoint a... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 9, 2022 | Advance Health Care Directive, Advanced Estate Planning, Children's Trusts, Estate Planning, Executor, Guardianship, Living Trusts, Pasadena, Succesor Trustee, Trusts, Wills
WHY “DO IT YOURSELF/FILL IN THE BLANK” WILLS & TRUSTS OFTEN RESULT IN DISASTER Retaining the services and expertise of an attorney who can assist you in preparing a smart estate plan requires a serious investment of time and money. The benefits (however) far outweigh whatever the upfront costs may be. Having the assurance and peace of mind that you and your family will be legally and financially protected in taking on the challenges of the future is inestimable. However, these guarantees vanish immediately when one chooses to forgo retaining experienced legal advice and opting for the “do-it-yourself” approach to estate planning. Many unpleasant scenarios and real potential dangers await those who want to save a few dollars in the short-term; and whose loved ones will probably end up having to pay tens of thousands of dollars correcting their mistakes. Everyone is unique. No two families are the same. The slick advertising that online legal services utilize (especially with using formercelebrity attorneys to pitch their offerings) cannot deny this simple fact: virtual legal document preparers that promise cheap, fill in the blank options for estate planning will never replace the professional, confidential relationship between a lawyer and his/her client. When circumstances require urgent technical advice and counsel, these do-it-yourself websites are of no use to a distraught client. Their staff is prohibited from rendering any kind of practical legal guidance to consumers. If you are making a terrible mistake in your estate planning, they can’t prevent you from doing so (the unauthorized practice of law is a criminal offense in all 50 states). In addition, these online services... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 9, 2022 | Advanced Estate Planning, Estate Administration, Estate Planning, Living Trusts, Probate, Trusts, Wills
SOME COMMON MISUNDERSTANDINGS REGARDING LIVING TRUSTS: 1. “They cost too much.” A properly written and legally enforceable living trust typically has a higher initial price tag than what a will does. But, when you take into consideration the privacy, legally enforceable provisions that will protect your assets, and expeditiousness with regard to taking decisive action to safeguarding your interests, a living trust is a very worthwhile investment. In addition, living trusts address such contingencies as making arrangements to care for your (or your spouse) should you become incapacitated, the rights and duties of the acting trustee with protecting your real and personal property (if you’re unable to), and in carrying out your detailed instructions for the dispersal of your estate to your loved ones upon your death. Once more, living trusts are invaluable in that they can enable you to avoid both conservatorship court proceedings and probate altogether. 2. “I’ll lose control of my assets!” With you and/or your spouse acting as trustees of your own living trust, you have the unquestioned authority to do anything with your assets as you see fit. You can make purchases, open/close banks accounts, take extended vacations, appoint/remove designated trustees, and you can even dissolve your living trust at any time (as long as you can make your own decisions). Plus, you alone control who (and at what time) will inherit from your estate. 3. “Trusts are just for the ‘well-to-do.” On the contrary, a living trust can provide protections for a wide range of estates. Wealthy clients are able to avoid having to pay excessive income/estate taxes. Families of modest means can...