by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Aug 29, 2023 | Estate Planning, Living Trusts, Trusts, Wills
When estate planning for digital assets, it’s important to consider the following: Identify what digital assets you have: This includes social media accounts, email accounts, online banking and investment accounts, and any other digital assets that may have financial or sentimental value.
Determine who will have access to the assets:
by Bezaire, Ledwitz & Associates, APC | Last updated Aug 29, 2023 | Trusts
Yes. A single person can create a Revocable Living Trust. The more important question is “Should a Single Person create a Revocable Living Trust?” The answer to that is also a resounding, YES! In fact, it is much more important for a single person to have a Revocable Living Trust, than it is for a married couple. This is because sigles need to name someone to handle their affairs in the event that something happens to them. Married people might have some more flexibility depending on how property is owned, or assets are held. But the bottom line is that EVERYONE need to have a trust. A single person would name in his or her trust the person or people who will handle the estate not only in the event of incapacity, but also upon death of the single person. It’s extremely important to note that a trust also contains items such as health care directives, and other documents, which clearly state how you want medical decisions to be made and who is the person you want making them. This aspect of a trust often overlooked, because most people’s primary focus is on protecting assets so that they can be passed on, and not what would happen if they were suddenly unable to make medical decisions for themselves. If a trust is not in place, then someone must apply to the court for Conservatorship. These are some of the typical issues associated with Conservatorships: A conservatorship is expensive and time consuming and requires at least biannual accountings. You may end up with a conservator you would not have chosen. You may require a team... by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Aug 29, 2023 | Advanced Estate Planning, Assisted Living, Conservatorships, Elder Care, Estate Planning, HIPAA, Living Trusts, Resources, Trusts
As we, our parents and relatives age, their ability to live independently eventually becomes unsafe, unrealistic—or both. One option in having them avoid the very real possibilities of household accidents and injuries can be found in convincing our elder loved ones to reside in assisted living facilities. Not to be confused with convalescent homes, assisted living accommodations are less expensive and offer options that can enable seniors to enjoy a large degree of autonomy. They range from single residences to multi-level apartment complexes. Visually, they are more appealing than nursing homes (without their depressing atmosphere). In addition, they provide a more traditional residential ambiance in that they have reading areas, kitchenettes and private sleeping quarters. What also distinguishes them from a convalescent setting is that they reinforce “activities of daily living” or ADL’s (morning routines, bathing, preparing meals, and getting dressed). This is provided by staffing case managers who instruct and recommend more efficient ways to help them continue to live independent lives. In many ways, it is the best of both worlds. Seniors are able to have onsite care/support as needed, while being able to enjoy their golden years in a safe, independent environment. Tenants are encouraged to participate in group activities (such as shuttle service to attend concerts, movies, and casinos). In addition, many are allowed to have small pets live with them. As they age, seniors can transition to an elder care facility once it becomes evident that intensive medical care and attention are needed. According to Arizona Assisted Living Cost, assisted living facilities are regulated at the state level. In general, these facilities are required... by Bezaire, Ledwitz & Associates, APC | Last updated Aug 29, 2023 | Advance Health Care Directive, Advanced Estate Planning, Estate Planning, HIPAA, I.R.S., Trusts, Wills
There is a great deal of confusion and mythology regarding estate planning. It’s a subject that healthy, busy people really don’t want to think about. Understandably, the thought of suddenly becoming unable to function (due to disease or a catastrophic illness) and needing to depend upon someone else, along with having to come to grips with the inevitability of death, can really be distressing. However, by taking methodical, concerted action by creating a well-advised estate plan, one can at least confront these unpleasant realities in a rational way. The following are some examples of erroneous information some people have regarding estate planning: 1. “I don’t have a will and I don’t really own a lot of property, so what’s the problem if I die without one?” You DO have a problem. Without having a witnessed will that is also valid within your state, if you die as a single custodial parent, your surviving minor children run the chance of being taken care of by blood relatives of the probate court’s choosing—not yours. In addition, any remaining financial assets in your name will be evenly distributed to your immediate family members. Without a clear-cut estate plan, your surviving spouse may not have enough of your money to supplement his/her retirement income. 2. “If I become incapacitated, my executor will take care of everything.” WRONG . Your executor is someone you have designated in your will to carry out your wishes after you pass away. If you’re still alive, and find yourself in failing health, your executor can’t help you. With a smart estate plan, you can... by Bezaire, Ledwitz & Associates, APC | Last updated Aug 29, 2023 | 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 Aug 29, 2023 | Probate
The gross value of the estate is the fair market value of the estate before the debts are paid. For example, a $200,00 home is left to a child by a parent in a will. As the estate goes through the probate process, there will be fees of approximately $8,000 in Statutory and Attorney Fees. These fees are due, even if there’s a mortgage against the home for $180,000, because the fee is based on the full fair market value of the estate before paying off any debts. In addition to court mandated fees, there are other expenses necessary to prepare everything for probate. These may include, but are not limited to: Bondsman fees Asset appraisal fees Court filing fees Publication fees Extraordinary fees The best and safest way to avoid probate is through estate planning and using a Revocable Living... by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Aug 10, 2023 | Advanced Estate Planning, Estate Administration, Estate Planning, Probate, Trusts
When someone passes away, one of the first things a Trustee need to do is to find out what assets are in the trust, which need to be put into the trust, and which have direct beneficiary designations. Most estate plans have an inventory sheet where all the trust assets are listed, but most people ignore it, or the inventory in it gets outdated over time.
The best place to start is by collecting the deceased person’s mail.
by Bezaire, Ledwitz & Associates, APC | Last updated May 18, 2023 | Estate Planning
Elvis’ estate planning failures certainly adversely affected the life of his daughter, Lisa Marie, and have carried over into issues with her estate.
by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Apr 20, 2023 | Estate Planning
It’s no secret that the past few years have been rough for most business owners. But just because the pandemic is just about in the rear-view mirror, that doesn’t mean financial help for businesses is no longer available.
Longtime estate planning attorney Samuel B. Ledwitz, who also works with dozens of small business owners, said the employee retention credit — or ERC — can still help businesses get back — or stay — on fiscal track.
by SAMUEL B. LEDWITZ, J.D., LL.M. | Last updated Feb 22, 2023 | Estate Planning, Probate, Taxes, Trusts, Wills
There are two common estate planning technique mistakes that we see in our office all the time.
They are Payable on Death (POD) and Joint Tenancy with Right of Survivorship (JTWROS).
