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Using Qualified Personal Residence Trusts To Lower Your Taxes

by | 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...

Estate Planning: Affordable Care Act and expanded Medi-Cal

by | Last updated Feb 26, 2020 | Advance Health Care Directive, Affordable Care Act, Estate Planning, HIPAA, Trusts, Wills

Under the Affordable Care Act (“ACA”), low income persons under age 65 may enroll in the expanded Medi-Cal in order to meet the federal requirement that everyone have health care insurance. At age 65, Medicare covers doctor visits, hospital visits and some prescription drugs. Read...

Martin Ledwitz at the The Air & Waste Management Association’s 107th Annual Conference & Exhibition in Long Beach – June 24-27, 2014

by | Last updated Feb 22, 2023 | Environment, Long Beach, Martin Ledwitz, Press, Staff

From The  Air & Waste Management Association Website “Join the Air & Waste Management Association for our 107th Annual Conference & Exhibition on June 24-27, 2014 at the Long Beach Convention Center in Long Beach, California. This is the environmental industries’ premier education, networking, and solutions event where you will enhance your knowledge and network with fellow environmental professionals from around the world. The conference will feature a technical program boasting over 500 speakers, hundreds of exhibitors displaying the newest products and services, social tours and networking events, and professional development courses taught by leading instructors. The Air & Waste Management Association’s (A&WMA) Annual Conference & Exhibition returns once again to sunny Southern California, this time to the vibrant and digitally connected City of Long Beach. Long Beach is home to one of the world’s busiest seaports and is a center for transportation, industry, and progress. This, along with Long Beach’s convenient travel options, attractive climate, and endless entertainment, is sure to guarantee a spectacular conference experience for all!” Martin Ledwitz is a retired Lieutenant Colonel in the U.S. Air Force and Air Force Reserve. He has a B.S. in Engineering from NYU, an M.S. in Environmental Engineering from Washington State University, and diplomas in Management and International Relations from Air...

Eight Common Estate Planning Objectives Of Married Couples

by | Last updated Apr 17, 2019 | Estate Planning, HIPAA, Living Trusts, Probate, Trusts, Wills

As the previous posts demonstrate, estate planners still struggle with how to structure estate plans for married couples in order to accomplish both the tax and nontax objectives of such couples. Introducing the portability election into the arena has only made such choices even more varied. If you asked 10 different […] Read...

So You Have Been Named Executor of An Estate – What Does It Mean?

by | Last updated Feb 22, 2023 | Estate Administration, Estate Planning, Executor, Living Trusts, Staff, Succesor Trustee, Trusts, Wills

An executor is a person named by a Will in charge of wrapping up the decedent’s estate and making sure that the wishes of the decedent are followed. Often, people name close friends or relatives as executors of their estate, reflecting on that person’s trustworthiness, reliability, and managerial ability. People named as an executor frequently feel a sense of validation or honor at their designation, recognizing that it is a big deal to be left in charge of someone’s Will—but perhaps not recognizing the staggering amount of responsibilities and potential liability that accompany this distinction. An executor’s duties are imposed upon them by the probate code, and though the task of concluding an estate seems simple on the surface, it can be fraught with complications. The marquee duty of an executor is known as a “fiduciary duty,” meaning that the executor must act honestly, in good faith, and in the best interest of the beneficiaries of the estate. Any breach of these duties may expose an executor to personal liability if the beneficiaries choose to sue—something few executors expect. A typical estate, without any complications, can still take up to one year or more to conclude. During this time, an executor can expect to doing the following: Paying debts of the Estate Paying taxes due by the Estate Distributing assets to beneficiaries Creating and managing Estate accounts for handling expenses File the Will with the probate court, follow filing deadlines and instructions, notifying beneficiaries and named parties It is important to distinguish the role of an executor from that of a trustee. A trustee is a different type of...

Estate Planning News – Undue Influence Update -May 5th, 2014

by | Last updated Feb 22, 2023 | Undue Influence, Weekly Update

[wp_lightbox_prettyPhoto_video link=”https://vimeo.com/57999385″ description=”Undue Influence” source=”https://smartestateplans.com/wp-content/uploads/2014/05/ui.png” title=”Undue Influence”] In this week’s edition of Estate Planning News, we’re highlighting legislative changes affecting an important elder law offense: Undue Influence. As the selected pieces linked below point out, the key features of this law change is broadening the class of people who are able to commit the offense and the time frame when it can occur. Under previous iterations of the statute, undue influence was limited to testamentary actions (such as gifts in a will or trust), and required a specialized relationship between the elder and the abuser. The new version of the law accounts for actions that steer seniors toward parting with their property during their lifetimes, even without a confidential relationship being present. Read the articles to learn more!   Bill Text – Assembly Bill No. 140 CHAPTER 668 Existing law provides that financial abuse of an elder or dependent adult occurs when, among other instances, a person or entity takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining, real or personal property of an elder or dependent adult by undue influence, as defined. Read More at http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201320140AB140 Estate Planning: Financial elder abuse and undue influence DENNIS FORDHAM On Jan. 1, 2014, California amended its statutory definition of “undue influence” in section 15610.70 of the Welfare and Institutions Code. This new definition of “undue influence” applies both to “financial elder abuse” that affects the victim while alive and also to undue influence that affect the victim’s “testamentary dispositions” after death. Read More at...