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
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 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... by Bezaire, Ledwitz & Associates, APC | Last updated Feb 22, 2023 | Advance Health Care Directive, Conservatorships, Estate Administration, Estate Planning, Executor, HIPAA, Trusts, Undue Influence, Wills
Beloved radio personality Casey Kasem passed away last Sunday, leaving behind a media legacy and some eye-opening lessons regarding end-of-life/estate planning. Read... by Bezaire, Ledwitz & Associates, APC | Last updated May 30, 2020 | Estate Administration, Estate Planning, Living Trusts, Trusts, Wills
a few minutes ago CHICAGO, Illinois – Every time you turn on the news, it seems like there is a new scam making headlines. By now, we’re all familiar with Bernie Madoff and his infamous Ponzi scheme. Many people have also heard about the “grandparent scam.” Read...