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 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... by Bezaire, Ledwitz & Associates, APC | 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... by Bezaire, Ledwitz & Associates, APC | 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...