People that serve in the military make huge sacrifices for our country, but they do have access to some benefits that are very useful. Most people are aware of the fact that there is a veterans retirement pension that is earned after at least 20 years of service.This provides some great opportunities for veterans. The amount of the pension goes up depending on the length of service time. An individual could choose to spend their entire career in the military and earn a maximum pension as a … [Read more...] about Do You Qualify for the Veterans Special Pension?
There is no single universal approach to estate planning that is right for everyone. Since there are so many different strategies that can be implemented, you should really discuss your unique personal situation with a licensed estate planning lawyer.If you make the right choices from the outset, you can go forward with the knowledge that you are going to provide for all of your family members in the optimal manner. With this in mind, we will look at one of the major benefits that you would … [Read more...] about Keep Inheritances Safe With a Living Trust
We are in an election year, and the two major parties see things differently when it comes to taxation. There’s been a lot of talk about taxing the very wealthy, and one way to do this would be to alter the parameters of the federal estate tax. Let’s look at the details.Estate Tax ExclusionThe key factor is the federal estate tax exclusion. This is the amount that can be transferred before the estate tax kicks in. When a new tax package was passed for the 2018 calendar year, the estate tax … [Read more...] about Election Could Bring Estate Tax Changes
When you are looking ahead toward your retirement years, you probably have some big plans on the agenda. You can travel to those places that you have always wanted to visit, enjoy your favorite leisure activities, and spend quality time with your family and friends.If you have taken the right steps along the way to prepare yourself financially, this part of your life can be very enjoyable. At the same time, from a planning perspective, it is wise to consider the eventualities that you may … [Read more...] about Will You Need Long-Term Care?
As estate planning attorneys, we are often asked about how individual retirement accounts can be used for estate planning purposes. There has been some important recent news about the rules surrounding these accounts, and we will share it here. But first, we will provide some necessary background information.Traditional Individual Retirement AccountsWith a traditional IRA, the deposits that are made into the account are pre-tax contributions. In the near term, this is a tax benefit, because … [Read more...] about CARES Act Impacts IRA RMDs
Planning your estate can seem like an exercise in stating your wishes in writing through the utilization of a will or a trust. You simply determine what you have to pass along, and you decide on the way that your resources will be distributed to your loved ones.This is certainly the basic idea, but there are some nuances to take into consideration. One of them is the potential for an estate challenge, we will look at some of the details in this post.Last Will ContestsWhen will is used as … [Read more...] about Anticipate Possible Estate Challenges
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. The disruptions from the social distancing required to fight the virus have been felt by people around the world. As we mark passing holidays, we reflect on the importance of family. Learn how to share time with family during this pandemic and tackle tasks such as Estate Planning.Families Gather in Novel Ways in Pandemic … [Read more...] about Families Gather in Novel Ways in Pandemic
The Academy’s Spring Summit conference went “virtual” due to the social distancing requirements to protect all of us. The Summit was different but better than ever. Read on to learn how cutting-edge technology met cutting-edge learning at the Academy’s Virtual Summit.Academy’s Spring Summit Virtually Perfect … [Read more...] about Academy’s Spring Summit Virtually Perfect
Prominent Los Angeles estate planning and elder law attorney, Scott P. Schomer, participated in the first ever virtual rendition of one of the nation’s premier estate planning legal conferences from April 22-26, 2020. The American Academy of Estate Planning Attorneys virtually hosted their 27th annual Spring Summit, which included attorneys from qualified estate planning law firms from around the country.In light of the global outbreak of COVID-19, the American Academy of Estate … [Read more...] about Schomer Law Group Attends Exclusive Virtual Legal Conference
One of the most versatile and effective estate planning tools is the revocable living trust. If you have never considered the benefits, you are probably going to be pleasantly surprised. A living trust can be a much more comprehensive solution than a last will, even if you are not extraordinarily wealthy.Spendthrift ProtectionsIf you are going to be leaving an inheritance to a loved one that is not good at managing money, you will probably take pause. What would happen if they burn through … [Read more...] about A Living Trust Is More Effective Than a Last Will