There was a time when estate planning lawyers strongly encouraged gay and lesbian couples to establish comprehensive estate plans because they were not allowed the same protections as heterosexual couples. But, with the groundbreaking Supreme Court decisions of recent years, the estate planning needs of gay seniors have changed. Nevertheless, estate planning is still important, particularly so for the gay seniors in our community.Overcoming bias against the LGBT communityUntil very … [Read more...]
In Which County Will My Estate Be Probated?
When someone dies there is a legal process through which their estate must go in order for their property to be passed on to their heirs. This process is known as probate. It typically involves identifying the person's property and determining its value, paying off remaining debts and taxes owed, and finally distributing the property that is left to the heirs or beneficiaries. But what happens when some of that property is located in another state? That is when the "ancillary" probate … [Read more...]
California Residents Mistakenly Enrolled in Medi-Cal During Expansion
According to some reports, there were an estimated 450,000 California residents who were signed up for Medi-Cal under the recent Medicaid expansion who might not have been eligible. It is also reported that this mistake will likely cost the federal government and the state of California more than a billion dollars. An audit covered the six-month period from Oct. 1, 2014, to March 31, 2015. These reports have not been confirmed entirely, as the results are based on extrapolations from a sample of … [Read more...]
Income Tax Basis in Estate Planning – Part 2
When choosing the direction to take in estate planning, it’s important to consider the impact of the proposed estate plan on income tax basis. Basis is often overlooked when estate planning strategies are considered. This article examines how common estate planning strategies impact income tax basis.Income Tax Basis in Estate Planning – Part 2 … [Read more...]
How Are You Planning for Long-Term Care (LTC) Expenses?
What’s the right direction for you in planning for future medical expenses? The odds are even that you’ll need long-term care (LTC) after age 65, at least for a while. Here are possible paths for covering those potential costs.How Are You Planning for Long-Term Care (LTC) Expenses? … [Read more...]
Treasury Releases New Inflation Adjustment
The new tax law doubled the estate tax exclusion through 2025. This article looks at the exact amount of the new exclusion (it’s not what you thought) and how it might be useful. The article also examines why there’s no reason not to take advantage of the newly-doubled exclusion.Treasury Releases New Inflation Adjustment … [Read more...]
Basis is Important in Estate Planning
When choosing the direction to take in estate planning, it’s important to consider the impact on income tax basis. This article examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death. Upcoming articles will examine how common estate planning strategies impact income tax basis.Basis is Important in Estate … [Read more...]
Laura L. Bromlow, Esq. Attends 2018 Veterans Benefits Conference in Denver, CO
Los Alamitos, CA— March 28, 2018 — Laura L. Bromlow, Esq, Associate Attorney at Schomer Law Group, attended an exclusive legal education conference in Denver, CO from March 21, 2018 through March 23, 2018. The Veterans Advocates Group of America hosted their annual Veterans Benefits Conference called “VA in The Rockies” which included over hundreds of VA Pension Benefits Planning firms from around the country.It is the desire of the Veterans Advocates Group of America to provide information … [Read more...]
Medi-Cal Attorneys Explain the Use of ABLE Accounts
Our Medi-Cal attorneys recognize the benefits of opening ABLE accounts because the money in those accounts do not jeopardize your Medi-Cal benefits regardless of how much you have. In order to ensure that the funds in your ABLE account are not counted in terms of your Medi-Cal eligibility, let our Medi-Cal attorneys advise you.What is an ABLE account?An ABLE account is a financial account that allows individuals with disabilities to build up their assets while enjoying certain tax … [Read more...]
When Should I Revisit My Estate Plan?
Out of the millions of Americans who die every year, there are far too many who have not prepared for that eventuality by creating an estate plan. For those that have taken this important step in planning for their family’s future, they often ask when they need to revise their estate plans. Let our Los Angeles estate planning attorneys give you their recommendations.The essential estate planning toolsA will and a living trust are often considered to be the two most essential tools to include … [Read more...]
