The divorce rate hovers around 50 percent for first marriages in the U.S. with a significant percentage of those divorces resulting in a remarriage that creates a blended family. If you are part of a blended family, you know the hard work it takes to successfully blend two existing families into one harmonious new family. One thing you do not want to overlook when creating a blended family is the increased importance of having a comprehensive estate plan in place. With that in mind, the Los … [Read more...] about How to Use Your Estate Plan to Protect Your Blended Family
Estate Planning
Understanding and Manipulating Estate and Gift Taxes
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
Should I Use a Will or Trust to Distribute My Assets in My Estate Plan?
For most people, an important reason to create an estate plan is to ensure that their assets are distributed according to their wishes after they are gone. If that is one of your goals, you need to consider how your estate will be administered during the probate process when the time comes. Specifically, you will need to decide if you want to use a Last Will and Testament or a Trust as the primary method of distribution for your assets. To help you decide, the Los Angeles estate planning … [Read more...] about Should I Use a Will or Trust to Distribute My Assets in My Estate Plan?
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
The Intersection of Bank Failure and FDIC Insurance
Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
Understanding the Unlimited Marital Deduction
When you create an estate plan, that plan should accomplish several inter-related goals. One of those goals should focus on tax avoidance. After all, no one wants to lose a significant portion of their estate to Uncle Sam. One common mistake you should avoid, however, is to rely too heavily on the marital deduction. The Los Angeles estate planning attorneys at Schomer Law Group, APC help you to understand the unlimited marital deduction. Federal Gift and Estate Taxes At the time of your … [Read more...] about Understanding the Unlimited Marital Deduction
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
What Happens When Children Disagree on Medical Treatment for a Parent
Decisions relating to an aging parent’s medical care can often spur conflict among siblings. If you and your siblings cannot agree on an overall plan, or even on a specific medical procedure, for a parent it can present a serious problem. Knowing your practical and legal options when a disagreement occurs can help. The Los Angeles estate planning attorneys at Schomer Law Group, APC discuss what happens when children disagree on medical treatment for a parent. The Problem When you and your … [Read more...] about What Happens When Children Disagree on Medical Treatment for a Parent
How Much Life Insurance Do I Need?
Although life insurance plays a significant role in many estate plans, it can be difficult to know how much you need. You may have purchased life insurance when you were younger, and then not revisited the issue for years. At this point, you may need more life insurance or less, depending on how your life has changed in the interim. To point you in the right direction, the Los Angeles estate planning attorneys at Schomer Law Group, APC discuss how to decide how much life insurance you … [Read more...] about How Much Life Insurance Do I Need?
