Your estate plan should be uniquely designed to achieve your specific goals and objectives using a variety of estate planning tools and strategies. All these estate planning documents are essential components used to protect yourself, your assets, and your loved ones. You may still feel though that something is missing. A Letter of Instruction could be that missing component. The Los Angeles estate planning attorneys at Schomer Law Group, APC explain how a letter of instruction might fit into … [Read more...] about How Does a Letter of Instruction Fit into My Estate Plan?
Estate Planning
Are You Taking Advantage of the Annual Exclusion?
For many people, a successful estate plan needs to limit exposure to federal and/or state gift and estate taxes. Failing to incorporate tax avoidance strategies into your estate plan could cost your estate (and your beneficiaries) a substantial amount of money. With that in mind, the Los Angeles estate planning attorneys at Schomer Law Group, APC explain how you can benefit from incorporating the annual exclusion into your estate plan. Understanding Federal Gift and Estate Taxes The … [Read more...] about Are You Taking Advantage of the Annual Exclusion?
Should I Include an Irrevocable Life Insurance Trust in My Estate Plan?
A comprehensive estate plan will work toward achieving numerous interrelated goals that accomplish far more than just planning for the distribution of your estate assets after your death. To accomplish those various goals, you will likely need to make use of numerous and varied estate planning tools and strategies. Trusts, for example, are commonly found throughout the average estate plan. Trusts have evolved to the point where there are a variety of highly specialized trusts that serve very … [Read more...] about Should I Include an Irrevocable Life Insurance Trust in My Estate Plan?
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2023
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Tis the Season for Giving
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. Read on to learn more. … [Read more...] about Tis the Season for Giving
How Does Portability Work?
For many people, an important estate planning goal is tax avoidance. After all, who wants to lose part of their estate to federal gift and estate taxes? To avoid that, you need to understand how the tax works and what tools and strategies are available to help reduce your estate’s tax obligation. The Los Angeles estate planning attorneys at Schomer Law Group, APC explain how portability works and how to factor it into your estate plan. Federal Gift and Estate Tax Basics The federal gift … [Read more...] about How Does Portability Work?
How Do I Disclaim an Inheritance?
When a family member or close loved one passes away, family members typically start thinking about what they might inherit from the decedent’s estate. Likewise, when there is controversy or conflict over an estate, it is most often the result of two or more heirs disagreeing over the inheritance to which they feel they are entitled. What happens, however, if you do not want the inheritance left to you? Are you required to accept it? The Los Angeles estate planning attorneys at Schomer Law Group, … [Read more...] about How Do I Disclaim an Inheritance?
What’s Retirement Got to Do with it?
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...] about What’s Retirement Got to Do with it?
7 Ways an Estate Planning Attorney Can Help You
When you think about the need for an estate planning attorney, you undoubtedly think about creating or revising an estate plan that determines how your estate assets are distributed after you are gone. While an estate planning attorney certainly can help you with that, there are numerous other ways in which an estate planning attorney can help you. The Los Angeles estate planning attorneys at Schomer Law Group, APC explain seven ways in which an estate planning attorney might be able to help … [Read more...] about 7 Ways an Estate Planning Attorney Can Help You
