You may have started planning for retirement as soon as you entered the workforce. After all, most of us are told that the earlier you begin your retirement plan, the more comfortable you will be during your retirement years. If you are now nearing your retirement years, however, there are additional things to consider to make sure your affairs are prepared. To help you get started, the Los Angeles estate planning attorneys at Schomer Law Group, APC urge you to ask yourself the following five … [Read more...] about Retirement Planning – 5 Questions to Consider
If you are a parent, you likely plan to pass down some, or all, of your estate assets to your children upon your death. If your children are still minors, they cannot inherit directly from your estate; however, once they are legal adults you can leave assets directly to them within your estate plan. Just because you can though doesn’t mean it’s the best idea. The Los Angeles trust attorney at Schomer Law Group, APC discuss why leaving your children a lump sum inheritance may not be … [Read more...] about Leaving Your Children a Lump Sum Inheritance May Not Be Wise
It probably seems like the advertisements for reverse mortgages are never-ending and it is clear they are aimed at seniors. If you are a senior, and you are living on a tight budget or you need an influx of cash to pay for unexpected expenses, you may be wondering if a reverse mortgage is the answer. A Los Angeles estate planning attorney at Schomer Law Group, APC explains how a reverse mortgage works. Reverse Mortgage Basics A reverse mortgage is a loan for senior homeowners that allows a … [Read more...] about What Is a Reverse Mortgage?
Transferring real estate to a trust has become a widely used tool in estate planning. Unfortunately, it’s easy to overlook important aspects of the transfer that lead to unintended consequences. With careful planning, you can avoid these traps. Read on to learn more. … [Read more...] about The Importance of Insuring Real Estate
The Academy takes learning seriously. The Academy’s Spring Summit included numerous substantive legal education sessions, as well as sessions on marketing and law office management. The virtual conference also included opportunities for networking and fun. Read on to learn more. … [Read more...] about Learning and Camaraderie at the Academy Summit
Senators Sanders and Whitehouse have introduced legislation in the Senate which would significantly alter the Estate Planning landscape. It would dramatically change the tools we use to plan for our clients. Time is of the essence. Read on to learn more. … [Read more...] about Tax Proposals Could Alter Estate Planning Landscape
Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. Read on to learn more. … [Read more...] about It’s Better to Give, Especially This Year
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning