A well-thought-out estate plan can a variety of inter-connected goals. Along with ensuring that your estate assets are distributed according to your wishes after you are gone, your estate plan can also do things such as plan for the possibility of incapacity, provide for minor children in your absence, and protect assets from all kinds of potential threats. Given the unique nature of estate planning, no two estate plans will be the same. Nevertheless, there are some estate planning documents … [Read more...] about Estate Planning: 5 Things to Do Before You Die
Cada año, celebramos el Mes de la Herencia Hispana en Los Ángeles y en todo Estados Unidos del 15 de septiembre al 15 de octubre. Además de participar en los numerosos y variados festivales y actividades planeados para el Mes de la Herencia Hispana, los abogados de planificación patrimonial de Los Ángeles en Schomer Law Group, APC lo alientan a crear o actualizar su plan de sucesión. ¿Qué es el Mes de la Herencia Hispana? El Mes de la Herencia Hispana comenzó en 1968 como la Semana … [Read more...] about Mes de la Herencia Hispana en Los Ángeles￼
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
Like most areas of the law, estate planning includes concepts and legal jargon with which the average person is unfamiliar. For example, the words “bequest” and “inheritance” are often used interchangeably when, in fact, they are not always synonymous. To help you understand both terms, the Los Angeles estate planning attorneys at Schomer Law Group, APC explain the difference between a bequest and an inheritance. What Is an “Inheritance?” While it may sound like the answer to one of those … [Read more...] about What Is a Bequest vs. an Inheritance?
Crear su primer plan de sucesión puede ser una perspectiva emocionante, pero igualmente intimidante. Comprensiblemente, la mayoría de las personas no están familiarizadas con la terminología, las herramientas y las estrategias que intervienen en la planificación patrimonial. Saber qué esperar y cómo prepararse puede ayudar a que su experiencia inicial de planificación patrimonial sea beneficiosa y agradable. Con eso en mente, los abogados de planificación patrimonial de Los Ángeles en … [Read more...] about Cómo Crear Su Primer Plan Patrimonial￼
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more. … [Read more...] about Pondering Portability
To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate. … [Read more...] about What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
Creating a comprehensive estate plan is one of the most important things you can do for both yourself and your loved ones. A well thought out estate plan should protect your assets and help them grow over the course of your lifetime as well as ensure that your loved ones are financially secure if you die or become incapacitated. If you have an estate plan in place already, you off to a good start; however, you cannot stop there. Updating your estate plan is as important (if not more important) … [Read more...] about When Should I Update My Estate Plan?