Appointing a Trustee is a significant decision when setting up a trust as part of your estate plan. You may find yourself torn between two or more prospects for the role of Trustee. One option to consider is appointing more than one Trustee (Co-Trustees). To help you decide if appointing more than one Trustee is a good idea, the Los Angeles attorneys at Schomer Law Group, APC discuss the advantages and disadvantages of this approach. Understanding Trusts A trust is a legal arrangement in … [Read more...] about Is Appointing More Than One Trustee a Good Idea?
Estate Planning
How Is Estate Planning Different for Members of the U.S. Military?
If you or your spouse are currently part of the U.S. Armed Forces, or are a retired member of the military, you likely have an ingrained understanding of the importance of planning for the unexpected. Along with the gratitude of the American people, members of the military are entitled to a variety of benefits and incentives for serving their country. Many of those benefits can be transferred or passed down to loved ones if something happens to you; however, to ensure that your loved ones … [Read more...] about How Is Estate Planning Different for Members of the U.S. Military?
Unearthed Secrets: How Outdated Wills & Trusts Can Haunt Your Legacy
In the annals of estate planning, a concerning trend has been observed. Legacy preservation, a term that speaks volumes about safeguarding the future, is often jeopardized by outdated wills and trusts. However, by timely intervention, many of the lurking dangers can be mitigated. The Lingering Shadows of Old Beneficiary Wishes For many individuals, their last will or trust was drafted years, if not decades, ago. Over time, life's intricate twists and turns have been navigated, but these … [Read more...] about Unearthed Secrets: How Outdated Wills & Trusts Can Haunt Your Legacy
The Importance of Reviewing Beneficiaries and Fiduciaries
Creating an initial estate plan is only the first step in protecting and providing for your loved ones. Much like the proverbial flower garden, an estate plan must be tended to for it to survive and function as intended. One crucial way to do that is to make sure that your beneficiary and fiduciary designations are up to date. Toward that end, the Los Angeles attorneys at Schomer Law Group, APC explain the importance of reviewing beneficiaries and fiduciaries in your estate plan. Who Are My … [Read more...] about The Importance of Reviewing Beneficiaries and Fiduciaries
How Do I Make Changes to My Estate Plan?
Crafting a comprehensive estate plan should be a top priority to ensure both your personal well-being and the financial security of your loved ones. A meticulously designed estate plan serves the dual purpose of safeguarding your assets while fostering their growth throughout your lifetime, all while providing assurance that your loved ones will remain financially secure if something happens to you. If you've already established an estate plan, you are ahead of most Americans. At some point, … [Read more...] about How Do I Make Changes to My Estate Plan?
How Can an Incentive Trust Help Me Achieve My Estate Planning Goals?
Although the primary goal of your estate plan may be to create a roadmap to be used to distribute your estate assets according to your wishes after you are gone, your estate plan can achieve so much more. For example, you may want to pass down more than just monetarily valuable assets to your loved ones. You may hope to also pass down life lessons and wisdom you have gained over the course of your lifetime. You may also hope to continue to guide your children and grandchildren after you are … [Read more...] about How Can an Incentive Trust Help Me Achieve My Estate Planning Goals?
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
How to Protect Your Spouse in Your Estate Plan
If you are married, one of your primary estate planning objectives is likely to ensure that your spouse is protected if something happens to you. While this sounds like a fairly straightforward goal, protecting your spouse requires you to create a comprehensive and all-inclusive estate plan that can protect your spouse financially, emotionally, and legally in the event of your untimely demise or incapacity. Toward that end, the Los Angeles attorneys at Schomer Law Group, APC discuss how to … [Read more...] about How to Protect Your Spouse in Your Estate Plan
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
