Are you someone who gives regularly and generously to charity? If so, you may hope to continue your charitable gifting after you are gone. While you can simply make charitable gifts in your Last Will and Testament, there are other options that offer additional benefits to both you and to the recipient. The Los Angeles estate planning attorneys at Schomer Law Group, APC discuss common ways to include charitable gifting in your estate plan. Charity and Your Lasting Legacy If giving back is … [Read more...] about Common Ways to Include Charitable Gifts in Your Estate Plan
Despite acknowledging the need to have an estate plan in place, more than half of all Americans have yet to start on their estate plan. One common explanation for this is that the average person finds the idea of creating an estate plan intimidating. While an estate plan can become extremely complex as both your family and your estate grow, a basic estate plan is not usually as complex and difficult to understand as people frequently envision it will be. For many people, the first question they … [Read more...] about What Is the Most Important Estate Planning Document?
Si usted es padre, es probable que planee transmitir algunos, o todos, los activos de su patrimonio a sus hijos después de su muerte. Si sus hijos aún son menores de edad, no pueden heredar directamente de su patrimonio; sin embargo, una vez que sean adultos legales, puede dejarles activos directamente dentro de su plan de sucesión. El hecho de que puedas no significa que sea la mejor idea. Los abogados de Los Ángeles en Schomer Law Group, APC discute por qué dejar a sus hijos una herencia de … [Read more...] about Dejar a Sus Hijos una Herencia de Suma Global Puede No Ser Sabio
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2022 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 2022
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more. … [Read more...] about Using Entities in Estate Planning
When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making significant changes to their estate plan. No matter what happens with the Build Back Better Act, an estate plan centered on long-term goals will serve you well. Read on to learn more. … [Read more...] about The Sky Isn’t Falling
Individuals who undertake Estate Planning want to ensure that their plan works the way it’s intended. When clients neglect to consider Estate Planning on a regular basis, they set themselves up for failure. Waiting until an emergency arises almost guarantees that the plan will fail when needed the most. Estate Planning completed under duress can lead to unfavorable results. Read on to learn more. … [Read more...] about Practical Lessons in Drafting
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive
A revocable living trust is an effective and versatile estate planning tool that can be the ideal foundation of your plan. If you establish the trust while your children are still minors, there would be an adult trustee designated that would be empowered to manage assets on their behalf. It is equally effective after your children become adults in their own right. You would be the trustee while you are living, so you would control the assets in the trust. Because it is revocable, these … [Read more...] about What Happens If I Leave Property Out of My Living Trust?
If you recently went through a divorce, you are probably still dealing with the emotional ramifications of that process. As such, it can be very easy to overlook the numerous practical steps that should be taken after a divorce. For example, the Los Angeles estate planning attorney at Schomer Law Group, APC estate planning documents that usually need to be updated following a divorce. The Importance of Updating Your Plan After a Divorce Most married couples create estate plans that reflect … [Read more...] about Recently Divorced? Have You Updated Your Estate Plan?