There is no cookie-cutter, one-size-fits-all estate plan, and this is why it is important to get personalized attention from a licensed attorney. Each case is different, and the exact way to proceed will depend upon the circumstances.This being stated, there is a basic framework that applies to just about everyone, and we will look at it here.Asset Transfer VehicleWhen you plan your estate, you have to record your wishes with regard to the way that you want your assets to be distributed … [Read more...]
Estate Planning and Remarriage
If you have enjoyed financial success and you are getting remarried as a parent, there are naturally going to be some estate planning concerns. You want to provide for your new spouse appropriately, but you also want to protect the inheritances that you intend to leave to your children. How do you satisfy both of these aims simultaneously?Before we explain the widely embraced solution, we should emphasize the value of a prenuptial agreement. Clearly, when you are willing to marry someone, … [Read more...]
A Conversation With an Inheritance Planning Attorney
Since we have spoken with so many clients over the years, we have a general idea about the different subjects that people have questions about. In this post, we will share a hypothetical question and answer session that will provide you with some basic inheritance planning and elder law information.A last will is the right asset transfer document to use unless you are very wealthy, right?If you have very simple and straightforward inheritance planning objectives, it is possible that a last … [Read more...]
Top Five Benefits of a Living Trust
Far too many people make assumptions about estate planning. The one that is at the top of the list is the idea that a last will is the right choice as an asset transfer vehicle. In fact, for most people with a reasonably significant store of resources, a revocable living trust is a better choice for a number of different reasons.Consolidation of AssetsIf you were to use a last will as the centerpiece of your estate plan, the executor that you name in the document would have to identify and … [Read more...]
Can You Give Gifts to Avoid the Estate Tax?
Before we address the question that serves as the title of this blog post, we should explain some basic facts about the estate tax. First, it is important to note that there are some states in the union that have state-level estate taxes. Here in California, there is no state estate tax, but of course we are subject to the federal tax.This tax carries a 40% maximum rate, so it can significantly erode your legacy if you are exposed and you take no action to mitigate the damage. The good news … [Read more...]
Study: Most Los Angeles Residents Do Not Have Wills
They say that the only certainties in life are death and taxes. Without question, people are always well aware of the looming April 15th tax day, and most folks plan ahead appropriately. When it comes to the other inevitability, things are entirely different, and this is a disturbing phenomenon.Studies are conducted periodically that are intended to put a finger on the pulse of the estate planning preparedness of American adults. They consistently find that the vast majority of people in Los … [Read more...]
Attend an Upcoming Estate Planning Seminar
The estate planning attorneys here at the Schomer Law Group greatly believe in the power of education. Studies that are conducted to get a feel for the estate planning preparedness of American adults typically show that most people are going through life without any estate planning documents.We have found that people are more likely to take action when they understand why the process is so very important. To spread awareness, we offer seminars on an ongoing basis when time allows. There are … [Read more...]
Estate Administration: Fact vs. Fiction
You may have watched a scene depicted on a television show or in a movie that takes place after a funeral. People all gather at a reception in someone’s home, and the executor of the estate calls certain people into a study or extra room. There is a “reading of the will” at that time, and the implication is that the executor will be able to distribute assets to the inheritors after they are informed about the intentions of the deceased individual.In reality, things do not work in this … [Read more...]
The Right Estate Tax Efficiency Strategy Can Preserve Your Legacy
A bare-bones estate plan may include a simple last will, and perhaps a living will and durable powers of attorney. For some people, this can be sufficient, but there is a more comprehensive form of estate planning called legacy planning. It is particularly important for high net worth individuals that can be exposed to death taxes.Federal Estate TaxThere is a federal estate tax in the United States that can significantly erode the legacy that you would like to pass along to the people that … [Read more...]
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects.New Estate Tax Proposal … [Read more...]
