There is no single universal approach to estate planning that is right for everyone. Since there are so many different strategies that can be implemented, you should really discuss your unique personal situation with a licensed estate planning lawyer.If you make the right choices from the outset, you can go forward with the knowledge that you are going to provide for all of your family members in the optimal manner. With this in mind, we will look at one of the major benefits that you would … [Read more...] about Keep Inheritances Safe With a Living Trust
Estate Planning
Election Could Bring Estate Tax Changes
We are in an election year, and the two major parties see things differently when it comes to taxation. There’s been a lot of talk about taxing the very wealthy, and one way to do this would be to alter the parameters of the federal estate tax. Let’s look at the details.Estate Tax ExclusionThe key factor is the federal estate tax exclusion. This is the amount that can be transferred before the estate tax kicks in. When a new tax package was passed for the 2018 calendar year, the estate tax … [Read more...] about Election Could Bring Estate Tax Changes
Anticipate Possible Estate Challenges
Planning your estate can seem like an exercise in stating your wishes in writing through the utilization of a will or a trust. You simply determine what you have to pass along, and you decide on the way that your resources will be distributed to your loved ones.This is certainly the basic idea, but there are some nuances to take into consideration. One of them is the potential for an estate challenge, we will look at some of the details in this post.Last Will ContestsWhen will is used as … [Read more...] about Anticipate Possible Estate Challenges
Families Gather in Novel Ways in Pandemic
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. The disruptions from the social distancing required to fight the virus have been felt by people around the world. As we mark passing holidays, we reflect on the importance of family. Learn how to share time with family during this pandemic and tackle tasks such as Estate Planning.Families Gather in Novel Ways in Pandemic … [Read more...] about Families Gather in Novel Ways in Pandemic
Academy’s Spring Summit Virtually Perfect
The Academy’s Spring Summit conference went “virtual” due to the social distancing requirements to protect all of us. The Summit was different but better than ever. Read on to learn how cutting-edge technology met cutting-edge learning at the Academy’s Virtual Summit.Academy’s Spring Summit Virtually Perfect … [Read more...] about Academy’s Spring Summit Virtually Perfect
Schomer Law Group Attends Exclusive Virtual Legal Conference
Prominent Los Angeles estate planning and elder law attorney, Scott P. Schomer, participated in the first ever virtual rendition of one of the nation’s premier estate planning legal conferences from April 22-26, 2020. The American Academy of Estate Planning Attorneys virtually hosted their 27th annual Spring Summit, which included attorneys from qualified estate planning law firms from around the country.In light of the global outbreak of COVID-19, the American Academy of Estate … [Read more...] about Schomer Law Group Attends Exclusive Virtual Legal Conference
A Living Trust Is More Effective Than a Last Will
One of the most versatile and effective estate planning tools is the revocable living trust. If you have never considered the benefits, you are probably going to be pleasantly surprised. A living trust can be a much more comprehensive solution than a last will, even if you are not extraordinarily wealthy.Spendthrift ProtectionsIf you are going to be leaving an inheritance to a loved one that is not good at managing money, you will probably take pause. What would happen if they burn through … [Read more...] about A Living Trust Is More Effective Than a Last Will
What Is a Generation-Skipping Trust?
In order to understand the value of a generation-skipping trust for estate planning purposes, you have to digest some information about the federal estate tax. It carries an eye catching 40 percent maximum rate, so it can take a sizable chunk out of your legacy.The vast majority of people do not have to be concerned about this death tax, because a certain amount of property can be transferred before the tax would kick in. This dividing line is called the credit or exclusion, and during the … [Read more...] about What Is a Generation-Skipping Trust?
A Pet Trust Can Provide a Solution
As elder law attorneys, we keep a finger on the pulse of all matters that impact senior citizens and their families. Some of the issues are financial in nature, and there are psychological and emotional challenges that can enter the picture. Loneliness is one of them.Negative Impact Of Living AloneThe National Institute on Aging is a good source of information about the subject. Their research has indicated that about 28 percent of elders are living by themselves. This is around 14 million … [Read more...] about A Pet Trust Can Provide a Solution
Coronavirus and Nursing Homes
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Social distancing and self-quarantine can help slow the spread. The virus is a particular threat to residents of nursing homes. Read on to learn more about the threat and how you can keep your loved ones safe. Read on to learn more … [Read more...] about Coronavirus and Nursing Homes
