If you have an estate plan in place already, you already understand the importance of careful and thorough estate planning. Taking the time to create that plan, however, is only the first step toward protecting everyone and everything that is important to you. For the estate plan you created to function as intended, it must be modified from time to time. That may require you to add or delete estate planning tools or even entire components. It can also require you to update beneficiaries as … [Read more...] about Is It Time to Update Your Beneficiaries?
Estate Planning
The Importance of Liquidity in Your Estate Plan
Making sure that your loved ones can access the assets you leave behind after your death should be an important estate planning goal. To achieve this goal, you must ensure that your estate is comprised of sufficient liquid assets. If you have not considered the need for liquidity within your estate plan before, you are not alone. It is a commonly overlooked aspect of estate planning. To help you avoid making this common mistake, a Los Angeles estate planning attorney at Schomer Law Group, APC … [Read more...] about The Importance of Liquidity in Your Estate Plan
What Is a GRIT and Do I Need One?
To ensure that your estate doesn’t lose assets to federal gift and estate taxes you may need to include tax avoidance strategies in your estate plan. One estate planning tool that can provide tax avoidance benefits is a Grantor Retained Income Trust, or GRIT. Always consult with your estate planning attorney before deciding what tools to incorporate into your estate plan. In the meantime, however, a Los Angeles trust attorney at Schomer Law Group, APC explains what a GRIT is and why you might … [Read more...] about What Is a GRIT and Do I Need One?
What an In Terrerem Clause Can Do for You
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You
Business Succession Planning May Be Easier than You Think
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation … [Read more...] about Business Succession Planning May Be Easier than You Think
The Toll of Serving as Fiduciary
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great … [Read more...] about The Toll of Serving as Fiduciary
The Power in Powers of Appointment
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised. Read on to learn more … [Read more...] about The Power in Powers of Appointment
Can I Prevent People from Contesting My Will?
Your Last Will and Testament is intended to create a roadmap for the distribution of your estate after you are gone. What happens though if someone challenges the validity of your Will by filing a Will contest? Not only will the litigation that ensues be costly, in terms of both time and money, but if the contestant is successful your wishes regarding your assets will not be honored. To help you protect your assets and your wishes, the Los Angeles estate planning attorneys at Schomer Law … [Read more...] about Can I Prevent People from Contesting My Will?
Tips for Making Gifts to Grandchildren
One of the inherent joys in being a grandparent is the ability to spoil your grandkids. You may wish to continue doing so after you are gone by including gifts to your grandchildren in your estate plan. Doing so, however, can be tricky and may cause you a certain amount of internal conflict. To help you incorporate those gifts into your estate plan, the Los Angeles estate planning attorneys at Schomer Law Group, APC offer some tips for making gifts to grandchildren. . By incorporating … [Read more...] about Tips for Making Gifts to Grandchildren
What Is Veterans Aid and Attendance?
As a veteran, or the surviving spouse of a veteran, you likely know about some of the more common benefits available to you through the Veterans Administration (VA). You are probably also aware of the complex maize that must often be navigated to get approved for the benefits to which you are entitled. What you may not know is that you could be entitled to benefits from the “Veterans Aid and Attendance (VA&A)” program. For veterans and/or survivors living on a fixed income, the additional … [Read more...] about What Is Veterans Aid and Attendance?
