Certain individuals have a knack for making headlines. Orenthal James Simpson was one of those people. He first made headlines for his talent on the football field. Later, he made them as an actor and broadcaster. In 1994, he made headlines when he was arrested for the murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Orenthal James Simpson died on April 10, 2024, and with his death, his presumed Executor made headlines, perhaps for the last time for the “Juice.” … [Read more...] about The “Juice” and an Executor’s Duties
Estate Planning
Addressing Common Estate Planning Hurdles
Having a comprehensive estate plan in place provides a way to safeguard your assets during your lifetime and guarantees their distribution as per your wishes after you pass away. Yet, the estate planning journey is frequently fraught with hurdles that can lead to confusion, disputes, and unintended outcomes. To help you navigate these obstacles effectively, the Los Angeles attorneys at Schomer Estate & Wealth Advisors delve into some prevalent estate planning hurdles and offer strategies to … [Read more...] about Addressing Common Estate Planning Hurdles
Estate Planning When Your Spouse Is a Non-Citizen
If you are married, protecting, and providing for your spouse are undoubtedly strong motivators when you think about estate planning. For most people, these goals are relatively easy to achieve within their estate plan; however, if your spouse is not a United States citizen, protecting, and providing for him/her within your plan becomes more complicated and complex. To help you better understand, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss estate planning when your … [Read more...] about Estate Planning When Your Spouse Is a Non-Citizen
What You Should Know About Conditional Gifts
Grantors like the idea of placing conditions upon a gift. In many ways, it’s the final opportunity to exert control or influence on the beneficiary. Most courts try to uphold the conditions as long as they are not void as against public policy or otherwise illegal or immoral. This article explores what happens when a Trustee fails to strictly enforce the conditions placed upon a bequest. Read on to learn more. … [Read more...] about What You Should Know About Conditional Gifts
What Taylor Swift Can Teach Us About Estate Planning
Regardless of your feelings about her music, her attendance at National Football League games, or anything else related to the popstar, it’s hard to argue that Taylor Swift isn’t a cultural phenomenon. In 2023, Taylor launched a multi-city tour that broke records for attendance, sales, merchandising, and gross revenue; the Federal Reserve credited her with boosting the country’s economy; and Time magazine named her Person of the Year. While interesting, these statistics only tell part of the … [Read more...] about What Taylor Swift Can Teach Us About Estate Planning
Exploring the Advantages of Basis Step-Up in Estate Planning
While creating your estate plan, it is crucial to consider not only asset distribution but also the potential impact of taxes on your estate and the inheritances you intend to leave behind. Particularly, understanding how capital gains taxes might erode the value of assets passed down to beneficiaries is essential. Fortunately, there are estate planning strategies available to mitigate the impact of taxes on inheritances. To help you better understand, the Los Angeles attorneys at Schomer Estate … [Read more...] about Exploring the Advantages of Basis Step-Up in Estate Planning
What You Need to Know about the Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about What You Need to Know about the Corporate Transparency Act
5 Critical Mistakes to Avoid When Acting as Executor of an Estate
If you recently lost a loved one and learned that they named you to be the Executor of their estate, you may be feeling overwhelmed. Trying to focus on the legal and financial aspects of administering an estate while also managing the grief that comes with the loss of a loved one can be difficult. It also makes it more likely that you will make a costly mistake. To help you avoid making them, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss five critical mistakes to avoid … [Read more...] about 5 Critical Mistakes to Avoid When Acting as Executor of an Estate
10 Mistakes that Can Result in Leaving Behind an Intestate Estate
Estate planning is often a task that people put off or overlook entirely. Yet, failing to plan for the distribution of assets can lead to significant complications and unintended consequences for loved ones left behind. Intestate succession, the legal process that governs the distribution of assets when someone passes away without a valid Last Will and Testament (or trust agreement), can result in outcomes that may not align with your wishes. To help you avoid such outcomes, the Los Angeles … [Read more...] about 10 Mistakes that Can Result in Leaving Behind an Intestate Estate
Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to … [Read more...] about Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
