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 Estate Planning with Entities
Estate Planning
What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate. Read on to learn more. … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
6 Methods for Transferring Property in Your California Estate Plan
One of the central objectives within a typical estate plan is to guarantee the seamless transfer of estate assets to designated beneficiaries either during your lifetime or upon your demise. A well-crafted estate plan employs various tools and strategies to accomplish these property and asset transfers. Given the uniqueness of each estate, it is crucial to collaborate closely with an experienced estate planning attorney to determine the most suitable method for transferring your estate assets. … [Read more...] about 6 Methods for Transferring Property in Your California Estate Plan
Important Estate Planning Steps for a Surviving Spouse
The loss of a spouse is never easy to accept, even if their passing was anticipated. When the loss is sudden and unexpected, it can be even more difficult for a surviving spouse to move forward. If you recently lost your spouse, navigating the practical and legal ramifications of your spouse’s death may be particularly challenging as you are still working through your grief. Nevertheless, it is crucial that you take steps to protect the estate of your spouse as well as your own future financial … [Read more...] about Important Estate Planning Steps for a Surviving Spouse
Does My College Age Student Need an Estate Plan?
If your child is on the verge of entering college next year or is already enrolled, you have likely experienced significant changes as they transition into adulthood. Amidst all these changes, one aspect that might not have crossed your mind is the importance of your now-adult child establishing a fundamental estate plan. To help you get started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain why your college age student needs an estate plan. When Your Child Becomes a … [Read more...] about Does My College Age Student Need an Estate Plan?
It’s a Great Time to Consider a Donor Advised Fund
As year-end approaches, many individuals look for ways to lower their income tax burden. Charitable contributions allow individuals to offset a portion of their income, but not all charitable contributions are created equally, and each has certain requirements to obtain the charitable deduction. Certain charitable-giving vehicles allow a donor to get more bang for their buck. Read on to learn more. … [Read more...] about It’s a Great Time to Consider a Donor Advised Fund
The Seedier Side of the Holiday Season
Scammers will use any leverage possible to separate you from your money. This includes preying upon a grandparent’s love and concern for their grandchildren. The so-called grandparent scams are among the most popular scams targeting the elderly and rely upon details gleaned from social media sites to make the call seem realistic. It’s important to recognize the signs of potential scams and understand how to guard against them. Read on to learn more. … [Read more...] about The Seedier Side of the Holiday Season
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Learning, Re-inventing, and Camaraderie in San Diego
The Academy’s Fall Summit brought learning and camaraderie. The Academy introduced the Enterprise Model Law Firm and rolled out a new Trust Administration module. There were many great substantive legal education topics and practice management topics. As always, it was great to reconnect with friends and establish new relationships. Read on to learn more. … [Read more...] about Learning, Re-inventing, and Camaraderie in San Diego
