Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part II
Estate Planning
Is Inherited Property Community Property in California?
When you contemplate your estate plan, a primary goal within that plan is likely to ensure that your assets are passed down to beneficiaries of your choosing. Whether the assets you pass down are intended to help provide financially for the beneficiary or are family heirlooms that have been in the family for generations, you want to make sure that the assets remain with the beneficiary. California, however, is a community property state which can complicate ownership of assets if a beneficiary … [Read more...] about Is Inherited Property Community Property in California?
What It Means to Disclaim
Disclaimers are an effective Estate Planning tool for the Trust and Estate Practitioner. They allow the disclaimant to alter an Estate Plan if they follow the statutory requirements exactly. Disclaimers can be tricky but when used correctly, achieve great results for a client. Read on to learn more. … [Read more...] about What It Means to Disclaim
Spring Summit 2023: Celebrating 30 Years of Indispensability in the Windy City
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the conference. … [Read more...] about Spring Summit 2023: Celebrating 30 Years of Indispensability in the Windy City
Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?
Revocable Trusts offer many great benefits for the grantor and the beneficiaries both during life and after death. Grantors or creators of the trust retain the right to amend, revoke, alter, or change the trust during their lifetime. Well-written trusts contain explicit directions regarding how the change needs to occur. A recent Michigan case explores what happens when a trust lacks that clarity. Read on to learn more. … [Read more...] about Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?
The IRS’ Annual Warning: The 2023 Dirty Dozen
As another tax season closes, it’s a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. Attorneys can help their clients by alerting them to these scams and providing advice on how to avoid them. Read on to learn more. … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more. … [Read more...] about The Joy in Joint Trusts
How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. Read on to learn more. … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Should I Incorporate an ABLE Account into My Estate Plan?
For the parents or grandparents of a child with special needs, the importance of incorporating a special needs planning component into their comprehensive estate plan cannot be understated. While every special needs plan should be uniquely tailored to the needs of the client, a common component within these plans is an ABLE account. The Los Angeles special needs planning attorneys at Schomer Law Group, APC discuss whether you should incorporate an ABLE Account into your estate plan. Why Is … [Read more...] about Should I Incorporate an ABLE Account into My Estate Plan?
Benefits of Lifetime Gifting
An important part of any comprehensive estate plan is the distribution of estate assets. Sometimes that requires nothing more than a Last Will and Testament and/or a trust agreement that provides for the gifting of all estate assets upon their death. Lifetime gifting, however, can also be part of the overall distribution of assets in a comprehensive estate plan. Deciding whether to gift while you are alive or only after you are gone can be a difficult and complex decision. The Los Angeles estate … [Read more...] about Benefits of Lifetime Gifting
