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    Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

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    Estate Planning

    What Estate of Marion Levine Means for Life Insurance

    April 4, 2022Estate Planning, Legal Education

    Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more.  … [Read more...] about What Estate of Marion Levine Means for Life Insurance

    Let’s Talk about Trusts…and Taxation

    April 4, 2022Estate Planning, Legal Education

    Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation

    Just When You Thought You Understood the 10-Year Rule, Think Again

    April 4, 2022Estate Planning, Legal Education, consumer, retirement planning

    IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again

    Understanding Life Insurance

    March 16, 2022Estate Planning

    Los Angeles estate planning attorneys

    Most people include at least one life insurance policy in their estate plan. While life insurance can be a valuable estate planning tool, the key to getting the most out of your life insurance policy is knowing which type of insurance is right for you. That means you need to understand your life insurance options. Toward that end, the Los Angeles estate planning attorneys at Schomer Law Group, APC provide a basic understanding of your life insurance options. Types of Life Insurance The … [Read more...] about Understanding Life Insurance

    How to Choose the Right Executor

    March 11, 2022Estate Planning

    Los Angeles estate planning attorneys

    When you contemplate your Last Will and Testament you probably focus on decisions you need to make regarding the distribution of your estate assets. There is another decision you need to make, however, within your Will that is considerably more important than you may realize – who to appoint as Executor of your estate. In fact, one of the biggest (and most common) mistakes people make in their estate plan is to appoint the wrong person as their Executor. To prevent you from making the same … [Read more...] about How to Choose the Right Executor

    What Everyone Should Know about the New FDIC Regulations

    March 1, 2022Estate Planning, Legal Education, consumer protection

    Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application. Read on to learn more. … [Read more...] about What Everyone Should Know about the New FDIC Regulations

    State Income Taxation of Social Security Benefits

    March 1, 2022Estate Planning, Legal Education

    The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes … [Read more...] about State Income Taxation of Social Security Benefits

    How Estate Planning for a Family May Trap the Unwary Practitioner

    March 1, 2022Estate Planning, Legal Education, tax

    Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued. Read on to learn more. … [Read more...] about How Estate Planning for a Family May Trap the Unwary Practitioner

    Should I Include a QTIP Trust in My Estate Plan?

    February 17, 2022Estate Planning

    Los Angeles trust attorneys

    Acquiring assets may be an important goal; however, protecting the assets those assets is an equally important estate planning goal. If you divorce and remarry, for example, you may now want to preserve assets for both your new spouse and your children from the previous marriage. One way to do that is to make use of a specialized type of trust known as a Qualified Terminable Interest Property, or QTIP, trust. The Los Angeles trust attorneys at Schomer Law Group, APC explain how you might benefit … [Read more...] about Should I Include a QTIP Trust in My Estate Plan?

    Estate Planning Terms Explained

    February 6, 2022Estate Planning

    Los Angeles estate planning attorneys

    Many Americans do not have an estate plan in place despite acknowledging the need for one. Often, this boils down to the fact that creating an estate plan for the first time can be intimidating. To help you feel more comfortable with the idea of creating your estate plan, the Los Angeles estate planning attorneys at Schomer Law Group, APC explain common estate planning terms. Administrator. A person named by the court to represent a probate estate when there is no Will, or the Will did not … [Read more...] about Estate Planning Terms Explained

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    Client Review
    July 29, 2020
        

    We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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    July 29, 2020
        

    Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

    Paula M.
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    July 29, 2020
        

    We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

    Phillip G.
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    July 29, 2020
        

    When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
    Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

    Bob L.
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    July 29, 2020
        

    We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
    They were all very helpful in answering myriad questions and explaining all the various options…

    We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

    Bob S.
    Client Review
    July 29, 2020
        

    We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

    Robert F.
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    July 29, 2020
        

    Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

    Joan S.
    Client Review
    July 29, 2020
        

    Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

    Kim

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