The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued Regulations in early 2022 requiring RMDs under the 10-year Rule in years 1-9. After realizing that many individuals were unaware of that requirement, the Internal Revenue Service responded by issuing Notice 2022-53 suspending the requirement to take RMDS in 2021 and 2022. SECURE 2.0 came at the end … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
Estate Planning
How to Protect Your Spouse in Your Estate Plan
If you are married, one of your primary estate planning objectives is likely to ensure that your spouse is protected if something happens to you. While this sounds like a fairly straightforward goal, protecting your spouse requires you to create a comprehensive and all-inclusive estate plan that can protect your spouse financially, emotionally, and legally in the event of your untimely demise or incapacity. Toward that end, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss … [Read more...] about How to Protect Your Spouse in Your Estate Plan
Can My Executor Also Be the Trustee of a Trust I Create?
For most people, a Last Will and Testament is the first estate planning document they create. That Will may remain as the cornerstone of their plan moving forward; however, at least trust agreement may be added to the plan as well. When you created your Will, you named someone to be the Executor of your estate. If you are now creating a trust, can the same person be the Trustee of your trust? Should the same person be your Trustee? To shed some light on the issue, the Los Angeles attorneys at … [Read more...] about Can My Executor Also Be the Trustee of a Trust I Create?
Gen X – This One’s for You (Really Every Generation Should Read This)
As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
What Independence Day Teaches Us About Estate Planning
The 4th of July reminds people of the flag, freedom, and fireworks! As our nation’s birthday approaches, we should reflect upon what freedom means to us. Creating an Estate Plan provides a level of individual freedom – a peace of mind regarding your family’s well-being and the legacy that you leave for them once you are gone. Read on to learn more. … [Read more...] about What Independence Day Teaches Us About Estate Planning
Top 5 Reasons to Create an Estate Plan
Surveys indicate that as many as two out of three Americans do not have an estate plan in place. Many of the people who do not have a plan acknowledge the importance of having one, but they have yet to create one. If you are in the majority, there is no time like the present to get started on your estate plan. To provide encouragement, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss the top five reasons to create an estate plan. Top 5 Reasons to Get … [Read more...] about Top 5 Reasons to Create an Estate Plan
Building a Strong Foundation: Estate Planning Strategies for Young Families
If you recently started a family or you are planning to start one soon, you want your family to have a strong foundation. A strong foundation means many things, including financial security, love and loyalty, and a comprehensive estate plan that protects your family both now and in the future. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss estate planning strategies for young families that can help build a strong foundation. Estate … [Read more...] about Building a Strong Foundation: Estate Planning Strategies for Young Families
What We Can All Learn from Diller v. Richardson – Part II
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson – Part II
