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
Estate Planning
529 Plans – The “Holy Grail” of Estate Planning
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
The Wonder of Wills
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. Read on to learn more. … [Read more...] about The Wonder of Wills
Understanding and Manipulating Estate and Gift Taxes – Part II
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
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?
5 Reasons to Create an Estate Plan
If you do not yet have an estate plan in place, it is probably not for lack of people urging you to create one. Family members, friends, and even well-meaning co-workers have probably encouraged you to get started on your estate plan. They may not, however, have provided you with sufficient reasons to have an estate plan. If that is the case, let the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors offer five reasons to create an estate plan to help give you the … [Read more...] about 5 Reasons to Create an Estate Plan
What Is a Life Estate in California?
To create a comprehensive estate plan that successfully achieves all your goals you must use a variety of estate planning tools and strategies. One estate planning strategy that can help with probate avoidance and tax avoidance as well as protect your home if you ever need to qualify for Medicaid (Medi-Cal in California), is a life estate. To help you understand how one might fit into your estate plan, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain how a … [Read more...] about What Is a Life Estate in California?
How to Use Your Estate Plan to Protect Your Blended Family
The divorce rate hovers around 50 percent for first marriages in the U.S. with a significant percentage of those divorces resulting in a remarriage that creates a blended family. If you are part of a blended family, you know the hard work it takes to successfully blend two existing families into one harmonious new family. One thing you do not want to overlook when creating a blended family is the increased importance of having a comprehensive estate plan in place. With that in mind, the Los … [Read more...] about How to Use Your Estate Plan to Protect Your Blended Family
Understanding and Manipulating Estate and Gift Taxes
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. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
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
