For many people, charitable gifting is an important part of who they are and of the legacy they hope to leave behind when they are gone. If you are among them, incorporating your philanthropic goals into your estate plan is important. When doing so, you should maximize any secondary benefits that might be available to you. One charitable gifting tool you may wish to consider using is a charitable gift annuity. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain … [Read more...] about Using a Charitable Gift Annuity to Make Gifts
Estate Planning
What’s in President Biden’s Revenue Proposals?
Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding … [Read more...] about What’s in President Biden’s Revenue Proposals?
The Intersection of Bank Failure and FDIC Insurance
Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
Medicaid Planning
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. Read on to learn more. … [Read more...] about Medicaid Planning
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 576 U.S. 644 (2015), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
Understanding the Unlimited Marital Deduction
When you create an estate plan, that plan should accomplish several inter-related goals. One of those goals should focus on tax avoidance. After all, no one wants to lose a significant portion of their estate to Uncle Sam. One common mistake you should avoid, however, is to rely too heavily on the marital deduction. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors help you to understand the unlimited marital deduction. Federal Gift and Estate Taxes At the … [Read more...] about Understanding the Unlimited Marital Deduction
10 Estate Planning Tips You Cannot Afford to Ignore
Unless you are exposed to estate planning concepts and strategies on a regular basis they can be intimidating and frightening. Frequently this causes people to shy away from creating an estate plan despite understanding how important it is to have one in place. To help encourage you to get started on your estate plan, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors offer 10 estate planning tips you cannot afford to ignore. Contact Los Angeles Estate Planning … [Read more...] about 10 Estate Planning Tips You Cannot Afford to Ignore
7 Estate Planning Steps for the Beginner
Even if you understand the benefits you gain from having an estate plan in place, it can be a daunting prospect to create a plan. The steps required to create your estate plan may seem elusive and intimidating. To help get you started, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss seven estate planning steps for the beginner. Estate Planning Steps Before you sit down to create your estate plan, you should do some serious thinking and make several … [Read more...] about 7 Estate Planning Steps for the Beginner
How Do I Approach the Subject of Estate Planning with My Elderly Parents?
If you are an adult child of aging parents, you may be struggling to accept the fact that your parents are experiencing the mental and/or physical deterioration that accompanies the natural aging process. That natural aging process may be making your parent(s) vulnerable, causing a role reversal to happen. The parent becomes the child, and the child becomes the caregiver. If you find yourself in this position, it is time to discuss estate planning with your parents; however, figuring out how to … [Read more...] about How Do I Approach the Subject of Estate Planning with My Elderly Parents?
