Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. Read on to learn more. … [Read more...] about Tis the Season for Giving
Estate Planning
How Does Portability Work?
For many people, an important estate planning goal is tax avoidance. After all, who wants to lose part of their estate to federal gift and estate taxes? To avoid that, you need to understand how the tax works and what tools and strategies are available to help reduce your estate’s tax obligation. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain how portability works and how to factor it into your estate plan. Federal Gift and Estate Tax Basics The … [Read more...] about How Does Portability Work?
How Do I Disclaim an Inheritance?
When a family member or close loved one passes away, family members typically start thinking about what they might inherit from the decedent’s estate. Likewise, when there is controversy or conflict over an estate, it is most often the result of two or more heirs disagreeing over the inheritance to which they feel they are entitled. What happens, however, if you do not want the inheritance left to you? Are you required to accept it? The Los Angeles estate planning attorneys at Schomer Estate & … [Read more...] about How Do I Disclaim an Inheritance?
Estate Planning for Couples Without Children
Estate planning too often focuses on couples with children who wish to decide how and when to pass down an inheritance to future generations. Consequently, couples without children often believe that estate planning is not equally important for them. To correct this common misconception, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss estate planning for couples without children. Childlessness in America Data published from numerous studies, including … [Read more...] about Estate Planning for Couples Without Children
Common Mistakes in Estate Planning – Part V
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Common Mistakes in Estate Planning – Part V
Refresh and Reset: Syncing up in San Diego
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education on selected topics designed to inspire excellence in its Members. Read on to learn more about the unique experience at the Fall Summit 2022 Conference. Read on to learn more. … [Read more...] about Refresh and Reset: Syncing up in San Diego
What’s Retirement Got to Do with it?
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...] about What’s Retirement Got to Do with it?
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Segundas Nupcias y Su Plan de Sucesión
Si está casado, un enfoque importante de su plan patrimonial es probablemente garantizar que su cónyuge esté protegido financieramente en caso de su muerte. Si tienen hijos juntos, es probable que planifiquen que sus activos patrimoniales combinados se transmitan a sus hijos después de que ambos se hayan ido. ¿Qué sucede, sin embargo, si mueres a una edad relativamente joven y tu cónyuge se vuelve a casar? ¿Los activos que destinó a sus hijos estarán seguros? Los abogados de planificación … [Read more...] about Segundas Nupcias y Su Plan de Sucesión
7 Ways an Estate Planning Attorney Can Help You
When you think about the need for an estate planning attorney, you undoubtedly think about creating or revising an estate plan that determines how your estate assets are distributed after you are gone. While an estate planning attorney certainly can help you with that, there are numerous other ways in which an estate planning attorney can help you. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain seven ways in which an estate planning attorney might be able … [Read more...] about 7 Ways an Estate Planning Attorney Can Help You
