Understandably, no one wants to spend too much time contemplating their own funeral and burial. Nevertheless, it is something you should spend some time doing to spare your loved ones from additional grief and to ensure that your wishes are honored. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors urge you to include funeral planning in your comprehensive estate plan. The Reality Is That Death Is Expensive Industry experts tell us that an … [Read more...] about Why You Should Include Funeral Planning in Your Estate Plan
Estate Planning
Cómo Incluir la Planificación Heredada en Su Plan Patrimonial
Con suerte, ya sabe qué es la planificación patrimonial y por qué es importante tener un plan de sucesión; sin embargo, es posible que no sepa qué es la planificación heredada o por qué también puede querer incluirla en su plan de sucesión. La planificación del legado le permite incorporar sus ideales, creencias, valores y fe en sus esfuerzos de planificación patrimonial. En lugar de simplemente dejar atrás los activos, la planificación heredada le permite dejar atrás mucho más de … [Read more...] about Cómo Incluir la Planificación Heredada en Su Plan Patrimonial
How to Include Legacy Planning in Your Estate Plan
Hopefully, you already know what estate planning is and why it is important to have an estate plan in place; however, you may not know what legacy planning is or why you may also want to include it in your estate plan. Legacy planning allows you to incorporate your ideals, beliefs, values, and faith into your estate planning endeavors. Instead of simply leaving behind assets, legacy planning lets you leave behind much more of who you are and what made you the person you were during your … [Read more...] about How to Include Legacy Planning in Your Estate Plan
What to Do When You Do Not Want to Divide Your Estate Equally Among Your Children
If you are a parent, you have undoubtedly tried to treat your children equally and not play favorites. When it comes to deciding how to distribute your estate, you probably feel pressure to divide your estate equally as well. When your children are minors, deciding to divide your estate equally among your children may be an easy decision. You will likely create a trust and let the trust protect all assets while the children are minors. Once your children are adults, however, deciding how to … [Read more...] about What to Do When You Do Not Want to Divide Your Estate Equally Among Your Children
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more. … [Read more...] about More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Discharge of Indebtedness Income and Student Loan Forgiveness
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
Planning for the “Silver Tsunami”
As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior. Read on to learn more. … [Read more...] about Planning for the “Silver Tsunami”
Lessons from Patagonia
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies … [Read more...] about Lessons from Patagonia
How Much Power Is in a Power of Attorney?
You are probably already familiar with the concept of a Power of Attorney. If you have not already, at some point you will likely create a Power of Attorney (POA) and/or be named as the Agent in a POA executed by someone else. Unfortunately, a Power of Attorney is also one of the most frequently abused legal documents. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain how much power is in a Power of Attorney. What Is a Power of Attorney? At its most … [Read more...] about How Much Power Is in a Power of Attorney?
Estate Planning: 5 Things to Do Before You Die
A well-thought-out estate plan can a variety of inter-connected goals. Along with ensuring that your estate assets are distributed according to your wishes after you are gone, your estate plan can also do things such as plan for the possibility of incapacity, provide for minor children in your absence, and protect assets from all kinds of potential threats. Given the unique nature of estate planning, no two estate plans will be the same. Nevertheless, there are some estate planning documents … [Read more...] about Estate Planning: 5 Things to Do Before You Die
