Planning your estate can seem like an exercise in stating your wishes in writing through the utilization of a will or a trust. You simply determine what you have to pass along, and you decide on the way that your resources will be distributed to your loved ones.This is certainly the basic idea, but there are some nuances to take into consideration. One of them is the potential for an estate challenge, we will look at some of the details in this post.Last Will ContestsWhen will is used as … [Read more...] about Anticipate Possible Estate Challenges
Estate Planning
Families Gather in Novel Ways in Pandemic
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. The disruptions from the social distancing required to fight the virus have been felt by people around the world. As we mark passing holidays, we reflect on the importance of family. Learn how to share time with family during this pandemic and tackle tasks such as Estate Planning.Families Gather in Novel Ways in Pandemic … [Read more...] about Families Gather in Novel Ways in Pandemic
Academy’s Spring Summit Virtually Perfect
The Academy’s Spring Summit conference went “virtual” due to the social distancing requirements to protect all of us. The Summit was different but better than ever. Read on to learn how cutting-edge technology met cutting-edge learning at the Academy’s Virtual Summit.Academy’s Spring Summit Virtually Perfect … [Read more...] about Academy’s Spring Summit Virtually Perfect
Schomer Law Group Attends Exclusive Virtual Legal Conference
Prominent Los Angeles estate planning and elder law attorney, Scott P. Schomer, participated in the first ever virtual rendition of one of the nation’s premier estate planning legal conferences from April 22-26, 2020. The American Academy of Estate Planning Attorneys virtually hosted their 27th annual Spring Summit, which included attorneys from qualified estate planning law firms from around the country.In light of the global outbreak of COVID-19, the American Academy of Estate … [Read more...] about Schomer Law Group Attends Exclusive Virtual Legal Conference
A Living Trust Is More Effective Than a Last Will
One of the most versatile and effective estate planning tools is the revocable living trust. If you have never considered the benefits, you are probably going to be pleasantly surprised. A living trust can be a much more comprehensive solution than a last will, even if you are not extraordinarily wealthy.Spendthrift ProtectionsIf you are going to be leaving an inheritance to a loved one that is not good at managing money, you will probably take pause. What would happen if they burn through … [Read more...] about A Living Trust Is More Effective Than a Last Will
What Is a Generation-Skipping Trust?
In order to understand the value of a generation-skipping trust for estate planning purposes, you have to digest some information about the federal estate tax. It carries an eye catching 40 percent maximum rate, so it can take a sizable chunk out of your legacy.The vast majority of people do not have to be concerned about this death tax, because a certain amount of property can be transferred before the tax would kick in. This dividing line is called the credit or exclusion, and during the … [Read more...] about What Is a Generation-Skipping Trust?
A Pet Trust Can Provide a Solution
As elder law attorneys, we keep a finger on the pulse of all matters that impact senior citizens and their families. Some of the issues are financial in nature, and there are psychological and emotional challenges that can enter the picture. Loneliness is one of them.Negative Impact Of Living AloneThe National Institute on Aging is a good source of information about the subject. Their research has indicated that about 28 percent of elders are living by themselves. This is around 14 million … [Read more...] about A Pet Trust Can Provide a Solution
Coronavirus and Nursing Homes
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Social distancing and self-quarantine can help slow the spread. The virus is a particular threat to residents of nursing homes. Read on to learn more about the threat and how you can keep your loved ones safe. Read on to learn more … [Read more...] about Coronavirus and Nursing Homes
Economic Fallout from Coronavirus May Provide Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. While healthcare systems have fought the virus, economies have been hurt by the social distancing required to combat the virus. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more.Read on to learn more … [Read more...] about Economic Fallout from Coronavirus May Provide Opportunities
Estate Planning for the LGBT Community
Our firm is very sensitive to the needs of the large LGBT community that helps to make our area a fantastic to live. We should emphasize the fact that estate planning is important for all responsible adults, but it has been especially vital for people that were in committed same-sex relationships.When you are legally married in the eyes of the law, you and your spouse have certain inherent legal rights. Since same-sex marriages were not recognized, a large segment of our population could not … [Read more...] about Estate Planning for the LGBT Community
