They say that the only certainties in life are death and taxes. Without question, people are always well aware of the looming April 15th tax day, and most folks plan ahead appropriately. When it comes to the other inevitability, things are entirely different, and this is a disturbing phenomenon.Studies are conducted periodically that are intended to put a finger on the pulse of the estate planning preparedness of American adults. They consistently find that the vast majority of people in Los … [Read more...]
Attend an Upcoming Estate Planning Seminar
The estate planning attorneys here at the Schomer Law Group greatly believe in the power of education. Studies that are conducted to get a feel for the estate planning preparedness of American adults typically show that most people are going through life without any estate planning documents.We have found that people are more likely to take action when they understand why the process is so very important. To spread awareness, we offer seminars on an ongoing basis when time allows. There are … [Read more...]
Estate Administration: Fact vs. Fiction
You may have watched a scene depicted on a television show or in a movie that takes place after a funeral. People all gather at a reception in someone’s home, and the executor of the estate calls certain people into a study or extra room. There is a “reading of the will” at that time, and the implication is that the executor will be able to distribute assets to the inheritors after they are informed about the intentions of the deceased individual.In reality, things do not work in this … [Read more...]
The Right Estate Tax Efficiency Strategy Can Preserve Your Legacy
A bare-bones estate plan may include a simple last will, and perhaps a living will and durable powers of attorney. For some people, this can be sufficient, but there is a more comprehensive form of estate planning called legacy planning. It is particularly important for high net worth individuals that can be exposed to death taxes.Federal Estate TaxThere is a federal estate tax in the United States that can significantly erode the legacy that you would like to pass along to the people that … [Read more...]
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects.New Estate Tax Proposal … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help.ABLE Accounts … [Read more...]
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives.What are UGMA and UTMA Accounts? … [Read more...]
Common Misconceptions Regarding Los Angeles Living Trusts
Los Angeles living trusts are a particularly useful estate planning tool you should consider including in your estate plan. Before you make that decision, though, there are a few misunderstandings about these tools you should be aware of. Three of the most common misconceptions are (1) you must relinquish all control of your property, (2) they can help you avoid estate taxes, and (3) they are the only estate planning tool you will need. This article will discuss all of these issues.You Do … [Read more...]
What Are 529 Plans and What Are Their Advantages?
What are 529 plans? Can they be held in trusts? Read on to learn more about these plans and why to consider them.What Are 529 Plans and What Are Their Advantages? … [Read more...]
Are Beneficiaries Entitled to a Copy of the Will?
If you are expecting the traditional “reading of a will” that you see on tv or in the movies, that is rarely how it works. In fact, there is no legal requirement that a will be read aloud to anyone. But, you may be wondering whether beneficiaries are entitled to a copy of the will. It is the personal representative (executor) who determines who will receive a copy of the will or be notified of its contents. Once the will is filed with the probate court, then it becomes public record and anyone … [Read more...]
