More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more. … [Read more...] about Using Entities in Estate Planning
Estate Planning
The Sky Isn’t Falling
When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making significant changes to their estate plan. No matter what happens with the Build Back Better Act, an estate plan centered on long-term goals will serve you well. Read on to learn more. … [Read more...] about The Sky Isn’t Falling
Practical Lessons in Drafting
Individuals who undertake Estate Planning want to ensure that their plan works the way it’s intended. When clients neglect to consider Estate Planning on a regular basis, they set themselves up for failure. Waiting until an emergency arises almost guarantees that the plan will fail when needed the most. Estate Planning completed under duress can lead to unfavorable results. Read on to learn more. … [Read more...] about Practical Lessons in Drafting
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive
Leaving Your Children a Lump Sum Inheritance May Not Be Wise
If you are a parent, you likely plan to pass down some, or all, of your estate assets to your children upon your death. If your children are still minors, they cannot inherit directly from your estate; however, once they are legal adults you can leave assets directly to them within your estate plan. Just because you can though doesn’t mean it’s the best idea. The Los Angeles trust attorney at Schomer Estate & Wealth Advisors discuss why leaving your children a lump sum inheritance may not be … [Read more...] about Leaving Your Children a Lump Sum Inheritance May Not Be Wise
What Happens If I Leave Property Out of My Living Trust?
A revocable living trust is an effective and versatile estate planning tool that can be the ideal foundation of your plan. If you establish the trust while your children are still minors, there would be an adult trustee designated that would be empowered to manage assets on their behalf. It is equally effective after your children become adults in their own right. You would be the trustee while you are living, so you would control the assets in the trust. Because it is revocable, these … [Read more...] about What Happens If I Leave Property Out of My Living Trust?
Recently Divorced? Have You Updated Your Estate Plan?
If you recently went through a divorce, you are probably still dealing with the emotional ramifications of that process. As such, it can be very easy to overlook the numerous practical steps that should be taken after a divorce. For example, the Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors estate planning documents that usually need to be updated following a divorce. The Importance of Updating Your Plan After a Divorce Most married couples create estate plans … [Read more...] about Recently Divorced? Have You Updated Your Estate Plan?
What Is a Reverse Mortgage?
It probably seems like the advertisements for reverse mortgages are never-ending and it is clear they are aimed at seniors. If you are a senior, and you are living on a tight budget or you need an influx of cash to pay for unexpected expenses, you may be wondering if a reverse mortgage is the answer. A Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors explains how a reverse mortgage works. Reverse Mortgage Basics A reverse mortgage is a loan for senior homeowners … [Read more...] about What Is a Reverse Mortgage?
How Can I Keep the Details of My Estate Plan Private?
After you create your estate plan you may chose to share the details with loved ones – or you may prefer to keep those details private. If you want your estate plan details to remain private, you need to plan accordingly. Toward that end, a Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors explains how to ensure that the details of your estate plan remain private. Gifts Made Using a Last Will and Testament Will Not Be Kept Private Your Last Will and Testament is a … [Read more...] about How Can I Keep the Details of My Estate Plan Private?
Answer These Questions to Shape Your Estate Plan
A lot of people are unprepared from an estate planning perspective because they simply do not know where to start. This is understandable to some extent, but if you give the following questions some thought, your estate plan will begin to take shape. How would your children be provided for if you pass away? Caring.com conducts annual estate planning preparedness surveys, and they found that 26.8 percent of people that are between 18 and 34 had estate plans in place this year. The figure is … [Read more...] about Answer These Questions to Shape Your Estate Plan
