The first document you create will likely be a Last Will and Testament when you decide to get started on an estate plan. Creating your first Will can be intimidating given the importance of the document. Taking the time to contemplate what you need and want in your Will ahead of time will make the process run smoother and help ensure that your Will accomplishes what you want it to accomplish. Toward that end, a Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors offers some … [Read more...] about Questions to Consider When It’s Time to Create Your Will
Estate Planning
IRS Releases 2022 Estate Tax Exclusion
For the most part, inheritances are not subject to taxation because there are no income taxes on direct bequests. There is a step-up in basis for inherited appreciated assets, so an inheritor is not responsible for capital gains that accumulated during the life of the decedent. However, there is a tax that can have a major impact if you have been very successful from a financial standpoint. We have a federal estate tax in the United States, and it can take a major bite out of your legacy … [Read more...] about IRS Releases 2022 Estate Tax Exclusion
California Advocates for Nursing Home Reform: Abolish Medi-Cal Estate Recovery
Earlier this year, the California Advocates for Nursing Home Reform along with four other senior advocacy groups called upon Congress to abolish the Medicaid/Medi-Cal estate recovery mandate. In order to understand the relevance of this petition, you have to digest some information about senior citizens, nursing home care, and Medicare. Long-Term Care Costs When you make FICA or self-employment tax contributions to the IRS, you are earning retirement credits. You get one credit for every … [Read more...] about California Advocates for Nursing Home Reform: Abolish Medi-Cal Estate Recovery
Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
As fall turns into winter and the holiday season arrives, it’s natural to review the year, plan for the next, and count your blessings. One of the ways to plan for the next year, and perhaps to address some outstanding concerns in this one, is to consider making annual per donee exclusion gifts. This article will explore annual exclusion gifting and demonstrate how gifts of seemingly modest amounts can be a powerful estate planning tool. Read on to learn more. … [Read more...] about Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
Living in a Digital World and the Importance of Planning for Cryptocurrency
Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. Read on to learn more. … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency
It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Many souls believe that if they lack means, they do not need an estate plan. Nothing could be further from the truth. If you die without an estate plan, your assets may not be distributed as you would wish and the results could be downright scary. Read on to learn more. … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Neither Age Nor Health Determines Whether You Need an Estate Plan
Most people associate Estate Planning with the elderly or very wealthy. This article explores situations in which Estate Planning for the young and healthy is advisable. Read on to learn more. … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
The Kiddie Tax is No Child’s Game
If you set up a trust or other investment vehicle for your child, that child could incur taxes at a rate much higher than anticipated. The Kiddie Tax was enacted to prevent parents from transferring investments to the name of their child or children to take advantage of that child’s lower tax rate. Read on to learn more. … [Read more...] about The Kiddie Tax is No Child’s Game
Charitable Planning in Times of Crisis
During times of uncertainty, we tend to feel helpless. This article explores how charitable giving gives us a sense of purpose in trying times. Read on to learn more. … [Read more...] about Charitable Planning in Times of Crisis
How Estate Planning Documents Help Prevent Elder Abuse
As loved ones and parents age, they become more vulnerable to fraudulent schemes. This article explores how a solid estate plan can help protect the elderly from becoming victims. Read on to learn more. … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
