When a will is used to as a postmortem asset transfer vehicle, the executor that is named in the document would act as the administrator. This individual or entity cannot act in a vacuum. The will would be admitted to probate, and the court would provide supervision during this legal process. In California, there is are a couple of caveats to the above statement. Smaller estates that are valued at $166,250 or less can be administered through the utilization of a small estate affidavit or a … [Read more...] about Why Do People Avoid Probate?
Estate Planning
Uncompensated Transfers
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,” that could lead to a period of disqualification from the program. Read on to learn more. Uncompensated Transfers … [Read more...] about Uncompensated Transfers
Low-Interest Loans: An Estate Planning Technique
The coronavirus has caused upheaval in society and the economy. But, this unique time also opens up opportunities in estate planning. Read on to learn more. Low-Interest Loans: An Estate Planning Technique … [Read more...] about Low-Interest Loans: An Estate Planning Technique
Keep Inheritances Safe With a Living Trust
There is no single universal approach to estate planning that is right for everyone. Since there are so many different strategies that can be implemented, you should really discuss your unique personal situation with a licensed estate planning lawyer. If you make the right choices from the outset, you can go forward with the knowledge that you are going to provide for all of your family members in the optimal manner. With this in mind, we will look at one of the major benefits that you would … [Read more...] about Keep Inheritances Safe With a Living Trust
Election Could Bring Estate Tax Changes
We are in an election year, and the two major parties see things differently when it comes to taxation. There’s been a lot of talk about taxing the very wealthy, and one way to do this would be to alter the parameters of the federal estate tax. Let’s look at the details. Estate Tax Exclusion The key factor is the federal estate tax exclusion. This is the amount that can be transferred before the estate tax kicks in. When a new tax package was passed for the 2018 calendar year, the estate tax … [Read more...] about Election Could Bring Estate Tax Changes
Anticipate Possible Estate Challenges
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 Contests When will is used as … [Read more...] about Anticipate Possible Estate Challenges
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 Estate & Wealth Advisors 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 Estate & Wealth Advisors 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 Protections If 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
