tax

Trusts serve as a central tool in California estate planning because they allow you to manage property efficiently, maintain privacy, and structure distributions with precision. When you place assets such as real estate, brokerage accounts, or ownership interests in a business into a trust, you create a framework that governs how those assets are controlled and eventually transferred. At the same time, you must consider how taxation applies when those assets are sold. Capital gains taxes can … [Read more...] about Capital Gains Taxes and Your California Trust

On July 4, 2025, the “One Big Beautiful Bill Act (OBBBA)” was signed into law, making important changes to many of the tax transfer laws in the U.S. Provisions of the OBBBA also impact ABLE accounts which are frequently found in a special needs planning component of a comprehensive estate plan. To help ensure that your plan is up to date and your special needs beneficiaries ae protected, the Los Angeles attorneys at Schomer Law Group, APC explain how the OBBBA impacts ABLE accounts. What Is … [Read more...] about How Does the OBBBA Impact ABLE Accounts?

On July 4, 2025, Congress passed the One Big Beautiful Bill Act (OBBBA), a far-reaching legislative reform that reshaped federal tax and transfer rules. While much attention has been directed at revisions to estate and gift tax laws, the measure also introduced important changes to ABLE accounts. For Californians living with disabilities and their families, these provisions influence how accounts are created, funded, and used. To clarify what the new law means, the Los Angeles attorneys at … [Read more...] about How Does the OBBBA Affect My California ABLE Account?

Given the popularity of trusts, there is a good chance that you will eventually decide to include a trust agreement in your comprehensive estate plan. If so, you need to understand what taxes are levied on trust assets and whether the trust and/or the beneficiaries of the trust are responsible for paying any taxes due. Toward that end, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors discuss taxes and trust administration. Understanding How a Trust Works A trust … [Read more...] about Taxes and Trust Administration

Avoiding federal gift and estate taxes is a common estate planning goal. To successfully decrease your estate’s exposure to taxes you need to understand current tax laws and incorporate those laws into your overall asset protection strategies within your estate plan. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain important 2023 gift and estate tax updates. Federal Gift and Estate Taxes For anyone who hopes to pass down assets to … [Read more...] about 2023 Gift and Estate Tax Updates

When creating a comprehensive estate plan that works as intended it is crucial to consider the impact federal gift and estate taxes may have on the estate you leave behind. Understanding how federal gift and estate taxes work is crucial to achieving that goal. The federal gift and estate tax rules are complex by nature, making it important to consult with a knowledgeable estate planning attorney when trying to avoid incurring the tax; however, it also helps to learn some of the basics about … [Read more...] about What You Need to Know about the Federal Gift and Estate Tax