As estate planning attorneys, we are often asked about how individual retirement accounts can be used for estate planning purposes. There has been some important recent news about the rules surrounding these accounts, and we will share it here. But first, we will provide some necessary background information.Traditional Individual Retirement AccountsWith a traditional IRA, the deposits that are made into the account are pre-tax contributions. In the near term, this is a tax benefit, because … [Read more...] about CARES Act Impacts IRA RMDs
As a firm that specializes in elder law and estate planning matters, we provide comprehensive assistance to people that are looking ahead toward the eventualities of aging. At the same time, we also work with families in a holistic manner, because in many instances, there will be cooperation between generations.This becomes especially relevant when seniors are starting to become unable to handle all their own day-to-day needs.There are some statistics that you should digest if you have … [Read more...] about Medi-Cal Waiver Can Provide Relief for Caregivers
It is always important to review that there are five key areas of financial planning: Preservation, Retirement Planning, Investments, Tax Planning, and Estate PlanningAs a comprehensive financial services firm, we try to always consider the impact of any recommendation we make on not just one, but all of these areas for our clients.The webinar focuses primarily on the economy’s outlook and some year end tax planning ideas which could have an impact on some of your financial … [Read more...] about Webinar Recording: 2019 Year-end Tax Planning for Investors
The sale of real estate in a probate administration proceeding presents a number of traps for some. Failure to comply with all requirements can result in a failure of the sale and the requirement that the process start over. Join us as we discuss common requirements and suggested procedures when selling real property during the Probate process. … [Read more...] about Webinar Recording: The Ins and Outs of Selling Real Property During a Probate
It takes a comprehensive approach to construct an estate plan that covers all of your bases. Yes, you have to take the right steps to get financial assets into the hands of your loved ones in the appropriate manner. This being stated, you should also consider the events that may enter the picture before you pass away.Aging Takes Its TollThere is no way you can truly wrap your head around the way that it will feel to go through life as an octogenarian. This can seem like a feat of longevity … [Read more...] about Incapacity Planning Can Prevent Conflicts
A living trust is a common estate planning tool when it comes to probate avoidance. Many clients are seeking ways to avoid the lengthy and expensive court proceeding. In the absence of a trust or some other estate planning tool, estates are required to go through probate. However, before you choose a living trust for your estate plan, you should be familiar with the advantages and disadvantages of this popular estate planning tool.What is a Living Trust?A “living trust” is a specific type … [Read more...] about What Does it Mean to Have a Living Trust?
Aid and Attendance is a benefit that veterans and their spouses can receive from the Veterans Affairs and can be awarded in addition to the basic pension that veterans receive. However, you must first be eligible for that basic pension. VA aid and attendance benefits are available for qualified individuals who need financial assistance to pay for in-home care, assisted living facility costs, or nursing home expenses. This article will provide you with some basic information about VA aid and … [Read more...] about What is the Maximum VA Aid and Attendance Benefits Amount?
Eligibility for Medi-Cal benefits requires that you have a limited amount of countable assets. Even so, exempt assets may be subject to recovery by Medi-Cal after the death of the recipient. For these reasons, many clients are concerned about Medi-Cal asset protection and particularly whether they will be able to keep or sell their homes after a spouse receiving Medi-Cal benefits passes away. If you are faced with this situation, the Schomer Law Group is here to help.Understanding the Basics … [Read more...] about Can You Help Me With Medi-Cal Asset Protection?
Schomer Law Group is proud to announce that one of its attorneys, Scott P. Schomer, has been certified as a specialist in Estate Planning, Trust & Probate Law by the California Board of Legal Specialization of the State Bar of California and the Estate Planning, Trust & Probate Law Advisory Commission. A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on … [Read more...] about Scott P. Schomer Certified As Specialist In Estate Planning, Trust And Probate Law
Their father died suddenly, leaving behind two sons. He rented an apartment in San Diego while his Sons lived in Los Angeles and San Francisco, requiring his Sons to make multiple trips down the coast to manage his estate. The father’s affairs were one challenge after another. Among other problems, the landlord refused access to the apartment; the neighbor had “helped himself” to important documents and valuables; his car had been impounded; and the apartment appeared as if it had been hit by … [Read more...] about Your Father Always Wanted me to have that Money