The estate planning attorneys here at the Schomer Estate & Wealth Advisors greatly believe in the power of education. Studies that are conducted to get a feel for the estate planning preparedness of American adults typically show that most people are going through life without any estate planning documents. We have found that people are more likely to take action when they understand why the process is so very important. To spread awareness, we offer seminars on an ongoing basis when time … [Read more...] about Attend an Upcoming Estate Planning Seminar
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Special Needs Planning Can Preserve Benefit Eligibility
There are many different ways to facilitate asset transfers to the people that you love, and the optimal strategy will depend upon the circumstances. Your position financially, your family dynamic, your intentions, and the nature of your assets can all enter the picture. On the other end of the spectrum, the life situation of each respective inheritor should be taken into account as well. If you have someone with a disability on your inheritance list, special needs planning can be necessary, … [Read more...] about Special Needs Planning Can Preserve Benefit Eligibility
Incapacity Planning Can Prevent a Conservatorship
When you think about estate planning, you probably conjure images of asset transfer vehicles like wills and trusts. Without question, this is a very important part of the equation, because you must take the right steps to get your assets into the hands of your loved ones after you are gone. However, there is another facet that you should take into consideration when you are crafting your estate plan. It can be disconcerting to go down this road, but there is a distinct possibility that you … [Read more...] about Incapacity Planning Can Prevent a Conservatorship
Key Medi-Cal Facts and Figures for 2019
Before we provide some detailed information about the Medi-Cal parameters, we should explain why this program is relevant to many senior citizens that qualify for Medicare. The United States Department of Health and Human Services maintains a website called longtermcare.gov. This site is chock-full of very useful information about living assistance for elders. There is a particular statistic that really reaches out and grabs you when you visit the website. Researchers have found that seven … [Read more...] about Key Medi-Cal Facts and Figures for 2019
Estate Administration: Fact vs. Fiction
You may have watched a scene depicted on a television show or in a movie that takes place after a funeral. People all gather at a reception in someone’s home, and the executor of the estate calls certain people into a study or extra room. There is a “reading of the will” at that time, and the implication is that the executor will be able to distribute assets to the inheritors after they are informed about the intentions of the deceased individual. In reality, things do not work in this … [Read more...] about Estate Administration: Fact vs. Fiction
The Right Estate Tax Efficiency Strategy Can Preserve Your Legacy
A bare-bones estate plan may include a simple last will, and perhaps a living will and durable powers of attorney. For some people, this can be sufficient, but there is a more comprehensive form of estate planning called legacy planning. It is particularly important for high net worth individuals that can be exposed to death taxes. Federal Estate Tax There is a federal estate tax in the United States that can significantly erode the legacy that you would like to pass along to the people that … [Read more...] about The Right Estate Tax Efficiency Strategy Can Preserve Your Legacy
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects. New Estate Tax Proposal … [Read more...] about New Estate Tax Proposal
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help. ABLE Accounts … [Read more...] about ABLE Accounts
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives. What are UGMA and UTMA Accounts? … [Read more...] about What are UGMA and UTMA Accounts?
QTIP Trust vs Bypass Trust: Which Do You Need?
When it comes to estate planning, there are several different types of trust available. Deciding which type of trust you need to accomplish your goals can be challenging without some assistance. Married couples, in particular, question which types of trusts will best serve their needs. If you have heard of a QTIP trust and a bypass trust, you may be wondering which one is best. Our trust attorneys can help you make this important choice. What is a QTIP Trust? The acronym “QTIP” stands for … [Read more...] about QTIP Trust vs Bypass Trust: Which Do You Need?
