Creating your first estate plan can be an exciting, yet equally intimidating, prospect. Understandably, most people are unfamiliar with the terminology, tools, and strategies that go into estate planning. Knowing what to expect and how to prepare can help your initial estate planning experience be both beneficial and enjoyable. With that in mind, the Los Angeles estate planning attorneys at Schomer Law Group, APC explain common steps involved in creating your first estate plan. Consult with … [Read more...] about How to Create Your First Estate Plan
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2022 Global Retirement Index Top 5 List
Many factors will impact how comfortable you are when you retire. While the amount of money you managed to save is certainly one of those factors, where you spend your retirement years is also a significant factor. Many retirees move outside of the United States to make their retirement savings worth more. If you are considering retiring abroad, the Los Angeles estate planning attorneys at Schomer Law Group, APC share the 2022 Global Retirement Index top five list. What Is the Global … [Read more...] about 2022 Global Retirement Index Top 5 List
Can a Beneficiary’s Interest in a Trust Be Sold?
A trust beneficiary has a legal ownership interest in the assets held by the trust. The trust terms will dictate when the beneficiary is entitled to receive distributions from the trust and in what amount. Sometimes, however, a beneficiary needs (or wants) the value of his/her interest in the trust prior to the scheduled distribution. The Los Angeles trust administration attorneys at Schomer Law Group, APC discuss whether a beneficiary can sell his/her interest in a trust. Trust … [Read more...] about Can a Beneficiary’s Interest in a Trust Be Sold?
Understanding Undue Influence – Part II
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions for the slighted beneficiaries. These questions usually revolve around methods to have the plan overturned. Most states give clients tools to protect their carefully crafted plans, even after their death. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part II
Understanding Undue Influence – Part I
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions. Most of the time, clients have consulted with a competent attorney regarding their reasons for structuring the plan the way that they have. Sometimes, other factors are at play and the plan doesn’t represent the testator’s true wishes, but rather, another individual’s testamentary desire. That’s undue influence and there are ways to guard against it. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part I
Death and Your Digital Footprint
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
Pondering Portability
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more. … [Read more...] about Pondering Portability
What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate. … [Read more...] about What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
Can a Trustee Be Fired?
Every trust must have a Trustee, appointed by the Settlor (creator of the trust), whose job is to administer the trust. What happens, however, if a Trustee fails to do his/her job well? Can a Trustee be fired? If so, who has the authority to have a Trustee removed (fired)? To shed some light on the subject, the Los Angeles trust administration attorneys at Schomer Law Group, APC explains when and how a Trustee can be fired. Why Might You Want to Remove a Trustee? Settlors may fail to … [Read more...] about Can a Trustee Be Fired?
Understanding Special Needs Trusts
When you become a parent, you truly begin to understand why estate planning is so important. If you are the parent of a child with special needs, you will undoubtedly feel a heightened sense of urgency when it comes to creating a comprehensive estate plan that will likely include a special needs trust. For those who are unfamiliar with these trusts, the Los Angeles special needs planning attorneys at Schomer Law Group, APC help you understand special needs trusts. Special Needs Trust … [Read more...] about Understanding Special Needs Trusts
