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...]
Giving Back
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover.Giving Back … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.How Are Trusts Taxed? … [Read more...]
Can a “No Contest” Clause Help to Avoid Orange County Probate Litigation?
There are several reasons someone might decide to challenge whether a will is valid. The most common reasons are whether the will was properly signed, whether the person who made the will had the legal capacity to do so, and whether there is any suspicion that the person was unduly influenced or induced to create the will. In those situations, the will may be contested in probate court. Although these grounds may be challenging to prove in court, having to deal with these issues is something … [Read more...]
Can You Help Me With Medi-Cal Asset Protection?
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...]
Using Dynasty Trusts to Protect Your Estate For Generations to Come
For those with great wealth and the desire to control and protect the family assets for generations, while seeing to it that the generations that follow are required to pay as little taxes as possible, our Los Angeles estate planning attorneys recommend a dynasty trust. Why? Because a dynasty trust can essentially last forever. While the trust goes on for generations and generations, the assets in that trust, with proper planning, can continue to grow while your heirs are protected from estate … [Read more...]
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not.Naming a Trust as Beneficiary of an IRA … [Read more...]
Prenuptial Agreements Can Provide Remarriage Protection
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements.Prenuptial Agreements Can Provide Remarriage Protection … [Read more...]
Estate Planning is About More Tan Taxes
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits.Estate Planning is About More Tan Taxes … [Read more...]
California Estate Planning for Non-Citizens
Regardless of your citizenship status, having a comprehensive estate plan is a great idea. Individuals who may not have been born in the United States but live in California should consider the need to create an estate plan with the help of one of our Long Beach estate planning attorneys. It may be someone who is a non-citizen or non-resident, may have a green card or may have just recently gained their U.S. citizenship. Whatever your status may be, estate planning is necessary.Estate Planning … [Read more...]
