Probate is the legal process typically required after an individual’s death to settle and distribute the decedent’s estate. The probate process can be costly and complicated even without disputes; however, when a dispute turns into litigation, it can wreak havoc with the administration of the estate. The Los Angeles probate attorneys at Schomer Law Group, APC explain w hat you need to know about California probate litigation. Probate Basics Most people leave behind an estate when they die. … [Read more...] about What You Need to Know about California Probate Litigation
Who Should I Choose to Protect My Child’s Inheritance?
Having at least a basic estate plan in place is important for every adult. If you are the parent of a young child, however, the need for careful estate planning is heightened. Your minor child cannot manage his/her own inheritance. Therefore, you must choose someone to protect the inheritance you leave behind for your child. With that in mind, the Los Angeles trust attorneys at Schomer Law Group, APC help you choose the right person to protect your child’s inheritance. How Will You Pass Down … [Read more...] about Who Should I Choose to Protect My Child’s Inheritance?
What’s in President Biden’s Revenue Proposals?
Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding … [Read more...] about What’s in President Biden’s Revenue Proposals?
The Intersection of Bank Failure and FDIC Insurance
Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. Read on to learn more. … [Read more...] about Medicaid Planning
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 576 U.S. 644 (2015), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
Understanding the Unlimited Marital Deduction
When you create an estate plan, that plan should accomplish several inter-related goals. One of those goals should focus on tax avoidance. After all, no one wants to lose a significant portion of their estate to Uncle Sam. One common mistake you should avoid, however, is to rely too heavily on the marital deduction. The Los Angeles estate planning attorneys at Schomer Law Group, APC help you to understand the unlimited marital deduction. Federal Gift and Estate Taxes At the time of your … [Read more...] about Understanding the Unlimited Marital Deduction
Protecting Your Digital Assets: What Happens to Your Online Accounts After You Pass Away?
As technology continues to advance, many of us have accumulated a significant amount of digital assets, including online accounts such as social media, email, online banking, and more. However, not many of us think about what happens to these accounts after we pass away. In this post, we will discuss the importance of protecting your digital assets and how estate planning can help ensure that your online accounts are managed according to your wishes. Understanding Digital Assets Digital … [Read more...] about Protecting Your Digital Assets: What Happens to Your Online Accounts After You Pass Away?
Things You May Need to Update in Your Estate Plan When You Enter Retirement
Creating a comprehensive estate plan is one of the most valuable gifts you can give to yourself and to your loved ones. An estate plan that functions as intended will protect your assets and help them grow over the course of your lifetime as well as ensure that your loved ones are provided for in the event of your death or incapacity. If you have an estate plan in place already, however, you are not done yet because reviewing and revising your existing estate plan is just as important as … [Read more...] about Things You May Need to Update in Your Estate Plan When You Enter Retirement