When you create an estate plan, your primary goal may be to ensure that your assets are distributed according to your wishes after your passing. You should also consider other objectives, however, such as the impact probate will have on your estate and the loved ones you leave behind. Understanding which assets are part of the probate process and which are not is a crucial aspect of estate planning. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain which … [Read more...] about Understanding Probate Assets
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Should I Incorporate a Testamentary Trust into My Estate Plan?
There is more than one way to plan for the distribution of your estate assets after you are gone. The simplest way is to execute a Last Will and Testament that gifts all your assets to the named beneficiaries. Sometimes, however, making outright gifts in a Will is not the best option. In that case, you may decide to incorporate a testamentary trust into your estate plan. The Los Angeles attorneys at Schomer Estate & Wealth Advisors explain how a testamentary trust works and discuss why you might … [Read more...] about Should I Incorporate a Testamentary Trust into My Estate Plan?
Can a Beneficiary Sell, Gift, or Encumber Trust Benefits?
Although a Last Will and Testament remains the most widely used estate planning tool, trusts are an increasingly popular addition to the average estate plan. If you are contemplating the addition of a trust to your estate plan, you may also be wondering about the extent of control and flexibility your beneficiaries will have over their trust benefits. Specifically, can a beneficiary sell, gift, or encumber their trust benefits? The answer to this question largely depends on the type of trust you … [Read more...] about Can a Beneficiary Sell, Gift, or Encumber Trust Benefits?
Estate Planning Tools and Strategies for Ensuring Privacy
For some people, privacy is a top concern when creating or updating their estate plan. You may wish to keep your financial affairs confidential, protect the identities of your beneficiaries, or even prevent heirs from learning how you chose to distribute your estate assets. Regardless of why privacy matters to you, there are several estate planning tools and strategies that can help. To help you get started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss common estate … [Read more...] about Estate Planning Tools and Strategies for Ensuring Privacy
Estate Executors: It’s a Thankless Job
The Thankless Job of Being the Executor of an Estate Taking on the role of an executor is often a burden that comes with little to no gratitude. It's a demanding job filled with responsibilities and challenges, all while dealing with the grief of losing a loved one. As an executor, you are responsible for managing and distributing the estate, which can lead to strained family relationships and immense personal stress. Let's explore why this role is so challenging and how you can navigate the … [Read more...] about Estate Executors: It’s a Thankless Job
How to Get the Most Out of Your Social Security Retirement Benefits
You are likely focused on saving and planning for retirement, understanding that retirement planning and estate planning are closely intertwined. While it is no longer feasible to rely solely on Social Security retirement benefits to fund your retirement, there are strategies you can use to maximize your Social Security retirement benefits. To help get you started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer some tips to help you get the most out of your Social Security … [Read more...] about How to Get the Most Out of Your Social Security Retirement Benefits
How to Use Your Estate Plan to Pass Down Your Legacy
Creating an estate plan is not merely about distributing assets after your death; it is a powerful tool to pass down your legacy to future generations. Your legacy encompasses your values, traditions, life lessons, and personal philosophies, which can be just as meaningful as your material possessions. By thoughtfully crafting your estate plan, you can ensure that your legacy endures and continues to positively influence your loved ones. With that in mind, the Los Angeles attorneys at Schomer … [Read more...] about How to Use Your Estate Plan to Pass Down Your Legacy
How to Protect Your Child’s Inheritance in Your Estate Plan
Estate planning is an essential aspect of securing your family's future, especially when you have minor children. Protecting your minor child's inheritance requires careful and often complex estate planning because of the issues involved in gifting to minors. By taking the time to plan properly, you can provide financial security and peace of mind for your child's future. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss how to protect your child’s … [Read more...] about How to Protect Your Child’s Inheritance in Your Estate Plan
Including a Spousal Lifetime Access Trust (SLAT) in Your Estate Plan
When it comes to estate planning, married couples concerned about tax avoidance and financial security may wish to consider the benefits of a Spousal Lifetime Access Trust (SLAT). While you should always discuss changes to your estate plan with your estate planning attorney, it may be helpful to learn the mechanics and advantages of a SLAT. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss including a Spousal Lifetime Access Trust (SLAT) in your estate … [Read more...] about Including a Spousal Lifetime Access Trust (SLAT) in Your Estate Plan
Avoiding an Audit
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit; however, taxpayers following certain steps are less likely to be audited than those who don’t. Read on to learn more. … [Read more...] about Avoiding an Audit
