A trust is a common estate planning tool that can be used to manage assets and provide for beneficiaries after the Grantor's (trust creator) passing. Simply establishing a trust, however, is not enough to ensure its effectiveness. Properly funding the trust is also essential for it to serve its intended purpose. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss how funding a trust works. What Are Some Common Reasons to Establish a Trust? After a Last … [Read more...] about How Does Funding a Trust Work?
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Now Is the Time to Plan for the Lifetime Exemption Rollback
Considering the impact that taxes will have on your estate is an important part of creating a comprehensive estate plan. For some people, federal gift and estate taxes threaten to considerably diminish the value of the estate passed down to loved ones, making tax avoidance an even more crucial estate planning consideration. If you are among the people who need to factor in the impact of federal gift and estate taxes, the Los Angeles attorneys at Schomer Estate & Wealth Advisors remind you that … [Read more...] about Now Is the Time to Plan for the Lifetime Exemption Rollback
Estate Planning for Singles: Tips and Strategies
A prevalent misconception surrounding estate planning suggests it is only relevant for those who are married or have children. Consequently, many single adults without children may overlook the importance of having a comprehensive estate plan in place. To help you avoid making that mistake, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss tips and strategies aimed at estate planning for singles. The Importance of Estate Planning Estate planning encompasses more than … [Read more...] about Estate Planning for Singles: Tips and Strategies
10 Reasons to Avoid Dying Intestate
Having at least a basic estate plan in place can be thought of as a gift you give to your loved ones and to yourself. To understand why an estate plan is a gift, however, it helps to have a better understanding of what happens if you die without one in place. Toward that end, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss 10 reasons to avoid dying intestate. Why Does It Matter If I Die Intestate? When someone passes away without a Last Will and Testament (or trust … [Read more...] about 10 Reasons to Avoid Dying Intestate
How Does a Sub-Trust Work in My Estate Plan?
Estate planning is a critical aspect of financial management both while you are alive and after you are gone. A well-drafted estate plan ensures that assets will be distributed according to your wishes after you pass away. Within the realm of estate planning, trusts are powerful tools that offer flexibility, control, and privacy in managing your assets. A sub-trust holds a unique significance within your estate plan as explained by the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about How Does a Sub-Trust Work in My Estate Plan?
How Does a Qualified Personal Residence Trust (QPRT) Work in California?
Owning a home in California can be a lucrative investment, but it also comes with significant estate planning considerations, especially when it comes to taxes and passing on assets to future generations. One strategy that is often utilized to minimize estate tax liability while retaining the right to reside in the home is incorporating a Qualified Personal Residence Trust (QPRT) into a comprehensive estate plan. To better explain, the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about How Does a Qualified Personal Residence Trust (QPRT) Work in California?
Safeguarding Your Inheritance: Essential Strategies for Recent Beneficiaries
Inheriting a substantial sum of money or valuable assets marks a pivotal moment in your life and is often accompanied by a myriad of emotions and profound responsibilities. As you embark on this financial endeavor, it is imperative to adopt a comprehensive approach to protect and manage your newfound wealth effectively. To help you get started safeguarding your inheritance, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss key strategies aimed at guiding recent beneficiaries … [Read more...] about Safeguarding Your Inheritance: Essential Strategies for Recent Beneficiaries
Exploring the Advantages of Basis Step-Up in Estate Planning
While creating your estate plan, it is crucial to consider not only asset distribution but also the potential impact of taxes on your estate and the inheritances you intend to leave behind. Particularly, understanding how capital gains taxes might erode the value of assets passed down to beneficiaries is essential. Fortunately, there are estate planning strategies available to mitigate the impact of taxes on inheritances. To help you better understand, the Los Angeles attorneys at Schomer Estate … [Read more...] about Exploring the Advantages of Basis Step-Up in Estate Planning
What You Need to Know about the Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about What You Need to Know about the Corporate Transparency Act
5 Critical Mistakes to Avoid When Acting as Executor of an Estate
If you recently lost a loved one and learned that they named you to be the Executor of their estate, you may be feeling overwhelmed. Trying to focus on the legal and financial aspects of administering an estate while also managing the grief that comes with the loss of a loved one can be difficult. It also makes it more likely that you will make a costly mistake. To help you avoid making them, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss five critical mistakes to avoid … [Read more...] about 5 Critical Mistakes to Avoid When Acting as Executor of an Estate
