Estate planning is often a task that people put off or overlook entirely. Yet, failing to plan for the distribution of assets can lead to significant complications and unintended consequences for loved ones left behind. Intestate succession, the legal process that governs the distribution of assets when someone passes away without a valid Last Will and Testament (or trust agreement), can result in outcomes that may not align with your wishes. To help you avoid such outcomes, the Los Angeles … [Read more...] about 10 Mistakes that Can Result in Leaving Behind an Intestate Estate
BLOG
Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to … [Read more...] about Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
Ideas for Eco-Friendly Estate Planning
A comprehensive estate plan should focus on ensuring that your assets are distributed pursuant to your instructions after you pass away and that your wishes are honored both while you are alive and after you are gone. That same plan, however, can accomplish numerous other interrelated goals. For example, if you live your daily life focused on sustainability and eco-friendliness, why not incorporate those goals into your estate plan as well. Toward that end, the Los Angeles attorneys at Schomer … [Read more...] about Ideas for Eco-Friendly Estate Planning
What to Do After a Terminal Diagnosis: A Practical Guide
Finding out that you have a terminal illness or disease is not something you are ever prepared for – even if you suspected that the news would not be good. Everyone handles the reality of their own mortality differently with some people getting lost in denial, others spiraling into depression, and yet others determined to make the most of every minute they have left. Focusing on the practical steps you need to take is one way to handle a terminal diagnosis, regardless of whether it simply … [Read more...] about What to Do After a Terminal Diagnosis: A Practical Guide
The Importance of Estate Planning for Members of the LGBTQIA+ Community
Members of the LGBTQIA+ community have faced legal, social, and emotional struggles throughout recorded history. While there have been some long overdue legal and societal victories for the community in recent years, complete legal equality and blanket acceptance by society has yet to occur. Until those goals are achieved, members of the LGBTQIA+ community must still use all available legal means to protect themselves, their assets, and their loved ones. Toward that end, the Los Angeles … [Read more...] about The Importance of Estate Planning for Members of the LGBTQIA+ Community
Appointing a Trustee for a Special Needs Trust: Factors to Consider
If you are the parent or grandparent of a child with special needs, you may decide to incorporate a Special Needs Trust into a special needs planning component within your comprehensive estate plan. If so, selecting the right Trustee for your Special Needs Trust (SNT) is a pivotal step in the process and can pose considerable challenges. Your chosen Trustee will have diverse responsibilities, including overseeing the SNT's day-to-day operations, dispensing funds to the beneficiary, managing … [Read more...] about Appointing a Trustee for a Special Needs Trust: Factors to Consider
Will My Kids Inherit My Debts When I Pass Away?
For many individuals engaged in estate planning, the primary focus is often on how their assets will be distributed after death. While you may fall into this category, you may also harbor concerns about the fate of the debts you leave behind. Specifically, you may be concerned that your adult children could inherit your debts instead of your assets. To assist you in planning effectively, the Los Angeles attorneys at Schomer Estate & Wealth Advisors help answer the question “Will my kids inherit … [Read more...] about Will My Kids Inherit My Debts When I Pass Away?
What If I Do Not Want to Accept an Inheritance?
When a loved one passes away, it is not uncommon for surviving heirs to battle over who will inherit the estate left behind. Sometimes, court battles over a decedent’s estate can take years to resolve, often depleting the estate of the very assets the heirs are fighting over. While disputes over who will inherit a decedent’s estate are relatively commonplace, the opposite problem can also occur during the probate of an estate. Sometimes, an heir or beneficiary does not want an inheritance. With … [Read more...] about What If I Do Not Want to Accept an Inheritance?
Estate Planning for Single Parents
Establishing a comprehensive estate plan is beneficial for every adult, but for single parents, it holds even greater significance in safeguarding their children's future. The Los Angeles attorneys at Schomer Estate & Wealth Advisors explain how estate planning can help single parents to ensure the well-being and financial security of their children. Estate Planning Is Even More Important for Single Parents Whether single parenting is a matter of circumstance or choice, it presents unique … [Read more...] about Estate Planning for Single Parents
Will Your Executor Have to Sell Estate Assets?
Probate, the legal process overseeing the administration of your estate after your passing, plays a crucial role in ensuring your assets are handled according to your wishes. While having a comprehensive estate plan is crucial for ensuring that assets are distributed according to your wishes, unforeseen circumstances during probate may necessitate the sale of certain assets despite having an estate plan in place and even if your intent was to pass them on to loved ones. To shed light on this, … [Read more...] about Will Your Executor Have to Sell Estate Assets?
