If you recently started a family or you are planning to start one soon, you want your family to have a strong foundation. A strong foundation means many things, including financial security, love and loyalty, and a comprehensive estate plan that protects your family both now and in the future. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss estate planning strategies for young families that can help build a strong foundation. Estate … [Read more...] about Building a Strong Foundation: Estate Planning Strategies for Young Families
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Best Practices for Trust Administration
While every trust agreement is unique, one thing that all trusts have in common is the appointment of a Trustee whose job is to oversee the administration of the trust. If you were appointed to be the Trustee of a trust for the first time, you likely feel somewhat apprehensive about fulfilling your duties and responsibilities. To help you get started, the Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors offer some best practices for trust administration. Trust … [Read more...] about Best Practices for Trust Administration
Distribution Rules for an IRA
Most people entering their retirement years today started saving for retirement a long time ago after realizing that Social Security retirement benefits would not even cover their basic bills when they reached their “Golden Years.” One common retirement savings tool is an Individual Retirement Account, or IRA. If you have an IRA, you need to understand the rules for distributions from your IRA. To get you started, the Los Angeles retirement planning attorneys at Schomer Estate & Wealth Advisors … [Read more...] about Distribution Rules for an IRA
How Long Will I Have to Wait for an Inheritance in California?
If you recently lost a family member or loved one, you are undoubtedly grieving. At the same time, you may be anticipating an inheritance. You may have even been notified that you are officially a beneficiary or heir of the decedent’s estate. If so, you understandably want to know when to expect receipt of your inheritance. With that in mind, the Los Angeles probate attorneys at Schomer Estate & Wealth Advisors shed some light on how long you will have to wait for your inheritance in … [Read more...] about How Long Will I Have to Wait for an Inheritance in California?
What We Can All Learn from Diller v. Richardson – Part II
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson – Part II
What We Can All Learn from Diller v. Richardson
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson
529 Plans – The “Holy Grail” of Estate Planning
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
The Wonder of Wills
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. Read on to learn more. … [Read more...] about The Wonder of Wills
Understanding and Manipulating Estate and Gift Taxes – Part II
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part II
How Do I File a Complaint Against a Nursing Home in California?
As the population of older adults continues to increase in the United States, so does the need for safe and compassionate long-term care facilities. Unfortunately, the reality is that elder abuse is a very real and very prevalent threat to nursing home residents. If you believe that a loved one is being abused or mistreated in a California nursing home, you have options. Toward that end, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors explain how to file a complaint … [Read more...] about How Do I File a Complaint Against a Nursing Home in California?
