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. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
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What It Means to Disclaim
Disclaimers are an effective Estate Planning tool for the Trust and Estate Practitioner. They allow the disclaimant to alter an Estate Plan if they follow the statutory requirements exactly. Disclaimers can be tricky but when used correctly, achieve great results for a client. Read on to learn more. … [Read more...] about What It Means to Disclaim
Spring Summit 2023: Celebrating 30 Years of Indispensability in the Windy City
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the conference. … [Read more...] about Spring Summit 2023: Celebrating 30 Years of Indispensability in the Windy City
Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?
Revocable Trusts offer many great benefits for the grantor and the beneficiaries both during life and after death. Grantors or creators of the trust retain the right to amend, revoke, alter, or change the trust during their lifetime. Well-written trusts contain explicit directions regarding how the change needs to occur. A recent Michigan case explores what happens when a trust lacks that clarity. Read on to learn more. … [Read more...] about Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?
How Do I Amend My Last Will and Testament?
Although many people choose to incorporate a trust agreement into their estate plan, a Last Will and Testament continues to serve as the foundation for most estate plans. The Will you drafted even a few short years ago, however, may not cover your current circumstances, meaning you may need to make changes to your Will. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss how to amend your Last Will and Testament. Last Will and Testament … [Read more...] about How Do I Amend My Last Will and Testament?
Should I Use a Will or Trust to Distribute My Assets in My Estate Plan?
For most people, an important reason to create an estate plan is to ensure that their assets are distributed according to their wishes after they are gone. If that is one of your goals, you need to consider how your estate will be administered during the probate process when the time comes. Specifically, you will need to decide if you want to use a Last Will and Testament or a Trust as the primary method of distribution for your assets. To help you decide, the Los Angeles estate planning … [Read more...] about Should I Use a Will or Trust to Distribute My Assets in My Estate Plan?
How Can a Geriatric Care Manager Help Me?
If you are caring for an aging parent or grandparent, you already understand how difficult it can be to provide quality care while still trying to focus on your own career and/or immediate family. A geriatric care manager may be the solution. To help you decide, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors explain how a geriatric care manager might be able to help you. Caregiver Facts and Figures If you are the primary caregiver for an elderly parent (or other … [Read more...] about How Can a Geriatric Care Manager Help Me?
What Is a Senior Life Settlement?
As a retiree, you are likely hoping to enjoy your “Golden Years” without having to worry about finances. If you are concerned that may not be the case, your life insurance policy may be one potential source of financial assistance that you may not have considered. With that in mind, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors discuss the possibility of turning your life insurance into a senior life settlement. What Is a Senior Life Settlement? You have likely … [Read more...] about What Is a Senior Life Settlement?
The IRS’ Annual Warning: The 2023 Dirty Dozen
As another tax season closes, it’s a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. Attorneys can help their clients by alerting them to these scams and providing advice on how to avoid them. Read on to learn more. … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more. … [Read more...] about The Joy in Joint Trusts
