People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
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How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. Read on to learn more. … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Should I Incorporate an ABLE Account into My Estate Plan?
For the parents or grandparents of a child with special needs, the importance of incorporating a special needs planning component into their comprehensive estate plan cannot be understated. While every special needs plan should be uniquely tailored to the needs of the client, a common component within these plans is an ABLE account. The Los Angeles special needs planning attorneys at Schomer Estate & Wealth Advisors discuss whether you should incorporate an ABLE Account into your estate … [Read more...] about Should I Incorporate an ABLE Account into My Estate Plan?
Benefits of Lifetime Gifting
An important part of any comprehensive estate plan is the distribution of estate assets. Sometimes that requires nothing more than a Last Will and Testament and/or a trust agreement that provides for the gifting of all estate assets upon their death. Lifetime gifting, however, can also be part of the overall distribution of assets in a comprehensive estate plan. Deciding whether to gift while you are alive or only after you are gone can be a difficult and complex decision. The Los Angeles estate … [Read more...] about Benefits of Lifetime Gifting
5 Common Estate Planning Myths Debunked
Most people recognize the importance of estate planning; however, those same people often fall victim to the numerous and varied myths and misconceptions about estate planning. To help ensure that you, your family, and your assets are protected, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain five common estate planning myths. Contact Los Angeles Estate Planning Attorneys For more information, please join us for an upcoming FREE seminar. If you have … [Read more...] about 5 Common Estate Planning Myths Debunked
Using a Charitable Gift Annuity to Make Gifts
For many people, charitable gifting is an important part of who they are and of the legacy they hope to leave behind when they are gone. If you are among them, incorporating your philanthropic goals into your estate plan is important. When doing so, you should maximize any secondary benefits that might be available to you. One charitable gifting tool you may wish to consider using is a charitable gift annuity. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain … [Read more...] about Using a Charitable Gift Annuity to Make Gifts
Why Is Naming a Successor Trustee Important?
If you are contemplating the addition of a trust to your estate plan, there are some common mistakes you want to avoid making, such as failing to name a successor Trustee. For those who are not familiar with how a trust is administered, the Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors explain why naming a successor Trustee is important. Trust Basics First, it is important to have a firm understanding of what a trust is and how a trust works. A trust is a … [Read more...] about Why Is Naming a Successor Trustee Important?
May Is Military Appreciation Month
Every American owes a debt of gratitude to the millions of men and women who currently serve or who have served in the United States military. Without their dedication and sacrifice, and that of their families, we would not enjoy the benefits and freedom many of us take for granted as Americans. To show support for our military families, we celebrate Military Appreciation Month every May. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss how to participate in … [Read more...] about May Is Military Appreciation Month
What You Need to Know about California Probate Litigation
Probate is the legal process typically required after an individual’s death to settle and distribute the decedent’s estate. The probate process can be costly and complicated even without disputes; however, when a dispute turns into litigation, it can wreak havoc with the administration of the estate. The Los Angeles probate attorneys at Schomer Estate & Wealth Advisors explain w hat you need to know about California probate litigation. Probate Basics Most people leave behind an estate when … [Read more...] about What You Need to Know about California Probate Litigation
Who Should I Choose to Protect My Child’s Inheritance?
Having at least a basic estate plan in place is important for every adult. If you are the parent of a young child, however, the need for careful estate planning is heightened. Your minor child cannot manage his/her own inheritance. Therefore, you must choose someone to protect the inheritance you leave behind for your child. With that in mind, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors help you choose the right person to protect your child’s inheritance. How Will You … [Read more...] about Who Should I Choose to Protect My Child’s Inheritance?
