A Power of Attorney is among the most well-known and frequently used of all estate planning tools. When properly drafted and utilized, a Power of Attorney makes a versatile and effective estate planning tool; however, when improperly drafted or used a Power of Attorney can do more harm than good. To help ensure that your estate plan works as intended, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain several common Power of Attorney mistakes you can avoid … [Read more...] about Common Power of Attorney Mistakes You Can Avoid Making
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What Can I Do to Prevent My Children from Fighting Over My Estate?
For most people, one of the primary reasons to create an estate plan is to ensure that their estate is distributed according to their wishes after they are gone. Another reason is to reduce the likelihood of confusion and conflict after they are gone. If you have adult children, you undoubtedly want to do all you can to prevent disputes between them as well. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain what you can do to prevent your … [Read more...] about What Can I Do to Prevent My Children from Fighting Over My Estate?
10 Retirement Planning Tips You Can’t Afford to Ignore
The earlier you begin planning for retirement the less you will need to save in the long run. In fact, you might be amazed to find out what a huge difference it makes to start saving earlier in your working career. To ensure that your retirement plan works as intended, however, it needs to work in harmony with your estate plan. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors offer 10 retirement planning tips you can’t afford to … [Read more...] about 10 Retirement Planning Tips You Can’t Afford to Ignore
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
What Happens When You Don’t Trust Your Trustee – Part I
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part I
The View from Heckerling
Each year the University of Miami sponsors the Heckerling Institute on Estate Planning. The 57th Institute took place in Orlando, Florida in January 2023. The Institute is widely regarded as the premier estate planning program in the country as thousands of attorneys, trust officers, financial planners, and related parties descend upon the Orlando World Center Marriott Resort and Convention Center for a week-long educational conference. As the Associate Director of Education for the American … [Read more...] about The View from Heckerling
The Not-So Transparent 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 The Not-So Transparent Corporate Transparency Act
Mistakes to Avoid When Establishing a Trust for Your Children
Parents often create a trust to protect the inheritance they intend to leave their children. Not only can a trust protect assets earmarked for minor children who cannot yet inherit those assets, but a trust can also stagger distributions when the children reach the age at which they can legally inherit. If you are a parent who plans to create a trust, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors explain common mistakes you can avoid making. Contact Los Angeles Trust … [Read more...] about Mistakes to Avoid When Establishing a Trust for Your Children
What Does it Cost to Probate an Estate in California?
Probate avoidance tools and strategies are an important part of a comprehensive estate plan. There are several reasons why avoiding probate should be an estate planning goal, including the cost of probating an estate. To encourage you to incorporate probate avoidance strategies in your estate plan, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss what it typically costs to probate an estate in California. Probate Basics Most people leave behind an … [Read more...] about What Does it Cost to Probate an Estate in California?
What Is Missing in Your Estate Plan?
If you have an estate plan in place you are ahead of the game given that over half of all Americans do not have one. For that plan to work as intended, however, it needs to be up-to-date and complete. An estate plan that is missing a critical component or important tools will likely fail to accomplish its intended goals. To help ensure that your estate plan is a success, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors urge you to review your estate plan to make sure … [Read more...] about What Is Missing in Your Estate Plan?
