If you were named as the Executor of the estate in a decedent’s Last Will and Testament, or you have been elected to handle the probate of the estate if the decedent died intestate (without a Will), you must focus on the legal and practical issues that arise following the passing of a loved one. If this is the first time you have administered an estate, you may be unsure of what is required. In addition, your emotional state may make it more likely you will make mistakes during the probate … [Read more...] about Common Probate Mistakes and How to Avoid Making Them
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How Does a Letter of Instruction Fit into My Estate Plan?
Your estate plan should be uniquely designed to achieve your specific goals and objectives using a variety of estate planning tools and strategies. All these estate planning documents are essential components used to protect yourself, your assets, and your loved ones. You may still feel though that something is missing. A Letter of Instruction could be that missing component. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain how a letter of instruction might … [Read more...] about How Does a Letter of Instruction Fit into My Estate Plan?
What Is the Uniform Transfer to Minors Act?
If you plan to make gifts in your estate plan to minor beneficiaries, care must be taken when making those gifts. This applies whether the gifts are made during your lifetime or after you are gone. One estate planning tool that may be able to help is the Uniform Transfer to Minors Act. To help you better understand, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain the Uniform Transfer to Minors Act (UTMA) and how it might fit into your estate plan. The … [Read more...] about What Is the Uniform Transfer to Minors Act?
Are You Taking Advantage of the Annual Exclusion?
For many people, a successful estate plan needs to limit exposure to federal and/or state gift and estate taxes. Failing to incorporate tax avoidance strategies into your estate plan could cost your estate (and your beneficiaries) a substantial amount of money. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain how you can benefit from incorporating the annual exclusion into your estate plan. Understanding Federal Gift and Estate … [Read more...] about Are You Taking Advantage of the Annual Exclusion?
5 Things You Should Know About Elder Law
Whether for yourself or for someone you care for, you will likely need to rely on an elder law attorney at some point in your life for advice and/or guidance. As the nation’s population of older individuals continues to grow at a heretofore unprecedented pace, legal issues that impact the elderly have taken on heightened importance. With that in mind, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors explain five things you should know about elder law. Watch your … [Read more...] about 5 Things You Should Know About Elder Law
Planificación Patrimonial para Parejas Sin Hijos
La planificación patrimonial con demasiada frecuencia se centra en parejas con hijos que desean decidir cómo y cuándo transmitir una herencia a las generaciones futuras. En consecuencia, las parejas sin hijos a menudo creen que la planificación patrimonial no es igualmente importante para ellos. Para corregir este concepto erróneo común, los abogados de planificación patrimonial de Los Ángeles en Schomer Estate & Wealth Advisors discuten la planificación patrimonial para parejas sin … [Read more...] about Planificación Patrimonial para Parejas Sin Hijos
Should I Include an Irrevocable Life Insurance Trust in My Estate Plan?
A comprehensive estate plan will work toward achieving numerous interrelated goals that accomplish far more than just planning for the distribution of your estate assets after your death. To accomplish those various goals, you will likely need to make use of numerous and varied estate planning tools and strategies. Trusts, for example, are commonly found throughout the average estate plan. Trusts have evolved to the point where there are a variety of highly specialized trusts that serve very … [Read more...] about Should I Include an Irrevocable Life Insurance Trust in My Estate Plan?
Now That Mid-Terms Are Over, Let’s Talk Taxes
As inflation continues to rise, more and more individuals seek ways to stretch their dollar further. One of the many factors to consider is their overall tax burden. Sometimes, simply moving to another state, if otherwise feasible, can make a significant impact on an individual’s bottom line. Wonder how your state measures up? Read on to learn more. Watch our YouTube video on this topic HERE. … [Read more...] about Now That Mid-Terms Are Over, Let’s Talk Taxes
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2023
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
