Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. Read on to learn more. … [Read more...] about Tis the Season for Giving
BLOG
How Does Portability Work?
For many people, an important estate planning goal is tax avoidance. After all, who wants to lose part of their estate to federal gift and estate taxes? To avoid that, you need to understand how the tax works and what tools and strategies are available to help reduce your estate’s tax obligation. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain how portability works and how to factor it into your estate plan. Federal Gift and Estate Tax Basics The … [Read more...] about How Does Portability Work?
Should I Create an Ethical Will?
You likely know what a Last Will and Testament is and have probably included one in your estate plan. Your Will allows you to decide how your estate assets are distributed after you are gone. Many people, however, want to pass down more than just assets. For that, you may wish to consider creating an Ethical Will. For those who are unfamiliar with the term, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain what an Ethical Will is and why you might want to … [Read more...] about Should I Create an Ethical Will?
How Do I Disclaim an Inheritance?
When a family member or close loved one passes away, family members typically start thinking about what they might inherit from the decedent’s estate. Likewise, when there is controversy or conflict over an estate, it is most often the result of two or more heirs disagreeing over the inheritance to which they feel they are entitled. What happens, however, if you do not want the inheritance left to you? Are you required to accept it? The Los Angeles estate planning attorneys at Schomer Estate & … [Read more...] about How Do I Disclaim an Inheritance?
2023 Gift and Estate Tax Updates
Avoiding federal gift and estate taxes is a common estate planning goal. To successfully decrease your estate’s exposure to taxes you need to understand current tax laws and incorporate those laws into your overall asset protection strategies within your estate plan. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain important 2023 gift and estate tax updates. Federal Gift and Estate Taxes For anyone who hopes to pass down assets to … [Read more...] about 2023 Gift and Estate Tax Updates
Estate Planning for Couples Without Children
Estate planning too often focuses on couples with children who wish to decide how and when to pass down an inheritance to future generations. Consequently, couples without children often believe that estate planning is not equally important for them. To correct this common misconception, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss estate planning for couples without children. Childlessness in America Data published from numerous studies, including … [Read more...] about Estate Planning for Couples Without Children
Can I Decant a Trust in California?
Trusts are a common addition to the average estate plan. When you create a trust, you must decide if you want the trust to be revocable or irrevocable. Important estate planning advantages often make an irrevocable trust the better choice; however, what happens if circumstances change, and an irrevocable trust needs to be modified? The Los Angeles trust attorneys at Schomer Estate & Wealth Advisors explain whether you can decant a trust in California. Trust Basics A revocable trust can be … [Read more...] about Can I Decant a Trust in California?
Common Mistakes in Estate Planning – Part V
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Common Mistakes in Estate Planning – Part V
Refresh and Reset: Syncing up in San Diego
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education on selected topics designed to inspire excellence in its Members. Read on to learn more about the unique experience at the Fall Summit 2022 Conference. Read on to learn more. … [Read more...] about Refresh and Reset: Syncing up in San Diego
What’s Retirement Got to Do with it?
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...] about What’s Retirement Got to Do with it?
