Hopefully, you already know what estate planning is and why it is important to have an estate plan in place; however, you may not know what legacy planning is or why you may also want to include it in your estate plan. Legacy planning allows you to incorporate your ideals, beliefs, values, and faith into your estate planning endeavors. Instead of simply leaving behind assets, legacy planning lets you leave behind much more of who you are and what made you the person you were during your … [Read more...] about How to Include Legacy Planning in Your Estate Plan
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What to Do When You Do Not Want to Divide Your Estate Equally Among Your Children
If you are a parent, you have undoubtedly tried to treat your children equally and not play favorites. When it comes to deciding how to distribute your estate, you probably feel pressure to divide your estate equally as well. When your children are minors, deciding to divide your estate equally among your children may be an easy decision. You will likely create a trust and let the trust protect all assets while the children are minors. Once your children are adults, however, deciding how to … [Read more...] about What to Do When You Do Not Want to Divide Your Estate Equally Among Your Children
How to Make Sure Your Special Needs Trust Is Used As Intended
If you are the parent of a child with special needs, you know that there are practical and financial challenges you must face raising a child with special needs. The need to have a comprehensive estate plan in place is heightened when you are concerned with protecting and providing for a child with special needs. As part of your estate plan, you may choose to include a special needs trust to ensure that your child is financially secure both now and in the future. The Los Angeles special needs … [Read more...] about How to Make Sure Your Special Needs Trust Is Used As Intended
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more. … [Read more...] about More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Discharge of Indebtedness Income and Student Loan Forgiveness
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
Planning for the “Silver Tsunami”
As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior. Read on to learn more. … [Read more...] about Planning for the “Silver Tsunami”
Lessons from Patagonia
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies … [Read more...] about Lessons from Patagonia
Top 7 Benefits of Including a Living Trust in Your Estate Plan
Over the course of your lifetime, you will likely review and revise your estate plan several times. Each time you revise your plan you may add new estate planning tools and strategies to address your growing family and estate. One of the most common of those tools is a living trust. To help you to decide if a living trust is right for you, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors discuss the top seven benefits of including a living trust in your estate plan. What Is … [Read more...] about Top 7 Benefits of Including a Living Trust in Your Estate Plan
What Is Financial Abuse of the Elderly?
Whether you are a senior yourself, or you have an elderly loved one, the issue of elder abuse and neglect is something you cannot afford to ignore. Financial abuse of the elderly is something you need to understand to prevent becoming a victim. While elder abuse is not a new problem in the U.S., it is a rapidly growing problem. Financial exploitation of the elderly is the most common type of elder abuse. With that in mind, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors … [Read more...] about What Is Financial Abuse of the Elderly?
¿Sigue Siendo Válido un Testamento Después de un Divorcio?
El divorcio es tanto un proceso emocional como legal. Uno de los objetivos de la parte legal de un divorcio es dividir legalmente las deudas y los activos del matrimonio. Una cosa que las parejas que se divorcian a menudo pasan por alto durante el proceso de divorcio es cómo ese divorcio afecta los planes patrimoniales existentes. Cuando piensan en las ramificaciones del divorcio en los planes de sucesión, ya sea durante o después de un divorcio, comienzan a preguntarse si una exesposa (o … [Read more...] about ¿Sigue Siendo Válido un Testamento Después de un Divorcio?
