A trust beneficiary has a legal ownership interest in the assets held by the trust. The trust terms will dictate when the beneficiary is entitled to receive distributions from the trust and in what amount. Sometimes, however, a beneficiary needs (or wants) the value of his/her interest in the trust prior to the scheduled distribution. The Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors discuss whether a beneficiary can sell his/her interest in a trust. Trust … [Read more...] about Can a Beneficiary’s Interest in a Trust Be Sold?
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Understanding Undue Influence – Part II
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions for the slighted beneficiaries. These questions usually revolve around methods to have the plan overturned. Most states give clients tools to protect their carefully crafted plans, even after their death. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part II
Understanding Undue Influence – Part I
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions. Most of the time, clients have consulted with a competent attorney regarding their reasons for structuring the plan the way that they have. Sometimes, other factors are at play and the plan doesn’t represent the testator’s true wishes, but rather, another individual’s testamentary desire. That’s undue influence and there are ways to guard against it. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part I
Death and Your Digital Footprint
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
Pondering Portability
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more. … [Read more...] about Pondering Portability
What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate. … [Read more...] about What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
Understanding Special Needs Trusts
When you become a parent, you truly begin to understand why estate planning is so important. If you are the parent of a child with special needs, you will undoubtedly feel a heightened sense of urgency when it comes to creating a comprehensive estate plan that will likely include a special needs trust. For those who are unfamiliar with these trusts, the Los Angeles special needs planning attorneys at Schomer Estate & Wealth Advisors help you understand special needs trusts. Special Needs … [Read more...] about Understanding Special Needs Trusts
Strategies to Help Protect Your Assets
The primary focus of your estate plan is likely creating a roadmap for passing down assets to loved ones at the end of your life, your estate plan should also help protect and grow those assets throughout your lifetime. In fact, asset protection should be an important component of your estate plan because failing to protect your assets could mean you have nothing left to pass down at the end of your life. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss … [Read more...] about Strategies to Help Protect Your Assets
¿Cuándo Debo Actualizar Mi Plan de Sucesión?
Crear un plan patrimonial integral es una de las cosas más importantes que puede hacer tanto por usted como por sus seres queridos. Un plan patrimonial bien pensado debe proteger sus activos y ayudarlos a crecer a lo largo de su vida, así como garantizar que sus seres queridos estén financieramente seguros si muere o queda incapacitado. Si ya tiene un plan de sucesión en su lugar, ha tenido un buen comienzo; sin embargo, no puede detenerse allí. Actualizar su plan de sucesión es tan importante … [Read more...] about ¿Cuándo Debo Actualizar Mi Plan de Sucesión?
How Long Does It Take to Probate an Estate in California?
At some point in your life, you will likely be involved in the probate of an estate. That involved may come as a result of being appointed the Executor in a decedent’s Last Will and Testament or because you volunteer to oversee the probate of an intestate estate. You might also be named as a beneficiary or be a legal heir to the estate of someone who recently passed away. Regardless of the reason for your involvement, you will undoubtedly have questions about the probate process. For example, … [Read more...] about How Long Does It Take to Probate an Estate in California?
