To ensure that your estate doesn’t lose assets to federal gift and estate taxes you may need to include tax avoidance strategies in your estate plan. One estate planning tool that can provide tax avoidance benefits is a Grantor Retained Income Trust, or GRIT. Always consult with your estate planning attorney before deciding what tools to incorporate into your estate plan. In the meantime, however, a Los Angeles trust attorney at Schomer Estate & Wealth Advisors explains what a GRIT is and why … [Read more...] about What Is a GRIT and Do I Need One?
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Herramientas y Estrategias de Evitación de Sucesiones
Evitar la sucesión le ahorra tiempo y dinero a su patrimonio. También puede agregar un elemento de privacidad a la distribución de sus activos patrimoniales para aquellos que lo deseen. Sin embargo, para evitar efectivamente la sucesión, debe incluir un componente de evitación de sucesiones en su plan integral de sucesiones. Con ese fin, los abogados de planificación patrimonial de Los Ángeles en Schomer Estate & Wealth Advisors discuten herramientas y estrategias comunes para … [Read more...] about Herramientas y Estrategias de Evitación de Sucesiones
What an In Terrerem Clause Can Do for You
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You
How Does California Rank for Retirees?
Where you decide to live when you retire is arguably more important than how much you manage to save for your retirement years. Not only will your retirement destination impact your financial security, but it will also directly affect your overall quality of life. Each year, WalletHub publishes the results of their state “retirement-friendliness” rankings to help you decide how your choice of retirement destination will impact your retirement years. The Los Angeles estate planning … [Read more...] about How Does California Rank for Retirees?
Business Succession Planning May Be Easier than You Think
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation … [Read more...] about Business Succession Planning May Be Easier than You Think
The Toll of Serving as Fiduciary
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great … [Read more...] about The Toll of Serving as Fiduciary
The Power in Powers of Appointment
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised. Read on to learn more … [Read more...] about The Power in Powers of Appointment
What You Need to Know about the Federal Gift and Estate Tax
When creating a comprehensive estate plan that works as intended it is crucial to consider the impact federal gift and estate taxes may have on the estate you leave behind. Understanding how federal gift and estate taxes work is crucial to achieving that goal. The federal gift and estate tax rules are complex by nature, making it important to consult with a knowledgeable estate planning attorney when trying to avoid incurring the tax; however, it also helps to learn some of the basics about … [Read more...] about What You Need to Know about the Federal Gift and Estate Tax
Can I Prevent People from Contesting My Will?
Your Last Will and Testament is intended to create a roadmap for the distribution of your estate after you are gone. What happens though if someone challenges the validity of your Will by filing a Will contest? Not only will the litigation that ensues be costly, in terms of both time and money, but if the contestant is successful your wishes regarding your assets will not be honored. To help you protect your assets and your wishes, the Los Angeles estate planning attorneys at Schomer … [Read more...] about Can I Prevent People from Contesting My Will?
How Can I Encourage a Beneficiary to Use an Inheritance as Intended?
To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. A Los Angeles trust attorney at Schomer Estate & Wealth Advisors explains how you can encourage a beneficiary to … [Read more...] about How Can I Encourage a Beneficiary to Use an Inheritance as Intended?
