Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
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Let’s Talk about Trusts…and Taxation
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation
Just When You Thought You Understood the 10-Year Rule, Think Again
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Estate Planning – Something You Shouldn’t Do Yourself
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family. Read on to learn more. … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself
Understanding the California Medi-Cal Transfer Penalty Rules
Although people often overlook it, an important component of a comprehensive estate plan is Medicaid (Medi-Cal in California) planning. The need for Medicaid planning stems from the increased risk that you, or a spouse, will require long-term care services at some point as you age. Failing to incorporate Medicaid planning into your estate plan could result in a costly waiting period because of Medi-Cal’s transfer penalties. To help encourage you to consider adding Medicaid planning to your … [Read more...] about Understanding the California Medi-Cal Transfer Penalty Rules
Probate Avoidance Tools and Strategies
Avoiding probate saves your estate both time and money. It can also add an element of privacy to the distribution of your estate assets for those who want it. To effectively avoid probate, however, you need to include a probate avoidance component in your comprehensive estate plan. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss common probate avoidance tools and strategies. Why Is Avoiding Probate Important? Even a relatively simple … [Read more...] about Probate Avoidance Tools and Strategies
Formas Comunes de Incluir Donaciones Caritativas en Su Plan de Sucesión
¿Eres alguien que da regular y generosamente a la caridad? Si es así, puede esperar continuar con sus donaciones caritativas después de que se haya ido. Si bien simplemente puede hacer donaciones caritativas en su Última Voluntad y Testamento, hay otras opciones que ofrecen beneficios adicionales tanto para usted como para el destinatario. Los abogados de planificación patrimonial de Los Ángeles en Schomer Estate & Wealth Advisors discuten formas comunes de incluir donaciones caritativas … [Read more...] about Formas Comunes de Incluir Donaciones Caritativas en Su Plan de Sucesión
Understanding Life Insurance
Most people include at least one life insurance policy in their estate plan. While life insurance can be a valuable estate planning tool, the key to getting the most out of your life insurance policy is knowing which type of insurance is right for you. That means you need to understand your life insurance options. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors provide a basic understanding of your life insurance options. Types of Life … [Read more...] about Understanding Life Insurance
Trust Administration – A Checklist for the First-Time Trustee
While many factors will contribute to the success, or failure, of a trust, the choice of Trustee will be among the most significant of those factors. If you were recently notified that someone appointed you to be the Trustee of a trust, and you have never acted as a Trustee, you are probably feeling overwhelmed and unsure where to start. To help you get started, the Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors offer a trust administration checklist for the … [Read more...] about Trust Administration – A Checklist for the First-Time Trustee
Are You Entitled to Veteran Benefits?
Everyone living in the United States owes a debt of gratitude to the men and women who serve in the United States Armed Forces, as well as to their surviving dependents. There is no way to truly repay that debt; however, the government does try to acknowledge the service and sacrifice made by veterans and their families by providing several veterans benefits. You may already be familiar with some of these benefits. To make sure you are getting all your benefits, a Los Angeles veteran … [Read more...] about Are You Entitled to Veteran Benefits?
