When you contemplate your Last Will and Testament you probably focus on decisions you need to make regarding the distribution of your estate assets. There is another decision you need to make, however, within your Will that is considerably more important than you may realize – who to appoint as Executor of your estate. In fact, one of the biggest (and most common) mistakes people make in their estate plan is to appoint the wrong person as their Executor. To prevent you from making the same … [Read more...] about How to Choose the Right Executor
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Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application. Read on to learn more. … [Read more...] about What Everyone Should Know about the New FDIC Regulations
State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes … [Read more...] about State Income Taxation of Social Security Benefits
How Estate Planning for a Family May Trap the Unwary Practitioner
Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued. Read on to learn more. … [Read more...] about How Estate Planning for a Family May Trap the Unwary Practitioner
How Do I Know If Formal Probate Is Required in California?
If you are overseeing the administration an estate in California you undoubtedly want to avoid the need for formal probate. Fortunately, some estates can avoid formal probate. You should always consult with an experienced probate attorney before deciding that an estate is not required to go through probate; however, the Los Angeles probate attorneys at Schomer Estate & Wealth Advisors explain the basic requirements for avoiding formal probate in California. Probate Basics Probate is the … [Read more...] about How Do I Know If Formal Probate Is Required in California?
Appointing a Trustee – How to Make the Right Choice
A trust agreement is a common addition to the average estate plan. There are numerous different types of trusts that help achieve a wide variety of estate planning goals. One thing that all trusts have in common, however, is the need to appoint a Trustee to administer the trust. To help ensure that you appoint the right person as your Trustee, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors suggest some questions to consider when deciding on a Trustee for your … [Read more...] about Appointing a Trustee – How to Make the Right Choice
Should I Include a QTIP Trust in My Estate Plan?
Acquiring assets may be an important goal; however, protecting the assets those assets is an equally important estate planning goal. If you divorce and remarry, for example, you may now want to preserve assets for both your new spouse and your children from the previous marriage. One way to do that is to make use of a specialized type of trust known as a Qualified Terminable Interest Property, or QTIP, trust. The Los Angeles trust attorneys at Schomer Estate & Wealth Advisors explain how you … [Read more...] about Should I Include a QTIP Trust in My Estate Plan?
How to Choose the Best Nursing Home for a Parent
Deciding to move parent to a nursing home is rarely a decision that is easily made. It is often a necessary decision, however, to prevent serious injury or victimization by those who prey on vulnerable seniors. Once the decision has been made, the next step is to find the best nursing home for your parent. To help make that dauting task a little easier, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors offer some guidance to help you choose the best nursing home for your … [Read more...] about How to Choose the Best Nursing Home for a Parent
Estate Planning Terms Explained
Many Americans do not have an estate plan in place despite acknowledging the need for one. Often, this boils down to the fact that creating an estate plan for the first time can be intimidating. To help you feel more comfortable with the idea of creating your estate plan, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain common estate planning terms. Administrator. A person named by the court to represent a probate estate when there is no Will, or the Will … [Read more...] about Estate Planning Terms Explained
