Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive
BLOG
Leaving Your Children a Lump Sum Inheritance May Not Be Wise
If you are a parent, you likely plan to pass down some, or all, of your estate assets to your children upon your death. If your children are still minors, they cannot inherit directly from your estate; however, once they are legal adults you can leave assets directly to them within your estate plan. Just because you can though doesn’t mean it’s the best idea. The Los Angeles trust attorney at Schomer Estate & Wealth Advisors discuss why leaving your children a lump sum inheritance may not be … [Read more...] about Leaving Your Children a Lump Sum Inheritance May Not Be Wise
Why A Will Is Still Necessary If You Have a Family Wealth Trust
Like many people you may choose to establish a Family Wealth Trust to use as your primary method of distributing your estate. One mistake you do not want to make, however, is eliminating a Will completely from your overall estate plan. The Los Angeles trust attorneys at Schomer Estate & Wealth Advisors explain why you still need a Pour-Over Will in your estate plan if you are relying on a Family Wealth Trust to distribute your estate. Your Last Will and Testament A Last Will and Testament … [Read more...] about Why A Will Is Still Necessary If You Have a Family Wealth Trust
What Happens If I Leave Property Out of My Living Trust?
A revocable living trust is an effective and versatile estate planning tool that can be the ideal foundation of your plan. If you establish the trust while your children are still minors, there would be an adult trustee designated that would be empowered to manage assets on their behalf. It is equally effective after your children become adults in their own right. You would be the trustee while you are living, so you would control the assets in the trust. Because it is revocable, these … [Read more...] about What Happens If I Leave Property Out of My Living Trust?
Understanding How a Special Needs Trust Can Provide for Your Child
If you are the parent of a child with special needs, the ability to protect your child both during your lifetime and after you are gone is undoubtedly a constant concern. When you create your estate plan you likely want to provide financial assistance for your child to ensure that he/she is financially secure after you are gone. Care must be taken, however, to ensure that your child will benefit from the financial assistance you gift. To help you get started, a Los Angeles special needs planning … [Read more...] about Understanding How a Special Needs Trust Can Provide for Your Child
Recently Divorced? Have You Updated Your Estate Plan?
If you recently went through a divorce, you are probably still dealing with the emotional ramifications of that process. As such, it can be very easy to overlook the numerous practical steps that should be taken after a divorce. For example, the Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors estate planning documents that usually need to be updated following a divorce. The Importance of Updating Your Plan After a Divorce Most married couples create estate plans … [Read more...] about Recently Divorced? Have You Updated Your Estate Plan?
What Is a Reverse Mortgage?
It probably seems like the advertisements for reverse mortgages are never-ending and it is clear they are aimed at seniors. If you are a senior, and you are living on a tight budget or you need an influx of cash to pay for unexpected expenses, you may be wondering if a reverse mortgage is the answer. A Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors explains how a reverse mortgage works. Reverse Mortgage Basics A reverse mortgage is a loan for senior homeowners … [Read more...] about What Is a Reverse Mortgage?
How Can I Keep the Details of My Estate Plan Private?
After you create your estate plan you may chose to share the details with loved ones – or you may prefer to keep those details private. If you want your estate plan details to remain private, you need to plan accordingly. Toward that end, a Los Angeles estate planning attorney at Schomer Estate & Wealth Advisors explains how to ensure that the details of your estate plan remain private. Gifts Made Using a Last Will and Testament Will Not Be Kept Private Your Last Will and Testament is a … [Read more...] about How Can I Keep the Details of My Estate Plan Private?
Answer These Questions to Shape Your Estate Plan
A lot of people are unprepared from an estate planning perspective because they simply do not know where to start. This is understandable to some extent, but if you give the following questions some thought, your estate plan will begin to take shape. How would your children be provided for if you pass away? Caring.com conducts annual estate planning preparedness surveys, and they found that 26.8 percent of people that are between 18 and 34 had estate plans in place this year. The figure is … [Read more...] about Answer These Questions to Shape Your Estate Plan
Be Aware of Elder Financial Abuse
Sometimes people turn away from unpleasant subjects, and this is understandable in a way, but it is not wise in some instances cases. This dynamic definitely applies to financial abuse of the elderly. Alarming Losses The crime of elder financial abuse was not acknowledged or studied very much until the groundbreaking MetLife Study of Elder Financial Abuse was released about ten years ago. They estimated annual losses at $2.6 billion at that time, but there was a significant … [Read more...] about Be Aware of Elder Financial Abuse
