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Home » Estate Planning » A Casual Discussion With an Estate Planning Lawyer

A Casual Discussion With an Estate Planning Lawyer

October 10, 2021Estate Planning

estate planning lawyer 3Let’s say that you start talking to the person sitting next you on a flight, and you learn that they are an estate planning lawyer. They are willing to answer any questions that you have for the next couple of hours.

If you had this opportunity, you would come away with a new understanding of the process, so we are going to share a hypothetical version in this post.

When does estate planning become important?

You should have an estate plan as soon as you are a self-supporting adult. This being stated, if you have limited resources and you do not have anyone relying on you, it may not be a high priority on your to-do list.

This is understandable, but every young adult should have a basic plan in place. You should carry sufficient life insurance to cover your final expenses, and your plan should include a will or trust to arrange for the transfer of the assets that you do have in your possession.

Your plan should also include advance directives for health care. You can state your life support preferences in a living will, and you can empower a representative to make medical decisions on your behalf in a durable power of attorney for health care.

The Health Insurance Portability and Accountability Act (HIPAA) protects patient privacy, so you should include a HIPAA release to give your representative access to your medical records.

If you get married, estate planning takes on an added level of importance. You and your spouse could potentially create a joint living trust, and it would be quite useful when and if you have children.

The trustee that you name in the document would be able to manage assets on behalf of the minor child if the unthinkable takes place.

Can you revise a living trust?

Yes, you can change the terms at any time, and you can convey property into the trust after it has been initially funded. This is a revocable trust, so you could rescind the trust entirely if you ever choose to do so.

What are the advantages of a living trust aside from the minor child benefit?

You would act as the trustee while you are living, so you would have total control of the assets in the trust every step of the way. When you are drawing up the trust, you would name a successor trustee to assume the role after your passing.

This person or entity could also be given the power to administer the trust in the event of your incapacity, and this is an important consideration. Over 30 percent of the oldest old contract Alzheimer’s disease, and there are other underlying cause of cognitive impairment.

A will is admitted to probate after the death of the testator. This is a costly and time-consuming legal process that is a public proceeding, so the records are available to anyone that wants to access them.

When you have a living trust, the successor trustee would be able to distribute the assets to the beneficiaries outside of probate. You can provide incremental distributions over time to limit spending, and the principal would be protected from the beneficiary’s creditors.

Are inheritances subject to taxation?

An inheritance is not considered to be taxable income by the IRS or the state tax authorities. This would include distributions of the principal in a living trust, but distributions of the earnings would be taxable.

There is a federal estate tax, but there is an $11.7 million exclusion in 2021. This is the amount that can be transferred before the estate tax would be levied on the remainder.

Some states have state-level estate taxes, but we do not have an estate tax in California. However, if you own valuable property out of state, the estate tax in that state would apply if its value is greater than the exclusion in that state.

State-level exclusions can be relatively low. For example, the exclusion in Oregon is just $1 million.

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We are here to help if you are ready to have a real-life conversation with a Los Angeles estate planning lawyer. You can send us a message to set up a consultation appointment, and we can be reached by phone at 310-337-7696.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

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