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Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

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Home » Top Estate Planning Techniques

Top Estate Planning Techniques

Estate planning provides families a great opportunity to be prepared for unexpected incapacity and death.  An estate plan can include many different types of documents, including wills and trusts. In fact, there are so many different tools that will allow you to have a comprehensive and customized estate plan.  Here are some of the top estate planning techniques you should discuss with your estate planning attorney.

  1. Last Will and Testament

The last will and testament is a very important part of an estate plan, and everyone should consider having one. Anyone who does not have a comprehensive estate plan, should at the very least, have a will. Yet, only 30% of Americans have an executed will. If you are wondering who should have a will, then at least you are considering planning for your future, and that is a good thing.

  1. Durable Power of Attorney

When you create a general power of attorney, you are providing your agent with broad authority over your medical and or financial affairs.  If your power of attorney is limited, on the other hand, then your agent’s authority will be limited to specific matters, as spelled out in the power of attorney document.  For instance, you can create a power of attorney for your business partner, giving her access to assets only for the benefit of the business, in case you become incapacitated.  You could also give your agent the power to manage your rental property temporarily, while you are out of the country.  Powers of attorney have many benefits.

  1. Revocable Living Trust

A “living trust” is a trust that becomes effective during your lifetime, as opposed to only becoming effective after your death. Like other types of trusts, property transferred to a living trust will be held and managed by your trustee until it is time to transfer the trust property to your heirs. Because a living trust is revocable, you retain the ability to make changes to the terms of the trust, at any point during your lifetime.  In fact, it is strongly recommended that you periodically review the terms of your trust to determine if it needs to be revised.

  1. Irrevocable Life Insurance Trust

An ILIT is a very useful tool in comprehensive estate planning. Generally speaking, an irrevocable trust transfers all ownership rights in the trust property to the trust itself, without retaining a right to revoke, terminate or modify the trust in any material way. If you transfer an insurance policy into an irrevocable trust, you have just created an ILIT. The true benefit of an irrevocable life insurance trust, is keeping the proceeds of the life insurance policy outside of your taxable estate. Making gifts to the trust, to fund the insurance premiums, can also reduce your taxable estate. Upon your death, the remaining assets in the trust (the insurance proceeds) are available to your beneficiaries, income-tax- free.

  1. Charitable Remainder Interest Trust

Charitable trusts are irrevocable, which means once they have been executed, they cannot be changed. Once you transfer property to a charitable trust, you no longer have legal control over that property. A charitable remainder trust is the most common estate planning tool for individuals who want to make charitable donations. Once the trust is established, the property can easily be transferred to your chosen charity, upon your death. For the charitable trust to provide tax benefits, the charity must be approved by the IRS. Approved charities are those that are considered tax exempt under the Internal Revenue Code.

  1. Annual Gift Tax Exclusion

When someone transfers ownership of their property, the Internal Revenue Service will impose what is known as a “gift tax.”  According to the IRS, a gift is “any transfer to an individual, either directly or indirectly, where full consideration is not received in return.”  In 2017, you are allowed to exclude a maximum of $14,000 per recipient for gifts.  This simply means that you can give away as much as $14,000 during the year to anyone you choose and to as many people as you choose, without any tax consequences.  These gifts can be to anyone, including strangers.  If you and your spouse give a joint gift to someone, you can combine your gift tax exclusion.  So, the maximum you could give to one person, during the year, as a joint gift would be $28,000.

The purpose of estate planning is to prepare clients and their families in case of incapacity and death.  There are many different estate planning tools and techniques to choose from, depending on your future goals. A Los Angeles estate planning attorney can help you choose the right techniques for your estate plan.

If you have questions regarding the top estate planning techniques, please contact the experienced attorneys at the Schomer Law Group either online or by calling us at (310) 337-7696.

 

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Testimonials

Client Review
July 29, 2020
    

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.

Frank & Jutta R
Client Review
July 29, 2020
    

Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
Client Review
July 29, 2020
    

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.

Phillip G.
Client Review
July 29, 2020
    

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!

Bob L.
Client Review
July 29, 2020
    

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…

Bob S.
Client Review
July 29, 2020
    

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.

Robert F.
Client Review
July 29, 2020
    

Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
Client Review
July 29, 2020
    

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.

Kim

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