Once the executor provides notice of the death to creditors, those with debts owed by the estate must submit a claim. If the debts are [Read more…] The post How Does My Debt Affect My Estate Planning? appeared first on The Schomer Law Group, Los Angeles and Los Alamitos Estate Planning Attorneys.
In the not-so-distant past, Long Beach LGBT estate planning lawyers strongly encouraged gay and lesbian couples to create comprehensive estate plans because they were not [Read more…] The post Long Beach LGBT Estate Planning Lawyers Discuss Current Issues appeared first on The Schomer Law Group, Los Angeles and Los Alamitos Estate Planning Attorneys.
LA Probate Law: Estate Planning
Estate planning provides a way to provide for your loved ones, both financially and emotionally, after your death. If you plan properly, you can minimize the financial burden left behind for your family to handle. In order to ensure this purpose is realized, you need to build sufficient liquidity into your estate plan. This means, having sufficient financial resources to cover estate settlement costs and estate taxes. What does “liquidity” mean? The term “liquidity” refers to the ability to convert assets to cash. Cash is a liquid asset because it can be used immediately. Assets, such as savings accounts, life insurance proceeds, and stocks and bonds, can be converted into cash rather easily. However, assets such as certificates of deposit are not as liquid, because of the penalty that is usually charged for converting them to cash before they have matured. Why is estate liquidity important? When someone dies, there are various expenses that need to be paid within a
There are numerous myths regarding La Probate Law and estate planning. It is important to clear these misconceptions so that people are not afraid to opt for probate and estate planning. Estate Planning is for the Rich and the Old Many people associate the word ‘Estate’ with a huge mansion having swimming pools and tennis courts. In reality this is not true. No matter how big or small your estate is you need to plan it out. Estate planning involves planning your finances and managing your assets in case you are unable to do so at a certain point of your life. It also includes planning for your children so that they are taken care of irrespective of the fact whether you are living or dead. These plans will also aid you in providing health care benefits to you. Thus this planning is required for everyone and not just for the elite. There is no suitable age for estate planning. Once you reach 18 years of age and you die without a Will, the state will rule your assets under the la