A prevalent misconception surrounding estate planning suggests it is only relevant for those who are married or have children. Consequently, many single adults without children may overlook the importance of having a comprehensive estate plan in place. To help you avoid making that mistake, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss tips and strategies aimed at estate planning for singles. The Importance of Estate Planning Estate planning encompasses more than … [Read more...] about Estate Planning for Singles: Tips and Strategies
Estate Management
Jim Morrison’s Estate Planning Mistake Remembered on Anniversary
You can sometimes learn from the mistakes of others when it comes to estate planning, and the estate of Jim Morrison is a case in point. The 50th anniversary of his passing took place on July 3, 2021, so many people are remembering his life and his career achievements. Complicated Family Situation Every family is not big and happy, and this can create some messy estate situations. Simply put, Morrison did not like his parents at all, but they would be his next of kin if he was to predecease … [Read more...] about Jim Morrison’s Estate Planning Mistake Remembered on Anniversary
The Myths Surrounding Veterans Aid and Attendance Benefits Eligibility
As veterans are certainly aware, the Department of Veterans Affairs is a huge government system that offers services to millions of veterans in our country. Within the Department of Veterans Affairs, there are several different divisions. One, in particular, involves non-service connected disability benefits referred to as “aid and attendance.” Our Los Angeles aid and attendance benefits lawyer can help answer any questions about this valuable benefit, which can be difficult to receive. Who … [Read more...] about The Myths Surrounding Veterans Aid and Attendance Benefits Eligibility
Ray Charles’ Management Problems Continue After his Death
Children of legendary recording artist Ray Charles are in a battle over the management of the late singer’s assets. The estate’s management and family member’s wishes have clashed according to a recent article published in the Los Angeles Times. The issue stems from the children’s’ wishes to handle the marketing of their father’s name and image, and assert a greater voice in the way his charitable foundation is run. In 2002, Charles gathered his children and told them that the bulk of his … [Read more...] about Ray Charles’ Management Problems Continue After his Death
The Latest Service: a Virtual Safe-Deposit Box?
One frequent issue that arises in both estate planning and estate administration is effective communication. Many individuals are concerned that their beneficiaries will not find their estate plan, asset accounts or important confidential information after their death. Often these individuals don’t want to share their confidential information with their beneficiaries while they are alive, but are concerned that their beneficiaries will not find the information after their death. Conversely, I … [Read more...] about The Latest Service: a Virtual Safe-Deposit Box?
New Ebay-Like Site Helps With Estate Administration
One of the challenges in both estate planning and in post-death administration is personal property. During a lifetime, many individuals accumulate vast quantities of personal property including but not limited to jewelry, china, furniture, textiles, antiques, and the like. Few people have the stamina to go through and catalog all of their possessions or make decisions about which if their heirs, if any, should receive each item. Moreover, circumstances change and items that were once valuable … [Read more...] about New Ebay-Like Site Helps With Estate Administration
Even When Done Correctly, Managing Finances During Incompetency Can be Challenging
Another article illustrates the problems allegedly faced when a son, David, went to access his father’s IRA accounts to pay for his father’s 24 hour care. According to David, he was required to make nine trips to Bank of America before bank officials allowed David to access his father’s IRA accounts to pay for his care. Some of the delays encountered by David included the bank’s demand to see the original document, the bank refusing to allow David to act alone because he was named as a … [Read more...] about Even When Done Correctly, Managing Finances During Incompetency Can be Challenging
