When one child occupies a position of trust with a parent to the exclusion of other siblings, that causes friction. Extending that position of power after death exacerbates that friction and may cause irreparable harm. It seems that happened upon the death of beloved singer, Tony Bennett. His daughters have sued their brother on two different occasions leveling some unflattering allegations. Read on to learn more. … [Read more...] about The Big Lesson from Tony Bennett’s Embattled Estate and Troubled Trust
Estate Planning
A Hole in Hackman’s Plan
Eugene Allen Hackman enjoyed a prolific acting career that spanned several decades. In a bizarre sequence of events, seemingly ripped from a movie script, his death raised questions and exposed some flaws in both his end-of-life planning and his Estate Plan. Gene’s final act didn’t result in a happy ending, but rather a tragic tale full of warnings to those who care to listen. Read on to learn more. … [Read more...] about A Hole in Hackman’s Plan
Five Reasons to Create an Estate Plan Right Now
People often procrastinate when it comes to creating an estate plan because they believe that the need for an estate plan is directly related to wealth or old age. Estate planning, however, is beneficial for individuals and families at all stages of life and without regard to the value of their estate. If you have assets, responsibilities, or people you care about, then you have a reason to create an estate plan in place. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about Five Reasons to Create an Estate Plan Right Now
Are Irrevocable Trusts Really Irrevocable – Part III
When I began practicing law, clients created irrevocable trusts with caution because the trust was then set in stone. By the time I left private practice, clients created irrevocable trusts with more frequency and considerably less caution because changing irrevocable trusts became commonplace. Trusts and Estate practitioners have several mechanisms that allow them to change an irrevocable trust. The first part of this three-part series explored changes to irrevocable trusts using judicial or … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part III
A Message from the Murdochs – Part II
As a reformed Trusts and Estates attorney, I have an unusual fascination with celebrity estates, especially those gone wrong. Using those estates as instructive lessons regarding how to avoid disaster has provided many a topic for this blog. I often discuss the benefits of creating and reviewing an Estate Plan regularly. Simply put, none of us should leave our legacy to chance. Not long ago, I wrote about the Murdoch family and the latest drama surrounding them in A Message from the Murdochs. … [Read more...] about A Message from the Murdochs – Part II
Why Might a California Estate Be Involved in Litigation?
When someone passes away, their estate typically goes through a legal process called probate. This process involves identifying assets, settling debts, and distributing the remaining estate to heirs or beneficiaries. While probate is designed to ensure a smooth transfer of assets, disputes can arise that lead to litigation. Understanding common reasons for probate disputes in California can help you navigate potential conflicts and protect your interests. With that in mind, the Los Angeles … [Read more...] about Why Might a California Estate Be Involved in Litigation?
Estate Planning for Women’s Security: Protect Your Future
Women have historically faced financial challenges, from wage disparities to limited property rights. Even today, estate planning for women’s security is crucial to protecting assets and ensuring long-term financial stability. This International Women’s Day, take control of your future with an estate plan that safeguards your legacy and provides peace of mind for your loved ones. Women and Wealth: Why Estate Planning Matters Women, on average, accumulate less wealth than men by … [Read more...] about Estate Planning for Women’s Security: Protect Your Future
Are Irrevocable Trusts Really Irrevocable – Part I
For many years Estate Planning attorneys touted irrevocable trusts as an immutable way to set an estate plan in stone. As more and more states have adopted the Uniform Trust Code that has changed. Provisions of the Uniform Trust Code allow for modification of an otherwise irrevocable trust which has altered the landscape of Estate Planning. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part I
The Role of Joint Ownership in California Estate Planning
For most people, a key objective of estate planning is to facilitate the seamless transfer of assets to loved ones after death. When attempting to achieve that goal, many individuals overlook how asset titling can impact their estate plan. Joint ownership, for instance, can serve as a valuable strategy for transferring property efficiently and quickly after you are gone. To help you understand its role, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss the benefits of joint … [Read more...] about The Role of Joint Ownership in California Estate Planning
Estate Planning and Baseball
Every state that recognizes trusts as legal entities imposes fiduciary duties upon the Trustee of such trusts. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee failed to fulfill their duties as expressed in the trust instrument and under local law. This article examines a case ripped from the headlines that demonstrates the importance of choosing the right individuals to serve as fiduciaries. Read on to learn … [Read more...] about Estate Planning and Baseball
