As we approach Labor Day weekend—a time often spent with family and friends—it's the perfect opportunity to reflect on the things that matter most. While enjoying the company of loved ones, consider taking a moment to discuss a topic that can provide lasting peace of mind: estate planning. Estate planning isn't just about drafting a will or setting up a trust; it's about ensuring that your wishes are honored, your assets are protected, and your family's future is secure. This weekend, as you … [Read more...] about Make the Most of This Labor Day Weekend: Start the Conversation on Estate Planning
Estate Planning
What Happens during Estate Administration?
During the creation of your estate plan, you will need to make many decisions. While it is true that some of the most important of these decisions are related to what happens to your estate assets after you pass away, there are other equally important decisions that are not directly related to the distribution of your assets. Deciding who to appoint as your Executor is one of those decisions. People frequently appoint an Executor without giving the choice much thought and without realizing that … [Read more...] about What Happens during Estate Administration?
Who Can You Turn to When Your Brother Doesn’t Do His Job?
Most Estate Planning attorneys will tell you that creating an Estate Plan helps prevent litigation after death. That statement needs a caveat. Most of the time, a properly created Estate Plan will prevent litigation. As this article demonstrates, sometimes, even with an Estate Plan, the family ends up in litigation. Read on to learn more. … [Read more...] about Who Can You Turn to When Your Brother Doesn’t Do His Job?
Should I Incorporate a Testamentary Trust into My Estate Plan?
There is more than one way to plan for the distribution of your estate assets after you are gone. The simplest way is to execute a Last Will and Testament that gifts all your assets to the named beneficiaries. Sometimes, however, making outright gifts in a Will is not the best option. In that case, you may decide to incorporate a testamentary trust into your estate plan. The Los Angeles attorneys at Schomer Estate & Wealth Advisors explain how a testamentary trust works and discuss why you might … [Read more...] about Should I Incorporate a Testamentary Trust into My Estate Plan?
Estate Planning Tools and Strategies for Ensuring Privacy
For some people, privacy is a top concern when creating or updating their estate plan. You may wish to keep your financial affairs confidential, protect the identities of your beneficiaries, or even prevent heirs from learning how you chose to distribute your estate assets. Regardless of why privacy matters to you, there are several estate planning tools and strategies that can help. To help you get started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss common estate … [Read more...] about Estate Planning Tools and Strategies for Ensuring Privacy
How to Use Your Estate Plan to Pass Down Your Legacy
Creating an estate plan is not merely about distributing assets after your death; it is a powerful tool to pass down your legacy to future generations. Your legacy encompasses your values, traditions, life lessons, and personal philosophies, which can be just as meaningful as your material possessions. By thoughtfully crafting your estate plan, you can ensure that your legacy endures and continues to positively influence your loved ones. With that in mind, the Los Angeles attorneys at Schomer … [Read more...] about How to Use Your Estate Plan to Pass Down Your Legacy
Including a Spousal Lifetime Access Trust (SLAT) in Your Estate Plan
When it comes to estate planning, married couples concerned about tax avoidance and financial security may wish to consider the benefits of a Spousal Lifetime Access Trust (SLAT). While you should always discuss changes to your estate plan with your estate planning attorney, it may be helpful to learn the mechanics and advantages of a SLAT. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss including a Spousal Lifetime Access Trust (SLAT) in your estate … [Read more...] about Including a Spousal Lifetime Access Trust (SLAT) in Your Estate Plan
Avoiding an Audit
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit; however, taxpayers following certain steps are less likely to be audited than those who don’t. Read on to learn more. … [Read more...] about Avoiding an Audit
Understanding UTMA Accounts
Estate planning is a crucial step in ensuring that your assets are managed and distributed according to your wishes, both during your lifetime and after you are gone. One important tool in the estate planning toolkit is the UTMA account, or Uniform Transfers to Minors Act account. To help you better understand, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain UTMA accounts and how one might fit into your estate plan. What Is a UTMA Account? The Uniform Transfers to … [Read more...] about Understanding UTMA Accounts
10 Steps to Take When Creating Your Last Will and Testament
Creating a Last Will and Testament is an essential step in ensuring that your wishes are carried out after your passing. A Will outlines how you want your assets distributed, who will care for your minor children, and who will be responsible for carrying out your wishes. To help get you started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain 10 steps to take when creating your Last Will and Testament. Do You Need Help with the Steps in Creating Your Will? For more … [Read more...] about 10 Steps to Take When Creating Your Last Will and Testament
