Divorce is a significant life event and one that often brings about dramatic emotional, practical, and financial changes. Understandably, updating your estate plan may not be at the forefront of your mind; however, doing so is essential to prevent unwanted consequences. To help ensure that your estate plan works as intended, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain why it is important to review and revise your estate plan following a divorce. Divorce and Estate … [Read more...] about Why It Is Important to Review and Revise Your Estate Plan Following a Divorce
Estate Planning
Who Should Get My Personal Property After I Pass Away?
When it comes to estate planning, one crucial aspect often overlooked is the distribution of personal property. While assets like real estate, investments, and cash holdings usually take precedence, sentimental or valuable personal items can spark conflicts among heirs if not handled with care and consideration. Crafting a comprehensive plan that includes clear instructions for the distribution of personal property can prevent misunderstandings, family rifts, and legal disputes down the road. … [Read more...] about Who Should Get My Personal Property After I Pass Away?
10 Questions to Consider When Creating Your Estate Plan
Every adult can benefit from having a comprehensive estate plan in place. If you are just now contemplating the creation of an estate plan, you have much to think about before you get started. By its nature, an estate plan is highly personal and should be individually tailored to meet your needs and achieve your unique goals. There are, however, some considerations that are common to most estate plans. To help you get started with your estate plan, the Los Angeles attorneys at Schomer Estate & … [Read more...] about 10 Questions to Consider When Creating Your Estate Plan
The Pitfalls of DIY Estate Planning
Estate planning ensures your assets are distributed according to your wishes after you pass away. Typically, estate planning involves drafting a Last Will and Testament, setting up trusts, designating beneficiaries, choosing fiduciaries, and other critical tasks. While the internet offers countless resources and DIY kits for estate planning, attempting to handle this complex process on your own can lead to numerous pitfalls and unintended consequences. The Los Angeles attorneys at Schomer Estate … [Read more...] about The Pitfalls of DIY Estate Planning
Meeting the Next Level in Minneapolis
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the Spring Summit 2024 conference. Read on to learn more. … [Read more...] about Meeting the Next Level in Minneapolis
Courts Allowing More Flexible Trust Amendments
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In an increasingly litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their … [Read more...] about Courts Allowing More Flexible Trust Amendments
Estate Planning for Travelers
Estate planning can be a complicated and challenging endeavor; however, a well-thought-out and comprehensive estate plan provides invaluable security for you and your loved ones. For those who frequently travel, estate planning takes on yet another level of complexity because you need to address specific considerations related to the needs of frequent travelers. To help get you started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer some tips about estate planning for … [Read more...] about Estate Planning for Travelers
10 Reasons to Get Started on an Estate Plan
If you have yet to create an estate plan, you are hardly alone. Despite acknowledging the numerous benefits gained by having an estate plan in place, many Americans do not have one. Contemplating your own mortality and planning for the inevitable might seem daunting or even unnecessary. Estate planning, however, is not just about preparing for the end. A comprehensive estate plan is also about securing your legacy and ensuring your loved ones are taken care of in your absence, and making sure … [Read more...] about 10 Reasons to Get Started on an Estate Plan
Is a Business Trust Right for Your Estate Plan?
Creating a comprehensive and successful estate plan requires you to consider the unique goals and objectives that must be addressed when creating your plan. If you own a business, for example, your interest in the business should be protected within your estate plan. While there are a variety of ways to accomplish this goal, establishing a business trust is a popular option. Only an experienced estate planning attorney can help you decide how best to incorporate your business into your estate … [Read more...] about Is a Business Trust Right for Your Estate Plan?
The Purple Onion…an ode to Tangible Personal Property
More than one estate has boiled down to a fight over tangible personal property. Sometimes even if it lacks monetary value, it holds tremendous emotional significance for the beneficiaries. Maybe they remember Mom wearing a string of fake pearls or the no-name watch that Dad wore with pride. Things become more heated; however, when tangible personal property has value. Passing it on to beneficiaries requires a plan both during life and after death. Read on to learn more. … [Read more...] about The Purple Onion…an ode to Tangible Personal Property
