Appointing a Trustee is a significant decision when setting up a trust as part of your estate plan. You may find yourself torn between two or more prospects for the role of Trustee. One option to consider is appointing more than one Trustee (Co-Trustees). To help you decide if appointing more than one Trustee is a good idea, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss the advantages and disadvantages of this approach. Understanding Trusts A trust is a legal … [Read more...] about Is Appointing More Than One Trustee a Good Idea?
Estate Planning
Exploring Elder Abuse
As seniors live longer and technology makes it easier for everyone to stay connected, elder abuse continues to rise. Estate planning attorneys may find themselves on the front-line of these matters. Because elder abuse takes on many forms, it’s important for practitioners and consumers alike to have the skills necessary to recognize the signs of elder abuse. Read on to learn more. … [Read more...] about Exploring Elder Abuse
Understanding the Interplay of State Estate and Inheritance Taxes with Federal Estate Tax
When individuals consider estate planning, they often look to federal law to determine the potential tax ramifications for their estate and beneficiaries. Some may neglect to consider the impact of state estate taxes which vary widely from state to state. Read on to learn more. … [Read more...] about Understanding the Interplay of State Estate and Inheritance Taxes with Federal Estate Tax
Let’s Talk Litigation
Anyone creating an Estate Plan wants to ensure that the plan will work as intended and will withstand legal challenges. Sometimes though, a legal challenge is necessary to ensure that the Estate Plan reflects the true intent of the decedent is carried out and that the fiduciaries act in accordance with their duties. This article examines the most common ways that litigation arises in the Trusts and Estates arena. Read on to learn more. … [Read more...] about Let’s Talk Litigation
The Horrors of Dying Intestate
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
How Is Estate Planning Different for Members of the U.S. Military?
If you or your spouse are currently part of the U.S. Armed Forces, or are a retired member of the military, you likely have an ingrained understanding of the importance of planning for the unexpected. Along with the gratitude of the American people, members of the military are entitled to a variety of benefits and incentives for serving their country. Many of those benefits can be transferred or passed down to loved ones if something happens to you; however, to ensure that your loved ones … [Read more...] about How Is Estate Planning Different for Members of the U.S. Military?
Unearthed Secrets: How Outdated Wills & Trusts Can Haunt Your Legacy
In the annals of estate planning, a concerning trend has been observed. Legacy preservation, a term that speaks volumes about safeguarding the future, is often jeopardized by outdated wills and trusts. However, by timely intervention, many of the lurking dangers can be mitigated. The Lingering Shadows of Old Beneficiary Wishes For many individuals, their last will or trust was drafted years, if not decades, ago. Over time, life's intricate twists and turns have been navigated, but these … [Read more...] about Unearthed Secrets: How Outdated Wills & Trusts Can Haunt Your Legacy
Learning, Re-inventing, and Camaraderie in San Diego
The Academy’s Fall Summit brought learning and camaraderie. The Academy introduced the Enterprise Model Law Firm and rolled out a new Trust Administration module. There were many great substantive legal education topics and practice management topics. As always, it was great to reconnect with friends and establish new relationships. Click here to learn more. … [Read more...] about Learning, Re-inventing, and Camaraderie in San Diego
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part I
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This first part of a three-part series examines a case ripped from the headlines that highlights the various Trustee duties. Read on to learn more. … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part I
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part III
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This third and final part of a three-part series examines a case ripped from the headlines that highlights what happens when plans go awry. Read on to learn … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part III
