If you are married, an important focus of your estate plan is likely ensuring that your spouse is financially protected in the event of your death. If you have children together, you likely plan for your combined estate assets to be passed down to your children after you are both gone. What happens, however, if you die at a relatively young age and your spouse remarries? Will the assets you intended for your children be safe? The Los Angeles estate planning attorneys at Schomer Estate & Wealth … [Read more...] about Remarriage and Your Estate Plan
Estate Planning
Do I Need an Advance Directive?
Your estate plan should protect you and your assets while you are alive as well as arrange for how those assets are distributed after you are gone. Making sure that your wishes are honored regarding healthcare decisions that may need to be made in the future is one way your estate plan can help protect you. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain why you should consider adding an advance directive to your estate plan. What Is an … [Read more...] about Do I Need an Advance Directive?
What Is a “No-Contest” Clause in a Last Will and Testament?
Creating a Last Will and Testament is your opportunity to decide precisely what happens to your estate assets after death. In most instances, that is exactly what happens. Sometimes, however, a challenge to the validity of the Will is filed. If the contestant is successful with that challenge, the Will is declared invalid, and the estate is probated using the relevant state intestate succession laws. If the contestant is not successful, the probate of the estate continues using the Will … [Read more...] about What Is a “No-Contest” Clause in a Last Will and Testament?
5 Preguntas que Debe Hacerse al Crear un Plan Patrimonial
Crear un plan patrimonial puede ser una perspectiva intimidante para la mayoría de las personas dada la importancia del producto final. No ayuda que la mayoría de las herramientas y estrategias utilizadas en un plan patrimonial sean desconocidas para la persona promedio. Una cosa que puede ayudar a que el proceso de planificación patrimonial sea menos desalentador es reducir su enfoque a las cosas más importantes en un plan patrimonial inicial. Con ese fin, los abogados de planificación … [Read more...] about 5 Preguntas que Debe Hacerse al Crear un Plan Patrimonial
Types of Joint Ownership in California
At some point, you may decide to co-own property with a spouse, adult child, business partner, or someone else. If so, it is crucial that you title the property correctly because the way in which jointly owned property is titled will impact several important areas of your life. To elaborate, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain the different types of joint ownership in California. Co-Owning Property in California State law governs … [Read more...] about Types of Joint Ownership in California
Common Mistakes in Estate Planning – IV
With the proliferation of the internet has come a plethora of websites claiming that individuals may take a “Do It Yourself” approach to Estate Planning. While individuals may think that a plan created by one of these companies will meet their needs and save them money, the opposite is true. These plans often fail to contain necessary provisions and usually cost the family more in attorneys’ fees. In addition, a Trusts and Estate practitioner can alert a family to techniques designed to lower … [Read more...] about Common Mistakes in Estate Planning – IV
Common Mistakes in Estate Planning – Part III
Those who take the time to create an Estate Plan usually desire to keep it private and to ensure that no beneficiary can alter the plan after their death. Sometimes, the desire to maintain privacy backfires and produces unanticipated consequences, such as litigation. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part III
Common Mistakes in Estate Planning – Part II
When people think about an Estate Plan, they often have tunnel vision and focus on just a few of the many considerations that influence the plan. Most individuals focus on their assets and figuring out to whom they want those assets to pass. While those things matter, thinking about the intended beneficiary and their individual circumstances also matters. Certain types of beneficiaries require additional planning. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part II
Common Mistakes in Estate Planning – Part I
Despite knowing that they should have an estate plan, many individuals look for shortcuts to creating an Estate Plan. They rely upon advice from seemingly well-intentioned individuals that if avoiding probate is their main goal and they don’t have a taxable estate, they need not seek out an attorney to create an Estate Plan. While options exist to avoid probate, probate avoidance is just one of many considerations in creating an Estate Plan. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part I
5 Questions to Ask Yourself When Creating an Estate Plan
Creating an estate plan can be an intimidating prospect for most people given the importance of the final product. It doesn’t help that most of the tools and strategies used in an estate plan are unfamiliar to the average person. One thing that can help make the estate planning process less daunting is narrowing your focus to the things most important in an initial estate plan. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors suggest five questions … [Read more...] about 5 Questions to Ask Yourself When Creating an Estate Plan
