If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article provides a framework for clients considering naming an institutional trustee. Read on to learn more. … [Read more...] about How Do I Trust Thee…Part III
Estate Planning
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
How Do I Trust Thee…Part I
When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This … [Read more...] about How Do I Trust Thee…Part I
¿Es Hora de Actualizar a Sus Beneficiarios?
Si ya tiene un plan de sucesión en su lugar, ya comprende la importancia de una planificación patrimonial cuidadosa y exhaustiva. Sin embargo, tomarse el tiempo para crear ese plan es solo el primer paso para proteger a todos y todo lo que es importante para usted. Para que el plan patrimonial que creó funcione según lo previsto, debe modificarse de vez en cuando. Eso puede requerir que agregue o elimine herramientas de planificación patrimonial o incluso componentes completos. También … [Read more...] about ¿Es Hora de Actualizar a Sus Beneficiarios?
How Can Creating a Family Limited Partnership Help My Business?
Starting a business is part of the “American dream” for many people. If you are one of those people, and you hope to one day pass down your business to the next generation, the key is planning early and planning well. Sadly, many family businesses do not successfully make the transition from one generation to the next because the matriarch or patriarch failed to do so. To help make sure your business is protected, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors … [Read more...] about How Can Creating a Family Limited Partnership Help My Business?
Can a Trust Be the Beneficiary of a Life Insurance Policy?
If you are counting on life insurance to help achieve some of your estate planning goals, it is imperative that you understand how the proceeds will be treated after you are gone. This is particularly true if you want to name a trust as the beneficiary of the policy. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss making a trust the beneficiary of your life insurance policy. How Does Life Insurance Fit into Your Estate … [Read more...] about Can a Trust Be the Beneficiary of a Life Insurance Policy?
5 Estate Planning Mistakes You Can Avoid Making
Your estate plan may be the most important set of documents you ever create. With that in mind, mistakes should be avoided whenever possible. The average person, however, knows very little about estate planning, making mistakes common. To help prevent you from making a costly mistake, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss five common estate planning mistakes you can avoid making. Not planning. People are frequently under the mistaken … [Read more...] about 5 Estate Planning Mistakes You Can Avoid Making
How Can Estate Planning Help Protect Your Business?
Small family businesses were once the backbone of the American economy, allowing children to learn a useful trade and/or management skills from helping in the family business. Moreover, it was assumed that one of those children would take over control of the business upon the retirement, disability, or death of the patriarch or matriarch of the family. Although family businesses all but disappeared for decades, they are coming back in droves across the U.S. If you own a family business, the Los … [Read more...] about How Can Estate Planning Help Protect Your Business?
What Is Fiduciary Role and How Do I Pick My Fiduciaries?
A frequently overlooked (yet crucial) aspect of estate planning is the importance of choosing the right people for the fiduciary roles within your plan. The choices you make when appointing people to fiduciary roles can contribute to the success, or failure, or your estate plan. To help prevent you from making the wrong choices, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain fiduciary roles and offer some suggestions on how to pick them in your estate … [Read more...] about What Is Fiduciary Role and How Do I Pick My Fiduciaries?
Is It Time to Update Your Beneficiaries?
If you have an estate plan in place already, you already understand the importance of careful and thorough estate planning. Taking the time to create that plan, however, is only the first step toward protecting everyone and everything that is important to you. For the estate plan you created to function as intended, it must be modified from time to time. That may require you to add or delete estate planning tools or even entire components. It can also require you to update beneficiaries as … [Read more...] about Is It Time to Update Your Beneficiaries?
