Estate Planning

The majority of adults have not written a Will.  But for those that have, the Will is probably so outdated that it may as well not exist.  The majority of Wills that exist need to be revised.  There are several reasons for updating a Will, primarily when life circumstances have changed.  Essentially, if your situation has changed in any way, it is time to update your Will. When is it time to make a change? When it comes time to consider modifying your Will, you need to look at the changes in … [Read more...] about It is Time to Update Your Will

After the death of a loved one, most families are in a state of shock and grief.  During that time, most people have difficulty making decisions with regard to that loved one's last wishes.  The most important gift you can leave for your family may simply be the guidance they need to handle your estate.  The most common way to provide that guidance is through a Last Will and Testament and a Letter of Instruction. The purpose of a Letter of Instruction A Letter of Instruction is a written … [Read more...] about What is a Letter of Instruction?

The short answer is: no.  A will is a legal document, which lists down how a person called a “testator” would like his assets to be distributed after his death. A will also mentions the name of the executor of the will. If a person dies without leaving behind a valid will or intestate then his estate and all his assets have to be probated. Just having something scribbled on a piece of paper does not amount to a valid will.  The state of California, through Probate Code sections 6110-6113 … [Read more...] about Are verbal wills valid in California?

One of the most common services provided by estate planning attorneys in California is drafting the last will and testament.  Does our firm handle wills?  The answer is yes.  But, the process of drafting a will is not all that is required.  As California estate planning attorneys, the Schomer Estate & Wealth Advisors is prepared to manage, transfer, and distribute your real and personal property, pursuant to your last will and testament, upon your death.  These services are always accomplished … [Read more...] about Does Your Firm Handle Wills?

Giving gifts to others can be personally fulfilling.  It can also cost you financially, as the IRS is sure to get its share through the federal gift tax.  In 2014, the gift tax rate is 40%.  Fortunately, we are all allowed an annual gift tax exclusion of $14,000 per recipient.  The catch is, the exclusion only applies when you give money to someone immediately.  But what if you want to create a trust?  In that case, the “gifts” you make to the trust are taxable – unless you make use of Crummey … [Read more...] about What are Crummey Powers?

In the legal arena, there is no shortage of strange terms and legalese.  How many times have you been handed a document to review and sign, with no idea what half of it means.  In some cases, state planning documents are no exception.  Of course, your estate planning attorney can explain these odd terms to you.  But having a basic idea of what some important legal terms mean, is still a good idea.  If you are considering whether to draft a will or not, you may have run across the terms “per … [Read more...] about What do Per Stirpes and Per Capita Mean?

Considering the time and expense the probate process, many people choose to include a living trust in their estate planning, as opposed to simply relying upon a will. However, before making the decision to include a living trust in your estate plan, it is important to be familiar with the advantages and disadvantages of a living trust. There are other options available. What is a living trust? A trust is basically a fiduciary arrangement that allows a third party, referred to as the “trustee,” … [Read more...] about A Living Trust: The Good and the Bad