Many people choose to incorporate at least one trust agreement into their comprehensive estate plan. If you are married, you may benefit from the addition of a QTIP or QDOT trust. To help you decide which one is right for you, the Los Angeles trust attorneys at Schomer Law Group, APC discuss the difference between a QTIP and QDOT trust. What Is a Qualified Terminable Interest Property (QTIP) Trust? Any married couple can make use of a QTIP trust; however, it is most often used to handle … [Read more...] about QTIP and QDOT: What Is the Difference?
What Happens When You Appoint the Wrong Trustee?
Although a Last Will and Testament often serves as the foundation of an estate plan, a trust agreement is frequently added to an estate plan as life changes require that estate plan to grow and expand. A trust can help you accomplish a wide range of estate planning goals and objectives; however, your trust will only be successful if you appoint the right Trustee. With that in mind, the Los Angeles trust attorneys at Schomer Law Group, APC discuss what happens when you appoint the wrong … [Read more...] about What Happens When You Appoint the Wrong Trustee?
What Is a Crummey Notice?
For a trust beneficiary, the receipt of a “Crummey notice” can be confusing, leaving the beneficiary unsure of what to do next. Most beneficiaries assume there is an important reason behind the notice that should spur action on their part. Typically, this is not the case. The Los Angeles trust administration attorneys at Schomer Law Group, APC explain what a Crummey notice is and what you should do if you receive one. Trust Administration Basics Trusts are broadly divided into testamentary … [Read more...] about What Is a Crummey Notice?
Top 5 Living Trust Benefits
A comprehensive estate plan will typically incorporate a wide variety of estate planning tools and strategies into the plan to accomplish the plan’s goals and objectives. Among the most popular of those tools is a living trust. Only your estate planning attorney can help you decide if a living trust would be a beneficial addition to your estate plan; however, to give you an idea of how one might fit into your estate plan, the Los Angeles trust attorneys at Schomer Law Group, APC explain the top … [Read more...] about Top 5 Living Trust Benefits
Mistakes to Avoid When Establishing a Trust for Your Children
Parents often create a trust to protect the inheritance they intend to leave their children. Not only can a trust protect assets earmarked for minor children who cannot yet inherit those assets, but a trust can also stagger distributions when the children reach the age at which they can legally inherit. If you are a parent who plans to create a trust, the Los Angeles trust attorneys at Schomer Law Group, APC explain common mistakes you can avoid making. Contact Los Angeles Trust … [Read more...] about Mistakes to Avoid When Establishing a Trust for Your Children
Can I Decant a Trust in California?
Trusts are a common addition to the average estate plan. When you create a trust, you must decide if you want the trust to be revocable or irrevocable. Important estate planning advantages often make an irrevocable trust the better choice; however, what happens if circumstances change, and an irrevocable trust needs to be modified? The Los Angeles trust attorneys at Schomer Law Group, APC explain whether you can decant a trust in California. Trust Basics A revocable trust can be modified … [Read more...] about Can I Decant a Trust in California?
The Benefits of Creating a Secret Trust
While every estate plan should be tailored to the unique needs of the person creating the plan, there are some common components found in the average plan. A trust, for example, is among the most popular of all estate planning tools, but why would you want your trust to be a secret trust? The Los Angeles trust attorneys at Schomer Law Group, APC explain the benefits of creating a secret trust. Your Last Will and Testament At its most basic, a Last Will and Testament is a legal … [Read more...] about The Benefits of Creating a Secret Trust
Common Types of Trusts Explained
If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Although it is always best to consult with an experienced trust attorney before you decide what type of trust you need, it may also be beneficial to learn more about the different types of trusts available and the goals they are typically used to accomplish. Toward that end, the Los Angeles trust attorneys … [Read more...] about Common Types of Trusts Explained
Trust Myths Debunked
A comprehensive estate plan will typically include a wide range of estate planning tools and strategies that work together to achieve your estate planning goals. Although a Last Will and Testament often serves as the foundation of an estate plan, another common tool found in the average estate plan is a trust agreement. Unfortunately, there are several myths and misconceptions people share about trusts that often cause them to shy away from considering a trust for their estate plan. To make sure … [Read more...] about Trust Myths Debunked
Understanding Your Rights as a Trust Beneficiary
As a trust beneficiary, you must count on the appointed Trustee to administer the trust faithfully and responsibly. This applies to everything from communications regarding trust business to distributions of trust assets to which you are entitled. While most Trustees do fulfill their trust administration duties honestly and without issue, it is possible for a problem to arise that causes a beneficiary to question the Trustee’s intentions or ability to successfully administer the trust. If you … [Read more...] about Understanding Your Rights as a Trust Beneficiary