Trust

A trust can be a powerful tool that helps you protect your assets, manage your estate, and facilitate the smooth transition of wealth from one generation to another. In California, trusts are commonly utilized due to their flexibility and efficiency in estate planning. Occasionally, however, a beneficiary (or another interested party) may feel the need to contest a trust. If you are contemplating a trust contest, you may feel overwhelmed at the prospect. To help prepare you for the road ahead, … [Read more...] about Contesting a Trust in California

While a Last Will and Testament remains the most common estate planning document, trust agreements are a popular addition to the average estate plan. Trusts offer a versatile array of benefits that make them indispensable tools in the realm of estate planning. To help you know when it is time to consider adding a trust to your estate plan, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss five common reasons to include a trust in a comprehensive estate plan. How Do I Know … [Read more...] about 5 Reasons to Include a Trust in Your Comprehensive Estate Plan

A trust is a common estate planning tool that can be used to manage assets and provide for beneficiaries after the Grantor's (trust creator) passing. Simply establishing a trust, however, is not enough to ensure its effectiveness. Properly funding the trust is also essential for it to serve its intended purpose. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss how funding a trust works. What Are Some Common Reasons to Establish a Trust? After a Last … [Read more...] about How Does Funding a Trust Work?

Estate planning is a critical aspect of financial management both while you are alive and after you are gone. A well-drafted estate plan ensures that assets will be distributed according to your wishes after you pass away. Within the realm of estate planning, trusts are powerful tools that offer flexibility, control, and privacy in managing your assets. A sub-trust holds a unique significance within your estate plan as explained by the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about How Does a Sub-Trust Work in My Estate Plan?

Owning a home in California can be a lucrative investment, but it also comes with significant estate planning considerations, especially when it comes to taxes and passing on assets to future generations. One strategy that is often utilized to minimize estate tax liability while retaining the right to reside in the home is incorporating a Qualified Personal Residence Trust (QPRT) into a comprehensive estate plan. To better explain, the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about How Does a Qualified Personal Residence Trust (QPRT) Work in California?

To ensure that you accomplish all your estate planning goals you will likely need to make use of numerous and varied estate planning tools and strategies. A trust agreement is one estate planning tool that is commonly found in an estate plan. In fact, trusts have evolved to the point where there are a variety of highly specialized trusts that serve very specific purposes. One such trust is an irrevocable life insurance trust, or ILIT. The Los Angeles attorneys at Schomer Estate & Wealth Advisors … [Read more...] about Irrevocable Life Insurance Trusts: Advantages and Disadvantages

Although a Last Will and Testament typically acts as the foundation of an estate plan, most people find the need to incorporate additional documents and strategies as they expand their estate planning goals and objectives. A trust agreement is often one of these additions. If you are contemplating the addition of a trust agreement to your estate plan, you likely have several trust related questions. To help answer one of those questions, the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about Can I Still Access Assets Transferred into a Trust?

People often include a trust agreement in their overall estate plan because a trust can accomplish a wide range of goals, including asset protection, incapacity planning, and protecting the inheritance of a minor child. If you establish a trust, you will be required to appoint a Trustee to oversee the administration of the trust. What about a trust protector though? The Los Angeles attorneys at Schomer Estate & Wealth Advisors explain the role of a trust protector and help you decide if you need … [Read more...] about Does My California Trust Need a Trust Protector?

While most estate plans begin with the execution of a Last Will and Testament, the average plan will continue to grow through the addition of various estate planning tools and strategies. Among the most popular of those additions is a trust agreement. In fact, it is not uncommon to have several trusts within a comprehensive estate plan. Given the popularity of trust agreements, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors discuss California trust laws to help you … [Read more...] about California Trust Laws: What Is Required to Create a Valid Trust?

Many people choose to include at least one trust agreement within their comprehensive estate plan. If you are among them, you will need to decide what type of trust to create, a decision that should only be made with the advice and guidance of your estate planning attorney. If you ultimately decide to establish an irrevocable living trust, you need to understand what that means. To explain better, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors explain whether an … [Read more...] about Can an Irrevocable Trust Be Modified or Terminated in California?