In the area of estate planning, there are so many different types of trusts that serve very different purposes. Creating a living trust basically requires transferring the title or ownership of your assets to the trust. A common question asked by clients is -- what happens to a living trust at death? Here is what you need to know. What is a living trust? A “living trust” is a trust that becomes effective during your lifetime, as opposed to only becoming effective after your … [Read more...] about What Happens to a Living Trust at Death?
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Living Trusts: True or False?
A living trust is a particularly useful estate planning tool and should be included in every estate plan. However, before you take that step, there are a few common myths regarding living trusts of which you should be aware. This article will debunk a few of the most common myths. For a complete understanding of how this estate planning tool can benefit you, discuss your options with your Los Angeles trust attorneys. Do I have to give up control of my property when creating a living … [Read more...] about Living Trusts: True or False?
Los Angeles Property Listed as the Most Expensive in the Area
Expensive real estate in Los Angeles is not uncommon, but you may not have heard about the most expensive real estate to ever be placed on the market in Beverly Hills. Known as “The Mountain,” this 157-acre piece of real estate was listed at $1 billion, according to an article in the Los Angeles Times. If you owned this type of valuable real estate or any other assets of high value, you need to consider legacy wealth planning. Sitting at the highest point in the 90210 zip code The Mountain, as … [Read more...] about Los Angeles Property Listed as the Most Expensive in the Area
Scott P. Schomer Certified As Specialist In Estate Planning, Trust And Probate Law
Schomer Estate & Wealth Advisors is proud to announce that one of its attorneys, Scott P. Schomer, has been certified as a specialist in Estate Planning, Trust & Probate Law by the California Board of Legal Specialization of the State Bar of California and the Estate Planning, Trust & Probate Law Advisory Commission. A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important … [Read more...] about Scott P. Schomer Certified As Specialist In Estate Planning, Trust And Probate Law
Why is Long Beach Medi-Cal planning So Important?
You may not be aware, but the number of people who are required to pay for their own long-term care when the time comes has been steadily increasing over the years. Ten years ago, a study was conducted and the result published showing that seniors, individuals with disabilities and the families of these individuals pay close to thirty percent of the cost of long-term care from their own pockets. This was at least a ten percent increase from the last study. Considering these shocking numbers, … [Read more...] about Why is Long Beach Medi-Cal planning So Important?
But I’m Not Sick! You Still Need Medi-Cal Planning
As Orange County Medi-Cal lawyers, we recognize how fortunate our senior clients are to be healthy. But we encourage you to not overlook the need to still create a Medi-Cal plan. Simply being healthy right now doesn’t mean you will never have the need for long-term care as you get older. You may not have health issues right now, but who can predict how healthy you will be in 50 years? Unexpected illness or injury can strike at any time Our Orange County Medi-Cal lawyers also want to remind you … [Read more...] about But I’m Not Sick! You Still Need Medi-Cal Planning
Estate Planning: It’s Not Just About the Estate Taxes
The recent tax law temporarily doubled the estate tax exemption. That doesn’t mean there’s no need for estate planning. Estate plans consider many important aspects, not just estate taxes. This article examines some of the many considerations besides estate taxes. Estate Planning: It’s Not Just About the Estate Taxes … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes
Planning for Frequent Flyer Miles
This article examines the transfer of frequent flyer mile accounts to beneficiaries. It looks at Anthony Bourdain’s will and its disposition of his miles. The article points out that these are contractual rights and you may or may not be able to transfer them at death. Planning for Frequent Flyer Miles … [Read more...] about Planning for Frequent Flyer Miles
Do You Need a Pet Trust for Your Family Friend?
Contrary to what many people think, you cannot simply leave money to your pet in your will. Pets are considered property under the law, so they cannot “inherit” money from you, as some people assume. Yet, even with a detailed provision in your will for your pet, you may not be securing your pet’s future as well as you might think. If you want to guarantee that your family friend will be properly cared for after your death, you should seriously consider a pet trust. Our Los Angeles estate … [Read more...] about Do You Need a Pet Trust for Your Family Friend?
You Never Know: Planning for the Unexpected
This article examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan. You Never Know: Planning for the Unexpected … [Read more...] about You Never Know: Planning for the Unexpected
