I was contacted by a young woman in her early 30s after the passing of her beloved grandmother. She described herself as grandma’s favorite and the only member of her family that grandma would trust to administer her estate. Grandma had left a car, an apartment complex and a home full of possessions. And while grandma has no minor children, she is the sole means of financial support for two minor grandchildren who have lost their parents. The young woman searched high and low but cannot find … [Read more...] about Your Mother Always Said: Don’t Leave a Mess!
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Do You Have the Right Kind of Trust?
I have written extensively about the importance of creating a living trust (sometimes called an inter vivos trust) as a centerpiece of your estate plan. A living trust provides numerous benefits including allowing your loved ones to swiftly and privately manage your affairs, in the event of your incapacity or demise, without the assistance of the probate court. Recently I was contacted by old friends who thought it might be time to review and update the trustee designations in their trust. Over … [Read more...] about Do You Have the Right Kind of Trust?
Life’s Stages Dictate Different Estate Plans
As you travel through the various seasons of life, you may not require the same estate plan. A plan you created in your 30’s could be vastly different from the one you need in your 60’s. 1. Young & Single. In your 20’s you most likely only need a Durable Power of Attorney for finances and an Advanced Health Care Directive. If you are single, this means that you name your parents to make financial and medical decisions if you are unable to. Once you purchase a new home, it’s time to … [Read more...] about Life’s Stages Dictate Different Estate Plans
Probate is Going to Get Worse in These Tough Economic Times
One of the typical goals in estate planning is to avoid the probate administration of your estate. The principal reasons for avoiding probate administration are: (1) the cost; and (2) the delay associated with the process. In Los Angeles, the process of probate administration is controlled by the Los Angeles Superior Court system, nation's largest trial court system, with 600 courtrooms in 50 courthouses throughout the county. These tough economic times have caused problems for all types of … [Read more...] about Probate is Going to Get Worse in These Tough Economic Times
Scott Schomer is Named a Southern California Superlawyer.
Scott P. Schomer has been named by Southern California Super Lawyers magazine as one of the top attorneys in California for 2010. Scott is a Los Angeles attorney in private practice focused on issues of probate, wills & trusts, estate planning, and elder abuse. Scott has appeared on national television to discuss how to avoid and resolve family inheritance disputes and Scott a regular speaker on issues related to estate planning, trust administration and fiduciary litigation. Each year, … [Read more...] about Scott Schomer is Named a Southern California Superlawyer.
What are the Crucial Estate planning documents?
I am often asked to name the essential documents for an estate plan. In California, an estate plan should include four or five basic estate planning documents. If your current family and financial situations do not warrant the need for a Revocable Living Trust, then your foundational estate plan based on a will-based estate planning will include the following three important legal documents: 1. Last Will and Testament; 2. Advance Medical Directive; and 3. Financial Power of … [Read more...] about What are the Crucial Estate planning documents?
Do-it-yourself (DIY) estate planning – Is it worth saving the few dollars?
Through online legal document portals, consumers have access to a number of DIY legal documents available on the internet to create their own wills and power of attorney. This may save them money and time. But has the internet really empowered the public to handle their estate planning or does it create many avoidable problems? Most lawyers agree that using online legal documents may result in errors. While filling up the online documents, one may miss a simple question; some terms may be … [Read more...] about Do-it-yourself (DIY) estate planning – Is it worth saving the few dollars?
Avoid These Retirement Planning Mistakes
Many clients become anxious when the topic of retirement planning is mentioned. Clients question whether or not they have sufficient income or money set aside to have a comfortable retirement. Should you start planning now and how, exactly, should you save or invest your money? Many of the questions that must be asked in retirement planning can seem overwhelming. Just be sure to avoid these common retirement planning mistakes, and consult with your estate planning attorney, and you can … [Read more...] about Avoid These Retirement Planning Mistakes
What Happens to Your Business After a Divorce?
Business owners are often too caught up in promoting the growth of their businesses that they fail to take into considerations the consequences divorce may have on that business. The same is true for happily married couples, who never consider the possibility of divorce. But the reality is, if the terms of a divorce are not handled properly, the business could suffer. The potential for serious consequences to your business after divorce can be managed, or even eliminated, if you plan for … [Read more...] about What Happens to Your Business After a Divorce?
Estate Planning for Gay Seniors
Not long ago, it was the case that estate planning attorneys strongly encouraged gay and lesbian couples to create comprehensive estate plans because they were not allowed the same protections as heterosexual couples. Now, in light of the groundbreaking Supreme Court decision in Obergefell v. Hodges, it may seem the worry is over. That is not necessarily the case, however. The reality is, estate planning is still important. Estate planning for Gay seniors may be even more … [Read more...] about Estate Planning for Gay Seniors
