As long as you have a revocable trust, it can be amended whenever you choose, during your lifetime. If your financial situation, family situation or any other aspect of your life changes, it is good to review the terms of your trust and make revisions as necessary. Many clients ask whether it is necessary to come into our office to make changes to a trust. At the very least, you will need to come by to sign, after the changes have been made. A trust must be signed to be valid The grantor must … [Read more...] about Do I Have to Come in to Make Changes to a Trust?
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Is a Trust Better Than a Will for Pet Planning?
The purpose of a will is to provide instructions to those you leave behind, as to how to distribute your property upon your death. Under the law, pets are considered property, as well. So, you can leave instructions in your will regarding who should receive your pet when you die. But, this is not the only choice you have in pet planning, and frankly, it may not be the best choice. Deciding whether to use a trust or a will for pet planning is a personal decision, which depends on your … [Read more...] about Is a Trust Better Than a Will for Pet Planning?
Lifetime Transfers and Testamentary Transfers
In estate planning, a transfer refers to giving away a property interest (i.e., giving a gift). Property interests can be transferred either during your lifetime or upon your death. Whenever these transfers occur, taxes can be imposed. There are differences between lifetime transfers and testamentary transfers regarding taxes and applicable exclusions. Federal gift and estate taxes Although the federal and gift tax rates are the same, it is possible to transfer more assets, with lower gift … [Read more...] about Lifetime Transfers and Testamentary Transfers
What Should a Pet Plan Include?
Pet planning is a crucial step in estate planning for pet owners who want to know the future of their pet is secure. The possible consequences, if you die without a pet plan, are not pleasant to consider. Unfortunately, you cannot simply name a beneficiary for your pet. Instead, more specific plans need to be made to ensure that the caregiver will be legally bound by the terms you set, and the financial support needed to care for your pet will be secure. If you are wondering, what should a … [Read more...] about What Should a Pet Plan Include?
How to Maximize IRA Contributions
As the time for retirement approaches, it becomes more essential to make the most of your investments for retirement. With IRAs, the closer you get to retirement, the more you should contribute to those IRAs. That is how you can substantially increase your retirement savings. If you can maximize IRA contributions, you will be able to get the most out of that investment. Know your IRA Contribution Limits The maximum contribution limits for each year depend on the type of IRA you have. This … [Read more...] about How to Maximize IRA Contributions
Video Blog – Advantages and Disadvantages of Probate Administration
Scott Schomer of the Schomer Estate & Wealth Advisors discusses the advantages and disadvantages of Probate Administration. For more information, please call (310) 337-7696 or send us a message. The biggest disadvantages of probate administration are that it is public and it is very expensive and time consuming. As a general rule, it costs between four to eight percent of the gross value of your estate to process an estate through the probate administration process. That includes such things … [Read more...] about Video Blog – Advantages and Disadvantages of Probate Administration
Can My Same-Sex Partner Decide What to do with My Remains?
When one spouse passes away, there is an absolute right belonging to the surviving spouse, to decide what to do with the deceased spouse’s body and to make all funeral arrangements. The same is not true for same sex couples who live in states where their unions are not legally recognized. The good news is, an estate plan that addresses these and other issues concerning gay couples, can be a very easy solution. Having the right plan in place will make it so that your same-sex partner can … [Read more...] about Can My Same-Sex Partner Decide What to do with My Remains?
Video Blog: Services Offered by the Schomer Estate & Wealth Advisors – Living Trusts, Wills, Probate, Litigation
SERVICES OFFERED BY Schomer Estate & Wealth Advisors. For more information, please call (310) 337-7696 or visit www.schomerlawgroup.com. At the Schomer Estate & Wealth Advisors, we are dedicated and have a passion for preserving and protecting your legacy. Helping clients protect their legacy is our strong preference, to help them create a state-of-the-art estate plan that will capture their values and wishes and allow them to pass along their estate with minimal court or governmental … [Read more...] about Video Blog: Services Offered by the Schomer Estate & Wealth Advisors – Living Trusts, Wills, Probate, Litigation
Protecting Your Assets From Lawsuits in California
Protecting Your Assets From Lawsuits in California from Scott Schomer Shielding your assets from creditors is an important part of business and estate planning. When we think of protecting our assets, we often think of sheltering our assets from bill collectors, mortgage companies, etc. Learn more about protecting your assets in California in this presentation. … [Read more...] about Protecting Your Assets From Lawsuits in California
Video Blog: Can I Serve as Trustee of my Living Trust
Scott Schomer of the Schomer Estate & Wealth Advisors answers the question "Can I serve as my own Trustee of my Living Trust". For more information, please call (310) 337-7696 or visit www.schomerlawgroup.com. One of the questions I frequently get asked is, “who will be the trustee of my trust?” Well the good news is, for most people, you will be the trustee of your own trust. You will be in charge of your assets, and you will maintain complete and absolute control of the assets while you’re … [Read more...] about Video Blog: Can I Serve as Trustee of my Living Trust
