Beneficiary designations determine who receives certain assets, such as life insurance, retirement accounts, and payable-on-death accounts, yet they are frequently overlooked in the estate planning process. Ensuring that your designations are current and align with your broader estate plan is key to achieving your estate planning goals. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain how beneficiary designations fit into your estate plan. What Are … [Read more...] about How Do Beneficiary Designations Fit into My Estate Plan?
BLOG
How to Navigate Probate in California: A Step-by-Step Guide
Probate can be a complicated and often overwhelming process, especially if you are dealing with it for the first time. Understanding how to navigate probate in California can help you manage your loved one's estate more effectively and reduce unnecessary stress. This guide provides a step-by-step look at the California probate process, from filing paperwork to distributing assets. By understanding each step, you can be better prepared for what lies ahead. 1. Understanding the Probate Process … [Read more...] about How to Navigate Probate in California: A Step-by-Step Guide
Avoid Spooky Probate This October: Secure Your Legacy Now
October is here, and while Halloween is all about spooky fun, there’s one scare you should never have to face—probate! Probate can turn your family’s future into a real-life horror story, filled with unexpected costs, delays, and stress. To keep things from getting frightful, it's crucial to have a comprehensive estate plan in place. Los Angeles families can take proactive steps to protect their assets, save loved ones from the headaches of probate, and ensure that their legacy is preserved … [Read more...] about Avoid Spooky Probate This October: Secure Your Legacy Now
What Is Probate and Why Should You Avoid It?
Probate is a legal process that occurs after someone passes away, during which the court oversees the distribution of assets and payment of debts. While it might seem like a natural part of handling a loved one’s estate, probate is often time-consuming, costly, and stressful for families. Understanding probate and why it’s beneficial to avoid it can help you make informed decisions about your estate planning. In this article, we’ll explore what probate entails, why you may want to avoid it, and … [Read more...] about What Is Probate and Why Should You Avoid It?
Estate Planning Lessons from John Amos’ Legacy
Estate Planning Lessons from John Amos' Legacy The recent passing of John Amos—beloved actor known for his iconic roles in "Good Times" and "Roots"—offers a chance to reflect on the importance of estate planning. John Amos left behind a rich legacy, both in his body of work and the way he lived his life. His contributions to television and film impacted millions, and his dedication to his family provides valuable insights into how we can plan for our loved ones even after we are gone. In this … [Read more...] about Estate Planning Lessons from John Amos’ Legacy
Estate Planning: There’s Something Here for Everyone – Part I
Despite knowing that they should have an estate plan, many individuals give excuses for failing to create an Estate Plan. They may rely upon advice from seemingly well-intentioned individuals that if they do not have a taxable estate, they don’t need a plan, or that each state has its own set of rules regarding distribution that gives assets to beneficiaries upon death. Some folks go so far as to suggest methods to avoid probate without truly considering the impact of those suggestions. This … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
Estate Planning: There’s Something Here for Everyone – Part II
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
What Can I Purchase with Funds from an ABLE Account?
An ABLE (Achieving a Better Life Experience) account is a tax-advantaged savings account designed to benefit individuals with special needs or disabilities, allowing them and their families to save for disability-related expenses without jeopardizing eligibility for government benefits. To maximize the benefits of an ABLE account you must have a clear understanding of how the account works and how the funds can be used. With that in mind, the Los Angeles attorneys at Schomer Estate & … [Read more...] about What Can I Purchase with Funds from an ABLE Account?
How Much Discretion Should a Trustee Have?
A trust is among the most popular additions to a well thought out and comprehensive estate plan. When creating a trust, one of the key decisions you will need to make is how much discretion to grant your Trustee. The Trustee plays a vital role in managing and distributing the trust assets, but the amount of authority they have can vary widely. Working with an experienced trust attorney is the best way to create a successful trust. It may help, however, to consider the issue of Trustee discretion … [Read more...] about How Much Discretion Should a Trustee Have?
The Importance of Estate Planning: Understanding What Happens After Your Death
Many people have a basic understanding of estate planning, but there are common misconceptions about why estate planning is so important. To understand the that, it helps to clear up some misconceptions surrounding what happens after death. Toward that end, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss what happens after death to help you understand why comprehensive estate planning is so important. Your Loved Ones May Have to Wait for Their Inheritance After your … [Read more...] about The Importance of Estate Planning: Understanding What Happens After Your Death
