When you contemplate creating or updating your estate plan, you likely focus on how you want your estate assets distributed after you pass away. A comprehensive estate plan, however, can incorporate a variety of additional goals beyond simply dictating what happens to your assets following your death. A common addition to the average estate plan, for example, is probate avoidance. Toward that end, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss common strategies for … [Read more...] about Strategies for Avoiding Probate in California
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Understanding the Hidden Costs of Probate in California
Probate avoidance is a common secondary estate planning goal, but do you understand why you should consider incorporating probate avoidance tools and strategies into your estate plan? Aside from being a time-consuming legal process, probate can also be expensive, potentially diminishing the value of the estate passed down to loved ones. To help you better understand, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain some of the hidden costs of probate in California. What … [Read more...] about Understanding the Hidden Costs of Probate in California
Top 5 Funeral Planning Myths Debunked
If you recently lost a loved one and are responsible for planning the funeral, you are likely going through an emotional and overwhelming experience. Funeral planning is a topic that many people prefer to avoid, which leads to a variety of misconceptions. These myths can complicate the process and result in unnecessary stress and expenses. To help you get through this difficult period, the Los Angeles attorneys at Schomer Estate & Wealth Advisors debunk the top five funeral planning … [Read more...] about Top 5 Funeral Planning Myths Debunked
How Your Choice of Trustee Impacts the Success or Failure of Your Trust
When you create a trust, one of the most crucial decisions you will make is appointing a Trustee to administer the trust. Your choice can significantly impact the success or failure of the trust you establish given that the Trustee’s role is to manage the assets within the trust, ensure that your wishes are carried out, and act in the best interests of the beneficiaries. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain how your choice of Trustee impacts … [Read more...] about How Your Choice of Trustee Impacts the Success or Failure of Your Trust
What Are the Benefits of an Irrevocable Trust?
As your estate plan grows and expands, there is a good chance you will include at least one trust into that plan. One of the decisions you will need to make if you establish a trust is whether to create a revocable or irrevocable trust. As the name implies, an irrevocable living trust is one that cannot be modified or revoked by the Settlor once the trust is established. Understandably, you may be hesitant to create a trust that you cannot modify or terminate; however, sometimes doing so is … [Read more...] about What Are the Benefits of an Irrevocable Trust?
What Happens during Estate Administration?
During the creation of your estate plan, you will need to make many decisions. While it is true that some of the most important of these decisions are related to what happens to your estate assets after you pass away, there are other equally important decisions that are not directly related to the distribution of your assets. Deciding who to appoint as your Executor is one of those decisions. People frequently appoint an Executor without giving the choice much thought and without realizing that … [Read more...] about What Happens during Estate Administration?
Is Aging in Place in California the Right Choice for Me?
Understandably, most seniors would prefer to age in place because it offers the comfort of remaining in a familiar environment, but it also requires careful consideration of several factors to ensure it is the right choice for you. To help you make the right choice for you and your future, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer some key factors to consider when deciding if aging in place is right for you. Assessing Your Home’s Safety and Accessibility One of … [Read more...] about Is Aging in Place in California the Right Choice for Me?
Why Appointing a Professional Trustee is Often the Best Choice
When you create a trust, you must appoint a Trustee to manage and administer that trust. The Trustee has a legal duty to manage the trust’s assets and carry out the Grantor’s instructions as written in the trust terms for the benefit of the beneficiaries. Ultimately, the success or failure of your trust often depends on the person you appoint as Trustee. While many people choose a friend or family member to serve as Trustee, appointing a professional Trustee is often a better choice. To help … [Read more...] about Why Appointing a Professional Trustee is Often the Best Choice
Who Can You Turn to When Your Brother Doesn’t Do His Job?
Most Estate Planning attorneys will tell you that creating an Estate Plan helps prevent litigation after death. That statement needs a caveat. Most of the time, a properly created Estate Plan will prevent litigation. As this article demonstrates, sometimes, even with an Estate Plan, the family ends up in litigation. Read on to learn more. … [Read more...] about Who Can You Turn to When Your Brother Doesn’t Do His Job?
Domestic Asset Protection Trusts and Your California Estate Plan
While your estate plan may primarily be focused on how your assets are distributed after you pass away, that same plan can help you protect your assets while you are alive. In fact, there are several estate planning tools that can be used to protect assets, including a Domestic Asset Protection Trust (DAPT). To help you better understand, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss Domestic Asset Protection Trusts and your California estate plan. DAPT Basics A … [Read more...] about Domestic Asset Protection Trusts and Your California Estate Plan
