For many people, the incorporation of a trust agreement into their comprehensive estate plan is the key to the plan’s success. During the creation of a trust, the Settlor (creator) of the trust designates a Trustee who is responsible for managing the trust assets and executing the terms of the trust. If you find yourself in the role of a Trustee, it is imperative to try and avoid common pitfalls. To guide you in this endeavor, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss … [Read more...] about Common Trust Administration Mistakes and How to Avoid Making Them
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It’s a Great Time to Consider a Donor Advised Fund
As year-end approaches, many individuals look for ways to lower their income tax burden. Charitable contributions allow individuals to offset a portion of their income, but not all charitable contributions are created equally, and each has certain requirements to obtain the charitable deduction. Certain charitable-giving vehicles allow a donor to get more bang for their buck. Read on to learn more. … [Read more...] about It’s a Great Time to Consider a Donor Advised Fund
Contesting a California Will – Is It Worth the Cost?
Coping with the emotional aftermath of a loved one's passing is always challenging. However, navigating the practical and legal consequences can be equally daunting. Contesting the will of a recently deceased family member is a weighty decision that many find difficult to make. To assist you in making an informed choice, the Los Angeles attorneys at Schomer Estate & Wealth Advisors provide insight into key considerations to contemplate before opting to contest a California Will. Fundamentals … [Read more...] about Contesting a California Will – Is It Worth the Cost?
The Seedier Side of the Holiday Season
Scammers will use any leverage possible to separate you from your money. This includes preying upon a grandparent’s love and concern for their grandchildren. The so-called grandparent scams are among the most popular scams targeting the elderly and rely upon details gleaned from social media sites to make the call seem realistic. It’s important to recognize the signs of potential scams and understand how to guard against them. Read on to learn more. … [Read more...] about The Seedier Side of the Holiday Season
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Married Couples: Reciprocal vs. Joint Will
If you are newly married, you and your new spouse will probably want to make changes to your existing estate plans to reflect your new marital status. One of the first things you will likely consider is changing your existing Wills or creating Wills if you do not yet have them. You may have heard that married couples often create joint or reciprocal Wills. It is important to understand the difference between these two options as well as to understand how much either option can accomplish. With … [Read more...] about Married Couples: Reciprocal vs. Joint Will
Can I Still Access Assets Transferred into a Trust?
Although a Last Will and Testament typically acts as the foundation of an estate plan, most people find the need to incorporate additional documents and strategies as they expand their estate planning goals and objectives. A trust agreement is often one of these additions. If you are contemplating the addition of a trust agreement to your estate plan, you likely have several trust related questions. To help answer one of those questions, the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about Can I Still Access Assets Transferred into a Trust?
Alternatives to Nursing Home Care in California
If you have an elderly parent, grandparent, or another loved one who has succumbed to the natural aging process and now needs help to live alone, you may be struggling with the available options. The idea of putting your loved one in a nursing home probably doesn’t sit well with you or with them. Fortunately, there are other options that may work to delay or even avoid the need for nursing home care. To get you started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain some … [Read more...] about Alternatives to Nursing Home Care in California
5 Reasons Why Probate Might Take Longer than It Should in California
Probate is the legal process that will be required after you pass away to ensure that your estate assets are properly identified, valued, and eventually transferred to the intended beneficiaries and/or heirs of your estate. To avoid wasting time and money, you want the probate of your estate to move along quickly and efficiently. To help you achieve that goal, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss five reasons why probate might take longer than it should in … [Read more...] about 5 Reasons Why Probate Might Take Longer than It Should in California
