In the annals of estate planning, a concerning trend has been observed. Legacy preservation, a term that speaks volumes about safeguarding the future, is often jeopardized by outdated wills and trusts. However, by timely intervention, many of the lurking dangers can be mitigated. The Lingering Shadows of Old Beneficiary Wishes For many individuals, their last will or trust was drafted years, if not decades, ago. Over time, life's intricate twists and turns have been navigated, but these … [Read more...] about Unearthed Secrets: How Outdated Wills & Trusts Can Haunt Your Legacy
BLOG
Mistakes Adult Children Make When Managing Their Parents’ Affairs
When you were young, your parents were the caregivers and you needed them to care for you. As your parents age, however, a role reversal often happens. At some point, you may end up being the caregiver as the physical and mental deterioration that comes with aging leaves your parents in need of care. To prepare you, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss common mistakes adult children make when managing their parents’ affairs. How Many Americans Take Care of … [Read more...] about Mistakes Adult Children Make When Managing Their Parents’ Affairs
Does My California Trust Need a Trust Protector?
People often include a trust agreement in their overall estate plan because a trust can accomplish a wide range of goals, including asset protection, incapacity planning, and protecting the inheritance of a minor child. If you establish a trust, you will be required to appoint a Trustee to oversee the administration of the trust. What about a trust protector though? The Los Angeles attorneys at Schomer Estate & Wealth Advisors explain the role of a trust protector and help you decide if you need … [Read more...] about Does My California Trust Need a Trust Protector?
Unlocking the Legal Summit Experience: A Journey with Scott Schomer
In the legal world, moments of insight and professional growth are often found in the unexpected. Join us as we explore the recent participation of Scott Schomer in the 30th Annual Fall Summit, hosted by the American Academy of Estate Planning Attorneys. In this blog post, the focus is on the event's highlights and the invaluable knowledge that was shared. A Glimpse into the Event At the heart of the legal community, a premier event emerged as a hub of innovation and collaboration. The … [Read more...] about Unlocking the Legal Summit Experience: A Journey with Scott Schomer
Learning, Re-inventing, and Camaraderie in San Diego
The Academy’s Fall Summit brought learning and camaraderie. The Academy introduced the Enterprise Model Law Firm and rolled out a new Trust Administration module. There were many great substantive legal education topics and practice management topics. As always, it was great to reconnect with friends and establish new relationships. Click here to learn more. … [Read more...] about Learning, Re-inventing, and Camaraderie in San Diego
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part I
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This first part of a three-part series examines a case ripped from the headlines that highlights the various Trustee duties. Read on to learn more. … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part I
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part III
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This third and final part of a three-part series examines a case ripped from the headlines that highlights what happens when plans go awry. Read on to learn … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part III
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part II
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This second part of a three-part series examines a case ripped from the headlines that highlights what happens when plans go awry. Read on to learn more. … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part II
The Magic of Grantor Trusts
Grantor trusts are a particularly powerful tool in estate planning. They allow the taxpayer to remove assets from their taxable estate, while those assets can grow tax-free because the grantor is paying the income tax for the trust. Read on to learn more about the magic of grantor trusts. … [Read more...] about The Magic of Grantor Trusts
How to Involve Your Family in the Estate Planning Process
There is no doubt that having a well thought out estate plan in place is one of the most meaningful gifts you can give to your family. In fact, you may want to get your family’s input when you are going through the process of creating your estate plan – or you may not want them involved. To get you started contemplating your options, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss how to involve your family in the estate planning process. What’s in Your Estate … [Read more...] about How to Involve Your Family in the Estate Planning Process
