When you contemplate your estate plan, a primary goal within that plan is likely to ensure that your assets are passed down to beneficiaries of your choosing. Whether the assets you pass down are intended to help provide financially for the beneficiary or are family heirlooms that have been in the family for generations, you want to make sure that the assets remain with the beneficiary. California, however, is a community property state which can complicate ownership of assets if a beneficiary … [Read more...] about Is Inherited Property Community Property in California?
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Alternatives to Formal Probate in California
When a loved one passes away, the estate left behind typically must go through the legal process known as “probate.” Assets involved in the probate process may be held up for months, even years, before they can legally be passed down to the named beneficiaries and/or legal heirs of the estate. Fortunately, California offers several potential alternatives to formal probate that may be available to beneficiaries and heirs. To help you decide if one is available to you, the Los Angeles probate … [Read more...] about Alternatives to Formal Probate in California
5 Reasons to Create an Estate Plan
If you do not yet have an estate plan in place, it is probably not for lack of people urging you to create one. Family members, friends, and even well-meaning co-workers have probably encouraged you to get started on your estate plan. They may not, however, have provided you with sufficient reasons to have an estate plan. If that is the case, let the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors offer five reasons to create an estate plan to help give you the … [Read more...] about 5 Reasons to Create an Estate Plan
Don’t Forget Your Summer Estate Planning Before You Start That Vacation!
As the summer season officially begins and vacation plans start taking shape, an important reminder awaits. It's time to prioritize your future and ensure the protection of your loved ones through a comprehensive estate plan. The Importance of Estate Planning during Summer Enjoy the Season, but Don't Overlook Estate Planning During the summer, when the sunshine beckons and memories are made, it's crucial to not overlook the essential task of estate planning. Amidst the excitement, … [Read more...] about Don’t Forget Your Summer Estate Planning Before You Start That Vacation!
How Do I Prove Lack of Testamentary Capacity in California?
When a loved one passes away, family and friends go through a period of mourning that often includes strong emotions such as grief, denial, and even anger. At the same time, the legal process of probating the decedent’s estate must begin. If the decedent left behind a Last Will and Testament, the Will is submitted to the appropriate court to initiate probate. If you recently lost a loved one, and you have reason to believe that your loved one lacked the capacity to execute the Will submitted to … [Read more...] about How Do I Prove Lack of Testamentary Capacity in California?
How Long Does a Trust Last?
A trust agreement is a popular estate planning tool that can be used to pass down assets to loved ones, charities, or even to a family pet. If you recently learned that you are the beneficiary of a trust, you probably have several questions about how the trust works and how it terminates. Because every trust agreement is unique, it is always best to consult with an experienced trust attorney about the terms of your trust agreement. In the meantime, the Los Angeles trust attorneys at Schomer … [Read more...] about How Long Does a Trust Last?
What Is a Life Estate in California?
To create a comprehensive estate plan that successfully achieves all your goals you must use a variety of estate planning tools and strategies. One estate planning strategy that can help with probate avoidance and tax avoidance as well as protect your home if you ever need to qualify for Medicaid (Medi-Cal in California), is a life estate. To help you understand how one might fit into your estate plan, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain how a … [Read more...] about What Is a Life Estate in California?
How Do I Get Around Probate in California?
Even if you have never been through the probate of an estate, you have likely heard that probate is something you want to avoid. Whether you are engaged in your own estate planning or faced with overseeing the probate of an estate, you need to know how to get around probate. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss how to get around probate in California. What Is Probate? When someone dies, they leave behind an “estate” that … [Read more...] about How Do I Get Around Probate in California?
How to Use Your Estate Plan to Protect Your Blended Family
The divorce rate hovers around 50 percent for first marriages in the U.S. with a significant percentage of those divorces resulting in a remarriage that creates a blended family. If you are part of a blended family, you know the hard work it takes to successfully blend two existing families into one harmonious new family. One thing you do not want to overlook when creating a blended family is the increased importance of having a comprehensive estate plan in place. With that in mind, the Los … [Read more...] about How to Use Your Estate Plan to Protect Your Blended Family
What Can I Do to Prevent Probate Disputes After I Am Gone?
Your estate plan is your opportunity to put down in writing what you wish to happen to your estate assets after you are gone. For most people, one of the strongest motivations for having an estate plan in place is to ensure that those wishes are honored. Unfortunately, the law does allow certain people to challenge the Last Will and Testament that you execute. Because a Will contest is only initiated after your death, you cannot defend your Will if one is filed. There are, however, some … [Read more...] about What Can I Do to Prevent Probate Disputes After I Am Gone?
