How can a professional fiduciary for estate planning help you? If you're single and don't have children, you might think that you don't need an estate plan. However, having a professional fiduciary serve as trustee can provide many benefits. A licensed professional fiduciary is obligated by law to act in your best interests, ensuring that your assets are managed and distributed according to your wishes. This guarantee of proper asset management can provide peace of mind for … [Read more...] about Expertise, Objectivity, and Efficiency: Why Single Individuals Need a Professional Fiduciary in their Estate Plan
BLOG
Single Parents: Why You Need to Create a Legal Plan for Your Children’s Care
Estate planning for single parents is extremely important. Thinking about what happens if we become incapacitated or die is not pleasant. It is essential to have a plan in place for these possibilities. This need is even more critical for single parents who have children to care for. Here are some documents that single parents should have in place for themselves and their children: Estate Planning for Single Parents - Nominate a guardian In case of incapacity or death, who will become the … [Read more...] about Single Parents: Why You Need to Create a Legal Plan for Your Children’s Care
7 Estate Planning Steps for the Beginner
Even if you understand the benefits you gain from having an estate plan in place, it can be a daunting prospect to create a plan. The steps required to create your estate plan may seem elusive and intimidating. To help get you started, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss seven estate planning steps for the beginner. Estate Planning Steps Before you sit down to create your estate plan, you should do some serious thinking and make several … [Read more...] about 7 Estate Planning Steps for the Beginner
QTIP and QDOT: What Is the Difference?
Many people choose to incorporate at least one trust agreement into their comprehensive estate plan. If you are married, you may benefit from the addition of a QTIP or QDOT trust. To help you decide which one is right for you, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors discuss the difference between a QTIP and QDOT trust. What Is a Qualified Terminable Interest Property (QTIP) Trust? Any married couple can make use of a QTIP trust; however, it is most often used to … [Read more...] about QTIP and QDOT: What Is the Difference?
What Happens When You Appoint the Wrong Trustee?
Although a Last Will and Testament often serves as the foundation of an estate plan, a trust agreement is frequently added to an estate plan as life changes require that estate plan to grow and expand. A trust can help you accomplish a wide range of estate planning goals and objectives; however, your trust will only be successful if you appoint the right Trustee. With that in mind, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors discuss what happens when you appoint the wrong … [Read more...] about What Happens When You Appoint the Wrong Trustee?
How Do I Approach the Subject of Estate Planning with My Elderly Parents?
If you are an adult child of aging parents, you may be struggling to accept the fact that your parents are experiencing the mental and/or physical deterioration that accompanies the natural aging process. That natural aging process may be making your parent(s) vulnerable, causing a role reversal to happen. The parent becomes the child, and the child becomes the caregiver. If you find yourself in this position, it is time to discuss estate planning with your parents; however, figuring out how to … [Read more...] about How Do I Approach the Subject of Estate Planning with My Elderly Parents?
Why Los Angeles Probates are So Lengthy: Understanding the Reasons Behind the Delays
Los Angeles probates can be incredibly lengthy and complex, and there are many factors that contribute to this. Firstly, the probate process involves a lot of paperwork and documentation. This can take a long time to prepare and file. Additionally, there are often multiple parties involved in a probate case. Beneficiaries, creditors, and attorneys, which can lead to delays and complications. Another reason why Los Angeles probates can be so lengthy is due to the court system. The probate … [Read more...] about Why Los Angeles Probates are So Lengthy: Understanding the Reasons Behind the Delays
Marriage and Divorce: How Your Estate Plan Can Help Protect Assets
To maximize the value of the assets you pass down when the time comes, your estate plan should include tools and strategies that actively protect and grow your assets while you are alive. To do that, you need to recognize potential threats to your assets. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss marriage and divorce and how your estate plan can help protect your assets from both. How Can Divorce Threaten My … [Read more...] about Marriage and Divorce: How Your Estate Plan Can Help Protect Assets
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
Estate Planning Webinars: A Time and Money-Saving Solution
Are you considering creating an estate plan, but you're not sure where to start? You may want to attend an estate planning webinar before meeting with an attorney. Attending a webinar can be a time and money-saving solution, allowing you to better prepare for your consultation. Why You Should Attend an Estate Planning Webinar Firstly, attending a webinar can help you get a better understanding of the basics. You'll learn about the different types of estate planning documents, how they … [Read more...] about Estate Planning Webinars: A Time and Money-Saving Solution
