Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
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What Is a Crummey Notice?
For a trust beneficiary, the receipt of a “Crummey notice” can be confusing, leaving the beneficiary unsure of what to do next. Most beneficiaries assume there is an important reason behind the notice that should spur action on their part. Typically, this is not the case. The Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors explain what a Crummey notice is and what you should do if you receive one. Trust Administration Basics Trusts are broadly divided into … [Read more...] about What Is a Crummey Notice?
Probate Fees in Los Angeles County: Understanding the Costs and How to Minimize Them
Probate Costs in LA County can be a considerable amount of money, with several factors determining the final amount. Let's explore the cost of probate in Los Angeles County and the factors that affect it. California's statutory fees for probate depend on the value of the estate. The fees are a percentage of the estate value and increase with larger estates. The breakdown of the fees is as follows: The California statutory fees for probate calculation is based on the gross estate value, … [Read more...] about Probate Fees in Los Angeles County: Understanding the Costs and How to Minimize Them
The Lessons from Lisa Marie
Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. … [Read more...] about The Lessons from Lisa Marie
Which Assets Go Through Probate?
The primary focus of your estate plan may be to ensure that your estate assets are distributed according to your wishes after you are gone; however, there are other goals that you may wish to consider when creating your estate plan as well. For example, you may wish to consider the impact probate will have on your estate and on the loved ones you leave behind. Understanding which assets are part of the probate process, and which are not, is a good place to start. With that in mind, the Los … [Read more...] about Which Assets Go Through Probate?
Insights on Estate Planning: What We Can Learn from Raquel Welch’s Experience
Estate Planning: What We Can Learn from Raquel Welch Raquel Welch, the iconic actress and model, has had a successful career spanning over six decades. With her net worth estimated at around $30 million, it's no surprise that she has taken steps to plan her estate and protect her assets for her loved ones. If you're considering estate planning, here are some key lessons you can learn from Raquel Welch's approach: Raquel Welch takes an active role in her estate planning, ensuring the … [Read more...] about Insights on Estate Planning: What We Can Learn from Raquel Welch’s Experience
What is Probate and Why is it Necessary in California?
Probate is a legal process that occurs after someone dies, and it's necessary in California to transfer ownership of the deceased person's assets to their heirs. If you live in Los Angeles, California, and are dealing with the death of a loved one, you may be wondering what probate is and why it's necessary. Probate in Los Angeles, California, can be a complex and time-consuming process, but it's necessary to ensure that the deceased person's assets are distributed according to their wishes … [Read more...] about What is Probate and Why is it Necessary in California?
Top 5 Living Trust Benefits
A comprehensive estate plan will typically incorporate a wide variety of estate planning tools and strategies into the plan to accomplish the plan’s goals and objectives. Among the most popular of those tools is a living trust. Only your estate planning attorney can help you decide if a living trust would be a beneficial addition to your estate plan; however, to give you an idea of how one might fit into your estate plan, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors … [Read more...] about Top 5 Living Trust Benefits
What Happens When Children Disagree on Medical Treatment for a Parent
Decisions relating to an aging parent’s medical care can often spur conflict among siblings. If you and your siblings cannot agree on an overall plan, or even on a specific medical procedure, for a parent it can present a serious problem. Knowing your practical and legal options when a disagreement occurs can help. The Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss what happens when children disagree on medical treatment for a parent. The Problem When you … [Read more...] about What Happens When Children Disagree on Medical Treatment for a Parent
How Much Life Insurance Do I Need?
Although life insurance plays a significant role in many estate plans, it can be difficult to know how much you need. You may have purchased life insurance when you were younger, and then not revisited the issue for years. At this point, you may need more life insurance or less, depending on how your life has changed in the interim. To point you in the right direction, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss how to decide how much life insurance you … [Read more...] about How Much Life Insurance Do I Need?
