As both your estate and your family grow, so will your estate plan through the addition of estate planning tools and strategies that can help accomplish additional goals. One of the most common of those additional tools is a trust agreement. If you create a trust, someone must administer that trust. The Los Angeles trust attorneys at Schomer Estate & Wealth Advisors discuss the issue of Trustee compensation for anyone considering the addition of a trust to their estate plan. What Does a … [Read more...] about Does a Trustee Get Paid for Administering a Trust?
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Best Places to Retire Abroad
When it comes to planning for retirement, deciding where to live can dramatically impact your financial resources which will also affect how comfortable you are during your Golden Year. Not surprisingly, many retirees decide to move outside of the United States when they retire because their money goes farther. If you are considering retiring abroad, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors discuss the best places to retire abroad. The Global Retirement … [Read more...] about Best Places to Retire Abroad
When Should I Update My Estate Plan?
Creating a comprehensive estate plan is one of the most important things you can do for both yourself and your loved ones. A well thought out estate plan should protect your assets and help them grow over the course of your lifetime as well as ensure that your loved ones are financially secure if you die or become incapacitated. If you have an estate plan in place already, you off to a good start; however, you cannot stop there. Updating your estate plan is as important (if not more important) … [Read more...] about When Should I Update My Estate Plan?
How Do I Trust Thee…Part III
If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article provides a framework for clients considering naming an institutional trustee. Read on to learn more. … [Read more...] about How Do I Trust Thee…Part III
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
How Do I Trust Thee…Part I
When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This … [Read more...] about How Do I Trust Thee…Part I
Does My Parent Need a Legal Guardian?
If you are an adult child with an aging parent, there may come a time when you begin to worry about your parent’s ability to make personal and/or financial decisions. If your parent is suffering from Alzheimer’s, or another age-related dementia condition, you have even more reason for concern. At the same time, you probably do not want to take away your parent’s freedom and autonomy. Failing to act, however, could lead to your parent being injured or victimized. How do you know when your parent … [Read more...] about Does My Parent Need a Legal Guardian?
How Do I Pay Estate Taxes?
If you are responsible for overseeing the probate of an estate, chances are good that you are doing so while also grieving the loss of a loved one. It can be emotionally and practically challenging to try and fulfill your duties as Executor under those conditions. An Executor has numerous important responsibilities, including making sure federal gift and estate taxes are calculated correctly and paid on time. To help you fulfill your duties as Executor, the Los Angeles probate attorneys at … [Read more...] about How Do I Pay Estate Taxes?
Tips for Long-Distance Caregivers
Being a caregiver for an elderly loved one is often mentally, physically, and financially exhausting when you live close by and have the resources close at hand to help. Providing that care from a distance adds yet another level of stress and anxiety to an already challenging task. To help alleviate some of that stress, the Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors offer some tips for long-distance caregivers. Caregiving Facts and Figures According to the National … [Read more...] about Tips for Long-Distance Caregivers
¿Es Hora de Actualizar a Sus Beneficiarios?
Si ya tiene un plan de sucesión en su lugar, ya comprende la importancia de una planificación patrimonial cuidadosa y exhaustiva. Sin embargo, tomarse el tiempo para crear ese plan es solo el primer paso para proteger a todos y todo lo que es importante para usted. Para que el plan patrimonial que creó funcione según lo previsto, debe modificarse de vez en cuando. Eso puede requerir que agregue o elimine herramientas de planificación patrimonial o incluso componentes completos. También … [Read more...] about ¿Es Hora de Actualizar a Sus Beneficiarios?
