Starting a business is part of the “American dream” for many people. If you are one of those people, and you hope to one day pass down your business to the next generation, the key is planning early and planning well. Sadly, many family businesses do not successfully make the transition from one generation to the next because the matriarch or patriarch failed to do so. To help make sure your business is protected, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors … [Read more...] about How Can Creating a Family Limited Partnership Help My Business?
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Can a Trust Be the Beneficiary of a Life Insurance Policy?
If you are counting on life insurance to help achieve some of your estate planning goals, it is imperative that you understand how the proceeds will be treated after you are gone. This is particularly true if you want to name a trust as the beneficiary of the policy. Toward that end, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss making a trust the beneficiary of your life insurance policy. How Does Life Insurance Fit into Your Estate … [Read more...] about Can a Trust Be the Beneficiary of a Life Insurance Policy?
5 Estate Planning Mistakes You Can Avoid Making
Your estate plan may be the most important set of documents you ever create. With that in mind, mistakes should be avoided whenever possible. The average person, however, knows very little about estate planning, making mistakes common. To help prevent you from making a costly mistake, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss five common estate planning mistakes you can avoid making. Not planning. People are frequently under the mistaken … [Read more...] about 5 Estate Planning Mistakes You Can Avoid Making
Should I Purchase Long-Term Care Insurance?
The average life expectancy of an American has almost doubled in the last century. While living longer is certainly something we can all be thankful for, we must also live with the effects of the natural aging process for longer than our ancestors did as a result. That means we all stand a much better chance of needing long-term care (LTC) at some point before the end of our lives. If you (or a spouse) do end up in LTC, how will you pay for the high cost of that care? Long-term care insurance is … [Read more...] about Should I Purchase Long-Term Care Insurance?
How Can Estate Planning Help Protect Your Business?
Small family businesses were once the backbone of the American economy, allowing children to learn a useful trade and/or management skills from helping in the family business. Moreover, it was assumed that one of those children would take over control of the business upon the retirement, disability, or death of the patriarch or matriarch of the family. Although family businesses all but disappeared for decades, they are coming back in droves across the U.S. If you own a family business, the Los … [Read more...] about How Can Estate Planning Help Protect Your Business?
¿Por Qué Debería Usar un Fideicomiso en Vida para Distribuir Mi Patrimonio?
La planificación patrimonial implica tomar decisiones importantes que se volverán cada vez más complejas y difíciles a medida que su plan crezca y se expanda. Si bien su plan de sucesión inicial puede ser bastante simplista, es probable que se vuelva más complejo a medida que su patrimonio y su familia crezcan. Una de las decisiones que eventualmente deba tomar es si usar un fideicomiso en vida como el método principal de distribución de sus activos patrimoniales. Los abogados de fideicomisos de … [Read more...] about ¿Por Qué Debería Usar un Fideicomiso en Vida para Distribuir Mi Patrimonio?
What Is Fiduciary Role and How Do I Pick My Fiduciaries?
A frequently overlooked (yet crucial) aspect of estate planning is the importance of choosing the right people for the fiduciary roles within your plan. The choices you make when appointing people to fiduciary roles can contribute to the success, or failure, or your estate plan. To help prevent you from making the wrong choices, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors explain fiduciary roles and offer some suggestions on how to pick them in your estate … [Read more...] about What Is Fiduciary Role and How Do I Pick My Fiduciaries?
Is It Time to Update Your Beneficiaries?
If you have an estate plan in place already, you already understand the importance of careful and thorough estate planning. Taking the time to create that plan, however, is only the first step toward protecting everyone and everything that is important to you. For the estate plan you created to function as intended, it must be modified from time to time. That may require you to add or delete estate planning tools or even entire components. It can also require you to update beneficiaries as … [Read more...] about Is It Time to Update Your Beneficiaries?
Why Should I Use a Living Trust to Distribute My Estate?
Estate planning involves making important decisions that will grow increasingly complex and difficult as your plan grows and expands. While your initial estate plan may be rather simplistic, it will likely grow more complex as your estate and your family grow. One of the decisions you may eventually need to make is whether to use a living trust as the primary method of distributing your estate assets. The Los Angeles trust attorneys at Schomer Estate & Wealth Advisors discuss common reasons why … [Read more...] about Why Should I Use a Living Trust to Distribute My Estate?
The Importance of Liquidity in Your Estate Plan
Making sure that your loved ones can access the assets you leave behind after your death should be an important estate planning goal. To achieve this goal, you must ensure that your estate is comprised of sufficient liquid assets. If you have not considered the need for liquidity within your estate plan before, you are not alone. It is a commonly overlooked aspect of estate planning. To help you avoid making this common mistake, a Los Angeles estate planning attorney at Schomer Estate & Wealth … [Read more...] about The Importance of Liquidity in Your Estate Plan
