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    Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

    Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

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    Home » Communities We Serve – Cypress

    Communities We Serve – Cypress

    Here at the Schomer Law Group, we take our commitment to our neighbors in Cypress to heart. Cypress was recently recognized as one of the best cities in Orange County. In fact, Cypress is ranked 33rd of all cities in California. The high ranking is attributed in part to “solid financial management” and a sound infrastructure.

    New Park on the Horizon for Cypress

    The Los Alamitos Race Course has recently donated 8.8 acres of land to Cypress for them to develop a new city park.  The goal is to provide great recreational opportunities for the Cypress community. The recent opening of MacKay Park was the first new park established in more than two decades. With the generous donation of acreage, Cypress will have yet another chance to improve the community.

    Serving Our Neighbors in Cypress

    Sole proprietors need business estate planning, possibly more than other business entities.  Sole proprietors need more protection because their personal assets are not actually separate from the business.  That means, where you pass away, your business will only continue to operate through the supervision of the probate court.  Considering the incredible expense of operating a business through the probate court, your expectations for business succession may not be realized.

    Why a business estate plan is essential

    All businesses involve risks and all business owners are exposed to legal or financial risks, as they operate their businesses.  Starting a business, in itself, brings a certain amount of financial risk.  The reality is, not all business owners recognize ever risk, legal or financial, to which they are exposed.  Every legally binding agreement that you enter into has its consequences.  With an appropriate business plan, you can reduce financial and legal risks.

    What makes a sole proprietor different?

    When the owner of a sole proprietorship dies, the business will cease to exist unless a successor takes over. Unlike corporations and partnerships, a sole proprietorship does not have a separate legal existence.  Instead, the tax obligations and debts of a sole proprietorship are linked to the owner of the business.  Either the business will dissolve or ownership must be transferred to someone else.  If you want your business to continue, you have to create a business estate plan to make sure that happens.

    Estate planning issues faced by many sole proprietorships

    One particular concern for sole proprietors is how to protect their family’s financial future. For that reason, most sole proprietors include terms in their estate plans that direct the sale of the business or that appoint a relative to take over business operations.  There are often tax consequences when a sole proprietor passes away.  Without the proper estate plan, business assets will pass on to the next generation with significant estate and inheritance tax consequences.  This is why it is so important that the business assets of a sole proprietorship be included in your general estate plan.

    Ways to protect your business assets

    One important aspect of business planning, and particularly asset protection, is liability insurance.  They type of insurance you will need to provide appropriate protection for your business assets depends on the status of your business.  Your insurance needs will likely change as your business develops.  Adding an umbrella policy to your standard liability insurance coverage is wise because it provides individual protection, as well as homeowner’s and auto insurance coverage.  Another way to provide asset protection for business owners is to establish a pension plan.

    When should you establish a business plan?

    Few sole proprietorships survive the extraordinary cost burden of operating under the supervision of the probate court.  Before there is any indication of financial or legal issues, you need to take affirmative steps to protect your business assets through a business estate plan.  In additional to being a very prudent decision to make for your business, creditors have a more difficult time challenging any transactions or asset transfer you make.  By completing your business plan early on, there are always more options available to head off any potential financial problems.

    We would like to thank our neighbors in Cypress for visiting our website. If you are looking for a licensed estate planning attorney in the Los Angeles area, you have found a reliable local resource. If you have questions regarding estate planning, trust contests, or any other trust administration issues, please contact the Schomer Law Group either online or by calling us in Los Angeles at (310) 337-7696.

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    Testimonials

    Client Review
    July 29, 2020
        

    We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

    Frank & Jutta R
    Client Review
    July 29, 2020
        

    Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

    Paula M.
    Client Review
    July 29, 2020
        

    We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

    Phillip G.
    Client Review
    July 29, 2020
        

    When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
    Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

    Bob L.
    Client Review
    July 29, 2020
        

    We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
    They were all very helpful in answering myriad questions and explaining all the various options…

    We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

    Bob S.
    Client Review
    July 29, 2020
        

    We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

    Robert F.
    Client Review
    July 29, 2020
        

    Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

    Joan S.
    Client Review
    July 29, 2020
        

    Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

    Kim

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    222 North Pacific Coast Highway., Suite 130
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    Phone: (310) 337-7696
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