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Home » Estate Planning » What Is Missing in Your Estate Plan?

What Is Missing in Your Estate Plan?

January 22, 2023Estate Planning

Los Angeles estate planning attorneys

If you have an estate plan in place you are ahead of the game given that over half of all Americans do not have one. For that plan to work as intended, however, it needs to be up-to-date and complete. An estate plan that is missing a critical component or important tools will likely fail to accomplish its intended goals. To help ensure that your estate plan is a success, the Los Angeles estate planning attorneys at Schomer Law Group, APC urge you to review your estate plan to make sure nothing is missing.

The Need for Comprehensive Estate Planning

If you have an estate plan in place, you are better off than about half of all American adults. Unfortunately, surveys tell us that despite understanding the importance of having an estate plan in place, many Americans do not have one. While a basic estate plan may be better than having no plan at all, an incomplete plan can also be problematic. Missing components and/or documents can increase the odds of litigation or cause your plan to fail entirely. Some items that I often find missing in the average estate plan include:

  • Trust agreement. People often believe that a trust is only necessary when significant assets are involved. On the contrary, most people can benefit from including a trust agreement in their estate plan and some people truly need one. Parents with minor children, for example, should have a trust in place to protect the inheritance intended for the children because minors cannot inherit directly from an estate.
  • Living Will. If you have strong beliefs about end-of-life medical care, such as the use of life-sustaining measures, executing a Living Will is crucial to ensure that those wishes will be honored when the time comes.
  • Health Care Power of Attorney. If you were suddenly unable to make health care decisions for yourself because of your own incapacity, who would you want to make them for you? To make sure that someone else doesn’t make them, you need a health care power of attorney in place.
  • Letter of Instruction. You have a right to distribute your estate any way you wish; however, if you know that your estate plan details will confuse or anger someone, drafting a Letter of Instruction explaining why you made the choices you made can help prevent costly litigation after you are gone.
  • Medicaid planning component. The longer you live the better the odds are that you will need long-term care. The cost of that care can be staggering. Moreover, neither Medicare nor most private health insurance policies will pay for long-term care. Medicaid will cover long-term care but you must qualify for benefits. Unless you plan for the possibility that you will need to qualify for Medicaid you could lose your retirement nest egg because of the high cost of long-term care.
  • Funeral planning component. No one wants to dwell on the fact that they will die someday. At the same time, you may have strong feelings about what happens to your body after the fact and/or the service to be held after you are gone. The best way to make sure those wishes are honored is to include a funeral and burial component in your estate plan. Doing so also allows you to arrange for the cost involved in your funeral and burial so that your loved ones do not have to bare that burden while also grieving your loss.

Contact Los Angeles Estate Planning Attorneys

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about your existing estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Law Group APC by calling (310) 337-7696 to schedule an appointment.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
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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
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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.
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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.
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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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