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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 » Resources » Frequently asked questions » Estate Planning FAQs

Estate Planning FAQs

    • What does estate planning involve?

    • Estate planning is a method for preparing yourself and your family for what happens after your death. Estate planning also allows you to plan for unexpected incapacity. Planning ahead gives you a chance to specify who will inherit your property after your death while helping you to reduce the taxes your estate must pay. If you become temporarily or permanently incapacitated, your estate plan can provide the protection you and your family will need.

    • Do I need to be wealthy to create an estate plan?

    • No, estate planning is not only necessary for the wealthy. Estate planning can protect anyone who has anything they want to leave behind for their loved ones. Even the smallest estate needs to be planned to protect both the assets themselves and the beneficiaries to which they will be passed. In fact, most middle-class families need a plan just in case a family’s breadwinners are no longer able to provide.

    • How can I be sure my assets go to the beneficiaries I choose?

    • If you don’t make the decision now about who should receive your estate property, the court will make those decisions for you. The basic purpose of an estate plan is to select which of your heirs should receive which property. If the court is required to do this for you, it can take years to complete and often leads to ugly family disputes. Also, courts do not automatically decide that a surviving spouse will get everything.

    • What can I do to protect the future of my young children?

    • To ensure that your children will be taken care of, in the way you see fit, you need to designate a guardian or guardians to care for them, in the event both parents die before the children turn 18. Otherwise, the court will make that decision for you.

    • Can estate planning help me reduce estate taxes?

    • If you want to be sure that your heirs will not pay more than they absolutely must pay in estate taxes, then you need to have an estate plan. Estate planning can help you protect your heirs from a huge tax burden, by allowing you to transfer your assets to your heirs while maintaining the smallest tax burden possible. Estate planning can help you take advantage of the right exemptions and deductions.

    • Is there a way to prevent family disputes over inheritance?

    • By leaving very specific instructions in your estate plan, you can avoid family disputes over money and heirlooms. Ultimately, you don’t want to see your family fighting over your personal possessions after your death. An estate plan you can help you to avoid many of the challenges that come with distributing an estate.

    • How do I know if I can create a will?

    • To create a will, you must first be old enough. The age of majority is different in each state. In California, you must be at least 18 years old. In most states, it is presumed that the testator has the necessary mental capacity to make a will unless someone challenges that capacity. If that happens, the court will determine whether the person who created the will was incapacitated at the time. In California, you are considered mentally competent to sign a will if you understand the nature and extent of your property, meaning you know what you own and how much you own; you can remember and understand who your relatives and descendants are and can articulate who should inherit your property; you understand what a will is and how it disposes of property; and you understand how all these things relate to each other and come together to form a plan.

    • Is it alright to use an online do-it-yourself will?

    • There are a few risks in using a do-it-yourself will, most commonly, not getting the document witnessed properly, in compliance with the legal requirements in their state. Most states require two witness signatures for a will to be valid. Another problem clients often have is that names were misspelled or notations on the will were unclear, which requires intervention by the court. Some of the mistakes that are typically seen with a do it yourself will can lead to serious legal issues that cannot always be corrected quickly.

    • Should I consult with an estate planning attorney?

    • NO. A Living Trust can help anyone protect his or her family from unnecessary probate fees, attorney’s fees, court costs and state and federal estate taxes. In certain circumstances even individuals with small estates can derive meaningful benefits.

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

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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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