Once upon a time, living together without the benefit of legal marriage was not considered socially acceptable. Times have certainly changed; however, the law has not always kept up with those changing societal norms. A Baldwin Hills estate planning attorney at Collins Law Firm explains why estate planning is essential for unmarried couples. Cohabitating Becomes the Norm Figures released by the U.S. Census tell us that in 1968 only 0.1 percent of 18- to 24-year-olds and 0.2 percent of 25- … [Read more...] about Why Estate Planning Is Crucial for Unmarried Couples
Whether you are creating your first estate plan or updating an existing plan, deciding which estate planning tools and strategies to include will be among your most important decisions. One of the most common of those tools and strategies involves including a living trust in your estate plan. Although you will need to discuss your unique need and goals with your estate planning attorney before deciding if a living trust should be pat of your comprehensive estate plan, the Los Angeles living … [Read more...] about Living Trust Benefits
If you already have an estate plan in place, it may be time to take that plan to the next level by incorporating legacy planning into your overall plan. Legacy planning is not something that takes the place of your existing estate plan. Instead, legacy planning takes over where your estate plan left off. It allows you to do more than just plan for the disposition of your tangible assets because, when you stop to think about it, you likely want to pass down much more to future generations. It is … [Read more...] about Estate Planning Can Pass Down More than Just Assets
If you are a parent, your primary motivation for creating an estate plan is to ensure that your estate passes to your children when you are gone. Exactly how your estate assets are distributed, however, can be the source of much internal debate. One question you may wrestle with is whether you should split your estate equally among your children. Many parents feel obligated to create an equal split in their estate plan, despite having reservations about whether that is really the best idea. … [Read more...] about Deciding How to Divide Your Estate Among Your Children
Going through the legal process of divorce can leave you emotionally exhausted. Not surprisingly, it can be easy to overlook the numerous practical steps that should be taken after a divorce. For example, the Los Angeles estate planning lawyers at Collins Law Firm discuss some common estate planning documents that you may need to update after a divorce. Routine Estate Plan Updates Sometimes, failing to update your estate plan can be more detrimental to the disposition of your estate after … [Read more...] about Recently Divorced? If So, It’s Time to Update Your Estate Plan
Over the last several decades, trusts have become an increasingly popular addition to a well-rounded and comprehensive estate plan. One reason for this is the numerous and diverse estate planning goals you can achieve with a trust. Although there are a seemingly endless number of specialized trusts, one thing that all trusts have in common is the need to appoint a Trustee to administer the trust. Appointing a spouse or close friend to be your Trustee may seem like a good idea; however, a … [Read more...] about Your Inglewood Trust Administration: Why a Professional Is Better for You?
There is no doubt that people do some strange things with their money. Surviving loved ones are often surprised to learn that a decedent left the bulk of his/her fortune to charity or that someone was completely cut out of the Will for no known reason. Those surprises, however, pale in comparison to what some people have included in their Will. Believe it or not, the following are actual provisions people included in their Last Will and Testament. The Truly Romantic Well-known comedian Jack … [Read more...] about You Won’t Believe These Last Will and Testament Provisions
Throughout the course of your life you will make thousands of decisions relating to your health and the healthcare treatment you receive. For the most part, you will probably not give much thought to the fact that you have the ability to make these decisions; however, if you were suddenly deprived of the ability to make your own healthcare decisions you would certainly start paying attention! In essence, that is exactly what could happen if you were to become incapacitated and failed to plan … [Read more...] about What Is a Healthcare Directive?
Sadly, seniors are frequently targeted by criminals who perpetrate financial scams. The U.S. Senate Special Committee on Aging has made consumer protection and fraud prevention a major focus of its work, including identifying scams that target seniors. If you are a senior yourself, or are a loved one of a senior, you need to read the following summaries of the top 10 elder financial scams identified by the Special Committee on Aging: IRS Impersonation Scam –While there are multiple … [Read more...] about Common Elder Financial Scams Explained
One of the most common estate planning tools is a Power of Attorney. A Power of Attorney, or POA, can be an effective tool to help achieve a wide variety of estate planning goals, as long as the right type of POA is used. In part because people are so familiar with the concept of a POA, the authority granted in one is easily abused or misused. Before you execute a Power of Attorney be sure you discuss your intended goal with your estate planning attorney. In the meantime, a Baldwin Hills estate … [Read more...] about What Type of Power of Attorney Do I Need?