Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. This article concerns the Healthcare Powers of Attorney and Advance Directives. Read on to learn more … [Read more...] about The Basics: Powers of Attorney for Healthcare
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the estate. But, there are two potential traps in this. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
One of the primary reasons for executing a Last Will and Testament is to ensure that your estate assets are distributed according to your wishes after your death. If someone chooses to challenge that Will, however, the ensuing litigation could result in your Will being declared invalid and your estate distributed using the California intestate succession laws. The Los Angeles estate planning attorneys at Collins Law Firm offer tips on how to prevent a Will contest. What Is a Will Contest? The … [Read more...] about Can I Prevent a Will Contest?
If you have a comprehensive estate plan in place already, you are ahead of over half the population in the United States. Clearly, you understand the importance of having an estate plan as well as the benefits derived from a well thought out plan. Don’t make the mistake, however, of thinking you no longer need to worry about your estate plan. For your plan to provide maximum benefits, it must be reviewed and revised from time to time. To illustrate this point, a Windsor Hills estate planning … [Read more...] about Remember to Update Your Beneficiary Designations
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
Thanks to advances in medicine and science, as well as an overall better quality of life, Americans at the beginning of the 21st century have an average life expectancy of almost double what they had at the beginning of the previous century. Despite this, the natural aging process has not changed significantly during the last 100 years. We are simply better able to prolong the inevitable. As a result, it often comes as somewhat of a shock when we realize our parents are getting old – and that … [Read more...] about When Roles Reverse & Your Parents Need You Help
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world. The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over 80,000 … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Given how popular trusts are within an estate plan, there is a very good chance that you will be directly involved in a trust at some point in your life. Trusts are broadly divided into testamentary and living trusts with the latter being further divided into revocable and irrevocable living trusts. If you are faced with the desire to modify or terminate an irrevocable living trust you may assume that it cannot be done; however, that is not entirely true. A Crenshaw Trust Attorney at Collins Law … [Read more...] about Is It Possible to Modify an Irrevocable Living Trust?