Living Trust Protections for African Americans No one is safe from the Covid-19 global pandemic; however, evidence has emerged that indicates certain minority groups are at even greater risk. According to the Centers for Disease Control and Prevention (CDC), some racial and ethnic minority groups, including non-Hispanic Black persons, Hispanics and Latinos, and American Indians/Alaska Natives, experience higher rates of hospitalization or death from COVID-19 than among non-Hispanic white … [Read more...] about Living Trust Protections for African Americans Against Medi-Cal Recovery
Don’t Let the State Take Your Child’s Inheritance Just Because They’ve Gone to Jail
Black Family Inheritances and Incarceration: What You Need to Know As a parent, you undoubtedly never planned for your child to wind up incarcerated; however, living with a child in prison is a reality that some parents must face. African Americans face this reality at a disproportionately higher rate than other parents. As of July 2020, African Americans represent 38.2 percent of prisoners incarcerated by the Federal Bureau of Prisons yet they only represent about 13 percent of the American … [Read more...] about Don’t Let the State Take Your Child’s Inheritance Just Because They’ve Gone to Jail
Why African Americans Must Protect their Homes
Homeownership is a key component in wealth building for Americans of all races and ethnicities. Unfortunately, a significant disparity in the rate of homeownership continues to exist in the U.S. between African Americans and Whites, making it more difficult for African Americans to build wealth. It also makes it increasingly important for Africans Americans to protect the home they do own so that it can be passed down to the next generation. The Difference between White and … [Read more...] about Why African Americans Must Protect their Homes
Gentrification and its Effects on the Black Community
As neighborhoods change, some families get pushed out. Most people believe that displacement of families is the direct result of gentrification or new land development. However, the vast majority of poor neighborhoods across the country aren’t gentrifying. Outside of large bustling cities like New York, Washington and San Francisco, most poor places stay poor. Inglewood, CA, however, has recently joined the list of gentrifying cities. For African American residents who have spent decades in the … [Read more...] about Gentrification and its Effects on the Black Community
Black Wealth: The Effects of White Families Accumulating More Wealth than Black Families
Black wealth matters and there is a difference in the wealth that white families accumulate as opposed to their white counterparts. In the midst of the worst global pandemic the world has faced in over a century, the Black Lives Matter (BLM) movement has exploded in America and even spurred similar protests across the globe. The year 2020 will undoubtedly go down in the history books as the year the U.S finally confronted issues related to police brutality, systemic racism, and “white … [Read more...] about Black Wealth: The Effects of White Families Accumulating More Wealth than Black Families
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. 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
The Basics: Financial Power of Attorney
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
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 estate. But, there are two potential traps in this. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
Removing Life Insurance Without Triggering the Transfer for Value Rule
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
Can I Prevent a Will Contest?
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?
