Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...]
Can You Avoid Probate With a Will?
When you think about the need for an estate plan, you likely focus on the desire to ensure that your estate is distributed according to your wishes after you are gone. While that is certainly a strong motivating factor in the creation of most estate plans, a comprehensive estate plan can accomplish much more. Probate avoidance, for example, is a common secondary goal for many people. Much confusion, however, exists with regard to how to structure an estate plan so that an estate avoids probate. … [Read more...]
Will My Parents Qualify for Medi-Cal?
Many adult children experience a role reversal with their parents as their parents age. If you are going through this phenomenon with your parents, you are likely starting to worry about the rising cost of healthcare for seniors. As your parents get older, their healthcare costs will undoubtedly increase. If one (or both) of them needs long-term care at some point, the cost of that care could easily exceed $100,000 per year. To ensure that your parents can afford that care if it is needed, the … [Read more...]
Do All Estates Need to Be Probated?
If you recently lost a family member or a close loved one, you are undoubtedly still going through the grieving process. At some point, however, the legal ramifications of the decedent’s death will need to be addressed by someone. If that “someone” turns out to be you, and you have never before handled the practical aspects of a loved one's death, you may have a number of questions. One of the first questions people have after losing a loved one that left behind a relatively modest estate is … [Read more...]
How to Use a Living Trust to Gift to Grandchildren
If you are fortunate enough to be a grandparent, you understand the joy a grandchild brings into your life. Becoming a grandparent may also prompt you to make some changes to your estate plan if you wish to include your grandchildren in your plan. A Los Angeles living trust attorney at Collins Law Office explains why using a living trust to gift to grandchildren is often a much better option than relying on your Will to make those gifts. Why a Last Will and Testament May Be Inadequate The Last … [Read more...]
Should I Purchase Long-Term Care Insurance?
Creating a comprehensive estate plan requires you to consider a number of factors that might impact you as you age, including the likelihood that you, or a spouse, will need long-term care. If you do end up needing long-term care (LTC), the cost of that care could put your estate assets at risk if you failed to plan for the possibility ahead of time. One way to plan ahead for LTC is to purchase LTC insurance. Long-term care insurance, however, is not right for everyone. To help you decide if it … [Read more...]
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]
When Is Leaving an Equal Inheritance Not the Best Decision?
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...]
Top 5 Concerns for a First-Time Executor
When a loved one passes away, the last thing most people want to think about is the practical and legal ramifications of their loved one’s death. If you find yourself in this situation though, and you find that you were appointed to be the Executor of the estate by the decedent, you must focus on the legalities as they apply to the decedent’s estate. Acting as the Executor may seem a daunting prospect if you have never before served in that capacity. To help get you started, the Los Angeles … [Read more...]
Careful Planning Now Could Avoid Conservatorship Later
Although it may be difficult to envision a future where you are incapacitated and unable to care for yourself and/or manage your affairs, doing so now ensures that you retain control over who will be chosen to make decisions for you and manage your affairs for you. If you fail to plan ahead for the possibility of your own incapacity, it may be left up to a court to make that decision. A Los Angeles probate attorney from Collins Law Firm explains how careful planning now could avoid … [Read more...]
