When the importance of estate planning comes up, the discussion often focuses on couples with children who wish to decide how and when to pass down an inheritance to future generations. Unfortunately, that frequently causes couples without children to believe that estate planning is not equally important for them. To correct this common misconception, a Los Angeles estate planning attorney from Collins Law Firm explains why couples who do not plan to have children should have an estate … [Read more...] about Why Do We Need Estate Plans If We Do Not Plan to Have Children?
Using an Incentive Trust to Encourage a Beneficiary to Make Good Use of an Inheritance
To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. The Los Angeles estate planning lawyers at Collins Law Firm explain how an incentive trust can be used to … [Read more...] about Using an Incentive Trust to Encourage a Beneficiary to Make Good Use of an Inheritance
How to Incorporate Asset Protection Strategies into Your Estate Plan
Although the primary focus of your estate plan may be how your assets will be passed down to loved ones at the end of your life, your estate plan should also help protect and grow those assets throughout your lifetime. In fact, asset protection should be an important component of your estate plan because failing to protect your assets could mean you have nothing left to pass down at the end of your life. To help you get started, a Baldwin Hills estate planning attorney at Collins Law Firm … [Read more...] about How to Incorporate Asset Protection Strategies into Your Estate Plan
Estate Plan Updates Following the Loss of a Spouse
The loss of a spouse is one of the most painful experiences you will likely ever go through. If you are going through the grieving period that follows the loss of a spouse, the last thing you may wish to think about right now is updating your estate plan. Failing to do so, however, could lead to some unintended consequences. With that in mind, the Los Angeles estate planning lawyers at the Collins Law Firm explain the top five documents to update after the loss of a spouse. Your Last … [Read more...] about Estate Plan Updates Following the Loss of a Spouse
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
How to Choose the Right Fiduciaries
During the creation of your estate plan, you will be required to make numerous decisions. Some of those decisions will seem relatively unimportant; however, others will have a direct impact on the success – or failure – of your overall estate plan. Among the more important decisions you will make are those that involve choosing a fiduciary. A Los Angeles estate planning attorney from Collins Law Firm explains the importance of choosing your fiduciaries carefully when creating, or updating, your … [Read more...] about How to Choose the Right Fiduciaries
Why Funeral Planning Should Be Part of Your Estate Plan
Your estate planning focus is likely on how you want your estate distributed after your death and/or on how to ensure that loved ones are provided for in your absence. While these are certainly necessary and common priorities in an estate plan, a comprehensive one will also include additional considerations. Funeral planning may not be something you wish to spend much time thinking about; however, there are several reasons why it should be included in your estate plan. Toward that end, the Los … [Read more...] about Why Funeral Planning Should Be Part of Your Estate Plan
Gifting 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 … [Read more...] about Gifting to Grandchildren
Explain Planning Dilemmas: To Share Or Not Share?
Once you have your estate plan finished, you may start thinking about how much (if any) of the details of that plan you should share with your loved ones. Ultimately, it is a very personal decision – and there is no “right” or “wrong” answer. There are, however, advantages and disadvantages to both choices. To help you decide, the Los Angeles estate planning attorneys at Collins Law Firm offer some things to consider when deciding whether to share the details of your estate plan with loved … [Read more...] about Explain Planning Dilemmas: To Share Or Not Share?
What Is Legacy Planning?
If you already have an estate plan in place you are doing better than over half of the American population. That doesn’t mean that you should stop there though. On the contrary, your head start simply means you now have the foundation you need to do even more with the plan you have in place. In fact, as the Los Angeles legacy planning lawyers at Collins Law Firm explain, the basic estate plan you already have is an excellent foundation for creating a legacy plan. What Is Legacy … [Read more...] about What Is Legacy Planning?