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...] about How to Use a Living Trust to Gift to Grandchildren
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...] about Should I Purchase Long-Term Care Insurance?
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...] about Turning the Page on 2018 and Looking Forward to 2019
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 When Is Leaving an Equal Inheritance Not the Best Decision?
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...] about Top 5 Concerns for a First-Time Executor
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...] about Careful Planning Now Could Avoid Conservatorship Later
You have a number of different legal devices at your disposal when you are engaged in your estate planning efforts. Trusts can satisfy many different respective underlying objectives, and you should understand all of the facts so that you can protect your resources and provide for each person that you love in the ideal manner. A major distinction between classes of trusts is the power of revocation. There are some trusts that you can revoke, and there are also irrevocable trusts. Let's look at … [Read more...] about Free Report: Should I Use a Revocable or Irrevocable Trust
The Alzheimer's Association is a fantastic source of information about this horrible disease. According to their website, around 45 percent of people who are 85 years of age and older are suffering from the disease. Alzheimer's disease causes dementia, and people with dementia are typically going to become unable to make sound decisions on their own at some point in time. Topics covered in this report include: Impact of Aging Decision Making Click here to read the whole report or … [Read more...] about Free Report: Why Is Incapacity Planning Important
One of the most popular additions to a well thought out estate plan is a trust. One reason trusts are so popular is the multitude of estate planning goals that can be achieved with a trust. If you plan to include a trust in your estate plan, you will need to appoint a Trustee to oversee the administration of the trust. If you have never before created a trust, you may be a bit intimidated at the thought of having to choose a Trustee. The Los Angeles trust administration attorneys at Collins Law … [Read more...] about Questions to Ask When Choosing a Trustee
The motivation behind creating an estate plan typically comes from the desire to protect and provide for loved ones. While that motivation may initially be a result of the knowledge of your own immortality, death is not the only threat to the stability and safety of you and your loved ones. Your own incapacity could also be a threat. With that in mind, the Los Angeles living trust attorneys at Collins Law Firm urge you to reflect on whether you have an incapacity plan within your estate plan or … [Read more...] about Attorney Caprice L. Collins Asks: Do You Have an Incapacity Plan?