People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
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The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more. … [Read more...] about The Joy in Joint Trusts
Contemplating Marriage? Be Sure to Protect Your Assets
If you are planning to marry soon, now is the time to think about protecting your assets from the possibility of that marriage ending in divorce. Hopefully, your marriage will be one that endures the test of time; however, the reality is that one out of every two first marriages end in divorce in the United States. Your odds are even less optimistic if you are entering into a second or subsequent marriage. With those odds in mind, a Los Angeles estate planning attorney at Collins Law Firm … [Read more...] about Contemplating Marriage? Be Sure to Protect Your Assets
Planning for the International Client
As the world shrinks due to increased mobility and interconnectedness, estate planning has become more complex. Now estate planning requires understanding issues that arise when a client owns assets in another country or resides in the U.S. but lacks citizen status. Things change for clients who neither reside in the U.S., nor have U.S. citizenship, but who own U.S. property. Read on to learn more. … [Read more...] about Planning for the International Client
Trust Administration Basics for the First-Time Trustee
Ideally, when a Settlor (the creator) of a trust agreement appoints a Trustee, they discuss the appointment with the intended Trustee first. That doesn’t always happen though. A surprising number of people only find out that they are the Trustees of a trust after the death of the Settlor in the case of a testamentary trust. If you find yourself facing Los Angeles trust administration, and you have never acted as the Trustee of a trust before, you are probably wondering where to start. One of the … [Read more...] about Trust Administration Basics for the First-Time Trustee
What Advantages Do Trusts Provide?
Many people feel as though trusts are only useful for the wealthiest people. It is true that high net worth families do benefit from certain types of trusts, largely because they can be exposed to the estate tax. The federal estate tax is potentially applicable on asset transfers that exceed $5.43 million. We can look at these wealth preservation trusts in a different blog post, but in this post, we will look at some of the advantages that trusts can provide for people who are not necessarily … [Read more...] about What Advantages Do Trusts Provide?
Can I Be Held Personally Liable for Mistakes I Make While Administering a Trust?
Were you recently notified that someone appointed you to be the Trustee of a trust? Is this the first time you have served as a Trustee? If so, you may be a little intimidated at the prospect of acting a Trustee. You may also be a little worried about your responsibilities as Trustee and the potential for personal liability if you make a mistake. A Los Angeles trust administration lawyer at Collins Law Firm discusses when you might be held personally liable for mistakes you make while … [Read more...] about Can I Be Held Personally Liable for Mistakes I Make While Administering a Trust?
Tax Avoidance Tips for Your Estate Plan
Your comprehensive estate plan should not just plan for the distribution of your assets after you are gone but also protect those assets while you are alive. One way to do that is to include tax avoidance tools and strategies in your estate plan. With that in mind, the Los Angeles estate planning lawyers at Collins Law Group offers some tax avoidance tips for your estate plan. Tax Planning Tips Always consult with an experienced financial advisor as well as an estate planning … [Read more...] about Tax Avoidance Tips for Your Estate Plan
When to Update Your Estate Plan: Death 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 discuss the need to update your estate plan following the death of a … [Read more...] about When to Update Your Estate Plan: Death of a Spouse
Reasons You Should Review Your Estate Plan
If you have an estate plan in place, you are well on your way to protecting yourself and your loved ones. Don’t stop now though. Reviewing and revising your estate plan is crucial to ensuring that your plan works as intended. A Los Angeles estate planning attorney at Collins Law Firm discusses five reasons to review your existing estate plan. How Often Should I Routinely Review My Estate Plan? Among the commonly offered explanations for the lack of an estate plan is the belief … [Read more...] about Reasons You Should Review Your Estate Plan
