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
Blog
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
Steps to Take Following the Death of a Loved One
Following the death of a loved one it can be difficult to know what to do first. There are so many practical and legal steps you will need to take. It can be overwhelming and difficult to focus on the steps you need to take because of the grief you are experiencing. The exact steps that need to be taken will vary depending on the circumstances; however, a Los Angeles estate planning attorney at Collins Law Firm explains offer some steps to take following the death of a loved … [Read more...] about Steps to Take Following the Death of a Loved One
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
Common Mistakes in Estate Planning – Part V
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Common Mistakes in Estate Planning – Part V
What Can I Do to 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 Group offer tips on how to prevent a Will contest. What Is a Will … [Read more...] about What Can I Do to Prevent a Will Contest?
How Is an Ethical Will Different from a Basic Will?
You likely know what a Last Will and Testament is and have probably included one in your estate plan. Your Will allows you to decide how your estate assets are distributed after you are gone. Many people, however, want to pass down more than just assets. For that, you may wish to consider creating an Ethical Will. For those who are unfamiliar with the term, a Los Angeles estate planning attorney from Collins Law Firm explains how an ethical Will is different from a basic Will. Are Ethical … [Read more...] about How Is an Ethical Will Different from a Basic Will?
Why Do We Need Estate Plans If We Do Not Plan to Have Children?
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
