Whether you are creating your first estate plan or updating an existing plan, deciding which estate planning tools and strategies to include will be among your most important decisions. One of the most common of those tools and strategies involves including a living trust in your estate plan. Although you will need to discuss your unique need and goals with your estate planning attorney before deciding if a living trust should be part of your comprehensive estate plan, the Los Angeles living … [Read more...] about 5 Reasons to Include a Living Trust in Your Estate Plan
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Why Would I Need a Secret Trust?
Given how popular trusts are, there is a very good chance you will decide to incorporate one into your estate plan. In fact, you might choose to create a secret or semi-secret trust. For those who are unfamiliar with them, a Los Angeles trust attorney at Collins Law Firm explains the secret and semi-secret trust. The Last Will and Testament Most people are familiar with the concept of a Will. At its most basic, a Will is a legal document that allows the Testator (person … [Read more...] about Why Would I Need a Secret Trust?
Debunking Inheritance Planning Myths
Most people recognize the need to have an inheritance plan in place; however, too many fail to recognize when inheritance planning should start. In fact, many people are under the mistaken impression that you must achieve a certain level of material wealth before planning should start. To help clear up some of the common misconceptions about inheritance planning, a Los Angeles inheritance planning attorney at Collins Law Group explains when and why you need to start inheritance … [Read more...] about Debunking Inheritance Planning Myths
Tips for Alzheimer’s Caregivers
Are you the primary caregiver for a parent, grandparent, or other loved one who is suffering from Alzheimer’s disease? If so, you already know how emotionally and physically draining it can be to care for a dementia patient. Unless you have been formally trained in the medical field, you likely find yourself performing a full-time job, for which you have no training or education, and for which you are not compensated. Sadly, as the disease progresses, your loved one may no longer recognize you … [Read more...] about Tips for Alzheimer’s Caregivers
Power of Attorney Problems — Gifts
A Power of Attorney is one of the most commonly used of all legal documents. A Power of Attorney (POA) is also frequently used as an estate planning tool. When properly drafted and used as intended, a POA can be an excellent addition to your estate plan. Given the potential authority you give to someone when you execute a POA, however, it is imperative that you have a clear understanding of all the terms in any POA you execute. As a Los Angeles estate planning attorney at Collins Law Firm … [Read more...] about Power of Attorney Problems — Gifts
The Right Way to Disinherit an Heir
For most people, a primary motivating factor for the creation of an estate plan is the ability to dictate who inherits from their estate. What happens though, if your biggest concern is not who does inherit from your estate, but who does not inherit from your estate? A Los Angeles estate planning attorney at Collins Law Group explains the right way to disinherit an heir. Who Are My Heirs? If it is important to you to be the one to determine what happens to your assets after you are … [Read more...] about The Right Way to Disinherit an Heir
5 Tips for Avoiding Probate
It may not be one of your estate planning goals yet, but as your estate grows in the years to come. Probate avoidance will likely become of your most important goals. The good news is that because probate avoidance is such a common estate planning goal, there are a wide variety of tools and strategies aimed at helping an estate avoid the formal probate process. Given the personal nature of estate planning, you should consult with your estate planning attorney to determine how best to … [Read more...] about 5 Tips for Avoiding Probate
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Building Flexibility into Your Plan
There are all sorts of formalities to an estate plan. Does that mean you can’t change anything by yourself? Read on to learn how your estate plan, if done properly, can give you the flexibility to make changes by yourself as to certain assets. Read on to learn more. … [Read more...] about Building Flexibility into Your Plan
Using Entities in Estate Planning
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more. … [Read more...] about Using Entities in Estate Planning
