One of the most common estate planning tools is a Power of Attorney. A Power of Attorney, or POA, can be an effective tool to help achieve a wide variety of estate planning goals, as long as the right type of POA is used. In part because people are so familiar with the concept of a POA, the authority granted in one is easily abused or misused. Before you execute a Power of Attorney be sure you discuss your intended goal with your estate planning attorney. In the meantime, a Baldwin Hills estate … [Read more...] about What Type of Power of Attorney Do I Need?
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Why Is It Important to Have an Estate Plan?
You have undoubtedly heard time and time again how important it is to have an estate plan in place – but has anyone bothered to explain why it is so important? Over half of all Americans do not have an estate plan in place despite admitting that they too have been told how important it is to have one. Not surprisingly, one of the most common explanations given for the apparent disparity is that people are unsure why they need a plan. A well thought out and comprehensive estate plan can fulfill … [Read more...] about Why Is It Important to Have an Estate Plan?
Alzheimer’s & Brain Awareness Month
Initially declared by President Ronald Regan in 1983 and actively promoted by the Alzheimer’s Association, “Alzheimer’s and Brain Awareness Month” is celebrated each June to help raise awareness about the disease, show support for the millions of people worldwide living with Alzheimer’s or another form of dementia, and recognize caregivers taking care of people living with Alzheimer’s or another form of dementia. The Los Angeles elder law attorneys at Collins Law Group encourage you to … [Read more...] about Alzheimer’s & Brain Awareness Month
Can I Be the Trustee of My Trust?
Trusts are among the most common of all estate planning tools given the numerous and varied goals a trust can help you achieve within your estate plan. If you decide to incorporate a trust into your estate plan, you will need to appoint a Trustee to administer the trust. You may be tempted to appoint yourself as the Trustee. A Los Angeles trust administration attorney at Collins Law Firm discuss the wisdom of appointing yourself as the Trustee of your own trust. Trust Basics A trust … [Read more...] about Can I Be the Trustee of My Trust?
Can I Avoid Conservatorship?
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 Can I Avoid Conservatorship?
Tips for Long-Distance Caregivers
Today, the world is much smaller than it was just a few generations ago – at least it may seem that way given how easy it is to move across national borders. The ease with which we can all move away, however, can make it difficult to care for an aging parent when the time comes that care is needed. Consequently, you may find yourself providing care from afar. If so, a Los Angeles elder law attorney at Collins Law Firm offers some tips for those who are providing care … [Read more...] about Tips for Long-Distance Caregivers
Choosing An Executor & Its Importance
Choosing an executor of your estate does not have to be a difficult process, but there are some important considerations to keep in mind. For most people, the first estate planning document they create is a Last Will and Testament. When you create your Will, it is likely that your focus will be on the gifts that you wish to leave your loved ones. While the distribution of your estate assets is an important aspect of creating your Will, the appointment of an Executor is also important. In … [Read more...] about Choosing An Executor & Its Importance
How to Include Intellectual Property in Your Estate Plan
Estate planning, by definition, involves making plans for your estate assets in the event of your death. Your estate consists of all real and personal property as well as tangible and intangible assets owned by you, or in which you share an ownership interest, at the time of your death. Assets such as your home, vehicles, investment accounts, and securities likely come to mind when you contemplate estate planning; however, there is another category of assets that may also need to be considered – … [Read more...] about How to Include Intellectual Property in Your Estate Plan
Am I Entitled to My Spouse’s Social Security Benefits?
The days of relying entirely on Social Security to fund retirement are long gone; however, Social Security retirement benefits continue to play a significant role in financing the retirement years for many retirees. If you recently lost a spouse, finances may be especially tight for you, leaving you to wonder whether you are entitled to any assistance based on your deceased spouse’s Social Security benefits. A Los Angeles elder law attorney at Collins Law Firm helps explain when you might be … [Read more...] about Am I Entitled to My Spouse’s Social Security Benefits?
Common Mistakes in Estate Planning – IV
With the proliferation of the internet has come a plethora of websites claiming that individuals may take a “Do It Yourself” approach to Estate Planning. While individuals may think that a plan created by one of these companies will meet their needs and save them money, the opposite is true. These plans often fail to contain necessary provisions and usually cost the family more in attorneys’ fees. In addition, a Trusts and Estate practitioner can alert a family to techniques designed to lower … [Read more...] about Common Mistakes in Estate Planning – IV
