Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more. … [Read more...] about Tax Reporting with Trusts
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Dangers of Do-It-Yourself Estate Planning
Occasionally, those who are not Estate Planning attorneys will attempt to do their own Estate Planning. Perhaps they’ll go online and get a document to use. Unfortunately, Estate Planning is about far more than a cookie-cutter document. Read on to learn more. … [Read more...] about Dangers of Do-It-Yourself Estate Planning
Why Would I Create an Intentionally Defective Grantor Trust?
If your estate consists of significant assets, one of your primary considerations within your estate plan should be the impact federal gift and estate taxes will have on your estate after you are gone. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trusts (“IDGT”). Because it may sound odd to create an intentionally defective legal document, a Los Angeles trust attorney at Collins Law Firm explains why you might want to create an IDGT. Why Would I … [Read more...] about Why Would I Create an Intentionally Defective Grantor Trust?
Can I Amend My Last Will and Testament?
While many people include a trust agreement in their estate plan, a Last Will and Testament continues to serve as the foundation for most estate plans. If you have a Will in place, you may have executed that Will some time ago. In the intervening years, circumstances may have changed prompting the need to make changes to your Will. A Los Angeles estate planning lawyer at Collins Law Firm explains your options for amending your Will. Last Will and Testament Basics A Last Will and … [Read more...] about Can I Amend My Last Will and Testament?
Who Will Administer My Estate If My Executor Cannot Serve?
Estate administration is something that your heirs or executors will have to deal with in the event of your passing. Below, we discuss how this is handled and we answer the question of "Who will administer my estate if my executor cannot?" When you create your Last Will and Testament, one of the most important decisions you will need to make is the appointment of an Executor. Your Executor oversees the probate of your estate after your death, meaning he/she will be responsible for securing, … [Read more...] about Who Will Administer My Estate If My Executor Cannot Serve?
What You Should Consider When Creating a Trust
Although your initial estate plan may consist of nothing more than a Last Will and Testament, that simplistic plan will undoubtedly grow over the course of your life to meet your changing needs. One of the estate planning tools you may choose to include in your expanded estate plan is a trust. As the Settlor (creator) of the trust you will create the trust terms. A Living Trust Attorney at Collins Law Group offer some tips to help you create those trust terms. Trust Basics A trust is a … [Read more...] about What You Should Consider When Creating a Trust
How to Leave Assets for Your Minor Children in Your Estate Plan
Having at least a basic estate plan in place should be a priority for every adult; however, when you become a parent, estate planning takes on heightened importance. Knowing that your children will be financially secure in the event something happens to you provides you with invaluable peace of mind. When creating your estate plan, you will need to decide how to pass down the inheritance you plan to leave your children. An Estate Planning Attorney at The Collins Law Firm helps parents with minor … [Read more...] about How to Leave Assets for Your Minor Children in Your Estate Plan
Can a Beneficiary Sell His/Her Interest in a Trust?
Gifting can always be done through a Last Will and Testament; however, many people choose to use a trust agreement instead of, or in addition to, a Will to make gifts within their estate plan. There are numerous benefits to using a trust to distribute assets, including the ability to retain a certain degree of control over the assets gifted and the ability to prevent a beneficiary from squandering assets. Once you create a trust and name a beneficiary though, can that beneficiary sell his/her … [Read more...] about Can a Beneficiary Sell His/Her Interest in a Trust?
5 Things to Consider When Creating Your Estate Plan
As you undoubtedly realize, having an estate plan in place is one of the best gifts you can give to yourself and to your loved ones. Having never worked on an estate plan before, however, you may feel a little intimidated about your upcoming appointment. To help put you at ease, and to make the most out of your appointment, the Estate Planning Lawyers at the Collins Law Firm offer you the following tips on preparing for your upcoming consultation. Defining Goals When you think about estate … [Read more...] about 5 Things to Consider When Creating Your Estate Plan
How to Choose the Right Trustee
As both your assets and your family grow, your estate plan will also likely need to expand in order to accommodate that growth. One of the most popular estate planning tools to add at that point is a living trust. If you choose to incorporate a Living Trust into your estate plan, you will need to choose a Trustee for your trust. Our Living Trust Attorney at the Collins Law Group helps you decide how to choose a Trustee for your living trust. What Is a Living Trust? A trust is a … [Read more...] about How to Choose the Right Trustee
