If you have a comprehensive estate plan in place already, you are ahead of over half the population in the United States. Clearly, you understand the importance of having an estate plan as well as the benefits derived from a well thought out plan. Don’t make the mistake, however, of thinking you no longer need to worry about your estate plan. For your plan to provide maximum benefits, it must be reviewed and revised from time to time. To illustrate this point, a Windsor Hills estate planning … [Read more...] about When Was the Last Time You Reviewed Your Beneficiary Designations?
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How Estate Planning Documents Help Prevent Elder Abuse
As loved ones and parents age, they become more vulnerable to fraudulent schemes. This article explores how a solid estate plan can help protect the elderly from becoming victims. Read on to learn more. … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
Estate Planning Reduces Stress During High Anxiety Times
During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
What Type of Will Do I Need?
Most people have a fairly good idea of what a Will can, and cannot, do for them. What many people do not know, however, is that not all Wills are created equal. In fact, there are several different types of Wills from which to choose when creating your estate plan – and knowing which one is right for you is important. The Los Angeles estate planning lawyers at Collins Law Firm offer a brief explanation of the different types of Wills to help you decide which type of Will is right for … [Read more...] about What Type of Will Do I Need?
Another Reason to Plan–the Cost of Dying
If you have ever been in the unenviable position of being chosen to plan and organize a funeral and burial service for a deceased loved one, you probably already know how overwhelming and emotionally exhausting the process can be. You may also have some idea of just how costly it can be as well. A Windsor Hills estate planning attorney at Collins Law Group gives you some idea of what to expect and explains how you can save your loved ones from going through the process of planning and … [Read more...] about Another Reason to Plan–the Cost of Dying
When Does My Trust End?
Although a Last Will and Testament remains the most commonly used of all estate planning tools, a living trust is not far behind. If you are planning to incorporate a living trust into your estate plan, are you already have one, you should know some of the most important features and benefits of a living trust. You also need to know when the trust terminates. Toward that end, the living trust lawyers at Collins Law Firm explain how and when a living trust terminates in California. What Is a … [Read more...] about When Does My Trust End?
Planning for the Possibility of Alzheimer’s
If you have avoided thinking about the possibility of developing Alzheimer’s disease, you are hardly alone; however, from an estate planning perspective it is imperative that you do consider the possibility. If you develop Alzheimer’s in the future, someone else will need to take over control of your assets and make important decisions for you eventually. You can decide who that person will be instead of letting a court decide, but you must take steps to make that decision a legally binding … [Read more...] about Planning for the Possibility of Alzheimer’s
Tax Reporting with Trusts
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
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?
