A crucial part of prudent financial planning is having a robust estate plan. An estate plan provides not just peace of mind, but also a comprehensive roadmap of how your assets will be distributed after your demise. However, what most people overlook is that estate planning isn't a one-and-done task. To ensure its relevancy and effectiveness, your estate plan requires regular reviews and updates. So, why is this essential? Let's delve in. Life Changes The most apparent reason is life's … [Read more...] about Estate Planning Is Not a One-and-Done Endeavor
Estate Planning
Dangers of DIY Estate Planning
Estate planning is a complex and important process that involves making critical decisions about the management and distribution of your assets. With the availability of online resources and DIY estate planning kits, it may be tempting to tackle estate planning on your own. However, there are significant dangers and potential pitfalls associated with DIY estate planning. In this article, we will explore the risks of do-it-yourself estate planning and highlight the benefits of engaging an … [Read more...] about Dangers of DIY Estate Planning
Are Your Digital Assets Included in Your Estate Plan?
When you create your estate plan you should make a written list of all the assets you own. In today’s electronic world, that includes your digital assets. Despite living in a digital world, people frequently fail to recognize and include digital assets in their estate plans. With that in mind, a Los Angeles estate planning attorney from Collins Law Firm encourages you to include your digital assets in your estate plan. What Are My Digital Assets? In just a short time frame, the … [Read more...] about Are Your Digital Assets Included in Your Estate Plan?
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
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
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
How to Choose the Right Fiduciaries
During the creation of your estate plan, you will be required to make numerous decisions. Some of those decisions will seem relatively unimportant; however, others will have a direct impact on the success – or failure – of your overall estate plan. Among the more important decisions you will make are those that involve choosing a fiduciary. A Los Angeles estate planning attorney from Collins Law Firm explains the importance of choosing your fiduciaries carefully when creating, or updating, your … [Read more...] about How to Choose the Right Fiduciaries
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
How Do I Include Cryptocurrency in My Estate Plan?
Until recently, the word “cryptocurrency” was not part of the average person’s lexicon. Today, however, most people are familiar with the term and many people own and/or use cryptocurrency. Despite the name, cryptocurrency is not exactly a currency in the traditional sense of the word. It can sometimes be used as a currency, but it is not tangible like a dollar bill or a quarter. If you own cryptocurrency though, it should be addressed within your estate plan. Toward that end, a Los Angeles … [Read more...] about How Do I Include Cryptocurrency in My Estate Plan?
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. Read on to learn more. … [Read more...] about What Makes a Will or Trust Invalid
