One of the most popular additions to a well thought out estate plan is a trust. One reason trusts are so popular is the multitude of estate planning goals that can be achieved with a trust. If you plan to include a trust in your estate plan, you will need to appoint a Trustee to oversee the administration of the trust. If you have never before created a trust, you may be a bit intimidated at the thought of having to choose a Trustee. The Los Angeles trust administration attorneys at Collins Law … [Read more...]
Sager Family Shows Perils of Blended Families
Presented by Attorney Caprice L. CollinsBlended families require special planning. Sometimes, the children from the prior marriage bond with the new spouse and the family moves forward in a happy, newly modified form. However, frequently, the new marriage brings conflict between the new spouse and the children of the prior marriage. Such is the case with the Sagers.In 1980, sports reporter Craig Sager married Lisa Gabel. They had three children, Craig, Jr., Kacy, and Krista. But, over … [Read more...]
Los Angeles Estate Planning Lawyer Explains the Danger in a DIY Will
Like over half of all Americans, you may be aware of the importance of having an estate plan in place, yet you have still not gotten around to creating one. In fact, you haven’t even executed a Last Will and Testament yet. In today’s electronic age, it can be very tempting to rectify that by turning to a “Do-It-Yourself” Will form you find on the internet. After all, using a DIY form would save you money and time, right? The reality is that while a DIY Will form might appear to save you time and … [Read more...]
Inglewood Trust Attorney Explains a QDOT Trust
As both your assets and your family grow, your estate plan should grow with them. You will soon find that a simple Last Will and Testament is not sufficient to meet all of your estate planning needs and goals. One of the most common additions to an estate plan is a trust agreement. The type of trust you establish will depend on your goals and objectives. If you are married to a foreign national, or non-citizen, your estate planning attorney may suggest that you include a Qualified Domestic … [Read more...]
Are You Facing Los Angeles Trust Administration?
Ideally, when a Settlor (the creator) of a trust agreement appoints a Trustee, they discuss the appointment with the intended Trustee first. That doesn’t always happen though. A surprising number of people only find out that they are the Trustee of a trust after the death of the Settlor in the case of a testamentary trust. If you find yourself facing Los Angeles trust administration, and you have never acted as the Trustee of a trust before, you are probably wondering where to start. One of the … [Read more...]
Understanding the Power in a California Power of Attorney
A power of attorney is one of the most commonly used estate planning documents. Most people execute at least one power of attorney, or POA, at some point during their lifetime. In fact, a POA is such a commonly used legal document that most people do not stop to think about the power behind a POA. If you have been asked to sign a POA, or you are contemplating creating one, you need to first make sure you understand what you are signing. Understanding the power in a California power of attorney … [Read more...]
Women’s Estate Planning Guide
Create an estate plan is something that everyone should do early on in life. Unfortunately, it is also something that people tend to put off for a variety of reasons. If you have made the wise decision to get started on your estate plan, the best way to do so is to consult with an experienced California estate planning attorney; however, it never hurts to learn some estate planning basics ahead of time. If you are a woman, your estate planning needs may be different than those of your male … [Read more...]
Estate Planning, Taxation, and Your Home
High net worth families should be quite concerned about the federal estate tax. This tax can alter the trajectory of your family's financial future, because it carries a very hefty 40 percent maximum rate.There is a federal estate tax credit or exclusion. This is the amount that can be transferred tax-free to people other than your spouse.For the rest of 2016, the estate tax exclusion stands at $5.45 million. There are annual adjustments to account for inflation, so the exclusion is … [Read more...]
A “Simple Will” May Not Be as Simple as You Think
There are different types of asset transfer vehicles that you can use when you are planning your estate. You can choose to use a simple will to state your final wishes, but you do have other options.Why would you want to consider an alternative to a simple will? Let's begin by answering this question. The Drawbacks of Probate Let's say that you maintain personal possession of your property throughout your life. You create a last will expressing your final wishes with regard to the … [Read more...]
Contesting a Will: What Are the Acceptable Grounds?
When you are engaged in your estate planning efforts, you should sit back and evaluate the people who would have an interest in your estate. If you keep your head in the sand and assume that everything will fall into place after you are gone, difficulties can arise when everything is being sorted out.Many people assume that a last will is the right estate planning document if you are not a very wealthy person. When you create a will, you name an executor. This is the person who handles the … [Read more...]
