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
Creating a well-thought-out estate plan is one of the best gifts you can give to yourself and to your loved ones. Unfortunately, however, it is easy to make mistakes when it comes to estate planning. A mistake can cost you, or your loved ones, a considerable amount of time and money. An Inglewood estate planning lawyer at Collins Law Firm discusses three estate planning mistakes you want to avoid making. Waiting to Plan. One of the biggest misconceptions when it comes to the need for … [Read more...] about Mistakes to Avoid in Your Estate Plan
Estate planning typically focuses primarily on how assets will be distributed after death. While you undoubtedly want to make decisions about the distribution of your estate assets after you are gone, your estate plan should also address the possibility of the need to manage your assets while you are still here. Toward that end, a Los Angeles estate planning attorney at Collins Law Firm discusses alternatives for managing property when you are incapacitated. The Reality of Incapacity When … [Read more...] about How Will You Manage Your Property If You Are Incapacitated?
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?
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
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
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?
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
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
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