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
Estate Planning
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
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?
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
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
Roth IRAs Can Be a Great Planning Strategy: Advanced
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
It’s Important to Have a Coordinated Estate Plan
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more. … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Revocable Trusts Are Not Always Treated the Same as an Individual
A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. Read on to learn more. … [Read more...] about Revocable Trusts Are Not Always Treated the Same as an Individual
Roth IRAs Can Be a Great Planning Strategy: Basics
Roth IRAs can be a great planning strategy. They can save taxes and help in many ways. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics
Trust Distribution Standards May Be Very Broad
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more. … [Read more...] about Trust Distribution Standards May Be Very Broad








