As the world shrinks due to increased mobility and interconnectedness, estate planning has become more complex. Now estate planning requires understanding issues that arise when a client owns assets in another country or resides in the U.S. but lacks citizen status. Things change for clients who neither reside in the U.S., nor have U.S. citizenship, but who own U.S. property. Read on to learn more. … [Read more...] about Planning for the International Client
Estate Planning
Trust Administration Basics for the First-Time Trustee
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 Trustees 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...] about Trust Administration Basics for the First-Time Trustee
What Advantages Do Trusts Provide?
Many people feel as though trusts are only useful for the wealthiest people. It is true that high net worth families do benefit from certain types of trusts, largely because they can be exposed to the estate tax. The federal estate tax is potentially applicable on asset transfers that exceed $5.43 million. We can look at these wealth preservation trusts in a different blog post, but in this post, we will look at some of the advantages that trusts can provide for people who are not necessarily … [Read more...] about What Advantages Do Trusts Provide?
When to Update Your Estate Plan: Death of a Spouse
The loss of a spouse is one of the most painful experiences you will likely ever go through. If you are going through the grieving period that follows the loss of a spouse, the last thing you may wish to think about right now is updating your estate plan. Failing to do so, however, could lead to some unintended consequences. With that in mind, the Los Angeles estate planning lawyers at the Collins Law Firm discuss the need to update your estate plan following the death of a … [Read more...] about When to Update Your Estate Plan: Death of a Spouse
Reasons You Should Review Your Estate Plan
If you have an estate plan in place, you are well on your way to protecting yourself and your loved ones. Don’t stop now though. Reviewing and revising your estate plan is crucial to ensuring that your plan works as intended. A Los Angeles estate planning attorney at Collins Law Firm discusses five reasons to review your existing estate plan. How Often Should I Routinely Review My Estate Plan? Among the commonly offered explanations for the lack of an estate plan is the belief … [Read more...] about Reasons You Should Review Your Estate Plan
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
Common Mistakes in Estate Planning – Part V
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Common Mistakes in Estate Planning – Part V
What Can I Do to Prevent a Will Contest?
One of the primary reasons for executing a Last Will and Testament is to ensure that your estate assets are distributed according to your wishes after your death. If someone chooses to challenge that Will, however, the ensuing litigation could result in your Will being declared invalid and your estate distributed using the California intestate succession laws. The Los Angeles estate planning attorneys at Collins Law Group offer tips on how to prevent a Will contest. What Is a Will … [Read more...] about What Can I Do to Prevent a Will Contest?
How Is an Ethical Will Different from a Basic Will?
You likely know what a Last Will and Testament is and have probably included one in your estate plan. Your Will allows you to decide how your estate assets are distributed after you are gone. Many people, however, want to pass down more than just assets. For that, you may wish to consider creating an Ethical Will. For those who are unfamiliar with the term, a Los Angeles estate planning attorney from Collins Law Firm explains how an ethical Will is different from a basic Will. Are Ethical … [Read more...] about How Is an Ethical Will Different from a Basic Will?
Why Do We Need Estate Plans If We Do Not Plan to Have Children?
When the importance of estate planning comes up, the discussion often focuses on couples with children who wish to decide how and when to pass down an inheritance to future generations. Unfortunately, that frequently causes couples without children to believe that estate planning is not equally important for them. To correct this common misconception, a Los Angeles estate planning attorney from Collins Law Firm explains why couples who do not plan to have children should have an estate … [Read more...] about Why Do We Need Estate Plans If We Do Not Plan to Have Children?
