Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
Estate Planning
The Basics: “HIPAA” Powers
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
Avoiding Family Chaos in the Coronavirus Age
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world. The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over 80,000 … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Top 3 Wealth Protection Strategies
A basic estate plan helps you create a roadmap for the distribution of your estate assets after you death. A more comprehensive estate plan, however, can accomplish much more. Protecting the wealth that you accumulate over the course of your lifetime, for example, is a goal that can be furthered within your estate plan. A Los Angeles estate planning attorney explains three of the most popular wealth protection strategies that you might choose to include in your estate plan. Wealth Protection … [Read more...] about Top 3 Wealth Protection Strategies
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...] about Turning the Page on 2018 and Looking Forward to 2019
Questions to Ask When Choosing a Trustee
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...] about Questions to Ask When Choosing a Trustee
Sager Family Shows Perils of Blended Families
Presented by Attorney Caprice L. Collins Blended 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...] about Sager Family Shows Perils of Blended Families
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...] about Los Angeles Estate Planning Lawyer Explains the Danger in a DIY Will
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...] about Inglewood Trust Attorney Explains a QDOT Trust
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...] about Are You Facing Los Angeles Trust Administration?
