Estate Planning

To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. The Los Angeles estate planning lawyers at Collins Law Firm explain how an incentive trust can be used to … [Read more...] about Using an Incentive Trust to Encourage a Beneficiary to Make Good Use of an Inheritance

Although the primary focus of your estate plan may be how your assets will be passed down to loved ones at the end of your life, your estate plan should also help protect and grow those assets throughout your lifetime. In fact, asset protection should be an important component of your estate plan because failing to protect your assets could mean you have nothing left to pass down at the end of your life. To help you get started, a Baldwin Hills estate planning attorney at Collins Law Firm … [Read more...] about How to Incorporate Asset Protection Strategies into Your Estate Plan

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 explain the top five documents to update after the loss of a spouse. Your Last … [Read more...] about Estate Plan Updates Following the Loss of a Spouse

Your estate planning focus is likely on how you want your estate distributed after your death and/or on how to ensure that loved ones are provided for in your absence. While these are certainly necessary and common priorities in an estate plan, a comprehensive one will also include additional considerations. Funeral planning may not be something you wish to spend much time thinking about; however, there are several reasons why it should be included in your estate plan. Toward that end, the Los … [Read more...] about Why Funeral Planning Should Be Part of Your Estate Plan

If you are fortunate enough to be a grandparent, you understand the joy a grandchild brings into your life. Becoming a grandparent may also prompt you to make some changes to your estate plan if you wish to include your grandchildren in your plan. A Los Angeles living trust attorney at Collins Law Office explains why using a living trust to gift to grandchildren is often a much better option than relying on your Will to make those gifts. Why a Last Will and Testament May Be … [Read more...] about Gifting to Grandchildren

Once you have your estate plan finished, you may start thinking about how much (if any) of the details of that plan you should share with your loved ones. Ultimately, it is a very personal decision – and there is no “right” or “wrong” answer. There are, however, advantages and disadvantages to both choices. To help you decide, the Los Angeles estate planning attorneys at Collins Law Firm offer some things to consider when deciding whether to share the details of your estate plan with loved … [Read more...] about Explain Planning Dilemmas: To Share Or Not Share?

Most people recognize the need to have an inheritance plan in place; however, too many fail to recognize when inheritance planning should start.  In fact, many people are under the mistaken impression that you must achieve a certain level of material wealth before planning should start. To help clear up some of the common misconceptions about inheritance planning, a Los Angeles inheritance planning attorney at Collins Law Group explains when and why you need to start inheritance … [Read more...] about Debunking Inheritance Planning Myths

A Power of Attorney is one of the most commonly used of all legal documents. A Power of Attorney (POA) is also frequently used as an estate planning tool. When properly drafted and used as intended, a POA can be an excellent addition to your estate plan. Given the potential authority you give to someone when you execute a POA, however, it is imperative that you have a clear understanding of all the terms in any POA you execute. As a Los Angeles estate planning attorney at Collins Law Firm … [Read more...] about Power of Attorney Problems — Gifts

For most people, a primary motivating factor for the creation of an estate plan is the ability to dictate who inherits from their estate. What happens though, if your biggest concern is not who does inherit from your estate, but who does not inherit from your estate? A Los Angeles estate planning attorney at Collins Law Group explains the right way to disinherit an heir. Who Are My Heirs? If it is important to you to be the one to determine what happens to your assets after you are … [Read more...] about The Right Way to Disinherit an Heir