You likely understand the need for comprehensive Estate Planning and the importance it plays in your life. You may not, however, be familiar with the concept of Legacy Planning. Legacy Planning lets you leave behind much more of who you are and what made you the person you are today. A better understanding of how you can benefit from Legacy Planning is the best way to convince you of its importance. Toward that end, the Los Angeles legacy planning attorneys at the Collins Law Firm explain the … [Read more...] about What Is Legacy Planning?
If you already have an estate plan in place, it may be time to take that plan to the next level by incorporating legacy planning into your overall plan. Legacy planning is not something that takes the place of your existing estate plan. Instead, legacy planning takes over where your estate plan left off. It allows you to do more than just plan for the disposition of your tangible assets because, when you stop to think about it, you likely want to pass down much more to future generations. It is … [Read more...] about Estate Planning Can Pass Down More than Just Assets
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
When you plan your estate, you make sure that your remaining assets are transferred to your loved ones after you pass away. An effective estate plan would also account for the possibility of incapacity late in your life. Everyone should have a basic estate plan in place at minimum, but some people want to take things a step further. They engage in legacy planning, and this can be quite fruitful on a number of different levels. There are various different things to take into consideration when … [Read more...] about What Is Legacy Planning?
We practice law in California, and there is no state-level estate tax in our state, but there is a federal estate tax. This tax carries a 40 percent top rate that can significantly impact your family's financial future if you face exposure. You can transfer unlimited assets to your spouse tax-free through the utilization of the unlimited marital deduction. Topics covered in this report include: Wealth Preservation Family History Ethical Will Philanthropic Acts Educational … [Read more...] about Free Report: What Is California Legacy Planning
You can view estate planning in one of two ways. It can be perceived as a very basic effort to facilitate asset transfers after you die, but you could choose to take a more comprehensive approach and engage in the process of legacy planning. This is a very profound endeavor. When you craft your legacy, you proactively make an effort to have an impact even after you are gone. This can be personally rewarding, and it can certainly be of tremendous value to the loved ones that you will be leaving … [Read more...] about What Steps Can I Take to Preserve My Legacy?
When you are undertaking any type of endeavor, you can cover the bare minimum, or you can go the extra mile and act in a more comprehensive way. This dynamic enters the process of estate planning. You could put a very basic estate plan in place that would be better than nothing, or you could alternately engage in a process called legacy planning. A basic estate plan would typically include a last will, and those who want to cover the basics will also create some essential incapacity planning … [Read more...] about What Is the Difference Between Estate Planning and Legacy Planning?